Ascend Elements said on Friday it has started Chapter 11 bankruptcy proceedings in the U.S., a heavy blow to investors who had sunk nearly $900 million into the company. Linh Austin, Ascend ’s CEO, announced the decision in a post on LinkedIn late Thursday night. He said the company faced “insurmountable” financial challenges. Ascend’s filing comes amid a softening market for electric vehicles in the U.S. and was likely compounded by the Trump administration’s decision to cancel a $316 million…
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