micromobility.com Inc. Board Approves to Proceed with Investigation Into Sustained Trading Imbalances

Rhea-AI Summary

micromobility.com Inc. (NASDAQ: MCOM) has initiated Phase 2 of its investigation into trading imbalances after previous findings by ShareIntel on April 5, 2023, revealed consistent short interest. The company's CEO and CFO have received approval from the board to enhance transparency by contacting brokers, Broadridge, and the SEC.

This phase aims to delve into discrepancies noted earlier, ensuring compliance with regulatory standards while protecting shareholder interests. CEO Salvatore Palella emphasized the commitment to transparency and addressing potential market issues. The company will keep stakeholders informed about its progress through this investigation.

Positive

• Approval for Phase 2 investigation indicates active concern over market integrity.
• Commitment to transparency may enhance shareholder trust.
• Engagement with ShareIntel suggests a proactive approach to addressing trading imbalances.

Negative

• No specific findings or resolutions from Phase 1 investigation disclosed, leaving uncertainty.
• Market perceptions of trading irregularities may negatively impact investor confidence.

micromobility.com Inc.’s CEO and CFO Received Green-light by the Board to Proceed to Phase 2, strengthening efforts to contact brokers, Broadridge and/or the SEC

NEW YORK--(BUSINESS WIRE)-- micromobility.com Inc. (NASDAQ: MCOM) announced today that it will be proceeding with Phase 2 of its investigation into sustained trading imbalance activity. Following the announcement on April 5, 2023, regarding ShareIntel's analysis of MCOM stock and the discovery of consistent imbalances and reported short interest, micromobility.com Inc.'s CEO and CFO received green-light from the board to enter Phase 2, focusing on addressing these issues and ensuring transparency and fairness within the financial markets.

Visit www.micromobility.com

The Phase 2 investigation will delve deeper into the discrepancies identified in the initial analysis and explore possible underlying causes. The investigation will involve contacting brokers, Broadridge, and the SEC to gather more information and ensure adherence to regulatory standards.

"We are committed to taking the necessary steps to protect the interests of our shareholders and maximizing shareholder value," said Salvatore Palella, micromobility.com Inc.'s CEO. "Our decision to continue to engage with ShareIntel and proceed with Phase 2, reflects our commitment to transparency and fairness in financial markets. We believe this investigation will help us uncover any potential issues and implement appropriate measures to address them as soon as possible. Furthermore, management will continue to focus on managing the growth of the company, while trading imbalances issues will be addressed by professionals."

micromobility.com Inc. will continue to update the public on its progress throughout the Phase 2 investigation. The company remains fully committed to upholding ethical business practices and ensuring the highest standards of compliance with applicable regulations.

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. With operations spanning across the US and Europe, the holding group encompasses shared micromobility solutions through Helbiz Inc., vehicle rentals via Wheels Labs Inc. and e-commerce and planned brick-and-mortar stores via the 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.

About ShareIntel

Shareholder Intelligence Service is a patented compliance driven SAAS retained by public companies to track shareholder ownership and monitor broker-dealer and shareholder movement. Learn more at www.shareintel.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230421005228/en/

For media inquiries: press@micromobility.com

Source: micromobility.com Inc.

FAQ

What is the latest update on micromobility.com Inc.'s investigation into trading activities?

micromobility.com Inc. has received board approval to proceed to Phase 2 of its investigation into trading imbalances, focusing on transparency and compliance.

What did ShareIntel discover regarding MCOM stock?

ShareIntel's April 5, 2023, analysis indicated consistent trading imbalances and reported short interest in MCOM stock.

How does micromobility.com Inc. plan to address the trading imbalances?

The company plans to contact brokers, Broadridge, and the SEC to gather more information and resolve the identified discrepancies.

What is the significance of Phase 2 in the investigation of micromobility.com Inc.?

Phase 2 allows for a deeper exploration of the trading imbalances, ensuring adherence to regulatory standards and protecting shareholder interests.

Who is leading the investigation at micromobility.com Inc.?

The investigation is being led by the CEO and CFO of micromobility.com Inc., with oversight from the board.