U.S. micro-mobiliity company Helbiz Inc. has entered into a definitive agreement for a business combination with GreenVision Acquisition Corp. (Nasdaq: GRNV), a special purpose acquisition company (“SPAC”). The transaction will introduce Helbiz as a Nasdaq-listed public company.
Upon closing of the transaction, which is expected to occur in the second quarter of 2021, the combined company will retain the corporate name Helbiz and will be listed under the proposed new ticker symbol, “HLBZ.”
The transaction reflects an estimated equity value for the combined company of approximately $408 million. The listing will help Helbiz expand its micro-mobility footprint across North America and Europe.
The combined company will continue to operate under the current Helbiz management team, led by Chief Executive Officer and Founder, Salvatore Palella.
Palella says: “We are excited about this transaction, which will enable us to advance the development of our micro-mobility platform to further strengthen our market leadership globally. We believe that the access to capital from this transaction will allow us to turn the page to the next chapter in our company’s journey, which will push technological boundaries and explore services for the future of transportation. Through this transaction, we’re committed to fulfilling our vision in revolutionizing transport by using micro-mobility to become a seamless last mile solution.”
David Fu, Chairman and Chief Executive Officer of GreenVision, adds: “As one of the leaders in the space, Helbiz has distinguished itself as the only company to offer e-scooters, e-bicycles and e-mopeds all on one user-friendly platform and is well positioned to provide a seamless last-mile solution as the expected transition to micro-mobility accelerates. Helbiz has a proven and capital-light business model that combines hardware, software and services with extensive customer relationships. As such, we believe Helbiz will continue to grow its market position as the industry evolves.”
Launched in 2015 and headquartered in New York City, Helbiz operates e-scooters, e-bicycles and e-mopeds in over 20 cities around the world including Washington D.C., Alexandria, Arlington, Atlanta, Miami, Richmond, Milan and Rome.
Keyword: Helbiz Inc. to Become First Micro-Mobility Company Listed on NASDAQ; $408 Million Valuation