SOL Global Fund Can Break Bike-Share Startup Deal, Judge Says

An SOL Global Investments Corp. affiliate can back out of a $100 million deal for Reby Inc., a Barcelona-based “micromobility” startup that runs an app-based platform for urban scooter and bicycle rentals, a Delaware judge has ruled.

House of Lithium Ltd., a fund SOL launched in 2021 to hold the Canadian private equity firm’s investments in electric vehicle makers and other green or clean technologies, entered an enforceable contract, Vice Chancellor Paul Fioravanti Jr. wrote in an opinion issued Friday.

But the fund has no obligation to close the transaction because Reby’s representations about its capital structure and financial statements ...