Micromobility.com, formerly known as Helbiz, was delisted from the Nasdaq on Monday as a result of the company’s non-compliance with the exchange’s listing rules, according to a regulatory filing.
Competitor Bird — the only other shared micromobility company to have faced public markets — was also delisted from the stock exchange in September.
Trading in the company’s common stock and warrants was suspended at the start of business on Wednesday.
Micromobility.com was delisted from the stock market for failing to maintain a stock price of at least $1 and for failing to comply with NASDAQ’s minimum shareholder equity requirements to continue listing.
The company’s stock has struggled to stay in compliance since going public via a special purpose acquisition merger in 2021. In March, the company issued a reverse stock split to bring the price back into compliance, and the resulting gains were short-lived. Micromobility.com also recently said it intends to seek approval for another reverse split at a special shareholder meeting scheduled for January 2024. That meeting has been postponed, as has the move to conduct another reverse split.
Micromobility.com said in its filing that it will apply to trade its common stock and warrants over-the-counter. Following Baird’s delisting in September, the company also elected to take its shares to the OTC markets as well. Bird recently issued layoffs, and its third-quarter earnings show a company that may be on the verge of filing for bankruptcy.
Micromobility.com says its move to the OTC markets “will have no impact on the company’s business or operations.” The startup’s new brand aims to drive a push into retail, with Micromobility.com opening its first brick-and-mortar store in New York City’s Soho in September and already has a large number of stores. E-commerce website Featuring a small selection of e-scooters, e-bikes, helmets and water bottles.
Start-up company Profits Show a company that had $1.5 million in revenue in the third quarter with a net loss of $9.5 million. The balance sheet also shows that Micromobility.com’s liabilities of $61.7 million greatly outweigh its assets of $9.4 million.
The company’s shares closed on Monday at $0.44.
Micromobility.com’s delisting comes at a time when the shared micromobility industry finds itself in turmoil. Superpedestrian closed last week and is exploring the possibility of selling its European business. Tier Mobility in November issued its third round of layoffs this year, following the sale of Spin to Bird two months earlier.