Micromobility.com, formerly Helbiz, was delisted from Nasdaq on Monday as a result of the company not complying with listing rules, according to a regulatory filing.
Competitor Bird — the only other micromobility joint venture to survive the public markets — was also delisted in September.
The company’s common stock and warrants were suspended from trading at the start of business on Wednesday.
Micromobility.com was delisted for failing to maintain a share price of at least $1 and failing to meet Nasdaq’s minimum share capital requirement for continued listing.
The company’s stock has struggled to stay in line since it went public through a special purpose merger and acquisition in 2021. In March, the company issued a reverse stock split to bring the price back into line, gains from which didn’t last long. Micromobility.com also recently said it intended to seek approval for another reverse split at a special meeting of shareholders scheduled for January 2024. That meeting was postponed, as was the move for another reverse split.
Micromobility.com said in its filing that it will apply to trade its common shares and warrants OTC. Following Bird’s delisting in September, the company also opted to take its stock OTC. Bird recently issued layoffs and its third-quarter earnings point to a company that could be close to filing for bankruptcy.
Micromobility.com says its move to OTC markets “will have no impact on the company’s business or operations.” The startup’s rebrand was meant to include a push into retail — Micromobility.com opened its first store in New York’s SoHo in September and has e-commerce website with a small selection of e-scooters, e-bikes, helmets and water bottles.
The startup profits show a company that generated revenue of $1.5 million in the third quarter with a net loss of $9.5 million. The balance sheet also shows that Micromobility.com’s liabilities, at $61.7 million, far exceed its assets, at $9.4 million.
The company’s stock closed Monday at $0.44.
The deletion of Micromobility.com comes as the shared micromobility industry is in turmoil. Superpedestrian shut down last week and is exploring selling its European business. Tier Mobility issued its third round of layoffs this year in November after selling Spin to Bird a few months earlier.
