By Denny Jacob

Helbiz Inc. said on Thursday its issuing a 1-for-50 reverse stock split in conjunction with its rebranding to micromobility.com Inc.

The intra-urban transportation company, which supplies and rents e-scooters, e-bikes and e-mopeds, said it is rebranding to micromobility.com to position itself as a world-wide brand, and as a potential consolidator for future merger-and-acquisition transactions.

In conjunction with the name change, the stock will trade under the ticker symbol MCOM.

"We aim to become the predominant brand for micromobility worldwide by offering the best vehicles, accessories, and services available in the industry," Chief Executive Salvatore Palella said.

The company said the reverse split will be effective when the market opens on Friday, and it is primarily intended to bring the company into compliance with the Nasdaq Capital Market's minimum bid price requirement.

Write to Denny Jacob at denny.jacob@wsj.com

(END) Dow Jones Newswires

March 30, 2023 17:37 ET (21:37 GMT)

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