A New Era Unfolds: Micromobility’s Commitment to Shareholders and Vision for the Future
28 Août 2023 - 8:00PM
Business Wire
A Letter from Our CEO to All Shareholders:
Unveiling a New Path Forward
Dear Esteemed micromobility.com Shareholders,
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I wish to acknowledge and address the concerns you may have
regarding the performance of Micromobility's stock ($MCOM). Your
investment is not merely financial capital; it embodies a profound
trust in our vision, a responsibility I carry with the utmost
seriousness as your CEO.
Operational Shift and Milestones Ahead: A Pivotal
Transition
First and foremost, let's address a major point that many of you
have inquired about: the question of long-term financing without
diluting shareholder value. Our business model is undergoing a
transformative shift, marking a significant milestone in
Micromobility's journey.
I am thrilled to announce that our flagship SoHo store will
officially open its doors on September 9th, followed by a grand
opening celebration the following week. More details will be
disclosed in a separate press release next week. This initiative is
more than a launch; it's the genesis of an ambitious retail
strategy that we intend to scale rapidly following a successful
pilot. We are tirelessly dedicated to making this model a
resounding success.
Financial Resilience and Strategic Focus: Unlocking
Unprecedented Value
In the near term, my foremost objective is to guide
Micromobility toward solid profitability. We are actively
investigating alternative financing mechanisms that would enable us
to sidestep the need for utilizing the SEPA as a primary source of
funding. Our recently secured investment serves as a key enabler in
this strategy. This investment not only provides financial
breathing room but also fortifies our strategic orientation,
ensuring that we are well-placed to meet our objectives without
eroding shareholder value.
In simpler terms, this means we are doing everything within our
power to avoid shareholder dilution. Our commitment isn't just in
words, but manifest in recent actions that unequivocally echo this
strategy. This calculated move has empowered us to unlock
unprecedented value for both our company and for you, our esteemed
shareholders, without any compromise on our shared long-term
vision.
Leadership and Strategy Adjustments
In alignment with our revised focus, I'm actively looking for
experienced leadership to join me in guiding Micromobility.com to
its fullest potential. I am contemplating the introduction of a
Co-CEO to enable a division of focus – allowing me to delve deeper
into operational and business development strategies while new
leadership can concentrate on the administrative and financial
aspects.
Wheels: Unlocking the Potential of Long-Term Rentals
(LTR)
One of the most promising avenues we are exploring is the
Long-Term Rental (LTR) model through our Wheels initiative.
Operating under an LTR framework allows us to sidestep the
bureaucratic hurdles and licensing requirements that often
accompany short-term rentals, granting us an unparalleled freedom
to expand our reach. By simply opening retail outlets, we can offer
everyone the freedom to access our micromobility solutions without
being tethered to political or regulatory decisions. Our
subscription pricing model makes it even more convenient, as it
includes maintenance and service, giving users the confidence to
ride whenever and wherever they please. Although the Wheels
initiative currently focuses on our specialized bikes, this LTR
model can easily be adapted to include other vehicles in the
micromobility spectrum, thereby making it a scalable and flexible
solution for future growth.
Reassessing Strategic Acquisitions: Evolving with Foresight
and Financial Prudence
Regarding the potential acquisition of EVMO, we are exercising
extreme financial caution. If the acquisition demands dilution or
taps into our SEPA arrangement, rest assured that we will promptly
revisit our stance. Every M&A opportunity is scrutinized
against a rigorous set of financial criteria, fully aligned with
our unwavering commitment to profitability and shareholder
value.
Vanmoof: A Challenging M&A Opportunity and Legal
Landscape
We previously submitted a well-considered acquisition offer for
Vanmoof, a promising player in the micromobility space that aligns
well with our U.S. and global subscription business models.
Unfortunately, our offer, despite meeting all specified criteria,
was rejected without additional feedback. As of three weeks
post-submission, no other party appears to have been selected
either, raising questions about the objectivity and professionalism
of the decision-making process. While we continue to evaluate our
options, including legal avenues, it's essential to note that
Vanmoof presents a significant growth opportunity that we believe
could be mutually beneficial. We are committed to pursuing this
opportunity diligently and will be prepared to take appropriate
action if we perceive any actions that compromise a fair and
unbiased process.
A Strategic Pause: The Kitchen Business
Effective immediately, I have made the decision to discontinue
our kitchen business operations in the USA and Italy. This move is
aimed at arresting any further financial drain and ensuring that
our focus is unwaveringly aimed at achieving profitability in the
mobility sector, while minimizing reliance on our SEPA financing
mechanism.
Closing Remarks: A Transformative Journey Awaits
Like many young companies, we have made mistakes, but we are
striving to learn from them. As a result, we are evolving and
becoming solely focused on arriving at profitability in the
shortest period of time. Your steadfast faith in us serves as the
wind beneath our wings as we venture into this exhilarating new
chapter. Our SoHo store stands as a testament to our commitment to
not only meet but set industry standards. It serves as the
cornerstone of a forthcoming retail model that promises to redefine
the entire micromobility landscape, carving a niche for
micromobility.com as a trailblazer and innovator.
Thank you for your enduring trust and for participating in what
promises to be a transformative, gratifying, and incredibly
auspicious journey.
With deepest gratitude and boundless optimism,
Salvatore Palella CEO, micromobility.com
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