- Helbiz Inc (NASDAQ:HLBZ) said its Board has begun examining measures to address the alleged illegal short selling of its stock. The company’s stock fell over 90% in the past 12 months.
- The company believes that certain individuals or companies may have engaged in illegal short selling practices that have artificially depressed the stock price.
- Helbiz is evaluating its options to create a comprehensive action plan to address this issue. CEO Salvatore Palella said he would meet with third parties interested in working to resolve the issue.
- “The recent underperformance of our shares compared to the market is a clear indication of the illegal short selling activities that have taken place,” said CEO Salvatore Palella.
- “These activities have not only affected the value of our stock but have also forced us to make difficult decisions such as layoffs.”
- Earlier in January, Helbiz elected to resize its workforce, lowering its headcount by 39 positions. This reduces the employee base outside of Europe by 15% and improves operating costs resulting in a cost savings of $1.6 million per year.
- Few days back, Helbiz said it would discontinue operations in non-profitable or cash-positive markets by spring 2023.
- Price Action: HLBZ shares are trading higher by 87.8% at $0.2312 on the last check Friday.
Mitsubishi Electric Reaffirms Its FY24 Outlook, Sees Revenue Of ¥5.20T, And Net Profit Attributable To Stockholders Of ¥260B
Current consolidated forecast for fiscal 2024
Revenue:
5,200.0
billion yen
(4% increase year-on-year)
Operating
