micromobility.com Inc. to Address Nasdaq Delisting Notice; Postpones Special Meeting and Withdraws Reverse Split Request
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The Special Meeting was postponed allowing the board of directors of the Company to continue to assess its corporate governance and operational strategy going forward. Thus, Company stockholders do not need to take any action at this time.
The Delisting Letter was due to the fact that the Company’s common stock did not maintain a minimum closing bid price of
The Delisting Letter provides that the Company may request the
The Company estimates that its expenses related to maintaining its Nasdaq listing are expected to rise significantly in the coming years due to the compliance requirements of the Sarbanes-Oxley Act (SOX) and ESG initiatives, among others. In anticipation of realizing substantial cost savings, the Company sees potential opportunities to streamline operations through delisting and deregistration. These benefits include lower operating costs, reduced management time commitment to compliance and reporting activities, and a simplified corporate governance structure. The decision to appeal Nasdaq’s decision will be consistent with the Company’s previously announced cost-saving measures. The Company acknowledges that the delisting and cessation of trading on Nasdaq could have a material adverse effect on the liquidity and trading price of its common shares.
The Company has initiated the process of transferring the quotation of its common stock and warrants to one of the over-the-counter markets operated by OTC Markets Group Inc. The shares of the Company's common stock and warrants will continue to trade under the symbols "MCOM" and “MCOMW.” It is expected that the stock will initially be quoted and traded on the Pink Current Information tier concurrent with the trading suspension.
The transition to the OTC markets will not alter the Company's commitment to continue business operations as usual. The Company will remain subject to the public reporting requirements of the
About micromobility.com Inc.
micromobility.com Inc., a disruptive leader in the micromobility sector, founded by
Certain statements made in this press release are "forward-looking statements'' within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "anticipate," "believe," "expect," "estimate," "plan," "outlook," and "project" and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements reflect the current analysis of existing information and are subject to various risks and uncertainties. As a result, caution must be exercised in relying on forward looking statements. Due to known and unknown risks, actual results may differ materially from the Company’s expectations or projections. The following factors, among others, could cause actual results to differ materially from those described in these forward-looking statements: (i) the failure to meet projected development and production targets; (ii) changes in applicable laws or regulations; and (iii) other risks and uncertainties described herein, as well as those risks and uncertainties discussed from time to time in other reports and other public filings with the
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Source: micromobility.com Inc.