## Collapsed Fintech Linqto Inc. Wins Court Approval to Sell Valuable Stakes

In a dramatic turn of events, the failed fintech startup **Linqto Inc.** has secured court permission to liquidate its holdings in **hard-to-acquire private companies**. This move is aimed at generating funds to support its ongoing **bankruptcy proceedings**.

Linqto did not disclose the specific securities it plans to sell, but revealed that they are part of a portfolio valued at over **$500 million**. The company had accumulated these stakes for itself and its customers before its online investment platform ceased operations and filed for bankruptcy. This collapse occurred while Linqto was under investigation by **federal regulators**, adding a layer of complexity to its financial woes.

The sale of these rare investments could provide a crucial cash infusion, but it also highlights the risks and volatility in the fintech and private equity sectors. As the bankruptcy case unfolds, stakeholders are watching closely to see how this liquidation impacts the broader market.

Collapsed fintech startup Linqto Inc. won court permission to try to sell valuable stakes in hard-to-acquire, private companies so it can fund its bankruptcy case.

Bankrupt Fintech's Secret Stash: Selling Rare Private Company Stakes to Fund Collapse

## Innovative Wave Energy Technology

Floating blue paddles dance on the waves at the Port of Los Angeles, silently converting the ocean's power into usable electricity. This installation by **Eco Wave Power**, an Israeli startup, could be a key player in the transition away from fossil fuels, helping to mitigate climate change.

### How It Works

The system features floaters that rise and fall with each wave, resembling piano keys. These are connected to hydraulic pistons that push a biodegradable fluid through pipes to accumulators, spinning a turbine to generate electricity. It's a simple and efficient design that minimizes environmental impact by attaching to existing man-made structures.

![Wave energy installation](https://static-cdn.toi-media.com/www/uploads/2025/08/AFP__20250831__72VG2CB__v1__HighRes__UsEnvironmentEnergyOceans-640x400.jpg)
*Caption: Ian Crichton checks a component during a demonstration in Los Angeles.*

### Advantages Over Other Renewables

Unlike solar or wind power, which depend on weather conditions, wave energy is **reliable and endlessly renewable**. The waves off the U.S. West Coast alone could theoretically power 130 million homes, according to the U.S. Department of Energy. However, wave energy has historically faced challenges, with many projects failing due to the harsh ocean environment.

### Overcoming Challenges

Eco Wave Power's innovation lies in its dock-mounted design, which retracts during storms to prevent damage. This approach reduces maintenance costs and makes it feasible for near-shore installations. Professor Krish Thiagarajan Sharman of the University of Massachusetts Amherst notes that this proximity to shore simplifies inspection and upkeep.

![Inna Braverman portrait](https://static-cdn.toi-media.com/www/uploads/2025/08/AFP__20250831__72VG2BP__v1__HighRes__UsEnvironmentEnergyOceans-640x400.jpg)
*Caption: Inna Braverman, co-founder and CEO of Eco Wave Power.*

### Current and Future Projects

The pilot in Los Angeles aims to cover a 13-kilometer breakwater, potentially powering 60,000 homes. Similar projects are underway in Jaffa, Israel, where 100 homes are already powered, and plans are in place for Porto, Portugal, Taiwan, and India. The goal is to scale up to 20-megawatt projects to compete with wind power costs.

### Environmental and Economic Impact

With **zero environmental impact** and the ability to leverage existing infrastructure, this technology is gaining support. In California, it aligns with state goals for carbon neutrality by 2045. The growing energy demands from AI and data centers further highlight the need for such innovations.

![Floaters in water](https://static-cdn.toi-media.com/www/uploads/2025/08/AFP__20250831__72VG2BW__v1__HighRes__UsEnvironmentEnergyOceans-640x400.jpg)
*Caption: Floaters being released during a demonstration.*

Eco Wave Power believes it can make a splash and prove converting the ocean's waves into electricity isn't the impossible task some think it is; pilot project also underway in Jaffa

Harnessing Ocean Waves: How an Israeli Startup is Powering Homes with Renewable Energy

**Fridays are extra special at Blanche Ely High School in Pompano Beach, Florida.** Students aren't just excited for the weekend—they're eager for lunchtime, and it's not because of the cafeteria menu.

In classrooms, the day starts with traditional math lessons on multiplication, division, and problem-solving. But when the bell rings, the school transforms into a bustling **marketplace run entirely by students**.

"Friday is our special day!" one student exclaimed.

Instead of a typical lunch break, students set up shop in hallways and designated areas, showcasing a variety of products and services. From fashion and eyelashes to professional photography, they're finding innovative ways to turn ideas into profits.

"I do lashes!" shouted one student, while another proudly displayed a jacket from her own brand, Darkheartz, which has become a hot commodity.

Principal Tavares Williams shared that this initiative began when students expressed a desire to become business owners. "When I heard the cry from students that they want to be a business owner, I said, 'How can I create that space?'" he recalled.

The marketplace, part of the **Tiger-Preneur Community Club**, operates under clear guidelines: sales are only allowed during approved days and lunch hours, items must be school-appropriate and pre-approved, and food, drinks, counterfeit products are prohibited. Students are expected to display prices clearly, give correct change, respect spaces, and clean up afterward.

Transactions reflect the modern economy, with methods like Zelle being used. "I'm doing Zelle, cash app is not working!" one student noted.

Beyond sales, students gain invaluable skills. "Teamwork, time management, and how to be creative," said Alicia Alexander. The experience has boosted Friday attendance and provided real-world lessons that textbooks can't offer.

Williams highlighted the long-term impact: some graduates have launched their own LLCs, while others continue to apply these skills post-graduation. "We believe that if they are exposed to those opportunities, it shifts their mindsets and channels their energy into something constructive," he added.

![Student Marketplace](https://wplginc-wplg-prod.web.arc-cdn.net/resizer/v2/TBYTP3UZGRBSTO6UZAJFOU77HI.jpg?auth=d25b1f450288391a41660e5f42ef969afb1e483d69a7e18772f1c55b8782f113&width=800&height=470)

Fridays are extra special at Blanche Ely High School. Students aren’t just excited for the weekend — they’re eager for lunchtime. And it’s not because of what’s on the menu.

High School Students Turn Fridays into Thriving Marketplaces: Inside the Tiger-Preneur Community Club

# The Rise and Fall of Fisker: A Timeline of Mismanagement and Missed Opportunities

Henrik Fisker once dreamed of building a thriving electric vehicle empire with his namesake startup, centered around the Ocean SUV. However, that vision began to crumble almost immediately after the Ocean hit the roads in 2023.

Fisker repeatedly **cut production targets**, **failed to meet sales goals**, and **laid off staff**. The Ocean SUV was plagued with **software and mechanical issues**, including troublesome brakes, sudden power loss, and doors that wouldn't open, leading to multiple safety investigations by the NHTSA. These problems forced a pause in production as the company scrambled to raise new capital.

Ultimately, Fisker filed for **Chapter 11 bankruptcy protection**, marking a stark end to its ambitious plans. Below is a detailed timeline of the events that led to its collapse.

## 2023: Early Signs of Trouble

### Fisker Fell Short of Its Q2 Production Target
**July 7** — The automaker produced only 1,022 Ocean SUVs in the second quarter, falling short of its target of 1,400-1,700 vehicles.

### Fisker Sold Convertible Notes to Fund Operations
**July 10** — Fisker announced plans to sell $340 million in convertible debt to support operations and future growth, expecting net proceeds of $296.7 million.

### Production Target Cut
**December 1** — Fisker reduced its annual production guidance to about 10,000 vehicles, a quarter of its original forecast, to free up $300 million in working capital.

## 2024: Escalating Crises

### Fisker Struggled to Meet Internal Sales Goals
**January 1** — The company failed to meet its goal of delivering 300 SUVs per day globally, often selling only one to two dozen daily in North America.

### Ocean SUV Investigated Over Braking Loss Complaints
**January 15** — The NHTSA opened an investigation into braking problems after 19 complaints, including issues with gear shifters and doors.

### Owners Reported Power Loss and Brake Issues
**February 9** — Customers reported over 100 incidents of sudden power loss and other defects, though Fisker claimed software updates resolved most issues.

### Second NHTSA Probe for Rollaway Complaints
**February 16** — A second investigation was launched after four complaints of the vehicle rolling away unexpectedly, resulting in one injury.

### Fisker Laid Off 15% of Staff
**February 29** — The company announced layoffs and admitted it might not have enough cash to survive the next 12 months, pivoting to a dealership model.

### Pause in Production with Limited Cash
**March 18** — Fisker paused production for six weeks with only $121 million in cash, citing substantial doubt about continuing operations.

### Lost Nissan Deal
**March 25** — Negotiations with a large automaker (reportedly Nissan) ended, jeopardizing a potential $150 million rescue funding.

### Trading Suspended by NYSE
**March 25** — The NYSE suspended trading of Fisker shares due to abnormally low prices, moving to delist the company.

### Lost Track of Customer Payments
**March 27** — An internal audit revealed Fisker misplaced millions in customer payments, with lax procedures leading to unpaid deliveries.

### New Round of Layoffs
**April 29** — More employees were laid off to preserve cash, with bankruptcy likely within 30 days without new funding.

### Stopped Paying Engineering Firm
**May 3** — Fisker halted payments to a firm developing future vehicles, accused of holding onto intellectual property.

### Fourth NHTSA Safety Probe
**May 10** — Another investigation was opened for inadvertent automatic emergency braking complaints.

### Hundreds More Layoffs
**May 29** — Additional layoffs left only about 150 employees as the company sought funding or a buyout.

### Inside Fisker's Collapse
**May 31** — Reports highlighted hubris, power struggles, and failure to establish basic automaker processes as key reasons for the downfall.

### First Recall for Ocean SUV
**June 12** — Fisker issued a recall for warning light issues, with noncompliant font sizes and colors.

### Filed for Bankruptcy
**June 18** — Fisker filed for Chapter 11 bankruptcy, estimating assets of $500 million to $1 billion and liabilities up to $500 million.

### Early Financial Distress
**June 21** — Bankruptcy filings revealed financial distress as early as August 2023, driving partnership searches.

### Asset Fight Begins
**June 21** — Creditors contested asset liquidation, with allegations of unsupervised sales.

### Request to Sell EVs at Discount
**July 3** — Fisker asked the court to approve selling 3,231 EVs for $14,000 each to raise $46.25 million.

### Founders Reduce Salaries to $1
**July 9** — Henrik and Geeta Fisker lowered their salaries to $1 to fund bankruptcy proceedings.

### Objections to Fire Sale
**July 15** — The U.S. Trustee objected to the EV sale deal, citing concerns over creditor repayments.

### Sale Approved
**July 16** — A judge approved the sale of over 3,000 Ocean SUVs, proceeding with liquidation.

### Liquidation Questions
**July 29** — Disputes arose over creditor priorities, with efforts to settle asset liquidation.

### Recall Cost Reversals
**September 18** — Fisker initially suggested owners pay for recall labor costs but reversed after backlash.

### SEC Investigation
**October 4** — The SEC opened an investigation into potential securities law violations, with subpoenas issued.

### Abandoned Headquarters
**October 5** — Fisker's HQ was left in disarray with hazardous waste, as reported by the landlord.

### DOJ Declares Recall Plan Illegal
**October 7** — The DOJ objected to making owners pay for recalls, deeming it illegal.

### Fleet Sale Issues
**October 8** — Problems with data transfer threatened the EV sale to American Lease.

### Bankruptcy Plan Confirmed
**October 16** — The court confirmed the liquidation plan after resolving recall costs and data issues, with a trustee appointed for asset sales.

## 2025: Aftermath

### Nonprofit Wind-Down
Henrik and Geeta Fisker quietly shut down their charitable foundation, which had minimal impact and was dissolved after the bankruptcy.

Here is a timeline of the events that led fledgling automaker Fisker to file for bankruptcy.

The Dramatic Downfall of Fisker: Inside the EV Startup's Bankruptcy Saga

## Calling Innovative Startups and Aspiring Entrepreneurs

Kansas State University is opening applications for its **fall 2025 Center for Entrepreneurship Accelerator program**, designed to support Kansas entrepreneurs and early-stage startups. This premier initiative, run by the College of Business Administration, provides essential tools and resources to help launch and grow businesses.

![Kansas State University](https://media.eaglewebservices.com/public/2025/4/1745935717357.png)
*Kansas State University*

### Key Program Details

- **Application Deadline**: Sunday, September 14
- **Two Tracks Available**:
  - **Idea Track**: A six-week program for aspiring entrepreneurs to transform initial business ideas into thriving ventures.
  - **Growth Track**: An eight-week program for early-stage startups with proven business models looking to accelerate growth and economic impact.

Participants may gain access to:
- Faculty-led courses
- Hands-on student research teams
- A world-class K-State alumni mentor network
- Up to **$60,000 in equity-free grants**

The program charges no participation fees, but selection is competitive based on criteria such as identifying a meaningful problem, offering an innovative solution, demonstrating drive and adaptability, and showing strong commitment to the venture.

Chad Jackson, director of the Center for the Advancement of Entrepreneurship, stated: "Our Accelerator program allows us to leverage K-State's unique resources to support and grow entrepreneurial ventures. I'm excited to expand the program to include opportunities for both idea-stage entrepreneurs and those leading existing high-growth businesses. By connecting them with our faculty, alumni mentors, and students, we aim to provide meaningful support at every stage of the entrepreneurial journey."

Applications are open to existing and aspiring founders of scalable, for-profit businesses or ideas, including student-led ventures. For more information and to apply, visit the [Accelerator program page](https://cba.k-state.edu/academics/departments/center-advancement-entrepreneurship/accelerator.html).


                        
                        Kansas State University
                    Kansas State UniversityMANHATTAN - Kansas entr

Unlock Your Startup Potential: K-State's Accelerator Offers Up to $60K in Grants and Expert Support

## The Rise of AI in Healthcare

**OpenEvidence**, a pioneering startup, is making waves in the medical field with its **ChatGPT-like product** designed specifically for doctors. This innovative tool helps healthcare professionals quickly find and access reliable health information, potentially transforming patient care and decision-making processes.

### Investment Surge and Valuation Growth

According to sources close to the matter, OpenEvidence is currently evaluating multiple investment offers that could value the company at an impressive **$6 billion**. This represents a near-doubling of its private valuation from just one month ago, highlighting the rapid growth and high investor confidence in AI-driven healthcare solutions.

Founded three years ago, OpenEvidence has quickly gained traction by addressing critical needs in the medical community. Its platform leverages advanced artificial intelligence to provide instant, accurate information, reducing the time doctors spend on research and improving outcomes.

### Implications for the Industry

This potential investment underscores the increasing importance of **AI and technology in healthcare**, signaling a shift towards more efficient and data-driven medical practices. As federal support in some areas wanes, private investments like this could fuel further innovation and adoption of tech solutions in the sector.

OpenEvidence, which operates a ChatGPT-like product for doctors to find health information, is considering multiple investment offers valuing the three-year-old startup at $6 billion, nearly double its private valuation from a financing just one month ago, according to three people involved in ...

AI-Powered Medical Startup OpenEvidence Eyes $6 Billion Valuation in Groundbreaking Investment Round

## The Painful Reality of Sending Money Home

Khalid Ashmawy recalls his first experience wiring money while studying in Europe. After receiving his monthly stipend in Stuttgart, he wanted to send part of it to his family in Cairo. The process was slow and expensive—a $400 transfer could cost $40 in fees and take three business days to arrive.

Years later, while working at **Microsoft** and **Uber** in the U.S., and even after founding a startup, the issue persisted. This ongoing frustration inspired Ashmawy to launch **Munify**, a cross-border neobank designed to provide Egyptians abroad with a faster, cheaper way to send money home, and offer residents in Egypt access to U.S. banking services.

## Joining Y Combinator and Securing Funding

Earlier this year, Munify was accepted into **Y Combinator's Summer 2025 batch**, standing out as a rare non-U.S. entrant and one of the few without a core AI focus in a class dominated by generative AI startups. The company also raised **$3 million in seed funding** from Y Combinator and other regional investors, including BYLD and DCG.

Ashmawy explained, "Banking wasn't built for people like me. It's very costly, takes a long time, and is fragmented. It's a problem I have personally experienced and one that resonates with a lot of people who want to send money back home quickly and efficiently."

## From Egypt to Global Tech Hubs

Growing up in Egypt, Ashmawy developed a passion for software and computer science. A scholarship took him to Europe, where he earned two master's degrees in Germany and Switzerland. He then spent seven years as an engineer and team leader at Microsoft and Uber, gaining insights into disruptive technologies and startups.

In 2019, he left Uber to launch **Huspy**, a proptech platform focused on mortgages in the Middle East, backed by Founders Fund, and served as its chief technology officer until 2022. After leaving Huspy, he reflected on his immigrant journey, and the remittance problem came back into focus.

## The Growing Remittance Market

Egypt is one of the world's largest remittance markets, receiving nearly **$30 billion in inflows annually**. While traditional options like bank wires, Western Union, and MoneyGram dominate, Munify aims to be a top choice among digital banks offering cheaper and faster transfers. Similar platforms, such as Nigeria's **LemFi** and India's **Aspora**, are already gaining traction in other markets.

![Khalid Ashmawy](https://s.yimg.com/ny/api/res/1.2/.1qm5FYumFa3T5t9ndRfgw--/YXBwaWQ9aGlnaGxhbmRlcjt3PTY0MDtoPTQyNztjZj13ZWJw/https://media.zenfs.com/en/techcrunch_finance_785/6ecb9e03d05cb74027785a6f6e2e88ed)
*Image Credits: Munify*

Khalid Ashmawy found it hard to send money home while studying in Europe. Now, he’s launched a startup to help other Egyptians with the same problem.

From Microsoft to Munify: How a Frustrated Expat Raised $3M to Revolutionize Remittances for Egyptians Abroad

## Massachusetts Clean Energy Center Launches New Grant Programs

While the federal government is making significant cuts to climate-tech subsidies, the Massachusetts Clean Energy Center (MassCEC) is taking action to bridge the gap. The state agency has recently opened applications for two innovative grant programs designed to **boost the clean-tech sector** and encourage startups to remain and expand in Massachusetts.

### Climatetech Testing and Demonstration Assets Program (TDA)

Funded with **$20 million annually** from the state's 2024 economic development legislation, this program aims to subsidize equipment purchases for organizations that support clean-tech startups. It focuses on enhancing testing and demonstration capabilities, which are crucial for innovation and growth in this high-potential industry.

### CriticalMass Program

This initiative provides **$3 million per year** in grants and additional support to startups. It is tailored to help early-stage companies overcome financial hurdles and accelerate their development, making Massachusetts a more attractive hub for entrepreneurial ventures in the climate-tech space.

Although these state funds are modest compared to federal losses—for instance, a recent federal bill eliminated a solar program that would have sent **$156 million to Massachusetts**—advocates believe that MassCEC's efforts will significantly enhance the state's appeal to fast-growing startups. By fostering a supportive environment, these programs could play a key role in driving **economic growth and sustainability** in the region.

The state agency is accepting applications for new grant programs aimed at stoking the state’s climate-tech sector.

Bankrupt Fintech's Secret Stash: Selling Rare Private Company Stakes to Fund Collapse

Summary:

Collapsed Fintech Linqto Inc. Wins Court Approval to Sell Valuable Stakes

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Other Latest News

Harnessing Ocean Waves: How an Israeli Startup is Powering Homes with Renewable Energy

High School Students Turn Fridays into Thriving Marketplaces: Inside the Tiger-Preneur Community Club

The Dramatic Downfall of Fisker: Inside the EV Startup's Bankruptcy Saga

Unlock Your Startup Potential: K-State's Accelerator Offers Up to $60K in Grants and Expert Support

AI-Powered Medical Startup OpenEvidence Eyes $6 Billion Valuation in Groundbreaking Investment Round

From Microsoft to Munify: How a Frustrated Expat Raised $3M to Revolutionize Remittances for Egyptians Abroad

Massachusetts Steps Up with $23M in Climate-Tech Grants as Federal Support Fades

Other Latest News

Harnessing Ocean Waves: How an Israeli Startup is Powering Homes with Renewable Energy

High School Students Turn Fridays into Thriving Marketplaces: Inside the Tiger-Preneur Community Club

The Dramatic Downfall of Fisker: Inside the EV Startup's Bankruptcy Saga

Unlock Your Startup Potential: K-State's Accelerator Offers Up to $60K in Grants and Expert Support

AI-Powered Medical Startup OpenEvidence Eyes $6 Billion Valuation in Groundbreaking Investment Round

From Microsoft to Munify: How a Frustrated Expat Raised $3M to Revolutionize Remittances for Egyptians Abroad

Massachusetts Steps Up with $23M in Climate-Tech Grants as Federal Support Fades