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Micromobility.com, previously Helbiz, was delisted from the Nasdaq on Monday because of the corporate’s noncompliance with the inventory change’s itemizing guidelines, based on a regulatory submitting.
Competitor Chicken — the one different shared micromobility firm to courageous the general public markets — was additionally delisted from the inventory change in September.
The corporate’s frequent 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 keep up a share worth of no less than $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 break up to convey the value again into compliance, the positive aspects from which didn’t final lengthy. Micromobility.com additionally just lately mentioned it supposed to hunt approval for one more reverse break 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 break up.
Micromobility.com mentioned in its submitting that it’s going to apply to have its frequent 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 nicely. Chicken just lately issued layoffs and its third-quarter earnings present an organization that might 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 website 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 belongings, 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 12 months, after promoting off Spin to Chicken a pair months earlier.
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