What's Going On With Micromobility Stock?

Micromobility.com Inc. MCOM shares are trading higher Monday, though the stock remains down by more than 30% over the last month. 

What To Know:

Micromobility.com provides electric micro-mobility services through a fleet of vehicles including e-scooters, e-bicycles and e-mopeds with a physical presence in the United States and Italy, as well as other countries. 

On Oct. 11, Micromobility announced the signing a letter of intent (LOI) with Atlas Special Opportunities regarding Hopium and is negotiating with Atlas Special Opportunities a deal whereby Micromobility could become an important and long-term shareholder of Hopium. By the terms of this letter, Micromobility.com's potential investment of up to $15 million in the form of a shareholder loan would accelerate Hopium's R&D and growth.

Shares of MCOM are moving higher on heavy trading volume Monday. According to data from Benzinga Pro, more than 65.25 shares have already been traded in the session, compared to the stock's 100-day average of 45.451 million shares.

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MCOM Price Action: According to Benzinga Pro, Micromobility shares are up nearly 10% at 4 cents at the time of publication.

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