UBCO accepts valuation cut as it prepares for second funding round

UBCO accepts valuation cut as it prepares for second funding round
UBCO is targeting the American outdoor adventure market with its utility electric motorbike. (Photo: UBCO)
Dan Brunskill
Electric motorbike company UBCO has closed its convertible note funding round early and will launch an equity raise, likely at a reduced valuation, as it struggles to secure investment.Chief executive Katherine Sandford told BusinessDesk the company would raise money at a lower valuation than she had expected at the start of the year. This is not unique to UBCO – many listed and unlisted growth companies have been forced to accept often brutal valuation cuts as interest rates have climbed and markets have crashed. In July, ventu...

More Markets

NZ sharemarket continues sliding, down 0.5%
Markets Market close

NZ sharemarket continues sliding, down 0.5%

The S&P/NZX 50 Index closed at 12,692.72, down 68.47 points or 0.54%.

Spark sells remaining Connexa stake for $314m
Markets

Spark sells remaining Connexa stake for $314m

The sale will result in a $70m gain on telco's books.

Ben Moore 11:45am
Zespri on track for 'moderate increase' in volume next year
Primary Sector

Zespri on track for 'moderate increase' in volume next year

Zespri's producer vote to expand global supply passed this week.

Neal Barclay to exit Meridian as CEO
Markets

Neal Barclay to exit Meridian as CEO

Current CFO Mike Roan will take Barclay's spot atop Meridian.