Giant Group, based in Taiwan, pulled out of its planned $20 million investment in Portland, OR-based Stages Cycling due to an inability to “reach mutual consensus on the terms and conditions of definitive agreements,” according to documents recently filed with the Taiwan Stock Exchange (TSE).
Giant filed paperwork in late January 2023 that it was taking a 32.5 percent stake in Stages Cycling, a maker of stationary smart bikes for the commercial gym and home markets and crankarm-based power meters. According to the filing with the TSE at the time, Giant Group’s board approved the purchase of Stages Cycling’s stock for $6.5 million and the acquisition of Stages Cycling’s convertible corporate bonds for $13.5 million.
It appears the two parties never signed a definitive agreement regarding the investment announced in January. Go here to read the article.
