Helbiz Hires ShareIntel for Due Diligence, Advancing in Battle Against Illegal Short Selling

Rhea-AI Summary

Helbiz (NASDAQ: HLBZ) has partnered with ShareIntel to combat illegal short selling of its stock. This collaboration aims to track shareholder ownership and suspicious trading activity using ShareIntel's patented DRIL-Down™ process. CEO Salvatore Palella expressed concerns about potential market manipulation schemes targeting Helbiz and emphasized their commitment to protecting shareholder interests. The company is focused on investigating any wrongdoing and restoring fair market conditions as it continues to optimize its micro-mobility services.

Positive

• Partnership with ShareIntel to combat illegal short selling.
• Utilization of patented DRIL-Down™ process to analyze trading activity.
• Commitment to protecting shareholder interests and investigating suspicious activities.

Negative

• Concerns raised by management about potential market manipulation targeting Helbiz.

Helbiz Strengthens Measures to Safeguard Shareholder Interests through ShareIntel's Investigation and Due Diligence Services for Illegal Short Selling

NEW YORK--(BUSINESS WIRE)-- Helbiz (NASDAQ: HLBZ), a leading global provider of electric shared micro-mobility solutions, is pleased to announce that it has entered into a service agreement with ShareIntel - Shareholder Intelligence Services, LLC ("ShareIntel") to further assist in their efforts to combat alleged illegal short selling activities on their stock (HLBZ). ShareIntel will utilize its patented process called DRIL-Down™ to aggregate and analyze repository data from reporting entities, broker-dealers and shareholders, enabling Helbiz Inc. to proactively track shareholder ownership, identify parties to suspicious, aberrant or unusual trading activity and deploy corrective action steps to help curtail such activity.

Helbiz is a global leader in micro-mobility services. Launched in 2015 and headquartered in New York City, the company offers a diverse fleet of vehicles including e-scooters, e-bicycles, e-mopeds all on one convenient, user-friendly platform with over 65 licenses in cities around the world. The merger with Wheels, a leading player in California, adds an unique sit-down scooter along with long term rental subscriptions for individuals, businesses and universities. Helbiz uses a customized, proprietary fleet management technology, artificial intelligence and environmental mapping to optimize operations and business sustainability. (Graphic: Business Wire)

"Based on the trading pattern of the stock we are concerned that our company may have been the target of a market manipulation scheme involving illegal short selling of our stock over the past year, and we are committed to investigating and exposing any wrongdoing," said Salvatore Palella, CEO of Helbiz. "By leveraging ShareIntel's patented processes and proprietary analytics, we will be able to find reporting anomalies among market makers, banks, broker-dealers and clearing firms. ShareIntel also has the ability to track share ownership and identify any suspicious, aberrant or unusual trading activity, which supports our continuing commitment to protect our investors and maximize shareholder value."

David Wenger, President and Chief Executive Officer of ShareIntel, stated, “We look forward to helping Helbiz, Inc identify parties to potential abusive and illegal naked short selling.”

Helbiz is committed to taking all necessary actions to protect the interests of its shareholders, and will continue to work with ShareIntel and other partners to combat illegal short selling and restore fair market conditions.

About Helbiz

Helbiz is a global leader in micro-mobility services. Launched in 2015 and headquartered in New York City, the company offers a diverse fleet of vehicles including e-scooters, e-bicycles, e-mopeds all on one convenient, user-friendly platform with over 65 licenses in cities around the world. The merger with Wheels, a leading player in California, adds an unique sit-down scooter along with long term rental subscriptions for individuals, businesses and universities. Helbiz uses a customized, proprietary fleet management technology, artificial intelligence and environmental mapping to optimize operations and business sustainability.

About ShareIntel

ShareIntel-Shareholder Intelligence Services, LLC (SIS) is a patented compliance driven SAAS retained by public companies to track shareholder ownership and monitor critical broker-dealer and shareholder movement. DRIL-Down™ identifies participants to potential abusive and illegal short selling providing actionable intelligence. www.shareintel.com

View source version on businesswire.com: https://www.businesswire.com/news/home/20230123005660/en/

Helbiz Contacts

For media inquiries:

press@helbiz.com

Source: Helbiz

FAQ

What is the purpose of Helbiz's partnership with ShareIntel?

Helbiz has partnered with ShareIntel to combat illegal short selling and investigate market manipulation schemes affecting its stock.

How will ShareIntel help Helbiz in addressing short selling?

ShareIntel will use its DRIL-Down™ process to track shareholder ownership and identify unusual trading activity.

What concerns did Helbiz management express regarding their stock?

Management expressed concerns about potential market manipulation schemes involving illegal short selling over the past year.

What are the expected outcomes of the Helbiz and ShareIntel partnership?

The partnership aims to protect shareholder interests, provide insights into trading anomalies, and restore fair market conditions.