Helbiz plunges on equity purchase agreement, considers reverse stock split

micromobility.com

30/01/2023 12:00

** Shares of micro-mobility services platform Helbiz Inc
 HLBZ.O  tumble ~20% to $0.23 premarket on Monday 
    ** Co on Friday signed a new equity purchase agreement with
Yorkville Advisors Global LP to raise up to $20 million through
sales of common stock shares
    ** Co also considering a reverse stock split to bring it
into compliance with the minimum $1 bid price requirement for
continuing its Nasdaq listing 
    ** Earlier this month, co said it will cease operations in
non-profitable or cash-positive markets by spring 2023
    ** Stock fell ~98% in 2022 and is up 119.2% so far in 2023
 (Reporting by Mehnaz Yasmin in Bengaluru)
 ((Mehnaz.Yasmin@thomsonreuters.com))