EVmo Enters Into Letter of Intent to Merge with micromobility.com Inc. (MCOM)

EVmo, Inc. (OTC: YAYO), a leading provider of vehicles to the rideshare and delivery gig economy industry, today announced it has signed a Letter of Intent (LOI) regarding a merger with micromobility.com Inc. (NASDAQ: MCOM), a pioneering global micromobility ecosystem. The merger is intended to strengthen each company’s market position and accelerate growth.

Stephen Sanchez, CEO of EVmo, commented, “The combined company will be in a strong position in the rapidly growing rideshare and mobility industry. As discussed on our year-end and 1Q23 conference calls, the notification of default from our lender, EICF Agent LLC, has resulted in a number of challenges for EVmo, most notably a severe constraint on our operating liquidity such that it is now threatening the viability of the business. After exploring and evaluating multiple options to address the notification from our lender, the leadership team and our Board of Directors view this merger as a strong path forward.”

The LOI outlines the general terms and conditions for a proposed merger, whereby EVMO would merge with a newly-formed subsidiary of micromobility.com and receive micromobility.com stock in a stock-for-stock exchange. It is expected that the current EVmo shareholders will receive a meaningful minority interest in the combined company. The parties agree to negotiate in good faith toward the execution of definitive transaction agreements, including a merger agreement setting forth the exchange ratio and the other terms and conditions of the transactions contemplated by the LOI, and a proxy statement/registration statement on Form S-4 registering with the SEC the shares to be issued as well as the solicitation of proxies for EVmo’s shareholders to approve the merger. The definitive agreements are expected to be entered into within 30 days after signing this LOI, with the merger occurring promptly following satisfaction of the conditions thereto (anticipated to be no later than 60 days after filing the Form S-4 with the SEC).

The proposed merger is subject to several conditions, including the negotiation and execution of the definitive agreements, approval of the board of directors of each party and the shareholders of EVmo, each party’s completion and satisfaction with the result of its due diligence investigations, approvals and agreements regarding indebtedness and other matters, absence of any material adverse change affecting either party, and receipt of SEC clearance regarding the Form S-4. The parties have agreed to certain limitations for a period of 30-60 days on negotiating with other parties concerning any transaction that would result in the issuance of more than 49% of the voting equity of such party.

About EVmo, Inc.

EVmo, Inc. bridges the gap between rideshare and "last mile" delivery drivers in need of suitable vehicles and the companies in the rideshare, delivery and logistics businesses that depend on attracting and keeping drivers. EVmo, Inc. is a leading provider of rental vehicles to drivers and delivery companies in this ever-expanding gig economy. The Company uniquely supports drivers in both the higher and lower economic categories with innovative policies and programs.

The Company provides an online rideshare vehicle booking platform to service the ridesharing and delivery gig economy which includes both our owned and maintained passenger and cargo delivery fleet and third-party fleets. We also provide fleet management services with our industry leading technology platform to fleet providers. EVmo provides cargo storage vans to the last-mile delivery and logistics industry.

The company provides SEC filings, investor events, press and earnings releases about our financial performance on the investor relations section of our website (www.evmo.com).

About micromobility.com Inc.

micromobility.com Inc., a disruptive leader in the micromobility sector, founded by Salvatore Palella in 2015, combines expertise in retail, shared services, and vehicle rentals to revolutionize urban transportation. With operations spanning across the US and Europe, the holding group encompasses shared micromobility solutions through Helbiz Inc., vehicle rentals via Wheels Labs Inc. and e-commerce and planned brick-and-mortar stores via the micromobility.com brand. Committed to providing eco-friendly, affordable solutions and enhancing global accessibility, micromobility.com Inc. sets the standard for professional excellence in the micromobility landscape. For more information, visit www.micromobility.com.

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