Good day everyone,
We are initiating coverage of Helbiz, Inc. (NASDAQ: HLBZ), a company offers a diverse fleet of vehicles including e-scooters, e-bicycles, and e-mopeds all on one platform in 35 cities around the world.
Current price $20/share
Micro mobility companies service urban areas with scooters, electric bicycles, and mopeds primarily for rent to accommodate short trips. Many of these companies create other verticals to augment their rental income.
HLBZ is a ground floor opportunity play in a new sector. The number of companies jumping in keeps growing with players like Ford Motor and Lyft. HLBZ is the first public company dedicated to the micro mobility business.
HLBZ was a private company founded in 2015 and is based in New York. In a SPAC reverse merger transaction with GreenVision, Helbiz shares began trading on the NASDAQ on August 13, 2021, under the ticker symbol HLBZ.
The merger and associated PIPE offering enabled Helbiz to raise a total of $29.5 million, $21.5 million of which were net proceeds from a private placement of 2,650,000 newly issued ordinary shares, and $5 million of which came in the form of cancelled debt. The balance of proceeds were assets in trust held at GreenVision.
Upon closing, Helbiz will have 29,454,428 shares outstanding: 2,650,000 allocated to PIPE investors, 2,308,551 to shareholders of GreenVision with the balance to pre-merger shareholders of Helbiz Inc. Furthermore, there will be 10,787,500 warrants outstanding. 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.
Transitioning to the NASDAQ can be a big event for any company and the company shares can stay under the radar of investors for some time.
Though it was a private company at the time, the HLBZ 10-Q for the period ending June 30, 2021, was submitted on August 23, 2021, so it contains many details of the merger structure.
When I look at the company stock chart, I see a chart looking for a stable price level. After one month of NASDAQ trading the shares currently appear to be experiencing a dip.
Micro Mobility is a nascent sector with many participants in addition to HLBZ such as LIME, Felyx, Tier Mobility and Bolt Mobility. There are also some big players in micro mobility. SPIN is owned by Ford Motor (NYSE: F) and in addition to their ride sharing business, Lyft (NASDAQ: LYFT) offers a micro mobility service.
Helbiz is the first public company solely involved in micro mobility as their main business.
Commerce at HLBZ is driven by the Helbiz app, a customized, proprietary fleet management platform, utilizing artificial intelligence, and environmental mapping.
Helbiz Kitchens – Ghost kitchens accessed through the company app. Unique feature is ordering from different cuisines on one order.
Advertising – HLBZ can place client advertising on thousands of their mobile units as well as alerting your business on the app screen to active users.
Scooter rentals – Very popular with younger customers in urban areas for short distance travel. HLBZ uses a unique rental model. First, customers get the app and associate a payment portal with it. The app can then locate a scooter for you either at a company e-station or literally on the side of the road. Find the scooter, scan the QR code and take off at $.30 per minute. When you’ve finished, just park the unit at the curb wherever you ended up.
Scooter sales – Recently developed the Helbiz One for retail sales. Each scooter comes equipped with front and rear shock absorbers, LED indicator lights and display, a dedicated smartphone app, and a bluetooth system. They will be available for delivery in 2022.
HLBZ operates in 9 cities in the USA with 4 more being added soon, 22 cities in Italy with 2 more coming soon, 3 cities elsewhere in Europe and Singapore are also coming soon. HLBZ also operates at a handful of universities. The company offers franchise opportunities.
In any city in which it operates, Helbiz will open a local office and warehouse to run its operations on the ground, employing a full-time team to ensure its fleet is charged, repaired and well-maintained. As part of the company’s ongoing safety guidelines, each device is also cleaned and disinfected every day.
Recent events at HLBZ:
On September 15, 2021, Helbiz announced its role as a Gold Sponsor of MNE Ceresio 1931, the first electric boat ceremony in Lugano, Switzerland. This event is part of the larger 20-35 Project, an initiative that is encouraging the conversion of fossil fuel propulsion to electric propulsion among all boats in the fleet of the Società Navigazione del Lago di Lugano by 2035.
On September 7, 2021 HLBZ announced that it has launched a fleet of 150 safe and innovative e-scooters in Durham, North Carolina after securing a one year permit.
On September 1, 2021 the company announced a partnership with VOX, a global leader in technological solutions for tourism and culture, to launch an interactive map with a dedicated audio guide for riders throughout the Washington, D.C. metropolitan area.
On August 16, 2021, HLBZ announced the launch of its first electric scooter intended for sale, the Helbiz One. Each device comes equipped with front and rear shock absorbers, LED indicator lights and display, a dedicated smartphone app, and a bluetooth system. This product will be available in 2022.
On August 18 2021, the company announced it has entered the eSkootr Championship (eSC), the world’s first-ever international electric scooter racing series. Helbiz will have three riders compete in the series with a new e-scooter model ‘eSkootr S1-X,’ specifically designed for the inner-city circuits by Ycom and Williams Advanced Engineering.
Stay tuned for more information about HLBZ.
Helbiz is a global leader in micro-mobility services. Launched in 2015 and headquartered in New York City, the company offers a diverse fleet of vehicles including e-scooters, e-bicycles, and e-mopeds all on one convenient, user-friendly platform in 35 cities around the world. Helbiz utilizes a customized, proprietary fleet management platform, artificial intelligence, and environmental mapping to optimize operations and business sustainability. Helbiz 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.
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