Helbiz, a shared micromobility company, is undergoing a rebrand to Micromobility.com Inc. as it attempts to get back into compliance with the Nasdaq. The Nasdaq issued a delisting notice last year because Helbiz’s stock was trading too low. The rebrand also coincides with the launch of a new brick-and-mortar retail business that will include physical stores across the US, starting with its first store opening in SoHo, New York City, in the next 60 days. There is also an e-commerce site available featuring a small selection of e-scooters, e-bikes, helmets and water bottles. Due to the name change, Micromobility.com’s stock will start trading under the new ticker symbol MCOM and its warrants under MCOMW starting Friday.
However, it remains unclear how the firm plans to fund even one brick-and-mortar store with only $429,000 in cash and cash equivalents on its balance sheet at the end of last year, given that the business had a revenue of $15.5m and acquisition costs of $82m. It is also unclear what type of vehicles Helbiz will sell at its physical stores. The rebranding will position Helbiz as a “micromobility consolidator in view of future M&A transactions.”
Last November Helbiz acquired Wheels Labs, a micromobility firm offering unique seated e-scooters for either shared use or renting, which doubled its annual revenue and helped bring about profitability. It also acquired Italian shared moped company MiniMoto to capture a slice of the shared e-moped market. The company will continue to offer shared micromobility services across its three brands—Helbiz, Wheels and MiniMoto.
The company is undergoing a 1-for-50 shares reverse stock split that will reduce the total number of shares of common stock outstanding from 278.5 million to about 5.6 million, and the total number of class B common stock outstanding from about 14 million to 284,518. Micromobility.com said each stockholder’s percentage ownership interest in the company and proportional voting power will remain virtually unchanged except for minor changes and adjustments from rounding fractional shares into whole shares. Salvatore Palella, the CEO of now Micromobility.com, is the company’s largest stockholder, with about 37.2% of voting power controlled.