Global shared operator Helbiz has announced that it will rebrand to micromobility.com Inc and expand the company’s focus into retail in addition to its long-term rental and shared micromobility services.
The move comes with a reduction in the number of the company’s outstanding shares in the stock market through a reverse stock split.
Micromobility.com will sell vehicles and accessories directly to consumers through its e-commerce platform available today and in physical stores. The first is expected to open in New York in the next two months.
“We aim to become the predominant brand for micromobility worldwide by offering the best vehicles, accessories, and services available in the industry,” said Salvatore Palella, CEO of Micromobility.com.
Reverse stock split
Helbiz has undergone a reverse stock split at a ratio of 50:1, which means the number of outstanding shares of common stock has reduced from 278,468,103 to approximately 5,569,362 shares.
The total number of outstanding shares of Class B common stock has also reduced from 14,225,898 shares to 284,518 shares. No fractional shares of common stock will be issued, and all fractional shares will be rounded up to the nearest whole share.
“The reverse stock split is primarily intended to bring the Company into compliance with the Nasdaq Capital Market’s minimum bid price requirement and will make the bid price of our Common Stock more attractive to investors,” said Palella.
Following the rebrand, the company’s shares will now be traded under a new symbol, “MCOM”, and its warrants under “MCOMW”.
After the reverse stock split, each stockholder’s percentage ownership and proportional voting power will remain unchanged, except for minor adjustments. The rights of shareholders of common stock will not be affected.