Micromobility.com Inc. (NasdaqCM:MCOM) signed a letter of intent to acquire EVmo, Inc. (OTCPK:YAYO) on June 7, 2023. The LOI outlines the general terms and conditions for a proposed merger, whereby EVMO would merge with a newly-formed subsidiary of micromobility.com in a stock-for-stock exchange. The proposed merger is subject to several conditions, including the negotiation and execution of the definitive agreements, approval of the board of directors and the shareholders of each party, each party?s completion and satisfaction with the result of its due diligence investigations, 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. Spartan Capital Securities, LLC is serving as financial advisors to the mergers and Ortoli and Rosenstadt LLP is serving as corporate legal counsel to micromobility.com Inc.

Micromobility.com Inc. (NasdaqCM:MCOM) cancelled the acquisition of EVmo, Inc. (OTCPK:YAYO) on September 26, 2023. EVmo has essentially exhausted its cash resources and is suspending operations as soon as possible, and in any event targeting by the close of business on September 29, 2023.