Otonomo Technologies Ltd. - OTMO STOCK NEWS

Otonomo shareholders approve business combination with Urgent.ly, creating a new mobility services company. The combined company will operate as Urgent.ly, Inc. and list on Nasdaq under ticker symbol ULY.

Otonomo Technologies announces Q2 2023 financial results, completed cost reduction initiative, and exchange offer for outstanding warrants. Recurring revenue for Q2 2023 grew 33% YoY, while annual recurring revenue decreased by 13% YoY. The company added 4 new customers and saw an 85% increase in bookings YoY. GAAP operating loss for Q2 2023 was $8.2 million. Cash and cash equivalents as of June 30, 2023, were $119.2 million. Otonomo completed a 1-for-15 reverse share split of its ordinary shares.

Otonomo announces expiration and results of exchange offer and consent solicitation for its public and private placement warrants. 63.7% of public warrants and all private placement warrants were validly tendered. Company expects to accept all validly tendered warrants for exchange and settlement. Company executed warrant amendment and will exchange remaining untendered warrants for Ordinary Shares on September 7, 2023. Registration Statement on Form F-4 declared effective by SEC.

Otonomo extends expiration date for exchange offer and consent solicitation for its outstanding warrants. The offer is now scheduled to expire on August 22, 2023. Holders of warrants have the opportunity to receive 0.0167 Ordinary Shares in exchange for each warrant tendered. The Company is offering up to 230,877 Ordinary Shares in exchange for the warrants.

Otonomo Technologies Ltd. (Nasdaq: OTMO) reported strong financial results for Q4 and the full year ending December 31, 2022. Q4 revenue increased to $2.1 million, up from $1.1 million in Q4 2021, contributing to a full-year total of $7.0 million compared to $1.7 million in 2021. Despite an operating loss of $17.2 million in Q4, the company secured bookings of $3.6 million, a 65% growth quarter-over-quarter. Notably, Otonomo announced a merger with Urgently, expected to close by Q3 2023, aimed at strengthening its mobility services portfolio. The company had $140.6 million in cash equivalents as of year-end.

Otonomo Technologies Ltd. (NASDAQ: OTMO) and Urgently have announced a definitive agreement to merge in an all-stock transaction. Upon completion, Otonomo shareholders will own approximately 33% of the combined entity, expected to close in Q3 2023, pending approval. Urgently reported a 2022 revenue of over $185 million, a 25% increase from 2021, and maintains a high customer satisfaction score. The merger aims to enhance mobility services, leveraging both companies' technologies across 26 countries, benefiting over 70 million vehicles. The combined firm positions itself in a mobility market projected to exceed $100 billion.

Otonomo Technologies Ltd. (Nasdaq: OTMO) has partnered with MICHELIN DDi to enhance road safety in Europe by utilizing connected vehicle data. This collaboration focuses on developing a near-miss zone identification service to identify potential accident hotspots. By leveraging data on harsh braking and acceleration from millions of vehicles, this initiative aims to improve road safety by enabling detection of risky driving behaviors. The service is set to launch initially in France and will expand to other European countries. Both companies emphasize their commitment to making mobility safer and more efficient through advanced data analysis.

Otonomo Technologies Ltd. (NASDAQ: OTMO) will release its financial results for Q4 and full year 2022 on February 15, 2023, before market open. A conference call with management, including CEO Ben Volkow and CFO Bonnie Moav, will take place the same day at 8:30 a.m. ET. Otonomo focuses on enhancing mobility experiences through the monetization of connected vehicle data, serving over 100 partners across various industries. The company emphasizes compliance with privacy regulations to ensure data security. Investors can preregister for the call or access a live stream on the Otonomo website.

Otonomo Technologies Ltd. (NASDAQ: OTMO) announced a partnership with Microsoft to provide streaming connected vehicle data aimed at enhancing Microsoft Maps and associated services. This collaboration will enable Microsoft to improve real-time traffic conditions, accident notifications, and route optimization across its platforms such as Azure and Bing. The integration of Otonomo's vehicle data will enrich Microsoft's road network insights, facilitating advanced features in their mapping offerings. Otonomo's CEO expressed satisfaction with Microsoft’s recognition of the value in their connected vehicle data, indicating a significant step forward for both companies.