Helbiz, a joint micromobility company, said it would conduct a reverse stock split to regain compliance with the Nasdaq. Nasdaq issued a delisting notice last July because Helbiz’s share price was too low.
Helbiz is also rebranding to Micromobility.com Inc. to establish itself as a micromobility brand offering retail, rental, shared micromobility and *checks notes* sports streaming services.
The rebrand will come in tandem with the launch of the new brick-and-mortar retail operations, which will include the establishment of brick-and-mortar stores across the United States, starting with the first store in SoHo, New York City, over the next 60 days. There is also an e-commerce site currently available, featuring a small selection of e-scooters, e-bikes, helmets and water bottles.
Due to the name change, Micromobility.com shares will begin trading under the new ticker symbol MCOM and its warrants will begin trading Friday under MCOMW. Helbiz’s stock fell as much as 20% in after-hours trading after closing at his $0.12 on Thursday, which he tumbled 4.5%.
I have a lot of questions, hellbiz Micromobility.com did not respond to TechCrunch’s request for a response. Questions that come to mind include: How will the little cash in the bank pay for one physical store at the end of 2022? When do you think the company will be Nasdaq compliant in terms of stock price? Have you dealt with Nasdaq delisting warnings for not having an audit committee of three independent directors? Should all future articles about this company be written on Micromobility.com?
That question about funding a brick-and-mortar store, or even an e-commerce store, is a real one. Helbiz said he ended the year with $429,000 in cash and cash equivalents. The company’s revenue was he $15.5 million and the net loss he was $82 million.
Ok, Micromobility.com
It is unknown which vehicles Helviz sells in physical stores. A quick look at their new website shows that Micromobility.com offers three e-scooter models and three e-bike models at varying prices. On the scooter side, there are his HelbizOne, the company’s own e-scooter designed for retail, and some Okai Neon IIs. However, the white HelbizOne and Neon II are still out of stock. These are scheduled to be delivered in Q4 2023 and his April 30th, respectively, and are available for pre-order.
Micromobility.com is a selection of e-bikes, offering two models from Noko, an Italian urban e-bike brand, in mid-to-expensive price ranges. The website says Wheels One is also available for long-term subscription rentals for about $130 a month, but it’s not clear if that service is currently active, as the link to the rental doesn’t lead anywhere.
Remember, last November, Helbiz acquired Wheels Labs. Wheels Labs is a micromobility company that offers unique seated electric scooters for sharing or renting. Helbiz says the acquisition will double his annual revenue and improve profitability. Before that, Helbiz acquired Italian shared moped company MiniMoto, gaining a slice of the shared electric moped market. As part of the rebranding, Helbiz says he wants to position himself as “micromobility his consolidator in view of his future M&A deals.”
The company will continue to offer shared micromobility services under three brands: Helbiz, Wheels and MiniMoto.
reverse stock split
“The reverse stock split is primarily intended to help us comply with the Nasdaq Capital Markets minimum bid price requirements and to make the bid price of our common stock more attractive to investors. .in a statement.
Helviz was warned of delisting in July after the Nasdaq required that the minimum bid be maintained at $1 per share for listed securities, and the company had been below the minimum bid for 30 consecutive days. I received
According to the company, the reverse stock split will be 1 for 50 shares of common stock at a par value of $0.00001. This means that the total number of shares of common stock outstanding will decrease from his 278.5 million shares to approximately 5.6 million shares and the total number of Class B common shares outstanding will decrease from approximately 14 million shares to 284,518 shares. The changes will take effect at the market open on Friday, the company said.
According to Micromobility.com, each shareholder’s percentage of ownership and proportional voting rights in the company will remain virtually unchanged, with minor changes and adjustments to round fractional shares to full shares.
According to SEC filings, Parella is the company’s largest shareholder, owning approximately 37.2% of the voting rights. In addition, the company’s dual-class common stock structure concentrates voting power in Parella, limiting the ability of investors to influence the outcome of significant transactions, such as a change of control. Due to the structured voting rights per share, Parella retains approximately 60% of the voting rights of the company’s capital and controls matters such as the election of directors and mergers and consolidations.
