Micromobility.com reports approval for reverse split, expansion of share capital

Micromobility.com announced that shareholders authorized a reverse stock split of the company’s issued and outstanding common stock. Upon authorization of the reverse stock split proposal the board of the company’s approval for a one-for-one-hundred-fifty reverse split of the company’s issued and outstanding shares of common stock became effective which is approved to occur on December 4, 2023, or soon thereafter. This strategic move is designed to optimize the company’s capital structure and position it for future growth. Concurrently stockholders authorized an increase in the number of the company’s authorized from four hundred million to one billion effective immediately. This substantial expansion of share capital underlines the company’s commitment to scaling operations and enhancing shareholder value, paving the way for potential future mergers and acquisitions, and diversifying the business model and revenue streams. Salvatore Palella, Chairman and CEO of micromobility.com Inc., commented on these developments: “The approval of these measures by our shareholders is a strong endorsement of our strategic direction and future prospects. The reverse stock split, together with the increased share capital, are key elements in strengthening our financial foundation and supporting our growth initiatives.”