shareholders

Enterprise, Transportation, Venture

Motional, Supported by Hyundai, Secures Financial Leverage with Bridge Financing

Autonomous vehicle technology startup Motional has secured a bridge loan that provides a temporary financial reprieve as the company searches for a longer-term source of funding, TechCrunch has learned. Motional CEO Karl Iagnemma told staff in a companywide email viewed by TechCrunch that the company’s board of directors approved the bridge financing. After a wave of consolidation and shutdowns in the nascent autonomous vehicle industry, Motional is one of the few companies left that’s still pursuing a commercial robotaxi service. The company operates an autonomous vehicle taxi service in Las Vegas (still with human safety operators behind the wheel) on Uber, Lyft and Via platforms. The autonomous vehicle company last had layoffs in December 2022, when it cut about 10% of its workforce.

Kira Kim
March 15, 2024
1 Comment

Media & Entertainment, Startups

“Firing Fears Dispelled: Byju’s Founder Denies Ouster Claimed by Shareholders”

In a 758-word letter, content of which was reviewed by TechCrunch, Raveendran claimed that the shareholders violated several “essential” local rules. Raveendran claimed in the letter that the extraordinary general meeting lacked the minimum quorum and failed to win majority support for proposed resolutions. Raveendran claimed the EGM was convened without adhering to the procedures set out by law and only 35 of Byju’s 170 total shareholders attended, representing around 45% ownership in the company. The rights issue resets the startup’s valuation, once at $22 billion, to about $25 million. “Our rights issue has seen an overwhelming response.

Dylan Williams
February 24, 2024

Startups

Unanimous Vote Removes Founder of Byju’s as Investors Decide

The participating shareholders — whose combined ownership in Byju’s exceeded 60% — also passed the resolution to reconstitute the board of Byju’s. “At today’s Extraordinary General Meeting shareholders unanimously passed all resolutions put forward for vote. Late last month, Byju’s launched a rights issue where it sought to raise about $200 million at a massively discounted rate. Raveendran told shareholders earlier this week that the rights issue had been fully subscribed and requested all existing investors to participate and maintain their ownership. “[…] I understand that participating in this rights issue may seem like a Hobson’s choice.

Dylan Williams
February 23, 2024
1 Comment

Startups

Byju’s Subscription for $200M Rights Issue, Slashing Valuation by 99%, Reaches Full Capacity

Byju’s cut the pre-money valuation ask in the rights issue to about $20 million to $25 million, TechCrunch earlier reported. If they don’t participate in the rights issue, they risk losing nearly all their stake in Byju’s. “Our rights issue is fully subscribed and my gratitude to my shareholders remains strong,” founder and chief executive Byju Raveendran wrote in a letter to shareholders Tuesday. “But my benchmark of success is the participation of all shareholders in the rights issue. “I understand that participating in this rights issue may seem like a Hobson’s choice.

Max Chen
February 20, 2024
1 Comment

Robotics & AI

Investing in Edtech: The Time Is Now

We haven’t heard much from the edtech sector ever since the pandemic forced students out of the classrooms and in front of their computers. But, as Anna Heim writes in the intro of our most recent survey of edtech investors, “we found that with AI in the picture, edtech startups have been as quietly busy as a subterranean network of moles in fall.”Full TechCrunch+ articles are only available to members. Just tacking AI onto a product isn’t enough, and investors are hoping that the technology will lead to more innovation in the space. Check out Anna’s story on the future of edtech in emerging markets as well as the opportunities that AI can bring. “There are ways companies can better understand their customers’ pain points to develop the right products that solve the right problems at the right time.”Get the TechCrunch+ Roundup newsletter in your inbox!

Max Chen
January 23, 2024

Enterprise

Exxon’s Temper Flares as Shareholders Exercise Their Rights

Top executives report to the CEO, the CEO answers to the board, and the board serves at the whim of the shareholders. On Sunday evening, the oil supermajor filed a lawsuit in federal court asking for permission to ignore a shareholder resolution at its next annual meeting. The new shareholder resolution calls on the oil company to reduce its Scope 3 emissions or those that result from the use of its products. Other shareholders tended to be deferential to management, letting them run their business as they saw fit. But as shareholder primacy took root in the public consciousness, more shareholders began to exercise their rights.