Japan Hoverbike Pioneer A.L.I. Technologies Files for Bankruptcy

Star Wars-inspired hoverbike maker A.L.I. Technologies Inc. filed for bankruptcy due to mounting research and development costs and slow adoption of the next-generation vehicles.

The filing comes less than a year after parent Aerwins Technology Inc. debuted on the Nasdaq in one of the worst SPAC mergersof all time, prompting the startup to say it was at risk as a going concern. Liabilities at the startup were about ¥1.2 billion ($8.3 million) at the end of December 2022, when its annual net loss was around ¥2 billion, or almost three times revenue, corporate data provider Teikoku Databank said Monday. ...