Share Intel Confirms Sustained Imbalances That Do Not Correspond To Daily Trading Activities

Rhea-AI Summary

micromobility.com Inc. (NASDAQ: MCOM) has initiated a proposal for Phase 2, focusing on resolving significant stock imbalances and potential illegal naked short sales identified by Share Intel's analysis. This analysis revealed consistent irregularities and imbalances compared to average trading volumes, indicating they may stem from unregulated activities. The company plans to enhance communication with brokers, Broadridge, and the SEC to ensure market integrity. CEO Salvatore Palella expressed concerns about these findings, emphasizing the need for transparency and regulatory compliance to protect investors.

Positive

• Initiation of Phase 2 may lead to improved market integrity.
• Proactive communication with brokers and regulatory bodies could enhance investor confidence.

Negative

• Discovery of significant stock imbalances raises concerns over potential illegal trading activities.
• Ongoing irregularities may indicate deeper issues within the trading mechanisms affecting MCOM.

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

NEW YORK--(BUSINESS WIRE)-- micromobillity.com Inc. (NASDAQ: MCOM), leading micromobility ecosystem, today announced that Share Intel's extensive analysis of MCOM stock has identified consistent imbalances and reported short interest, signaling the potential presence of illegal naked short sales. When compared to the average trading volume, these imbalances prove to be notably significant. The uncovered discrepancies may represent only the "tip of the iceberg," with the possibility of more extensive issues concealed within dark pools and ex-clearing activities.

Visit www.micromobility.com (Graphic: Business Wire)

The sustained imbalances reveal a long-term trend among firms maintaining these positions, implying that they do not correspond to standard day-to-day trading activities. A comprehensive examination is imperative to determine the root causes of these irregularities. Given that the imbalances do not seem to stem from regulated trading activity, it is crucial to investigate alternative explanations beyond the existing regulatory framework.

The analysis discovered that both the imbalance and market data values have remained stable, without any substantial fluctuations, even after being assessed in conjunction with three prior Share Intel reports. This observation substantiates the idea that these positions result from accounting activities at the firm level rather than market activity.

In light of the persistent nature of these imbalances and their potential ramifications, it is essential to carry out further investigations to guarantee market integrity and adherence to regulatory standards. Consequently, micromobility.com Inc.'s CEO and CFO have proposed the board to proceed to Phase 2, which would focus on addressing these issues and ensuring transparency and fairness within the financial markets while strengthening efforts to contact brokers, Broadridge, and the SEC.

Salvatore Palella, micromobility.com Inc's CEO, stated, "We are deeply concerned about the findings of our analysis and the potential implications on market integrity. Our primary responsibility is to protect our investors and ensure a fair and transparent financial environment. We are looking to take decisive action by proposing to move into Phase 2, which would involve a thorough investigation and the implementation of appropriate measures to address these issues as soon as possible."

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230405005532/en/

For media inquiries: press@micromobility.com

Source: micromobillity.com Inc.

FAQ

What did micromobility.com announce about their stock on [date]?

On [date], micromobility.com Inc. proposed to enter Phase 2 to address significant stock imbalances and potential naked short sales.

What are the implications of the stock imbalances reported for MCOM?

The reported imbalances may suggest illegal trading activities, potentially affecting market integrity and investor confidence.

How does the analysis by Share Intel affect MCOM investors?

The analysis highlights issues that could pose risks to investors, prompting the company to take corrective actions to ensure transparency.

What actions are being taken by micromobility.com regarding the reported short sales?

micromobility.com is enhancing efforts to collaborate with brokers, Broadridge, and the SEC to investigate and address these issues.