DEERFIELD BEACH, Fla. (BRAIN) — Rad Life Mobility has started a regulation crowdfunding campaign to support its three e-bike brands.
The campaign is through Highlander Crowdfunding, giving customers, vendors, and partners of Rad Power Bikes, Serial 1, and QuietKat "a direct way to participate in the next chapter of a new, integrated electric mobility platform," according to Rad Life Mobility.
A regulation crowdfund is a Securities and Exchange Commission (SEC) rule that allows private companies to raise funds from the general public, bridging the gap between traditional private placements and a full initial public offering. It allows investment by non-accredited and accredited investors.
In its announcement, Rad Life said it generated more than $7 million in revenue and more than $3 million in gross profit on an audited basis for the period of Feb. 19 through June 30. During the initial operating period, the company said it invested in brand development, marketing, infrastructure, and other initiatives that resulted in a net loss of about $2 million.
Rad Life Mobility, a subsidiary of Life Electric Vehicle Holdings, formed after the acquisition of Rad Power Bikes' assets in March. QuietKat was purchased in June, and in May, Life Electric Vehicles purchased a 100,000-square-foot facility in Tennessee to serve as an assembly, distribution and eventually a manufacturing center for Rad Power.
