What's Going On With Micromobility.com (MCOM) Stock?

Micromobility.com, Inc. MCOM shares are rocketing higher Monday. The stock is currently trading up more than 60% on extremely high volume with over 96 million shares traded, well above its average volume of 1.26 million shares.

MCOM stock has trended higher since the company announced its intent for a future merger and the extension of an operating permit last week.

What To Know:

On June 7, micromobility.com announced that it signed a Letter of Intent to merge with EVMO, Inc., a provider of fleet management and vehicle rentals for the rideshare and delivery gig economy. 

Salvatore Palella, CEO and founder of Micromobility, stated, "We are thrilled to announce our intent to merge with EVMO, marking a pivotal moment in our growth strategy. This merger presents significant synergy opportunities, providing us with a robust platform for organic expansion both in North America and on a global scale."

On June 8, the company reported the extension of its operating permit in Austin, Texas, which grants Micromobility the authorization to operate a fleet of 1,750 seated scooters in the city.

Micromobility is an intra-urban transportation company offering electric scooters, e-bikes and e-mopeds for short-term and long-term rentals in cities throughout the world. The company's Mobility App allows consumers to instantly rent electric vehicles.

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MCOM Price Action: According to Benzinga Pro, micromobility.com shares are trading higher by more than 66% at $0.3841 at the time of publication.  

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