Helbiz Completes Acquisition of Wheels

NEW YORK–(BUSINESS WIRE)–Helbiz, Inc. (NASDAQ: HLBZ), a leader in micro-mobility, today announced that it has completed the previously announced merger with Wheels Labs, Inc. The acquisition is expected to strengthen the ability to operate by expanding Helbiz’s presence to 67 markets globally, create a more diversified business model, and enhance the financial profiles of the Company. 

Wheels CEO Marco McCottry, the veteran in micro-mobility and shared transportation industries, will lead Helbiz’s mobility business in North America, which will power expanding the U.S. presence. Helbiz users will see links within the app to switch to the Wheels app to rent their vehicles. In the coming months, Helbiz will introduce a fully integrated app.

“I appreciate everyone’s dedication to the deal.” said Helbiz Founder and CEO Salvatore Palella. “Wheels’ assets and industry expertise are invaluable to us. We believe that the acquisition can accelerate our efforts to advance our product development, enhance customer experience, and push our top line and operating efficiency to the next level. This will further solidify our near-term goal of achieving profitability and our long-term goal of disrupting the micro-mobility industry and bringing a sustainable, modern transportation alternative for everyone.”

D.A. Davidson served as financial and capital markets advisor to Helbiz. Ortoli | Rosenstadt LLP acted as legal counsel to Helbiz.

Fenwick & West LLP served as legal counsel to Wheels.

For more details, Form 8-k and a supplementary investor presentation can be found at investors.helbiz.com.

About Helbiz

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 with over 60 licenses in cities around the world. Helbiz utilizes a customized, proprietary fleet management technology, 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 and more, all accessible within its mobile app. For additional information, please visit www.helbiz.com.