Helbiz Inc. (NASD: HLBZ), a pioneer in micro-mobility, is soaring on the charts today, up 4.74% to trade at $0.1900 at the last check in premarket trading as the company prepares to take part in a significant event.
Which event will HLBZ be attending?
Helbiz (HLBZ) disclosed that on November 30, 2022, its management would virtually appear at the Sequire Technology Conference. On November 30, 2022, at 12:30 p.m., Helbiz will give a presentation at the Sequire Technology Conference.
HLBZ’s cost cutting initiative:
This week, HLBZ also disclosed a number of cost-cutting initiatives it would implement moving ahead in order to lighten the organization’s financial load and hasten the path to profitability. The monthly burn rate will be reduced by 20 to 30% thanks to cost savings and employee reductions.
15% of the workforce in the corporate and operations teams in the U.S. and Europe will be cut over the next several days. A thorough analysis of present expenses and responsibilities will also be conducted in an effort to cut spending even further. HLBZ has already been collaborating with outside parties and streamlining operations where it makes sense to cut costs. Finally, Helbiz will look for partners to operate the Media business with in order to reduce ongoing costs and refocus solely on the mobility business.
Why did HLBZ decide to do that?
Following an analysis, HLBZ management came to the conclusion that the company’s core mobility business has the highest chance of achieving profitable operations fast. In order to realize its aim of being the global leader in mobility, HLBZ will once again narrow its attention to that one area. To do this, HLBZ believes it is important to implement reforms that will reduce expenses and divisions.
Helbiz (HLBZ) made the decision to take action to match its cash consumption with the most probable driver of revenue growth in the upcoming quarters in order to conserve its capital and achieve profitability. With this reduction, the cut burning will decrease from 20 to 30% in the near future, and HLBZ will also begin discussions with partners in the media company (Helbiz Live).