EVmo Enters Into Letter of Intent to Merge with micromobility.com Inc.
07 Junho 2023 - 9:00AM
EVmo, Inc. (OTC:
YAYO), a leading
provider of vehicles to the rideshare and delivery gig economy
industry, today announced it has signed a Letter of Intent (LOI)
regarding a merger with micromobility.com Inc. (NASDAQ: MCOM), a
pioneering global micromobility ecosystem. The merger is intended
to strengthen each company’s market position and accelerate growth.
Stephen Sanchez, CEO of EVmo, commented, “The
combined company will be in a strong position in the rapidly
growing rideshare and mobility industry. As discussed on our
year-end and 1Q23 conference calls, the notification of default
from our lender, EICF Agent LLC, has resulted in a number of
challenges for EVmo, most notably a severe constraint on our
operating liquidity such that it is now threatening the viability
of the business. After exploring and evaluating multiple options to
address the notification from our lender, the leadership team and
our Board of Directors view this merger as a strong path
forward.”
The LOI outlines the general terms and conditions
for a proposed merger, whereby EVMO would merge with a newly-formed
subsidiary of micromobility.com and receive micromobility.com stock
in a stock-for-stock exchange. It is expected that the current EVmo
shareholders will receive a meaningful minority interest in the
combined company. The parties agree to negotiate in good faith
toward the execution of definitive transaction agreements,
including a merger agreement setting forth the exchange ratio and
the other terms and conditions of the transactions contemplated by
the LOI, and a proxy statement/registration statement on Form S-4
registering with the SEC the shares to be issued as well as the
solicitation of proxies for EVmo’s shareholders to approve the
merger. The definitive agreements are expected to be entered into
within 30 days after signing this LOI, with the merger occurring
promptly following satisfaction of the conditions thereto
(anticipated to be no later than 60 days after filing the Form S-4
with the SEC).
The proposed merger is subject to several
conditions, including the negotiation and execution of the
definitive agreements, approval of the board of directors of each
party and the shareholders of EVmo, each party’s completion and
satisfaction with the result of its due diligence investigations,
approvals and agreements regarding indebtedness and other matters,
absence of any material adverse change affecting either party, and
receipt of SEC clearance regarding the Form S-4. The parties have
agreed to certain limitations for a period of 30-60 days on
negotiating with other parties concerning any transaction that
would result in the issuance of more than 49% of the voting equity
of such party.
About EVmo, Inc.
EVmo, Inc. bridges the gap between rideshare and
"last mile" delivery drivers in need of suitable vehicles and the
companies in the rideshare, delivery and logistics businesses that
depend on attracting and keeping drivers. EVmo, Inc. is a leading
provider of rental vehicles to drivers and delivery companies in
this ever-expanding gig economy. The Company uniquely supports
drivers in both the higher and lower economic categories with
innovative policies and programs.
The Company provides an online rideshare vehicle
booking platform to service the ridesharing and delivery gig
economy which includes both our owned and maintained passenger and
cargo delivery fleet and third-party fleets. We also provide fleet
management services with our industry leading technology platform
to fleet providers. EVmo provides cargo storage vans to the
last-mile delivery and logistics industry.
The company provides SEC filings, investor events,
press and earnings releases about our financial performance on the
investor relations section of our website (www.evmo.com).
About micromobility.com Inc.
micromobility.com Inc., a disruptive leader in the
micromobility sector, founded by Salvatore Palella in 2015,
combines expertise in retail, shared services, and vehicle rentals
to revolutionize urban transportation. With operations spanning
across the US and Europe, the holding group encompasses shared
micromobility solutions through Helbiz Inc., vehicle rentals via
Wheels Labs Inc. and e-commerce and planned brick-and-mortar stores
via the micromobility.com brand. Committed to providing
eco-friendly, affordable solutions and enhancing global
accessibility, micromobility.com Inc. sets the standard for
professional excellence in the micromobility landscape. For more
information, visit www.micromobility.com.
Forward-Looking Statement
Disclaimer
This press release contains forward-looking
statements within the meaning of the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. All statements
other than statements of historical fact in this press release are
forward-looking statements. These forward-looking statements
involve known and unknown risks and uncertainties and are based on
current expectations and projections about future events and
financial trends that the company believes may affect the
transaction described herein as well as its financial condition,
results of operations, business strategy and financial needs.
Investors can identify these forward-looking statements by words or
phrases such as “may,” “will,” “expect,” “anticipate,” “aim,”
“estimate,” “intend,” “plan,” “believe,” “potential, “ “continue,”
“is/are likely to” or other similar expressions. The company
undertakes no obligation to update forward-looking statements to
reflect subsequent occurring events or circumstances, or changes in
its expectations, except as may be required by law. Although the
company believes that the expectations expressed in these
forward-looking statements are reasonable, it cannot assure you
that such expectations will turn out to be correct, and the company
cautions investors that actual results may differ materially from
the anticipated results. Actual future events could differ
materially due to various factors, including: failure to enter into
definitive agreements regarding the transaction described herein,
failure to satisfy conditions to closing under any such definitive
agreement (including failure to obtain necessary or desired
approvals from lenders and other third parties, failure to satisfy
diligence requirements, occurrence of material adverse changes and
failure to obtain shareholder or board approval) and other risks
and uncertainties, including those detailed in our SEC filings, as
well as future decisions by us. There can be no assurance that any
transaction will close or be successful.
This press release shall not constitute an offer to
sell or the solicitation of an offer to buy, nor shall there be any
sale of any securities in any state or jurisdiction in which such
offer, solicitation or sale would be unlawful, prior to
registration or qualification under the securities laws of any such
state or jurisdiction. This press release does not constitute a
solicitation of proxies with respect to any securities.
For more investor information go to
www.Evmo.com
Company Contact
Email: investors@evmo.com
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