Advancing Urban Mobility: Integrating
Fintech and Long-Term Rentals for Market Leadership
micromobility.com Inc. (Nasdaq: MCOM).
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As the CEO of micromobility.com Inc., I Salvatore Palella, feel
it's crucial to directly address our shareholders. Herein lies my
letter, outlining the company’s strategic initiatives and steadfast
commitment towards our collective success.
Dear Valued Investors,
As of December 4, 2023, with the execution of our reverse split,
I would like to seize this opportunity to share with you the
strategic vision driving micromobility.com Inc. going forward.
Adapting to Market Trends: Focusing on Profitable Sharing and
Retail Expansion
We have observed shifting dynamics in micromobility sharing
services market, prompting us to pivot our focus to greater
investment in branded retail and only operating sharing services in
profitable cities. We believe this pivot aligns with our goal to
enhance operational efficiency. Further our Q2 results demonstrated
significant cost reductions, which was a challenging yet necessary
step as we lean more on third-party operations for greater
profitability.
Innovative Solutions: Long Term Rentals and Fintech Payments
Integration
Our response to the changing needs of end users who love our
mobile app but lack sharing options under Helbiz or Wheels is
two-fold: (i) Long-Term Rental (“LTR”) and (ii) Fintech payment
solutions.
- LTR: Starting in SoHo, New York and expanding to LA,
California and Austin, Texas, we continue to offer long-term
scooter rentals increasingly our NY flagship store plays a crucial
role in this LTR venture.
- Fintech payments solutions: We are initiating
discussions in the European Union to integrate payment solutions
into our mobile app. This strategy aligns with our recent decision
to appoint Valco Farina as a new member of our board of directors.
We strongly believe Mr. farina’s expertise in fintech will be
instrumental in guiding this initiative.
Financial Strategy: Leveraging our Intellectual Property for
Greater Flexibility
We are actively negotiating a loan to leverage our intellectual
property (“IP”). Our aim is to settle this loan with a substantial
discount on the principal, bringing financial relief and smoothing
our current commitments. We expect to share more updates before the
end of December 2023.
Commitment to Financial Stability and Growth
The above steps though challenging, are aimed at ensuring
micromobility.com's financial stability and growth. As always, our
investors’ trust in our vision and strategy is invaluable, and I
remain committed to steering our company towards a prosperous
future.
Expansion Plans: More Retail Outlets
Our retail strategy is set to expand further. We are actively
exploring opportunities to open more retail outlets, with ongoing
discussions for locations in LA, California, Seattle, Washington,
and Miami, Florida. This expansion is particularly crucial for
enhancing our LTR model's reach and effectiveness.
M&A Strategy: Focused on Profitable Growth
M&A activities are crucial for our expansion. We're
committed to acquiring companies that are profitable or have a
clear path to profitability. Current discussions with Hopium are
ongoing, and we anticipate that the reverse split will accelerate
these talks, aiming for a swift and business combination plan.
Closing Thoughts: Acknowledging Challenges and Focusing on
Sustainability
I acknowledge that our journey and particularly our stock
performance, has not been smooth. We've had our share of missteps,
notably in our media business segment, which we concluded in
quarter three of 2023. However, these foregoing challenges have
taught us invaluable lessons.
As we move forward our focus on cost reduction is not just about
trimming expenses; it is about ensuring longer term financial
sustainability and building a stronger, more resilient
micromobility.com Inc., I assure you that every decision we make is
aimed at enhancing shareholder value and securing the long-term
success of our company.
Thank you for your unwavering support and belief in our
journey.
Warm regards,
Salvatore Palella
CEO, micromobility.com Inc.
For more information visit www.micromobility.com.
Forward-Looking Statements
Certain statements made in this press release are
"forward-looking statements'' within the meaning of the "safe
harbor" provisions of the Private Securities Litigation Reform Act
of 1995. Forward-looking statements may be identified by the use of
words such as "anticipate," "believe," "expect," "estimate,"
"plan," "outlook," and "project" and other similar expressions that
predict or indicate future events or trends or that are not
statements of historical matters. These forward-looking statements
reflect the current analysis of existing information and are
subject to various risks and uncertainties. As a result, caution
must be exercised in relying on forward looking statements. Due to
known and unknown risks, actual results may differ materially from
the Company’s expectations or projections. The following factors,
among others, could cause actual results to differ materially from
those described in these forward-looking statements: (i) the
failure to meet projected development and production targets; (ii)
changes in applicable laws or regulations; and (iii) other risks
and uncertainties described herein, as well as those risks and
uncertainties discussed from time to time in other reports and
other public filings with the Securities and Exchange Commission
(the "SEC") by the Company including its Annual Report on Form 10-K
for the fiscal year ended December 31, 2022. The Company’s SEC
filings are available publicly on the SEC’s website at www.sec.gov.
Any forward-looking statement made by us in this press release is
based only on information currently available to the Company and
speaks only as of the date on which it is made. The Company
undertakes no obligation to publicly update any forward-looking
statement, whether written or oral, that may be made from time to
time, whether as a result of new information, future developments
or otherwise, except as required by law.
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micromobility com (NASDAQ:MCOM)
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