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Wejo Group Limited (NASDAQ: WEJO) has been selected by the Eastern Transportation Coalition (TETC) to join its Traffic Data Marketplace. This partnership presents a projected multimillion-dollar revenue opportunity over four years, enhancing Wejo's offerings of real-time traffic intelligence and historic traffic patterns.
The data generated from connected vehicles will aid public agencies in improving infrastructure, reducing road incidents, and alleviating congestion, aligning with priorities set forth in the Bipartisan Infrastructure Law.
Wejo Group Limited (NASDAQ: WEJO) announced an amendment to its Forward Purchase Agreement with Apollo, allowing the company to direct the sale of all remaining 5.6 million shares held by Apollo. Previously, the agreement limited sales to 25% of shares in each six-month period. The amendment aims to assist Wejo in maximizing its capital runway without adding dilution to existing shareholders, as these shares were issued prior to the agreement. This move aligns with Wejo's strategy to enhance funding opportunities for further growth.
Wejo Group Limited (NASDAQ: WEJO) reported strong second-quarter 2022 results, with net revenue up 198% to $1.6 million, driven by growth in its Traffic Management product line. The net loss widened to $55.4 million, attributed to higher operating costs. Wejo successfully executed a $15.9 million PIPE raise and aims to cut cash burn from $10 million to $5-6 million monthly by Q4 2022, extending its capital runway to late 2023. The company maintains its full-year revenue guidance of $10 million and continues expanding partnerships, including a significant collaboration with Ford.
Wejo Group Limited will announce its second-quarter financial results on August 15, 2022, at 8:30 am EDT. The company invites stakeholders to join a business update call led by CEO Richard Barlow and CFO John Maxwell. The call will cover financial results, business strategy, and key performance indicators. Interested parties can access the call via the Investor Relations page and will be archived for later viewing. Wejo specializes in cloud and software analytics for connected vehicles.
Wejo Group Limited (NASDAQ: WEJO) announced that its Founder and CEO Richard Barlow, along with CFO John Maxwell, will participate in the Baird Newly Public Company Virtual Access Day on August 17, 2022, at 10:50 AM ET. The presentation will be available live on their website. Management will discuss Wejo's mission for Smart Mobility, recent cost reduction initiatives, and improved liquidity following a PIPE that raised $15.9 million. They will also highlight new partnerships with Microsoft and Ford, showcasing Wejo's commitment to transforming vehicle data into actionable insights.
Wejo Group Limited has announced a partnership with Roadside Telematics Corp. to implement Real-Time Traffic Intelligence (RTTI) for 9-1-1 first responders. This initiative aims to enhance emergency response capabilities by providing real-time traffic data from millions of connected vehicles. The RTTI solution will enable quick detection of traffic incidents and assist first responders in navigating efficiently to crash sites. The collaboration reflects Wejo's commitment to improving mobility and safety through data-driven insights.
Wejo has joined the MONET Consortium, enhancing its role in promoting mobility innovation in Japan.
This opportunity allows Wejo to collaborate with diverse leading companies, potentially tapping into a $61 billion market for mobility-as-a-service (MaaS) by 2030.
CEO Richard Barlow noted an addressable market of nearly $3 billion for Wejo's services in Japan, aligning with the country's advanced automotive industry, producing 8.1 million vehicles annually.
Wejo Group Limited (NASDAQ: WEJO) has successfully completed a self-arranged $15.9 million PIPE investment, primarily supported by Sompo International Holdings and its board members. This investment, along with cost-saving measures, is expected to reduce monthly cash burn from $10 million to $5-6 million by Q4 2022, leading to an improved 2022 Adjusted EBITDA outlook, projected between $85 million and $95 million. Wejo is committed to enhancing its marketplace solutions and expanding into new markets, including Japan, while focusing on profitability and growth.
Wejo Group Limited (NASDAQ: WEJO) has filed a Form 4 with the SEC, finalizing an Equity Grant for CEO Richard Barlow, representing 5% of total shares post-business combination on November 18, 2021. The grant includes a restricted stock unit contingent on reaching a $50 per share price target, demonstrating confidence despite share price declines. This grant poses no dilution to existing shareholders and aligns with prior disclosures in Form S-4/A and 8-K. Wejo is a leader in cloud and software analytics for connected vehicles, employing around 300 people worldwide.
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