|Scooter-sharing company Helbiz heads to Wall St. on two wheels|
SPAC mania has reached the world of micromobility.
Helbiz Inc., a New York company that offers e-scooters, e-bicycles and e-mopeds, announced this week that it is going public on NASDAQ through a merger with GreenVision Acquisition Corp.
GreenVision is a special-purpose acquisition company, commonly known as a SPAC. These entities, also called blank-check companies, are publicly traded and formed with the sole purpose of merging with another company. SPACs offer an alternate path to public markets vs. a traditional initial public offering. In recent months they have grown in popularity among EV startups and lidar companies.
The deal is expected to close at the end of the second quarter and values Helbiz at $408 million.
The announcement comes just two months after Helbiz announced it was acquiring the sharing operations of scooter company Skip as part of a global expansion plan. Skip operated a fleet of 2,500 scooters in Washington, D.C.
GreenVision CEO David Fu said the micromobility industry is accelerating.
"As one of the leaders in the space, Helbiz has distinguished itself as the only company to offer e-scooters, e-bicycles and e-mopeds all on one user-friendly platform and is well positioned to provide a seamless last-mile solution as the expected transition to micromobility accelerates," Fu said.
-- Leslie J. Allen