Asian goods e-tailer Yamibuy raises $10 million, Snap Inc. slips below IPO price, and Faraday Future scales back Las Vegas factory plans amid cash crunch.
Asian goods e-tailer Yamibuy has raised a $10 million Series A round led by GGV Capital of Beijing, reports the Business Journal. The City of Industry-based e-commerce shop sells Asian snacks, beauty products, health supplements and home appliances to consumers in the United States.
The stock price of Snap Inc., parent company of Snapchat, fell slightly below its initial public offering price of $17 a share on Monday for the first time, closing at $16.99, reports Reuters. Many analysts have been critical of Snap’s high valuation and slowing user growth.
Faraday Future said it plans to scale back its Las Vegas electric car manufacturing plans amid a cash crunch, reports The Nevada Independent. The announcement comes less than a week after a Shanghai court froze $183 million in assets held by the company’s main backer, Jia Yueting, because of missed loan payments from another one of his companies, LeEco.
Technology reporter Garrett Reim can be reached at firstname.lastname@example.org. Follow him on Twitter @garrettreim for the latest in L.A. tech news.