I want to recognise and respond to any worries you might have about the price movement of Micromobility’s shares ($MCOM). Your investment is more than just money; it represents a deep faith in our mission, a duty I take very seriously as your CEO.
Let’s start by talking about a crucial issue that many of you have raised: how to secure long-term financing without reducing shareholder value. The transformation of our business model is a critical turning point in the development of Micromobility.
I’m excited to let you know that on September 9th, our flagship SoHo store will formally open its doors, and the following week will be dedicated to a spectacular opening party. Next week, additional information will be released in a different news release. This programme is more than just a launch; it’s the beginning of a bold retail strategy that we want to quickly scale after a positive pilot. We will stop at nothing to ensure that this concept is a complete success.
My main goal in the short future is to steer Micromobility towards strong profitability. We are actively looking into alternate financing options that would allow us to avoid using the SEPA as our main source of income. This plan depends on our recently acquired investment, which is a crucial enabler. This investment not only gives us some financial breathing room, but it also strengthens our strategic orientation, putting us in a position to accomplish our goals without compromising shareholder value.
In plainer language, this indicates that we are taking all reasonable steps to prevent shareholder dilution. Our dedication is not merely expressed in words, but also in recent deeds that unmistakably support this tactic. This strategic action has given us the ability to create previously unattainable value for our business and for you, our respected shareholders, without compromising our common long-term ambition.
I’m actively seeking experienced leadership to work with me in bringing Micromobility.com to its full potential in accordance with our changed focus. I’m thinking about appointing a co-CEO to create a division of labour that will let me focus on operational and company development initiatives while the new leadership handles the organisational and financial responsibilities.
Through our Wheels project, one of the most exciting directions we are exploring is the Long-Term Rental (LTR) model. We can avoid the red tape and licence restrictions that frequently accompany short-term rentals by operating within an LTR framework, giving us an unmatched freedom to grow our reach. We can provide everyone with the ability to utilise our micromobility solutions without being constrained by governmental or regulatory considerations by simply creating retail locations.
Because maintenance and service are covered by our subscription pricing plan, users may ride whenever and wherever they want with confidence. Even though the Wheels initiative primarily focuses on our specialised bikes right now, this LTR model is easily adaptable to accommodate additional vehicles in the micromobility spectrum, giving it a scalable and adaptable solution for future expansion.
We are taking exceptional financial precautions in relation to the potential acquisition of EVMO. Rest assured that we will quickly reconsider our position if the purchase calls for dilution or uses our SEPA agreement. Every M&A possibility is carefully examined in accordance with a stringent set of financial standards that are completely in line with our steadfast dedication to profitability and shareholder value.
We have already made a thoughtful acquisition proposal for Vanmoof, a prospective competitor in the micromobility market who complements both our domestic and international subscription business models. Sadly, despite meeting all requirements, our offer was turned down without any further explanation. No other party appears to have been chosen either as of three weeks after the submission, casting doubt on the impartiality and expertise of the decision-making procedure.
It’s important to emphasise that Vanmoof presents a major growth opportunity that we believe might be mutually beneficial while we continue to assess our options, including legal ones. We’re dedicated to working hard to seize this chance, and we’ll be ready to respond appropriately if we notice anything that would jeopardise an impartial and fair process.
I have decided to stop operating our kitchen businesses in the USA and Italy as of right away. By making this change, we hope to stop any further financial drain and guarantee that our attention will always be on generating profitability in the mobility industry while reducing reliance on our SEPA financing method.
We have made mistakes, just like many new businesses, but we are working to improve. As a result, we are developing and narrowing our attention to finding profitability as quickly as possible. Your unwavering confidence in us is the wind beneath our wings as we begin this thrilling new chapter. Our SoHo location is a symbol of our dedication to not just meeting but also exceeding industry standards. It forms the basis of an upcoming retail strategy that will fundamentally alter the micromobility industry, establishing micromobility.com as a trailblazer and innovator.