Glo e, the e-cigarette company that was once considered one of the leading players in the vaping space, has just filed for bankruptcy protection, according to a filing with the Australian Securities and Investments Commission (ASIC).
Glo was valued at $2.6 billion when it first launched in 2015, but the company is now valued at less than $1 billion.
The company, which is now in the process of selling its stake, has filed for Chapter 11 protection.
The filing was made by the company’s liquidation company, the Australian Business Law Institute, which represents companies that have gone bankrupt or have lost substantial amounts of capital.
Glo said that it would be “further discussing” the filing with ASIC, and has been in talks with its creditors.
The bankruptcy filing comes amid an increasing number of e-cig brands, such as J&J, Niche, and PureVape, to announce plans to exit the market.
Last week, vape shop manufacturer eVape announced plans to close its doors after only two years of operation.
“We have made a very conscious decision to discontinue production of eVapers and eVaporizer products,” the company said in a statement.
“Our products are proven and we have the capacity to meet the growing demand for our products, but due to the current environment of rapidly changing technology, we have decided to cease production of our products and are taking steps to ensure we can continue to sell our products through a number of distributors.”
In the past, many companies have made moves to take the wraps off their products before they hit shelves, hoping to garner some early buzz and support.
This year, a number brands have announced they would close or sell their stores by the end of the year, with some even going as far as to make plans to start over.
For now, however, the vaping industry remains largely unregulated, with companies that are struggling to survive and survive on the backs of investors and consumers.
For many, the vape industry represents an opportunity to make money while saving money.
As the vaping community continues to grow, there’s a lot of money to be made from these companies, which often have a number in common with the tobacco industry.
However, as the vaping scene continues to expand, consumers may find that they are increasingly vulnerable to the dangers associated with vaping.
The latest report by the Australian Bureau of Statistics, released in November, revealed that the vaping population has increased by roughly 7% since the start of the tobacco-related pandemic.
The report found that over one in four Australians have smoked at least one cigarette in their lifetime.