Steer EV Canada Inc., Bankruptcy

Steer EV Canada Inc., a wholly-owned subsidiary of Toronto-based Argo Corporation (TSX:ARGH), filed an assignment in bankruptcy on October 1, listing over $4.8 million in liabilities.

Argo is a tech startup aimed at solving rush hour traffic, marketing itself as an on-demand, door-to-door solution for cities, governments and schools. It recently launched a service to shuttle riders across the GTA between their homes and major transit stations.

Steer EV Canada operated an electric vehicle subscription business in Canada, while Steer Holdings LLC, a US subsidiary, operated the business in the US.

The electric vehicle subscription business has been shut down to allow Argo to focus on its core business.

Steer Holdings LLC has also filed for bankruptcy in the US.

B. Riley Farber is the bankruptcy trustee.