Micromobility.com gets delisted from the Nasdaq | TechCrunch – Techcrunch
Micromobility.com, formerly Helbiz, became delisted from the Nasdaq on Monday as a results of the corporate’s noncompliance with the stock commerce’s itemizing principles, per a regulatory submitting.
Competitor Bird — the handiest other shared micromobility company to intrepid the public markets — became also delisted from the stock commerce in September.
The corporate’s fundamental stock and warrants had been suspended from shopping and selling first and predominant of business Wednesday.
Micromobility.com became kicked off the stock market for failing to protect a part label of on the least $1 and for failing to seem at Nasdaq’s minimum stockholders’ equity requirement for continued itemizing.
The corporate’s stock has struggled to live in compliance since going public through particular function acquisition merger in 2021. In March, the corporate issued a reverse stock wreck up to raise the worth support into compliance, the good points from which didn’t last prolonged. Micromobility.com also lately acknowledged it intended to behold approval for one other reverse wreck up at a specific assembly of the stockholders scheduled for January 2024. That assembly has been postponed, as has the transfer to invent one other reverse wreck up.
Micromobility.com acknowledged in its submitting that this can discover to own its fundamental stock and warrants quoted to be traded over-the-counter. After Bird’s delisting in September, the corporate also chose to transfer its stock to OTC markets, as successfully. Bird lately issued layoffs and its third-quarter earnings reveal a company which can be finish to submitting for chapter.
Micromobility.com says its transition to OTC markets will “bag no longer own any bag on the corporate’s business or operations.” The startup’s rebrand aimed to encapsulate a push in opposition to retail — Micromobility.com opened its first brick-and-mortar retailer in SoHo, New York City in September and has an e-commerce set featuring a runt sequence of e-scooters, e-bikes, helmets and water bottles.
The startup’s earnings reveal a company that brought in $1.5 million in revenue within the third-quarter at a ranking loss of $9.5 million. The balance sheet also shows that Micromobility.com’s liabilities, at $61.7 million, vastly outweigh its resources, at $9.4 million.
The corporate’s stock closed Monday at $0.44.
Micromobility.com’s delisting comes because the shared micromobility commerce finds itself in turmoil. Superpedestrian shut down last week and is exploring the sale of its European business. Tier Mobility in November issued its third spherical of layoffs this yr, after selling off Plod to Bird a pair months earlier.
