Micromobility.com Inc. has successfully completed the sale of its wholly-owned subsidiary, Wheels Labs, Inc., to Overseas Moped Investment and Holding Pte Ltd., a Singapore-based corporation. The securities purchase agreement, signed on August 19, 2024, allows the Purchaser to assume all of Wheels' assets and liabilities, including intellectual property and operational, legal, and future loss contingencies, for a nominal purchase price of $1.00. This strategic move enables Micromobility.com to concentrate on its core operations and explore other growth opportunities. The transaction includes customary representations, warranties, and provisions for termination. The CEO of Micromobility.com, Salvatore Palella, expressed that this divestiture is pivotal in refocusing the company's efforts on areas with the highest growth and value potential. Mah Hon Pun, Director of Overseas Moped Investment and Holding Pte Ltd., conveyed enthusiasm for the acquisition, which is in line with their strategy to expand in the micromobility sector. The full terms of the agreement are detailed in the Company's Current Report on Form 8-K, filed with the SEC.

Micromobility.com Inc. has successfully completed the sale of its wholly-owned subsidiary, Wheels Labs, Inc., to Overseas Moped Investment and Holding Pte Ltd., a Singapore-based corporation. The securities purchase agreement, signed on August 19, 2024, allows the Purchaser to assume all of Wheels' assets and liabilities, including intellectual property and operational, legal, and future loss contingencies, for a nominal purchase price of $1.00. This strategic move enables Micromobility.com to concentrate on its core operations and explore other growth opportunities. The transaction includes customary representations, warranties, and provisions for termination. The CEO of Micromobility.com, Salvatore Palella, expressed that this divestiture is pivotal in refocusing the company's efforts on areas with the highest growth and value potential. Mah Hon Pun, Director of Overseas Moped Investment and Holding Pte Ltd., conveyed enthusiasm for the acquisition, which is in line with their strategy to expand in the micromobility sector. The full terms of the agreement are detailed in the Company's Current Report on Form 8-K, filed with the SEC.