Micromobility.com (formerly Helbiz) was delisted from Nasdaq on Monday after the company violated the exchange’s listing rules, according to a regulatory filing.
Competitor Bird, the only shared micromobility company to venture into the public markets, was also delisted from the stock exchange in September.
The company’s common stock and warrants were suspended from trading at the start of business Wednesday.
MicroMobility.com was kicked off the stock market for failing to maintain a stock price of at least $1 and failing to comply with Nasdaq’s minimum equity requirements to remain listed.
The company’s stock has struggled to remain compliant since going public through a special purpose acquisition merger in 2021. The company conducted a reverse stock split in March to bring prices back into compliance, but the gains didn’t last long. MicroMobility.com also recently announced that it intends to seek approval for a further reverse stock split at a special general meeting scheduled for January 2024. Its shareholder meeting was postponed, and further reverse stock split moves were also postponed.
MicroMobility.com said in a filing that it plans to apply for over-the-counter trading of its common stock and warrants. After Bird was delisted in September, the company opted to move its shares to the over-the-counter market as well. Bird recently announced layoffs, and its third-quarter results indicate the company may be nearing bankruptcy filing.
MicroMobility.com said the move to the OTC market “will have no impact on its business or operations.” The startup’s rebrand was meant to encapsulate its push into retail. MicroMobility.com opened its first brick-and-mortar store in New York City’s Soho in September. e-commerce site We carry electric scooters, electric bicycles, helmets, water bottles, and more.
Start-up income A company had revenue of $1.5 million in the third quarter and a net loss of $9.5 million. The balance sheet also shows that MicroMobility.com’s debt of $61.7 million significantly exceeds its assets of $9.4 million.
The company’s stock closed Monday at $0.44.
MicroMobility.com’s delisting comes amid turmoil in the shared micromobility industry. Superpedestrian closed last week and is considering selling its European operations. Tier Mobility announced its third layoff of the year in November after selling Spin to Bird a few months ago.
Source: techcrunch.com
