Helbiz (NASDAQ:HLBZ) stock has until March 31 to get its stock price over $1 and maintain its Nasdaq listing. The stock opened on Feb. 6 at about 24 cents per share.
The micromobility company offers an app for renting scooters and e-bikes. It recently bought Wheels Labs, an electric scooter company. Helbiz said sales for the combined companies came to $16.4 million for the first three quarters of 2022, with Wheels adding 45% to the total. Wheels makes an electric scooter with swappable batteries and an integrated helmet.
The HLBZ stock price rose to 27.5 cents on the Wheels news but quickly fell back below 25 cents. The stock last traded at over $1 per share in August. At its peak in September 2021, it sold for over $19 per share.
Helbiz came public through a special purpose acquisition company (SPAC) called Greenvision Acquisition in the second quarter of 2021. The initial public offering (IPO) delivered $80 million in net proceeds and gave Helbiz a value of $408 million. Today, Helbiz is worth about $32 million.
Can HLBZ Stock Reach $1?
The new deadline came in the form of an extension from the Nasdaq Hearings Panel. If Helbiz can get the stock price over $1 by that deadline, it has until June 6 to hold an annual meeting. The company plans to combine its annual meetings for 2021 and 2022.
Electric bike rentals have been a tough business since their heyday late in the 2010s when Uber (NASDAQ:UBER) and privately held Lime filled city streets across America with scooters and e-bikes. Helbiz has tried to stay relevant by offering long-term rentals and even insurance, as well as tools to keep e-bike rental companies compliant with local regulations.
What Happens Next?
Helbiz could seek a private buyer or it could do a reverse split to get its price over $1 per share. What it needs most, however, is revenue. A profit wouldn’t hurt either.
On the date of publication, Dana Blankenhorn held no positions in any companies mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.