Helbiz Missed Payroll Micromobility Cryptocurrency

Helbiz, a shared electric scooter and bike provider that operates in the Usa and Europe, failed to pay its US-based employees this past calendar week,
The Verge
has learned. In an email to employees, the company’s CEO blamed “an fault in our payroll arrangement” and promised each employee a $100 bonus to make up for the snafu.

“I personally apologize for this fault and hope you know information technology does not reflect my knowledge of the value you all provide to the success of this company,” Helbiz CEO Salvatore Palella said in the email, which was obtained by
The Verge.

“On payroll, there was an update in our payroll system and it caused a delay to meet this cycle. Unfortunately, because information technology happened before the weekend, information technology will take a few days to rectify and our employees will be paid this week,” Rosenberg said. “We regret this happened and are working with employees who may need further assistance.”

Helbiz went public final year past merging with a special purpose acquisition visitor, or SPAC, plain with the hopes of raking in plenty coin to expand into other services. Later on the merger, Helbiz said its valuation was $408 one thousand thousand, only the company’due south stock has since dropped and its market place cap now stands at around $92.7 million.

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Paradigm: Helbiz

Helbiz has encounter other hurdles every bit well. The company’s full earnings report from 2021, too every bit the quaternary quarter report from that year, has been delayed until mid-April 2022, which is well later most public companies have released their own earnings reports. The US Securities and Exchange Commission stipulates that full-year reports be released no later than 60 days after the end of the financial year.

“We were unable to get necessary data from one of our third parties in time to complete our inspect so we requested the delay,” Rosenberg said. He also denied any connection between the missed payroll and the delayed earnings report.

The visitor is known primarily as a micromobility operator. Just since its SPAC merger, Helbiz has attempted to expand into other offerings, including ghost kitchens and media streaming. Last year, the visitor launched Helbiz Media, a new streaming service, with a deal with Fox Networks Group to exist the exclusive distributor of Italy’southward Serie B soccer title in the US and the Caribbean. The news sent Helbiz’s share price soaring 97 percent before somewhen sinking to its current cost of effectually $3 a share.

There have been other questionable moves likewise. Palella, Helbiz’due south CEO, was sued last twelvemonth by a group of investors who claimed they were defrauded into buying the HelbizCoin cryptocurrency equally part of a “pump and dump” scheme.

The plaintiffs said Helbiz promised to use proceeds from its initial cryptocurrency offering, which was appear in 2022, to develop a platform allowing users to rent bikes, cars, scooters, and flight drone taxis. Instead, Helbiz kept near of the money for itself and, in accepting other forms of currency, effectively killed its own cryptocurrency, they allege.

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Helbiz’south lawyers say the case is “without merit,” according to
Reuters. The example is withal pending in New York district court.

Helbiz Missed Payroll Micromobility Cryptocurrency

Source: https://www.theverge.com/2022/4/5/23010392/helbiz-missed-payroll-micromobility-cryptocurrency