HLBZ - Helbiz signs agreement plan of merger with Wheels Labs

• Helbiz ( NASDAQ: HLBZ ) has entered an agreement and plan of merger with Wheels Labs.
• Wheels CEO Marco McCottry, who had prior stints at leading micro-mobility players Bird, Ofo and Uber will lead Helbiz’s North American micro-mobility business.
• The merger will bring Helbiz into the large Los Angeles market through Wheels’ impressive presence there.
• The decision expects Wheels to bring to Helbiz a diversified business model which combines dockless rental licenses in cities, direct partnerships with universities or businesses and month-to-month rentals for individuals.
• The merger is expected to close in November 2022.
• The combined company will offer a new patented vehicle, expand United States presence, deepen technology sharing, add a long term personal rentals business and potentially double Helbiz’s annual revenue.
• Shares are up 31.2% on Tuesday.

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