French e-bike innovator Angell, has officially begun the process of declaring bankruptcy according to a customer-targeted email, flagging it’s pivotal step towards judicial liquidation.
In an unexpected move, CEO Marc Simoncini, publicly announced the end of Angell via Instagram, citing critical hardware issues leading towards the company’s undoing. The 2019 started venture sought to revolutionize the e-bike market with smart features including an integrated lock, alarm systems, and Bluetooth connectivity.
A severe setback was encountered in the manufacturing process of Angell’s first-generation bikes leading to its decision to declare insolvency. The malfunctions are pointed towards SEB, its partnered manufacturing firm and design company Kickmaker, which Angell believes are to blame for the crucial design flaws.
The insolvency implications also affect Angell’s consumer base. Risks associated with the bike’s frame and the looming possibility of the manufacturer shutting down its servers, all point towards an uncertain future for Angell’s customers.
As Angell battles its fiscal crisis, the repercussions of this situation are likely to unravel further, raising questions about future manufacturing partnerships and the secure ownership of its products.
Original source: Read the full article on TechCrunch
