micromobility.com Inc. Announces Sale of Wheels Labs, Inc. to Overseas Moped Investment and Holding Pte Ltd.
micromobility.com Inc. (MCOM) has announced the sale of its subsidiary, Wheels Labs, Inc., to Overseas Moped Investment and Holding Pte , a Singapore-based The transaction, completed on August 19, 2024, involves the sale of all Wheels' capital stock for a nominal price of $1.00. The purchaser will assume all of Wheels' assets, liabilities, and future contingencies.
This strategic move allows MCOM to streamline operations and focus on core business areas. The deal includes standard representations, warranties, and termination provisions. MCOM's CEO, Salvatore Palella, views this as a significant step towards refocusing on high-potential growth areas.
micromobility.com Inc. (MCOM) ha annunciato la vendita della sua filiale, Wheels Labs, Inc., a Overseas Moped Investment and Holding Pte, con sede a Singapore. La transazione, completata il 19 agosto 2024, prevede la vendita di tutte le azioni di Wheels a un prezzo nominale di $1,00. L'acquirente assumerà tutti gli attivi, passivi e future responsabilità di Wheels.
Questa mossa strategica permette a MCOM di snellire le operazioni e concentrarsi sulle aree di business principali. L'accordo include rappresentazioni, garanzie e clausole di cessazione standard. Il CEO di MCOM, Salvatore Palella, considera questo un passo significativo verso la riorientazione verso aree di crescita ad alto potenziale.
micromobility.com Inc. (MCOM) ha anunciado la venta de su subsidiaria, Wheels Labs, Inc., a Overseas Moped Investment and Holding Pte, con sede en Singapur. La transacción, completada el 19 de agosto de 2024, implica la venta de todas las acciones de Wheels por un precio nominal de $1.00. El comprador asumirá todos los activos, pasivos y eventuales contingencias de Wheels.
Este movimiento estratégico permite a MCOM agilizar las operaciones y centrarse en las áreas clave del negocio. El acuerdo incluye declaraciones, garantías y disposiciones de terminación estándar. El CEO de MCOM, Salvatore Palella, considera esto como un paso significativo hacia la reorientación en áreas de alto potencial de crecimiento.
micromobility.com Inc. (MCOM)은 자회사인 Wheels Labs, Inc.를 싱가포르에 본사를 두고 있는 Overseas Moped Investment and Holding Pte에 매각했다고 발표했습니다. 이 거래는 2024년 8월 19일 완료되었으며, Wheels의 모든 자본 주식이 명목 가격 $1.00에 판매되는 내용을 포함합니다. 구매자는 Wheels의 모든 자산, 부채 및 미래의 잠재적 위험을 인수하게 됩니다.
이 전략적 결정은 MCOM이 운영 효율성을 높이고 핵심 비즈니스 영역에 집중할 수 있도록 해줍니다. 이번 계약은 표준 진술, 보증 및 해지 조항을 포함하고 있습니다. MCOM의 CEO인 Salvatore Palella는 이를 고성장 잠재력이 높은 분야에 재편집하는 중요한 단계로 보고 있습니다.
micromobility.com Inc. (MCOM) a annoncé la vente de sa filiale, Wheels Labs, Inc., à Overseas Moped Investment and Holding Pte, basée à Singapour. La transaction, finalisée le 19 août 2024, concerne la vente de l'intégralité des actions de Wheels pour un prix nominal de 1,00 $. L'acheteur assumera tous les actifs, passifs et éventualités futures de Wheels.
Cette démarche stratégique permet à MCOM de rationaliser ses opérations et de se concentrer sur ses domaines d'activité principaux. L'accord inclut des déclarations, des garanties et des dispositions de résiliation standard. Le PDG de MCOM, Salvatore Palella, considère cela comme une étape significative vers un recentrage sur des domaines de croissance à fort potentiel.
micromobility.com Inc. (MCOM) hat den Verkauf seiner Tochtergesellschaft Wheels Labs, Inc. an Overseas Moped Investment and Holding Pte mit Sitz in Singapur bekannt gegeben. Die Transaktion, die am 19. August 2024 abgeschlossen wurde, beinhaltet den Verkauf aller Anteile von Wheels zu einem nominellen Preis von 1,00 $. Der Käufer wird alle Vermögenswerte, Verbindlichkeiten und zukünftigen Eventualverbindlichkeiten von Wheels übernehmen.
Dieser strategische Schritt ermöglicht es MCOM, die Abläufe zu straffen und sich auf die Kernbereiche des Geschäfts zu konzentrieren. Der Deal beinhaltet Standardvertretungen, Garantien und Kündigungsbestimmungen. Salvatore Palella, der CEO von MCOM, sieht dies als einen bedeutenden Schritt zur Neuausrichtung auf wachstumsstarke Bereiche.
- Strategic divestment of Wheels Labs, Inc. to focus on core operations
- Reduction of liabilities and future loss contingencies associated with Wheels
- Sale of Wheels Labs, Inc. for only $1.00, indicating potential loss on investment
- Potential loss of revenue stream and market share in the micromobility sector
Under the terms of the securities purchase agreement, signed on August 19, 2024, micromobility.com has agreed to sell all issued and outstanding capital stock of Wheels to the Purchaser. In exchange, the Purchaser will assume all of Wheels’ assets and liabilities, including intellectual property, operational, legal, and future loss contingencies, while the Company will receive a nominal purchase price of
The decision to sell Wheels is a strategic move by micromobility.com, which will allow the Company to focus its resources on core operations and other growth opportunities. The transaction is structured with customary representations and warranties on behalf of both the Company and the Purchaser, as well as provisions for termination by either party in the event of breach of the Purchase Agreement, subject to cure.
Salvatore Palella, Chief Executive Officer of micromobility.com, stated, “This transaction marks a significant step in streamlining our business and refocusing on areas where we see the greatest potential for growth and value creation. We believe that the acquisition of Wheels by Overseas Moped Investment and Holding Pte Ltd. will ensure a stronger future for the Wheels brand under their leadership.”
Commenting on the acquisition, Mah Hon Pun, Director of Overseas Moped Investment and Holding Pte Ltd., said, “We are thrilled to welcome Wheels into our portfolio. This acquisition aligns with our long-term strategy of expanding our footprint in the micromobility sector and leveraging Wheels’ innovative technology and operational expertise. We are confident that under our stewardship, Wheels will continue to thrive and deliver outstanding value to its users.”
The full terms of the securities purchase agreement will be detailed in the Company’s Current Report on Form 8-K filing, available on the SEC’s website.
About micromobility.com Inc.
micromobility.com Inc., a disruptive leader in the micromobility sector, founded by Salvatore Palella in 2015, combines expertise in retail, shared services, and vehicle rentals to revolutionize urban transportation. The Company offers shared micromobility solutions through micromobility.com Inc. and e-commerce and planned brick-and-mortar stores via micromobility.com brand. Committed to providing eco-friendly, affordable solutions and enhancing global accessibility, micromobility.com Inc. sets the standard for professional excellence in the micromobility landscape. For more information, visit www.micromobility.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; and (iii) 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 including its Annual Report on Form 10-K for the fiscal year ended December 31, 2023. 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 the Company and speaks only as of the date on which it is made. The Company 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.
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Source: micromobility.com Inc.
FAQ
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