Faraday Future makes high-profile hire from BMW despite financial problems, Impact Health raises $13 million, and Snap Inc. stock lockup to end soon, possibly putting more pressure on shares.
Faraday Future has hired Ulrich Kranz, previously head of BMW’s electric “i” series vehicle program, as its chief technical officer. Kranz joins the company after a 30-year career at BMW and while Faraday Future is in financial straits.
Impact Health, a health insurance search platform, has raised $13 million in Series A funding from Techstars and Foundry Group, according to a press release. The company helps patients enroll in health insurance, find doctors, contest surprise medical bills, and check for what is covered under their health plan.
Snap Inc., which went public in early March, is nearing the end of its stock lock-up period for employees and early investors, which forbids those shareholders from selling Snap stock for the company’s first 150 days on the stock market, reports Recode. Citi Research projects that the lock-up’s expiration will release 949 million new shares for trading, significantly more than the current float of 230 million shares, and that could put significant downward pressure on Snap’s stock price.
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.