Why Helbiz Shares Are Getting Hammered Today

Helbiz, Inc. HLBZ shares are trading significantly lower today. The company reported effectiveness of registration statement registering the resale of up to 2.65 million shares held by PIPE Investors, the resale of 2.65 million underlying warrants held by PIPE Investors and 5.75 million shares issuable upon warrant exercise.

As a result of the effectiveness of the Registration Statement and based on discussions with Nasdaq, the Company believes that it has regained compliance with Nasdaq's initial listing requirements of a $15 million free trading public float and 1 million free trading shares in the public float. The Company is awaiting confirmation from Nasdaq that it has achieved compliance.

"We are excited to have met the initial listing requirements of Nasdaq and continue to believe Helbiz is a category defining and market leading business capable of driving significant shareholder value," said Salvatore Palella, CEO of Helbiz.

Helbiz Inc. provides micro-mobility services. The company offers a fleet of vehicles, including e-scooters, e-bicycles, and e-mopeds all on one convenient platform in 35 cities worldwide.

Helbiz shares were trading about 34% lower at $13.65 per share on Wednesday at the time of publication.