Micromobility.com, previously Helbiz, was delisted from the Nasdaq on Monday on account of the corporate’s noncompliance with the inventory trade’s itemizing guidelines, in line with a regulatory submitting.
Competitor Fowl — the one different shared micromobility firm to courageous the general public markets — was additionally delisted from the inventory trade in September.
The corporate’s frequent 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 not 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 cut up to carry the value 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’s going to apply to have its frequent inventory and warrants quoted to be traded over-the-counter. After Fowl’s delisting in September, the corporate additionally selected to maneuver its inventory to OTC markets, as nicely. Fowl 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 “haven’t 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 internet lack of $9.5 million. The stability 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 yr, after promoting off Spin to Fowl a pair months earlier.
