Helbiz Intends To Acquire Electric Mobility Platform Wheels

Helbiz Inc HLBZ has signed a letter of intent to acquire Wheels, a shared electric mobility platform, for an undisclosed sum.
Wheels, founded in 2018, has eight thousand vehicles deployed across major U.S. markets, including New York City, Honolulu, and Austin.
Helbiz currently has 50 licenses to offer micro-mobility vehicles across the U.S. and Italy, with a fleet of e-scooters, e-bikes, and e-mopeds available for rent through the Helbiz app.
"From a strategic perspective, this acquisition is expected to double revenue, expand the cities served, enhance margins, and reduce costs," said Helbiz CEO and Founder Salvatore Palella.
The acquisition is expected to close at the end of 2022.
Helbiz held $1.4 million in cash and equivalents as of March 31, 2022.
Price Action: HLBZ shares are trading higher by 7.82% at $0.89 on the last check Tuesday.