The petitions come as the Chinese flexible-screen maker continues to struggle with a cash crunch and more than three years after ditching a $2 billion Shanghai IPO over questions about its shareholders

Cash crunch amid tepid take-up of its technology has caused mounting losses for the company formerly viewed as a unicorn

Unconfirmed reports said Royole was planning to raise $1 billion

Royole Corp. says latest backers include three of China’s top four lenders, and banking arms of entrepreneurial Citic and Ping An groups