Helbiz (NASDAQ:HLBZ) stock is moving on Monday after the mobility company revealed plans for a special shareholder meeting.
That meeting has Helbiz seeking approval from shareholders for a reverse stock split. This comes as the company tries to regain compliance with Nasdaq listing rules. HLBZ stock currently trades below the $1 minimum.
Helbiz says the reverse stock split is its last resort. The company would rather see the price of its shares increases above the $1 minimum without it. However, it’s seeking approval from shareholders just in case the reverse split is needed to remain on the Nasdaq Exchange.
Salvatore Palella, CEO of Helbiz, said the following about the reverse stock split:
“I have always stated that the reverse split would be our last option of choice. We remain confident that we will be able to bring additional value to the Company and fulfill Nasdaq requirements through our strategic growth plan.”
HLBZ Stock Sale
To go along with this news, Helbiz announced an equity sale to Yorkville Advisors Global LP. It is expected to raise up to $20 million, which will help fuel the company’s strategic growth plan.
With today’s news, shares of HLBZ stock are down about 15%. That follows a short-lived spike after the market opened.
Investors looking for all of the latest stock market news on Monday will want to stick around!
We’ve got all of the hottest stock coverage traders need to know about today! That includes everything happening with shares of CN Energy Group (NASDAQ:CNEY), AMC Entertainment (NYSE:AMC,NYSE:APE), and G Medical Innovations (NASDAQ:GMVD) stock today. You can find that news at the links below!
More Monday Stock Market News
- Why Is CN Energy Group (CNEY) Stock Down 58% Today?
- Why Is AMC Entertainment (AMC) Stock Down Today?
- Why Is G Medical Innovations (GMVD) Stock Up 94% Today?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
On Penny Stocks and Low-Volume Stocks: With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks.
Read More: Penny Stocks — How to Profit Without Getting Scammed
