Helbiz undergoes reverse split and rebrands as Micromobility.com Inc.
Helbiz, a shared micromobility company, will undergo a reverse stock split and rebrand to Micromobility.com in an attempt to comply with Nasdaq regulations and position itself as a micromobility brand offering retail, rentals, shared micromobility, and sports streaming services. The company will also launch a brick-and-mortar retail business, starting with a store in SoHo, New York City. However, the company's cash reserves are meager, and it had a net loss of $82 million in 2022. The stock closed at $0.12, down 4.5%, and tumbled as much as 20% in after-hours trading.