Move About Group in negotiations on the sale of German subsidiary
Move About Group AB (the "Company") announces that the Company, on behalf of the group, is in advanced negotiations to enter into a share transfer agreement regarding the sale of all shares in the German subsidiary mobileeee GmbH, reg. no. HRB 110198 (the "Subsidiary"). The sale is in line with the Company's previously communicated strategy to discontinue operations in Germany. The Company expects to finalize the sale of the Subsidiary in the coming weeks and intends to keep the market updated on an ongoing basis.
As communicated at the beginning of 2023, it was decided to conduct a strategic review of the Company's operations. This resulted in the Norwegian subsidiary, Move About AS, filing for bankruptcy, which was announced through a press release on 28 June 2023. In the autumn of 2023, the Company announced that a letter of intent regarding Move About AB had been entered into with OKQ8, which was subsequently completed on 20 November 2023.
After intensive efforts to find new owners for the Subsidiary, the Company has now, after negotiations with the management and minority shareholders of the Subsidiary, concluded that a sale of the Subsidiary to the management and minority shareholders is the best option for the Subsidiary, the Company and thus the Company's shareholders.
The transaction is not expected to add any liquidity to the group but is considered beneficial to the Company and its shareholders due to the fact that the Company's loan facility of EUR 2.2 million will be taken over by the Subsidiary in connection with the closing, which is scheduled for the [second quarter] in 2024. Full terms of the sale will be announced when the share transfer agreement has been entered into. As the transfer of the Subsidiary is expected to take place to buyers who are employees within the group, the Company intends to convene an extraordinary general meeting to approve the transaction.
For further information, please contact:
Olof Jonasson, CEO Move About Group AB (publ.)
[email protected]
Mob: +46790683811
This information is information that Move About Group AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, on March 22 at 21:00 CET.
Certified Adviser
The Company's Certified Adviser is Mangold Fondkommission AB that can be reached on phone number +46-(0)85030 1550 and by e-mail on [email protected].
About Move About Group AB
Move About offers app-based, environmentally friendly and cost-effective mobility solutions to individuals, companies, municipalities and organizations. The Company has developed and owns all intellectual property rights to the cloud-based green tech platform that provides digital access to electric cars, electric bicycles, taxis, subway and parking, all through the same app - around the clock. Every kilometre that the user travels with the electric cars via the platform means reduced CO2 emissions. The Company's comprehensive mobility solutions are based on the Move About app, which gives the user access to the Company's pools of electric cars, bicycles and scooters. Move About also helps companies, municipalities and organizations optimize their fleets by tailoring mobility solutions to their needs. Move About was founded in Oslo, Norway, in 2007 and has approximately 10,000 users on its platform and over 800 electric cars in its vehicle fleet with a presence in Germany.
Om Move About
Move About är ledande inom hållbara mobilitetstjänster. Vi erbjuder bilpooler med elbilar, elcyklar och elsparkcyklar till våra medlemmar. Vi hjälper också företag att optimera sin fordonsflotta samt levererar en komplett tjänst med bokningssystem, kundservice och fordonshantering. Noll utsläpp. Helt enkelt.
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