Micromobility.com, formerly Helbiz, was delisted from the Nasdaq on Monday on account of the corporate’s noncompliance with the inventory trade’s itemizing guidelines, in keeping with a regulatory submitting.
Competitor Chicken — the one different shared micromobility firm to courageous the general public markets — was additionally delisted from the stock exchange in September.
The corporate’s widespread inventory and warrants had been suspended from buying and selling firstly of enterprise Wednesday.
Micromobility.com was kicked off the inventory marketplace for failing to keep up a share worth 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 remain in compliance since going public by way of particular function acquisition merger in 2021. In March, the corporate issued a reverse stock split to deliver the worth again into compliance, the positive factors 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’ll 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 effectively. Chicken not too long ago 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 “have no effect on the company’s business 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 stability 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 yr, after selling off Spin to Bird a pair months earlier.
