Overview

• Short-term financing from Cowboy’s existing investors and a term sheet with Rebirth Group give the company the bridge funding it needed to avert insolvency.
• An unapproved supplier change caused frames on Cruiser ST models to crack after roughly 2,500 kilometers and prompted an official recall that led to delivery delays and repair backlogs.
• Replacement frames have arrived from suppliers and the company has opened its first recall service hub for on-site repairs.
• Production is ramping up gradually under the oversight of Rebirth’s Re-cycles unit, which assumed Cowboy’s e-bike assembly operations earlier this year.
• Cowboy aims to restore normal operations by year-end and will issue a detailed progress report in September.