Helbiz (NASDAQ: HLBZ) is engaged as a global micro-mobility services provider, which maintains fleets of e-scooters, e-bikes, e-mopeds that can be rented via the company’s user-friendly platform. Shares of the micro-mobility company are skyrocketing 82% through early trading on Friday, January 20, 2023. Over the past three months, Helbiz has seen average daily volume of 18,680 shares. However, volume of 330.95 million shares or dollar volume of around $77.91 million, has already exchanged hands through early trading.
Shares of Helbiz are surging after the company announced it has launched an investigation into illegal naked short selling activities of its stock. The Board of Directors says they have started weighing different options and approaches to take action against “certain individuals and/or companies” that may have participated in illegal short selling activities.
Helbiz’s announcement comes as Genius Group (NYSE American: GNS) has seemingly led the charge in a new revolution by small and micro-cap companies to take on illegal short selling. Salvatore Palella, CEO of Helbiz, says he will be meeting with third parties who have expressed interest in helping the company resolve the issue.
“The integrity of our stock is of the utmost importance to us and our shareholders. The recent underperformance of our shares compared to the market is a clear indication of the illegal short selling activities that have taken place.” – Salvatore Palella, CEO of Helbiz. “These activities have not only affected the value of our stock but have also forced us to make difficult decisions such as layoffs. We will not tolerate these illegal activities that artificially depress the value of our stock and we are committed to protecting the interests of our shareholders and ensuring that the value of their investment is not artificially depressed. Our Board of Directors is actively evaluating all options to address this issue and protect the interests of our shareholders, including seeking out partnerships with companies undergoing similar market situations and taking legal action to combat illegal short selling and restore fair market conditions.”
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