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Tuesday, December 19, 2023

Micromobility.com will get delisted from the Nasdaq

Micromobility.com, previously Helbiz, was delisted from the Nasdaq on Monday because of the corporate’s noncompliance with the inventory alternate’s itemizing guidelines, in accordance with a regulatory submitting.

Competitor Chicken — the one different shared micromobility firm to courageous the general public markets — was additionally delisted from the inventory alternate in September.

The corporate’s widespread inventory and warrants had been suspended from buying and selling in the beginning of enterprise Wednesday.

Micromobility.com was kicked off the inventory marketplace for failing to take care of a share value of a minimum of $1 and for failing to adjust to Nasdaq’s minimal stockholders’ fairness requirement for continued itemizing.

The corporate’s inventory has struggled to stay in compliance since going public by way of particular objective acquisition merger in 2021. In March, the corporate issued a reverse inventory cut up to deliver the worth again into compliance, the positive factors from which didn’t final lengthy. Micromobility.com additionally lately stated it supposed to hunt approval for one more reverse cut up at a particular assembly of the stockholders scheduled for January 2024. That assembly has been postponed, as has the transfer to do one other reverse cut up.

Micromobility.com stated in its submitting that it’s going to apply to have its widespread inventory and warrants quoted to be traded over-the-counter. After Chicken’s delisting in September, the corporate additionally selected to maneuver its inventory to OTC markets, as properly. Chicken lately issued layoffs and its third-quarter earnings present an organization that may very well be near submitting for chapter.

Micromobility.com says its transition to OTC markets will “don’t have any impact on the corporate’s enterprise or operations.” The startup’s rebrand aimed to encapsulate a push towards retail — Micromobility.com opened its first brick-and-mortar retailer in SoHo, New York Metropolis in September and has an e-commerce web site that includes a small collection of e-scooters, e-bikes, helmets and water bottles.

The startup’s earnings present an organization that introduced in $1.5 million in income within the third-quarter at a web lack of $9.5 million. The steadiness sheet additionally reveals that Micromobility.com’s liabilities, at $61.7 million, vastly outweigh its property, at $9.4 million.

The corporate’s inventory closed Monday at $0.44.

Micromobility.com’s delisting comes because the shared micromobility trade finds itself in turmoil. Superpedestrian shut down final week and is exploring the sale of its European enterprise. Tier Mobility in November issued its third spherical of layoffs this yr, after promoting off Spin to Chicken a pair months earlier.

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