Micromobility.com Inc. Announces Reverse Stock Split

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.