Micromobility.com, formerly Helbiz, was delisted from the Nasdaq on Monday because of the corporate’s noncompliance with the inventory change’s itemizing guidelines, in accordance with a regulatory submitting.
Competitor Chook — the one different shared micromobility firm to courageous the general public markets — was additionally delisted from the stock exchange in September.
The corporate’s frequent inventory and warrants had been suspended from buying and selling at first of enterprise Wednesday.
Micromobility.com was kicked off the inventory marketplace for failing to keep up a share value 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 remain in compliance since going public through particular function acquisition merger in 2021. In March, the corporate issued a reverse stock split to deliver the worth again into compliance, the features from which didn’t final lengthy. Micromobility.com additionally not too long ago mentioned 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 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 Chook’s delisting in September, the corporate additionally selected to maneuver its inventory to OTC markets, as nicely. Chook not too long ago issued layoffs and its third-quarter earnings present an organization that could possibly 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 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 exhibits 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 round of layoffs this 12 months, after selling off Spin to Bird a pair months earlier.
