Key Takeaways
- GRNV stock surges as SPAC completes merger with electric scooter rideshare company Helbiz, Inc.
- Helbiz will trade on the NASDAQ under the ticker HLBZ.
- Helbiz received $24.5 million of gross cash proceeds from the transaction, which will allow the company to expand its services into more cities throughout the U.S. and Europe.
See the software traders use to find stocks that are about to explode
Greenvision Acquisition Corp (NASDAQ: GRNV) nearly tripled today as the SPAC completed its merger with Helbiz, Inc.
GRNV stock popped as much as 183% in late morning trade.
The jump comes after Helbiz announced today it had completed its merger with Greenvision.
The combined company will be named Helbiz and will trade on the Nasdaq under the ticker HLBZ.
At writing, trading had not begun.
Electric Scooters Get Hot
Helbiz is known for its HellbizGO electric scooters which offer users an affordable and eco-friendly way to transport themselves around the city.
The company says the merger with GRNV “resulted in approximately $24.5 million of gross cash proceeds.”
Helbiz says that funding will enable it to expand its micro-mobility services into more cities throughout the United States and Europe.
One focus of that expansion is smaller cities that Helbiz says are “underserved by public transportation.”
Image credit: Andriy Bilous/Shutterstock.com
The company also says it will be able to “accelerate the development of adjacent service categories such as food delivery, integrated payment options, live streaming services and more, all accessible within the Helbiz mobile app. “
Salvatore Palella, CEO of Helbiz, said, “The public debut of Helbiz is a significant milestone, not only for us as a company, but for the rapidly growing micro-mobility industry. This transportation revolution has allowed us to advance our mission to solve first-and-last-mile mobility needs for cities around the world with zero impact on the environment.”
“Now operating in 35 international cities, we are committed to providing safe, innovative micro-mobility solutions that are needed to reduce each city’s congestion, pollution, and carbon footprint. With this new funding, we look forward to making life better in even more cities around the world.”
Paella will remain CEO of Helbiz while Lee Stern from the GreenVision team will join the Board of Directors.
Two other new members will also join the Board, Guy Adami and Kim Wilford.
Adami currently serves as the Director of Advisor Advocacy at Private Advisor Group and Wilford is currently the General Counsel of GoFundMe, Inc.
Wilford said, “I am thrilled to join the Board of Helbiz and to support management in creating the world’s premier micro-mobility transportation company. I am impressed and inspired by the Helbiz management team. They have built an environmentally and socially responsible company, and I look forward to helping them navigate the opportunities and challenges ahead.”
In addition to the common stock listing, there will be 10,787,500 warrants outstanding, which will list under the ticker HLBZW.
Helbiz said, “each warrant entitles the holder to purchase one share of Helbiz Class A common stock at a price of between $11.50 and $12.00 depending on the warrants. The warrants will expire in 5 years from their respective issuances.”
Fast Five About GRNV Stock
- Greenvision Acquisition Corp went public as a SPAC in November 2019.
- GRNV said it would not limit its prospective target business to a particular industry or geographic region.
- Greenvision previously terminated a merger with Accountable Healthcare America after AHA failed to meet the conditions of the merger.
- GRNV stock closed at $8.14 per share on Thursday.
- The stock opened at $9.15 per share today and surged to a daily high of $25.30 per share.
Quick Six About Helbiz
- Helbiz, Inc was founded in 2015 and is headquartered in New York City.
- In 2018, Helbiz became the first company to introduce a shared electric scooter service in Italy.
- The company offers electric scooters, electric bikes, and mopeds on a rideshare platform in 35 cities around the world, including 9 in the U.S.
- Its food delivery platform, Helbiz Kitchen, currently operates in Italy with plans to expand.
- Helbiz says it is “expanding its urban lifestyle products and services to include live streaming services, food delivery, financial services and more, all accessible within its mobile app.”
- The company previously planned to go public through an IPO.
Featured cover image credit: g0d4ather/Shutterstock.com