- Formerly Helbiz, Micromobility.com faces Nasdaq delisting due to noncompliance with share price rules.
- Micromobility.com plans to transition to over-the-counter trading after Nasdaq delisting, citing no impact on operations.
- Financial struggles and industry challenges persist, with Superpedestrian exploring sales and Tier Mobility facing layoffs.
Micromobility.com, formerly Helbiz, has been delisted from the Nasdaq due to noncompliance with listing rules, including maintaining a share price of at least $1. The company, which went public through a SPAC merger in 2021, previously underwent a reverse stock split to address compliance issues. The move to OTC markets follows the delisting of competitor Bird in September.
Micromobility.com intends to apply for common stock and warrants to be quoted for over-the-counter trading, emphasizing that this transition will not impact its business or operations. The delisting adds to the challenges the shared micromobility industry faces, with Superpedestrian shutting down and Tier Mobility experiencing layoffs.
Financial struggles and ongoing challenges in the shared micromobility industry
Micromobility.com's financial performance reveals a third-quarter net loss of $9.5 million against $1.5 million in revenue. The company's liabilities of $61.7 million significantly surpass its assets, standing at $9.4 million. Tier Mobility's layoffs and Superpedestrian's exploration of selling its European business further highlight the industry's turbulence.
Edited by Shruti Thapa