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Hyundai-backed Motional buys time with a bridge loan
Motional, the autonomous vehicle startup, has secured bridge financing to keep the company operating as it seeks longer term funding.
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. As part of those negotiations, our shareholders considered various short term-funding alternatives, including a bridge financing, if discussions were to extend longer than anticipated,” Iagnemma wrote in the email. He later added that the bridge financing “will allow our shareholders additional time to discuss longer term funding options and solidify alignment on Motional’s strategic direction.”
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