The rescue of the Brussels e-bike brand Cowboy is taking longer than planned. What is already clear is that the nearly 8,000 private investors have lost their money, announced De Tijd and L'Echo on Friday.
A notification from the British platform Crowdcube to Cowboy's crowdfunders shows that the planned takeover of the moribund Brussels bicycle brand by French manufacturer Rebirth is still not complete. The rescue plan – which both parties promised in September – would be finalised by "mid-October."
The plan that is on the table now has already been approved by the major investors. Now it is up to the crowdfunders. Through Crowdcube, a total of €10.6 million was raised from 7,796 investors in five rounds.
If the crowdfunders also give the green light, all existing shares will be converted into new non-voting shares with a value of €0.0001. In previous crowdfunding rounds, Cowboy issued certificates for €25 each.
After the transaction, all existing shareholders will together retain a 4.99% stake in the bicycle brand. The €10.6 million invested by crowdfunders will then indirectly represent a negligible 0.45% stake.
