Application Submitted after “Failing to Raise Enough Funds to Stay Afloat”
A view of CAKE's electric two-wheeled offerings. Media provided by Reddit.
CAKE’s board files application for bankruptcy
CAKE has yet to make a statement
Further expansion into Europe continues
Application follows reported suspension of salary payments (report as of last week)
After a year of ups and downs, Cake has apparently filed an application for bankruptcy.
The news, sourced from Micah Toll’s coverage on Electrek.co, follows the brand’s failed attempt to lock in C-round investors that would have cemented their future and confirmed additional funds for CAKE’s Europe expansion.
What does Cake have to say about their filing for bankruptcy?
As of right now, CAKE has yet to release a statement explaining why they are filing for bankruptcy.
Toll has implied that employees under CAKE have had their salaries suspended as of last week, leading us to believe that they’ll eventually have to update us regarding their upcoming decisions.
Is electric energy still the #1 recommendation compared to gas?
By now, we are all aware of the hype for electric energy. EV technology is fighting to surmount many hurdles in the battle to beat ICE, including (but not limited to) the bettering of range and maintenance costs, the risk of grid overload potential, and more.
To sum up, it’s too early to confirm that EVs will keep their place as the most popular alternative energy source, especially given a recent turn toward hybrid options (Kawasaki’s Ninja 7 Hybrid being the first on what is admittedly a rather short list).