Vectrix Lays Off Workers, Seeks Funds
Electric scooter maker Vectrix Corp. has dismissed about 60 employees to cut costs and plans to seek “strategic alternatives, which could include a merger or sale of the business.”
A source from within Vectrix confirmed to Dealernews that lay-offs occurred and that company owners seek to sell the company. “They have been unable to raise the cash needed to maintain the staff,” the source said.
The AIM market of the London Stock Exchange suspended trading of Vectrix common shares on March 31 due to the company’s inability to file an annual report. Vectrix said that it couldn’t file the report until the completion of a “fund-raising exercise” – additional financing through equity funding or government-based loan or grant support.
Vectrix is headquartered in Middletown, R.I. and operates an assembly facility in Wroclaw, Poland, and an R&D center in New Bedford, Mass. The company completed its IPO on the London Stock Exchange about 16 months ago .
- Submitted by Guido Ebert
A source from within Vectrix confirmed to Dealernews that lay-offs occurred and that company owners seek to sell the company. “They have been unable to raise the cash needed to maintain the staff,” the source said.
The AIM market of the London Stock Exchange suspended trading of Vectrix common shares on March 31 due to the company’s inability to file an annual report. Vectrix said that it couldn’t file the report until the completion of a “fund-raising exercise” – additional financing through equity funding or government-based loan or grant support.
Vectrix is headquartered in Middletown, R.I. and operates an assembly facility in Wroclaw, Poland, and an R&D center in New Bedford, Mass. The company completed its IPO on the London Stock Exchange about 16 months ago .
- Submitted by Guido Ebert
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