Helbiz, the Italian-American company known for its scooters, merges with the Chinese Spac GreenVision, listed on the Nasdaq and thus lands on the market for technology stocks. The closing of the operation is scheduled for the second quarter of 2021. The new company will keep the Helbiz name and will continue to be led by the founder Salvatore Palella, who will remain CEO, together with the current management.
A document published by the SEC, the control authority of the American markets, explains that the shareholders of Helbiz will contribute all their shares, for an equivalent value of 300 million dollars), Greenvision will put 57.5 million cash in a trust account and 30 million of Pipe financing (private investment in private equity) will make up the value of the transaction, about 387.5 million dollars. At the end, the shareholders of Helbiz will have 73.6% of the new company, Greenvision 19% and private equity investors 7.4%.
The merger reflects a pro forma equity value for the new company of approximately $ 408 million, a note explains. Helbiz offers scooters, bicycles and electric scooters in a single platform, after the merger with GreenVision it will have around 80 million to invest to grow further.
With this operation we are committed to realizing our goal of revolutionizing transport, making micro-mobility the ideal solution for the last mile, said Palella, commenting on the wedding. The micro-mobility sector has accelerated sharply, and the overall market in North America and Europe is expected to reach $ 450 billion by 2030, said David Fu, CEO of GreenVision.
Palella, 33, born in Acireale and for this reason sometimes referred to as the Sicilian Elon Musk, more often as the king of sharing scooters, ended up in the crosshairs of Report that digging into his past has brought out relationships with Mafia men and bankruptcies, dangerous relationships and actions that have led the Milan prosecutor to seize one of his companies founded in youth. The stormy past hasn’t prevented the young entrepreneur married to Samantha Hoopes, a former Sports Illustrated model, from arriving on Wall Street, where Helbiz is based. And to contribute to the financing of the inauguration ceremony of US President Joe Biden.