Micromobility.com Inc. Announces Shareholder Approval for Strategic Reverse Split and Expansion of Share Capital
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Firstly, 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 (1:150) reverse split of the Company’s issued and outstanding shares of common stock (the “Reverse Stock Split”) became effective which is approved to occur on
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.
Additionally, the meeting authorized the removal of Class B common stock from the Company’s authorized capital stock, simplifying the capital structure and increasing its attractiveness to potential investors.
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.