The Micromobility.com Inc (NASDAQ: MCOM) stock price rallied 28.4% despite the lack of news releases from the company. The higher rally could be attributed to renewed investor interest in the company, as over 9.56 million MCOM shares had changed hands at the time of writing.
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The lack of recent news releases makes us look for past releases to gather clues about what could have triggered today’s rally. One of the last significant news from the company was about the company’s non-binding bid for VanMoof Amsterdam.
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The company also recently filed several reports with the US Securities and Exchange Commission (SEC), including the latest one about the issuance of a promissory note worth an aggregate principal amount of $1.2 million via a private placement to YA II PN, Ltd. (“Yorkville”) under the Standby Equity Purchase Agreement (SEPA).
Micomobility intends to use the proceeds from the sale of the Promissory Note for working capital and other general corporate purposes or, if different, in a manner consistent with the application thereof described in the firm’s prospectus relating to the SEPA filed with the Securities and Exchange Commission on March 7, 2023.
The company also released its financial report for the quarter ended 30 June 2023. The firm generated revenues worth $3,495,000, a decline from the $4,358,000 generated in Q2 2022. However, the company reported a massive net loss of $34,219,000 compared to last year’s $19,740,000 loss.
Micromobility’s massive losses were driven by the surge in asset impairment charges, which rose to $16,444,000, given that the charge was non-existent in the previous year.
The company was formerly known as Helbiz Inc. and is an intra-urban transport company offering micromobility solutions to reduce reliance on personal car travel in cities. The firm has offices in Belgarde, New York, Milan and Los Angeles.
Micromobility’s board and shareholders recently approved a 1:50 reverse stock split to align the company’s stock price with the Nasdaq’s listing rules and avoid a potential delisting of the shares that have been trading below $1.00 for several months.
Micromobility.com stock price.
The Micromobility stock rallied 28.38% to trade at $0.1027, from Friday’s closing price of $0.0800.
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