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Helbiz (HLBZ) Shares Slide Despite California Expansion

Sam Boughedda trader
Updated 24 Sep 2021

Helbiz (NASDAQ: HLBZ) shares are down over 10% premarket despite the news that it has secured a one-year permit to deploy e-scooters throughout Santa Barbara County.

The micro-mobility firm, which has gained much attention this week after expanding into the sports streaming market, will roll out the initial fleet in Isla Vista, with plans to expand throughout the County.

In the past week, as part of the company's expansion into other markets, Helbiz announced a partnership with FOX to broadcast the Italian Serie B championship across the USA and the Caribbean and another deal with Amazon to stream all Helbiz Live content on devices equipped with Amazon Prime Video throughout Italy.

In Santa Barbara, Helbiz plans to implement community engagement initiatives across the city throughout its permit. It will include frequent safety events, the implementation of a local Helbiz apprenticeship program, and discounted rides for low-income residents through the Helbiz Access Program.

Helbiz will also open a local office and warehouse, employing a full-time team to ensure its fleet is charged, repaired and well-maintained. 

“We’re thrilled to officially bring our e-scooters to California, with the initial launch in the vibrant county of Santa Barbara,” said Gian Luca Spriano, Director of International Business Development. 

“Our safe, sustainable and affordable micro-mobility offerings will provide residents with an alternative way of meeting their first-and-last-mile needs and offer tourists an experiential way of exploring the city,” added Spriano.

Helbiz shares are currently priced at $20.60.

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Sam is a trader and lead stock market writer at AskTraders. After starting his career in the forex market, Sam now focuses on stocks, specifically consumer staples.