Micromobility.com Inc. Announces Shareholder Approval for Strategic Reverse Split and Expansion of Share Capital

micromobility.com Inc. (the “Company”) (NASDAQ: MCOM), a leader in innovative urban transportation solutions, today made several significant announcements following its Special Meeting of Stockholders and a recent financial arrangement.

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Firstly, shareholders authorized a reverse stock split of the Company’s issued and outstanding common stock. Upon authorization of the reverse stock split proposal the board of the Company’s approval for a one-for-one-hundred-fifty (1:150) reverse split of the Company’s issued and outstanding shares of common stock (the “Reverse Stock Split”) became effective which is approved to occur on December 4, 2023, or soon thereafter. This strategic move is designed to optimize the company’s capital structure and position it for future growth.

Concurrently stockholders authorized an increase in the number of the Company’s authorized from four hundred million to one billion effective immediately. This substantial expansion of share capital underlines the Company’s commitment to scaling operations and enhancing shareholder value, paving the way for potential future mergers and acquisitions, and diversifying the business model and revenue streams.

Salvatore Palella, Chairman and CEO of micromobility.com Inc., commented on these developments: “The approval of these measures by our shareholders is a strong endorsement of our strategic direction and future prospects. The reverse stock split, together with the increased share capital, are key elements in strengthening our financial foundation and supporting our growth initiatives.”

Additionally, the meeting authorized the removal of Class B common stock from the Company’s authorized capital stock, simplifying the capital structure and increasing its attractiveness to potential investors.

Furthermore, on November 13, 2023, micromobility.com Inc. issued a convertible promissory note to YA II PN, Ltd. (“Yorkville”) under a Standby Equity Purchase Agreement dated March 8, 2023. This promissory note, with an aggregate principal amount of $4.0 million, is intended to bolster working capital and support general corporate purposes. The note, convertible into Class A Common Stock at $0.25 per share, adds a dynamic element to the Company’s financial strategy, with a maturity date set for March 31, 2024 which includes a 15% original issue discount for gross proceeds to the Company of $3.4 million.