Micromobility.com, formerly Helbiz, was delisted from the Nasdaq on Monday as a result of the company’s noncompliance with the stock exchange’s listing rules, according to a regulatory filing.
Competitor Bird — the only other shared micromobility company to brave the public markets — was also delisted from the stock exchange in September.
The company’s common stock and warrants were suspended from trading at the start of business Wednesday.
Micromobility.com was kicked off the stock market for failing to maintain a share price of at least $1 and for failing to comply with Nasdaq’s minimum stockholders’ equity requirement for continued listing.
The company’s stock has struggled to remain in compliance since going public via special purpose acquisition merger in 2021. In March, the company issued a reverse stock split to bring the price back into compliance, the 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 the stockholders scheduled for January 2024. That meeting has been postponed, as has the move to do another reverse split.
Micromobility.com said in its filing that it will apply to have its common stock and warrants quoted to be traded over-the-counter. After Bird’s delisting in September, the company also chose to move its stock to OTC markets, as well. Bird recently issued layoffs and its third-quarter earnings show a company that could be close to filing for bankruptcy.
Micromobility.com says its transition to OTC markets will “have no effect on the company’s business or operations.” The startup’s rebrand aimed to encapsulate a push toward retail — Micromobility.com opened its first brick-and-mortar store in SoHo, New York City in September and has an e-commerce site featuring a small selection of e-scooters, e-bikes, helmets and water bottles.
The startup’s earnings show a company that brought in $1.5 million in revenue in the third-quarter at a net loss of $9.5 million. The balance sheet also shows that Micromobility.com’s liabilities, at $61.7 million, vastly outweigh its assets, at $9.4 million.
The company’s stock closed Monday at $0.44.
Micromobility.com’s delisting comes as the shared micromobility industry finds itself in turmoil. Superpedestrian shut down last week and is exploring the sale of its European business. Tier Mobility in November issued its third round of layoffs this year, after selling off Spin to Bird a couple months earlier.