A New Era Unfolds: Micromobility’s Commitment to Shareholders and Vision for the Future
A Letter from Our CEO to All Shareholders: Unveiling a New Path Forward
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I wish to acknowledge and address the concerns you may have regarding the performance of
Operational Shift and Milestones Ahead: A Pivotal Transition
First and foremost, let's address a major point that many of you have inquired about: the question of long-term financing without diluting shareholder value. Our business model is undergoing a transformative shift, marking a significant milestone in
I am thrilled to announce that our flagship SoHo store will officially open its doors on
Financial Resilience and Strategic Focus: Unlocking Unprecedented Value
In the near term, my foremost objective is to guide
In simpler terms, this means we are doing everything within our power to avoid shareholder dilution. Our commitment isn't just in words, but manifest in recent actions that unequivocally echo this strategy. This calculated move has empowered us to unlock unprecedented value for both our company and for you, our esteemed shareholders, without any compromise on our shared long-term vision.
Leadership and Strategy Adjustments
In alignment with our revised focus, I'm actively looking for experienced leadership to join me in guiding
Wheels: Unlocking the Potential of Long-Term Rentals (LTR)
One of the most promising avenues we are exploring is the Long-Term Rental (LTR) model through our Wheels initiative. Operating under an LTR framework allows us to sidestep the bureaucratic hurdles and licensing requirements that often accompany short-term rentals, granting us an unparalleled freedom to expand our reach. By simply opening retail outlets, we can offer everyone the freedom to access our micromobility solutions without being tethered to political or regulatory decisions. Our subscription pricing model makes it even more convenient, as it includes maintenance and service, giving users the confidence to ride whenever and wherever they please. Although the Wheels initiative currently focuses on our specialized bikes, this LTR model can easily be adapted to include other vehicles in the micromobility spectrum, thereby making it a scalable and flexible solution for future growth.
Reassessing Strategic Acquisitions: Evolving with Foresight and Financial Prudence
Regarding the potential acquisition of EVMO, we are exercising extreme financial caution. If the acquisition demands dilution or taps into our SEPA arrangement, rest assured that we will promptly revisit our stance. Every M&A opportunity is scrutinized against a rigorous set of financial criteria, fully aligned with our unwavering commitment to profitability and shareholder value.
Vanmoof: A Challenging M&A Opportunity and Legal Landscape
We previously submitted a well-considered acquisition offer for Vanmoof, a promising player in the micromobility space that aligns well with our
A Strategic Pause: The Kitchen Business
Effective immediately, I have made the decision to discontinue our kitchen business operations in the
Closing Remarks: A Transformative Journey Awaits
Like many young companies, we have made mistakes, but we are striving to learn from them. As a result, we are evolving and becoming solely focused on arriving at profitability in the shortest period of time. Your steadfast faith in us serves as the wind beneath our wings as we venture into this exhilarating new chapter. Our SoHo store stands as a testament to our commitment to not only meet but set industry standards. It serves as the cornerstone of a forthcoming retail model that promises to redefine the entire micromobility landscape, carving a niche for
Thank you for your enduring trust and for participating in what promises to be a transformative, gratifying, and incredibly auspicious journey.
With deepest gratitude and boundless optimism,