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Helbiz Receives $7.2 Million From the Exercise of Warrants – Purchases 2,500 E-mopeds With the Proceeds
Rhea-AI Impact
(Moderate)
Rhea-AI Sentiment
(Neutral)
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Rhea-AI Summary
Helbiz, Inc. (NASDAQ: HLBZ) has announced the exercise of 633,419 warrants by shareholders, generating $7,284,318.50. These warrants were part of a total of 7,850,000 warrants at $11.50 per share, leaving 7,216,581 warrants remaining. The proceeds will fund the purchase of 2,500 e-mopeds, with 2,000 designated for expanding in Italy and 500 for U.S. markets. CEO Salvatore Palella expressed optimism about future warrant exercises and their potential impact on the company's growth.
Positive
Generated $7,284,318.50 from warrant exercises.
Acquired 2,500 e-mopeds for market expansion, enhancing service offerings in Italy and the U.S.
Negative
None.
NEW YORK--(BUSINESS WIRE)--
Helbiz, Inc. (“Helbiz” or the “Company”) (Nasdaq: HLBZ), a leader in micro-mobility and the first in its industry to be publicly listed on The Nasdaq Stock Market, today announced the Company has received $7,284,318.50 from shareholders exercising 633,419 warrants at $11.50 per share (“Warrants”). The original warrants were part of a Private Placement financing with a total of 7,850,000 warrants exercisable at $11.50 per share. The current exercises have reduced the remaining warrants to be exercised to 7,216,581 warrants.
Helbiz Receives $7.2 Million From the Exercise of Warrants – Purchases 2,500 E-mopeds With the Proceeds (Graphic: Business Wire)
The Company has used the proceeds from the exercise of the Warrants to purchase 2,500 e-mopeds: 2,000 of which will be used to support our current Italian cities and expand our European presence into other countries. The remaining 500 e-mopeds will be used for new markets in the U.S. “I am very excited that our shareholders have directly contributed to our ability to expand our current and future markets” said Salvatore Palella, Founder and Chief Executive Officer of Helbiz. “We believe that this is only the beginning of warrant exercises and anticipate many more to come. Our plan is to continue focusing those proceeds on aspects of our business that maximize our bottom line.”
This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
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 and e-mopeds all on one convenient, user-friendly platform in 35 cities around the world. Helbiz utilizes a customized, proprietary fleet management technology, artificial intelligence and environmental mapping to optimize operations and business sustainability. Helbiz is expanding its urban lifestyle products and services to include live streaming services, food delivery and more, all accessible within its mobile app.
Forward-Looking Statements
Certain statements made in this press release are “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “anticipate”, “believe”, “expect”, “estimate”, “plan”, “outlook”, and “project” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements reflect the current analysis of existing information and are subject to various risks and uncertainties. As a result, caution must be exercised in relying on forward-looking statements. Due to known and unknown risks, actual results may differ materially from the Company’s expectations or projections. The following factors, among others, could cause actual results to differ materially from those described in these forward-looking statements: (i) the failure to meet projected development and production targets; (ii) changes in applicable laws or regulations;(iii) the effect of the COVID-19 pandemic on the Company and its current or intended markets; and (iv) other risks and uncertainties described herein, as well as those risks and uncertainties discussed from time to time in other reports and other public filings with the Securities and Exchange Commission (the “SEC”) by the Company. Additional information concerning these and other factors that may impact the Company’s expectations and projections can be found in its periodic filings with the SEC, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2020 and amended on May 21, 2021 the Form 10-Q filed on August 23, 2021 and the Prospectus filed on September 30, 2021. The Company’s SEC filings are available publicly on the SEC's website at www.sec.gov. Any forward-looking statement made by us in this press release is based only on information currently available to Helbiz and speaks only as of the date on which it is made. Helbiz undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise, except as required by law.
