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.