Helbiz first e-scooter SPAC?

Italian-American micromobility start-up Helbiz intends going public via a special purpose acquisition company (SPAC), a deal that will make it one of the first companies in the industry to be listed on the Nasdaq.

What does this mean for Helbiz, the Micromobility Newsletter asks.

Helbiz, which operates electric scooters, bikes, and mopeds in several European and US cities, will be acquired by GreenVision Acquisition in a reverse merger worth US$408 million with the deal expected to close in Q2.

The Micromobility Newsletter reports Helbiz had more than US$4m in revenue last year, according to SEC filings. Nearly all of its sales came from rentals, with a small portion derived from advertising on its app and docks.

Helbiz projects it will generate US$449m by 2025 by expanding existing verticals and using some of its new capital to launch delivery-only “ghost kitchens”, which it says will be capable of fulfilling orders in just five minutes.

Last year, more funds were raised by SPAC (US$83 billion) than in the entire previous decade.

Since then, speculation has mounted as to which micromobility company would utilise this financing tool first, SPACs often dubbed “blank check companies”.

Neither of the US’s largest providers of shared e-scooters, Lime and Bird, has ruled out a SPAC merger, according to recent reporting.

Lime chief executive Wayne Ting has been reported as saying Lime would investigate all options, including SPAC.

A SPAC raises capital through an initial public offering (IPO) for the purpose of acquiring an existing operating company. Subsequently, an operating company can merge with (or be acquired by) the publicly traded SPAC and become a listed company in lieu of executing its own IPO.

Meanwhile, the Micromobility Newsletter adds the US government is considering a tax credit for e-bikes.