micromobility.com Inc. (Nasdaq: MCOM), a pioneer in the urban transportation industry, previously announced that its shareholders approved a reverse stock split of its common stock at a ratio of 150-for-1 (the “Reverse Stock Split”) on November 13, 2023. This change is slated to take effect immediately upon the market opening on the Nasdaq Capital Market (“Nasdaq”) on December 4, 2023 (the “Effective Date”). On the Effective Date the company’s common stock will begin trading on a Reverse Stock Split-adjusted basis, under a new CUSIP number.
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The CEO of micromobility.com Inc., whose leadership has been instrumental in steering the company through the evolving landscape of urban mobility, remarked, “In response to the current market dynamics and after evaluating various alternatives, we are confident that the reverse stock split is the most viable option to comply with Nasdaq’s minimum bid price requirement. This strategic move is intended to remove the ambiguity around our listing and put us in a stronger position to enhance shareholder value.”
The authority to effect the Reverse Stock Split was approved at a special shareholder meeting of the company, reflecting a thoughtful and unanimous consensus. Following meticulous deliberation, taking into account the prevailing market conditions, the Board of Directors endorsed the Reverse Stock Split at the ratio of 150-for-1. The company believes that preserving its listing on Nasdaq will position micromobility.com Inc. more advantageously, potentially drawing a wider spectrum of both institutional and individual investors.
Details of the Reverse Stock Split
The Reverse Stock Split, will affect all issued and outstanding shares of Common Stock. All outstanding options, restricted stock awards, warrants, convertible notes and other securities entitling their holders to purchase or otherwise receive shares of common stock will be adjusted as a result of the reverse stock split by decreasing the number of shares acquirable pursuant to the ratio of 150:1 and increasing the exercise or conversion price, as applicable, will be accordingly adjusted. The number of shares of common stock available to be awarded under the company’s equity incentive plans will also be proportionately adjusted.
Shareholders who hold their stocks through a brokerage, bank, or other nominee will have the treatment of fractions determined by their respective institutions. The Reverse Stock Split will not alter the number of authorized shares of common stock or the par value per share. Additionally, all shareholder rights and preferences will remain unchanged. However, there will be proportionate adjustments to the exercise prices and the number of shares involved in the company’s outstanding equity awards and warrants.
Immediately after the reverse stock split, each stockholder’s percentage ownership interest in the company and proportional voting power will remain virtually unchanged, except for minor changes and adjustments that will result from rounding fractional shares into whole shares, as applicable. The rights and privileges of the holders of shares of common stock will be substantially unaffected by the reverse stock split.
The Company’s transfer agent, Continental Stock Transfer & Trust Company (“Continental”), will serve as exchange agent for the reverse stock split. Continental will be affecting all of the post-split shares in paperless, “book-entry” form. All book-entry or other electronic positions representing issued and outstanding shares of our common stock will be automatically adjusted.
For further details about the Reverse Stock Split, stakeholders may refer to the definitive proxy statement filed by micromobility.com Inc. with the United States Securities and Exchange Commission (the “SEC”) on August 18, 2023. This document is publicly accessible on the SEC’s website at www.sec.gov.
About micromobility.com Inc.
micromobility.com Inc., a disruptive leader in the micromobility sector, founded by Salvatore Palella in 2015, combines expertise in retail, shared services, and vehicle rentals to revolutionize urban transportation. With operations spanning across the US and Europe, the holding group encompasses shared micromobility solutions through micromobility.com Inc., vehicle rentals via Wheels Labs Inc. and e-commerce and planned brick-and-mortar stores via the micromobility.com brand. Committed to providing eco-friendly, affordable solutions and enhancing global accessibility, micromobility.com Inc. sets the standard for professional excellence in the micromobility landscape. For more information, visit www.micromobility.com.
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“In response to the current market dynamics and after evaluating various alternatives, we are confident that the reverse stock split is the most viable option to comply with Nasdaq’s minimum bid price requirement."
