KBTX has learned the city of College Station on Friday immediately revoked ofo's permit to operate after learning the company failed to replenish its escrow account.

The action was taken after city officials were told the ofo's vans have been repossessed by a bank, and its warehouse has been locked up by the property's owner due to nonpayment.

A spokesman for the city on Saturday said code enforcement officers could issue daily citations if the company continues to operate without a permit.

Texas A&M Transportation Services is working on collecting and impounding bikes throughout the city. They are also working with city officials to coordinate the donation of hundreds of bikes to charitable organizations, according to City Councilwoman Linda Harvell.

The city is actively working with A&M’s new vendor, VeoRide, on its permit application and expects the permit to be approved by the end of the year.

“Texas A&M University will have the largest on-campus micro-mobility share program in U.S., and VeoRide is proud to provide the service and various fleet options to students and residents,” said Candice Xie, CEO of VeoRide. “We will be a great partner for the community.”

VeoRide operates on 20 other campuses and communities around the United States, including multiple markets in Texas.

As information becomes available, a campaign to communicate the details about how to switch to the new vendor will be made available to the campus community.