Why Helbiz (HLBZ) Shares Are Surging Today

Helbiz Inc HLBZ said its Board has begun examining measures to address the alleged illegal short selling of its stock. The company's stock fell over 90% in the past 12 months.
The company believes that certain individuals or companies may have engaged in illegal short selling practices that have artificially depressed the stock price.
Helbiz is evaluating its options to create a comprehensive action plan to address this issue. CEO Salvatore Palella said he would meet with third parties interested in working to resolve the issue.
"The recent underperformance of our shares compared to the market is a clear indication of the illegal short selling activities that have taken place," said CEO Salvatore Palella.
"These activities have not only affected the value of our stock but have also forced us to make difficult decisions such as layoffs."
Earlier in January, Helbiz elected to resize its workforce, lowering its headcount by 39 positions. This reduces the employee base outside of Europe by 15% and improves operating costs resulting in a cost savings of $1.6 million per year.
Few days back, Helbiz said it would discontinue operations in non-profitable or cash-positive markets by spring 2023.
Price Action: HLBZ shares are trading higher by 87.8% at $0.2312 on the last check Friday.

Helbiz Skyrockets After After Investigation Into Short Selling