Brief: Evmo And Micromobility.Com Inc Have Jointly Concluded That They Cannot Reach Agreement On Merger Terms That Would Be Acceptable To Both Parties

EVMO

27/09/2023 22:55

Sept 27 (Reuters) - micromobility.com Inc  MCOM.O :
    * EVMO - CO AND MICROMOBILITY.COM INC HAVE JOINTLY CONCLUDED
THAT
THEY CANNOT REACH AGREEMENT ON MERGER TERMS THAT WOULD BE
ACCEPTABLE TO BOTH PARTIES
    * EVMO INC - PARTIES HAVE AGREED TO TERMINATE THEIR
NEGOTIATIONS
AND ALLOW LOI TO EXPIRE ON ITS TERMS
    * EVMO INC - SINCE LOI WAS NON-EXCLUSIVE, COMPANY HAS SINCE
THEN
EXPLORED POSSIBLE STRATEGIC TRANSACTIONS WITH OTHER INTERESTED
PARTIES
    * EVMO INC - IT WILL NOT BE IN A POSITION TO COMPLETE ANY
SUCH
TRANSACTION IN SUFFICIENT TIME TO PREVENT IT FROM SUSPENDING
OPERATIONS
    * EVMO- ESSENTIALLY EXHAUSTED CASH RESOURCES, IS SUSPENDING
OPERATIONS AS SOON AS POSSIBLE, AND IN ANY EVENT TARGETING BY
CLOSE OF BUSINESS ON SEPT 29
    * EVMO INC - ON SEPTEMBER 25, STEPHEN M. SANCHEZ, CEO
TENDERED HIS
RESIGNATION, EFFECTIVE IMMEDIATELY
    * EVMO INC - SANCHEZ REMAINS ACTING CHAIRMAN OF BOARD OF
DIRECTORS
OF COMPANY
    * EVMO- DOES NOT BELIEVE IT HAS RESOURCES TO EITHER FILE FOR
PROTECTION UNDER APPLICABLE BANKRUPTCY OR STATE INSOLVENCY LAWS
OR TO LIQUIDATE, DISSOLVE

Source text for Eikon:  ID: 
Further company coverage:  MCOM.O 

 ((Reuters.Briefs@thomsonreuters.com;))