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Benzinga
Benzinga
Business
Shivani Kumaresan

Helbiz Intends To Acquire Electric Mobility Platform Wheels

  • Helbiz Inc (NASDAQ: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.
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