Not necessarily, depending on how you've set it up, the bicycle has to connect to their servers to unlock. So if they shut down the servers, you can't even use the pedals.
Something similar happened last year. A company that made eye implants to help blind people see went bankrupt, and suddenly they weren't around to repair/replace/remove the implants anymore.
Holy shit. That one lady was just walking around the New York subway and her eye implant went dark. That's wild. Imagine if that happened to a wheelchair user, or someone with a prosthetic leg. Or an artificial internal organ! The company just shuts down and so do your body parts? Truly terrifying.