Facedrive Co-Founder Says Rideshare Startup Mulling Bankruptcy

A founder of Facedrive Inc., a Canadian ride-hailing startup whose shares have plunged 96% since early February, said in a statement that he received notice that the company is considering filing for bankruptcy protection as soon as this month.

Imran Khan, whose share sales have been blamed by former Chairman and Chief Executive Officer Sayan Navaratnam for fueling the rout, said in a statement distributed by Canada Newswire Monday that his lawyer has been asked about his availability for a “initial hearing in a liquidating proceeding for Facedrive under the Companies’ Creditors Arrangement Act.” The statement said a final ...