The Micromobility.com Inc (NASDAQ: MCOM) stock price soared 105.4% despite the lack of new releases from the company, which had some significant announcements recently, including the extension of its operating permit in Austin, Texas.
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The company also recently announced a merger agreement with EVmo, Inc. (OTC: YAYO), a leading provider of vehicles to the rideshare and delivery gig economy industry. The two companies have signed a letter of intent (LOI) that could lead to a merger in the next 30 days.
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Micromobility is currently working on the details related to the proposed merger whereby EVMO would merge with a newly-formed subsidiary of micromobility.com and receive micromobility.com stock in a stock-for-stock exchange.
The current EVmo shareholders will receive a substantial minority interest in the combined company. The two companies agreed in good faith to execute definitive transaction agreements, including a merger agreement setting forth the exchange ratio and the other terms and conditions of the transactions contemplated by the LOI.
The two firms will also file a proxy statement/registration statement on Form S-4, registering with the SEC the shares to be issued and the solicitation of proxies for EVmo’s shareholders to approve the merger.
The definitive agreements are expected to be entered into within 30 days of signing the LOI, with the merger occurring promptly following satisfaction of the conditions (anticipated no later than 60 days after filing Form S-4 with the SEC).
Stephen Sanchez, EVmo’s CEO, commented: “The combined company will be in a strong position in the rapidly growing rideshare and mobility industry. As discussed on our year-end and 1Q23 conference calls, the notification of default from our lender, EICF Agent LLC, has resulted in a number of challenges for EVmo, most notably a severe constraint on our operating liquidity such that it is now threatening the viability of the business. After exploring and evaluating multiple options to address the notification from our lender, the leadership team and our Board of Directors view this merger as a strong path forward.”
*This is not investment advice.
Micromobility.com (MCO) stock price.
The Micromobility.com (MCOM) stock price soared 105.43% to trade at $0.47, from Friday’s closing price of $0.23.
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.