Nasdaq Panel Grants Helbiz’s Request for Extension to Comply with Continued Listing Requirements

Rhea-AI Summary

Helbiz, a leader in micro-mobility solutions, announced it has been granted an extension by the Nasdaq Hearings Panel to regain compliance with listing requirements. The Company must restore its Market Value and attain a minimum bid price of $1.00 by March 31, 2023. If compliant, Helbiz may receive another extension until June 6, 2023 for its annual meeting obligations. CEO Salvatore Palella expressed optimism about the Company’s progress, citing recent acquisitions and planned expansions. However, the Company acknowledges no assurance of meeting these compliance deadlines.

Positive

• Helbiz received an extension from Nasdaq until March 31, 2023, to regain compliance with listing standards.
• The Company plans to hold a combined annual meeting to regain compliance with Nasdaq requirements.
• Recent acquisitions and expansions are seen as positive steps for the Company.

Negative

• The Company must achieve a minimum bid price of $1.00 to remain listed.
• No assurance that the Company will meet the compliance deadlines set by the Nasdaq.

NEW YORK--(BUSINESS WIRE)-- Helbiz, Inc. (Nasdaq: HLBZ)(“Helbiz” or the “Company”), a leading provider of micro-mobility solutions, today announced that it received notice from the Nasdaq Listing Qualifications Panel (the “Hearings Panel”) of The Nasdaq Stock Market LLC (“Nasdaq”) that it has granted the Company an extension to regain compliance with the continued listing requirements for The Nasdaq Capital Market (the “Panel Decision”), as discussed more fully below.

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 with over 65 licenses in cities around the world. Helbiz utilizes a customized, proprietary fleet management technology, artificial intelligence and environmental mapping to optimize operations and business sustainability. For additional information, please visit www.helbiz.com. (Graphic: Business Wire)

The Hearings Panel granted the Company an extension until March 31, 2023, to regain compliance with the Market Value of Listed Securities requirement and to achieve a $1.00 bid price. In the event that the Company regains compliance with those Panel Decision requirements by that date, the Company expects to be afforded a further extension through June 6, 2023, to demonstrate compliance with the Nasdaq annual meeting requirement. In that regard, following its demonstration of compliance with these requirements set forth in the Panel Decision, the Company plans to hold a combined annual meeting for the fiscal years ended December 31, 2021 and 2022, thereby regaining compliance with all applicable requirements for continued listing on The Nasdaq Capital Market.

“We are pleased that the Hearings Panel has provided us with this extension,” said Salvatore Palella, Chief Executive Officer of Helbiz. “Helbiz is on the road to progress as evidenced by the Wheels acquisition and the proposed Helbiz Kitchen expansion into the US, and the Company plans to take the steps necessary to regain compliance with all applicable listing requirements.”

Notwithstanding the foregoing, there can be no assurance that the Company will be able to meet these deadlines or ultimately regain compliance with all applicable requirements for continued listing.

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 with over 65 licenses in cities around the world. Helbiz utilizes a customized, proprietary fleet management technology, artificial intelligence and environmental mapping to optimize operations and business sustainability. For additional information, please visit www.helbiz.com.

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, 2021 and its Quarterly Reports for the first three quarters of 2022. 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230203005225/en/

For media inquiries: press@helbiz.com

Source: Helbiz, Inc.

FAQ

What extension did Helbiz receive from Nasdaq regarding compliance?

Helbiz received an extension until March 31, 2023, to regain compliance with Nasdaq's listing requirements.

What must Helbiz achieve by March 31, 2023?

Helbiz must restore its Market Value and attain a minimum bid price of $1.00 by March 31, 2023.

What are the potential consequences of not meeting Nasdaq's requirements?

Failure to meet the requirements could result in delisting from The Nasdaq Capital Market.

What plans does Helbiz have for its annual meeting following compliance?

Helbiz plans to hold a combined annual meeting for the fiscal years ended December 31, 2021, and 2022.

Who commented on Helbiz's progress in the press release?

CEO Salvatore Palella expressed optimism about the Company's progress and future plans.