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NEW YORK, August 21, 2024--(BUSINESS WIRE)--micromobility.com Inc. (the "Company", "we", "us") today announced the successful completion of a securities purchase agreement to sell its wholly-owned subsidiary, Wheels Labs, Inc. ("Wheels"), to Overseas Moped Investment and Holding Pte Ltd., a Singapore-based corporation (the "Purchaser").
Under the terms of the securities purchase agreement, signed on August 19, 2024, micromobility.com has agreed to sell all issued and outstanding capital stock of Wheels to the Purchaser. In exchange, the Purchaser will assume all of Wheels’ assets and liabilities, including intellectual property, operational, legal, and future loss contingencies, while the Company will receive a nominal purchase price of $1.00.
The decision to sell Wheels is a strategic move by micromobility.com, which will allow the Company to focus its resources on core operations and other growth opportunities. The transaction is structured with customary representations and warranties on behalf of both the Company and the Purchaser, as well as provisions for termination by either party in the event of breach of the Purchase Agreement, subject to cure.
Salvatore Palella, Chief Executive Officer of micromobility.com, stated, "This transaction marks a significant step in streamlining our business and refocusing on areas where we see the greatest potential for growth and value creation. We believe that the acquisition of Wheels by Overseas Moped Investment and Holding Pte Ltd. will ensure a stronger future for the Wheels brand under their leadership."
Commenting on the acquisition, Mah Hon Pun, Director of Overseas Moped Investment and Holding Pte Ltd., said, "We are thrilled to welcome Wheels into our portfolio. This acquisition aligns with our long-term strategy of expanding our footprint in the micromobility sector and leveraging Wheels’ innovative technology and operational expertise. We are confident that under our stewardship, Wheels will continue to thrive and deliver outstanding value to its users."
The full terms of the securities purchase agreement will be detailed in the Company’s Current Report on Form 8-K filing, available on the SEC’s website.
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. The Company offers shared micromobility solutions through micromobility.com Inc. and e-commerce and planned brick-and-mortar stores via 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.