wp-plugin-hostgator
domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init
action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home4/scienrds/scienceandnerds/wp-includes/functions.php on line 6114ol-scrapes
domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init
action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home4/scienrds/scienceandnerds/wp-includes/functions.php on line 6114Source:https:\/\/techcrunch.com\/2023\/03\/30\/helbiz-stock-tumbles-on-reverse-split-rebrand-to-micromobility-com\/<\/a><\/br> Shared micromobility company Helbiz said it will do a reverse stock split in an attempt to get back into compliance with the Nasdaq, which issued the company a delisting notice last July<\/a> because its stock was trading too low.<\/p>\n Helbiz is also rebranding to Micromobility.com Inc<\/a>. to position itself as a micromobility brand that offers retail, rentals, shared micromobility, and *checks notes* sports streaming services.<\/p>\n The rebrand comes alongside the launch of a new brick-and-mortar retail business, which will include the setting up of physical stores across the U.S., starting with its first store in SoHo, New York City in the next 60 days. There\u2019s also an e-commerce site<\/a> up today, featuring a small selection of e-scooters, e-bikes, helmets and water bottles.<\/p>\n Due to the name change, Micromobility.com\u2019s stock will start trading under the new ticker symbol \u201cMCOM\u201d and its warrants under \u201cMCOMW\u201d starting Friday. Helbiz\u2019s stock closed Thursday at $0.12, down 4.5%, and then tumbled as much as 20% in after-hours trading.<\/p>\n We have a lot of questions, but Top of mind questions include: How is the company paying for even one brick-and-mortar store with the meager cash it had in the bank at the end of 2022? When does the company think it\u2019ll be back in compliance with the Nasdaq with regard to its stock price? Have they addressed the other Nasdaq delisting warning<\/a>\u00a0about failure to have an audit committee of at least three independent directors? Do I really have to write out Micromobility.com for every future article about this company?<\/p>\n That question about funding a physical store, and even the e-commerce store, is a real one. As a reminder, Helbiz closed the year with $429,000 in cash and cash equivalents. The company had revenue of $15.5 million with a $82 million net loss.<\/p>\n It\u2019s not clear what vehicles Helbiz will sell at its physical stores. From a quick peruse of the new website, Micromobility.com is offering up three e-scooter models and three e-bike models at a range of prices. On the scooter side, there\u2019s the HelbizOne, which must be the company\u2019s proprietary e-scooter designed for retail, plus a couple of Okai Neon IIs. The HelbizOne and the Neon II in white are not yet in stock, but they\u2019re available for pre-order with delivery expected in Q4 2023 and April 30, 2023, respectively.<\/p>\n Under its e-bike selection, Micromobility.com offers two models from Noko, an Italian urban e-bike brand with prices in the mid to expensive range, and the Wheels One (which, to us, is really more of a seated scooter). Per the website<\/a>, the Wheels One will also be available for long-term rentals for about $130 per month, but since the link to rent it right now<\/a> leads to nowhere, it\u2019s not clear if that service is currently active.<\/p>\n Recall that last November, Helbiz acquired Wheels Labs<\/a>, a micromobility company that offers unique, seated e-scooters for either shared use or renting. Helbiz said the buy would double its annual revenue and help bring about profitability. Before that, Helbiz acquired Italian shared moped company MiniMoto<\/a> to capture a sliver of the shared e-moped market.<\/p>\n As part of its rebranding, Helbiz said it hopes to position itself as a \u201cmicromobility consolidator in view of future M&A transactions.\u201d<\/p>\n The company will continue to offer shared micromobility services across its three brands: Helbiz, Wheels and MiniMoto.<\/p>\n \u201cThe reverse stock split is primarily intended to bring the Company into compliance with the Nasdaq Capital Market\u2019s minimum bid price requirement and will make the bid price of our Common Stock more attractive to investors,\u201d Salvatore Palella, the company\u2019s CEO, said in a statement.<\/p>\n In July, the company received a delisting warning because the Nasdaq requires listed securities to maintain a minimum bid price of $1 per share, and the company\u2019s shares had been trading below that for 30 consecutive trading days.<\/p>\n The reverse stock split will be implemented with a ratio of 1-for-50 shares of common stock, par value $0.00001, according to the company. This means the total number of shares of common stock outstanding will be reduced from 278.5 million to about 5.6 million, and the total number of class B common stock outstanding will be reduced from about 14 million to 284,518. The changes will go into effect when the market opens Friday, the company said.<\/p>\n Micromobility.com said each stockholder\u2019s percentage ownership interest in the company and proportional voting power will remain virtually unchanged, with the exception of minor changes and adjustments from rounding fractional shares into whole shares.<\/p>\n For what it\u2019s worth, Palella is the company\u2019s largest stockholder, with about 37.2% of voting power, according to an SEC filing<\/a>. In addition, the dual-class structure of the company\u2019s common stock concentrates voting power with Palella, which limits an investor\u2019s ability to influence the outcome of important transactions, like a change in control. As a result of the way the votes per share are structured, Palella holds about 60% of the voting power of the company\u2019s capital stock, and thus has control over things like the election of directors and any merger or consolidation.<\/p>\n<\/p><\/div>\n <\/br><\/br><\/br><\/p>\n
\nHelbiz stock tumbles on reverse split, rebrand to Micromobility.com<\/br>
\n2023-03-31 22:04:37<\/br><\/p>\nHelbiz<\/del> Micromobility.com didn\u2019t respond to requests for answers.<\/p>\nOk, Micromobility.com<\/h2>\n
Reverse stock split<\/h2>\n