You are here submits offer to purchase VanMoof

Published August 1, 2023

NEW YORK (BRAIN) — E-mobility rental and sales company submitted a non-binding bid to acquire e-bike brand VanMoof, which was declared bankrupt by the court of Amsterdam on July 17.

Beginning as a shared e-scooter company known as Helbiz in Italy in 2018, now specializes in short- and long-term rentals of e-bikes, e-scooters, and e-mopeds in addition to retail sales globally. It also acquires and distributes media content, including live sports events and food delivery services.

"This potential acquisition is part of our long-term strategy to consolidate our leadership in the micromobility market and diversify our portfolio of solutions," said CEO Salvatore Palella, who founded the company in 2015. "VanMoof's strong brand reputation, innovative e-bike technology, and its unique subscription model perfectly align with our vision for the future of urban transport."

Palella noted while the micromobility industry faces a challenging economic climate, he's confident the potential acquisition will benefit his company.

"We are firm believers in the transformative power of this industry. The potential acquisition of VanMoof, known for its quality and innovation, is an exciting step toward our vision for a more sustainable and efficient future of urban transportation."

The company went public (MCOM) on Nasdaq last year.

VanMoof was granted court protection from creditors earlier in July after it stopped accepting new orders on its website. At the time, the company said it would stop accepting orders “to catch up on production and delivery of existing orders.”

Earlier this year the company said it would close if it didn’t receive a new cash infusion, which it received from some of its existing investors.

Topics associated with this article: Electric bike, Mergers, Acquisitions & Investments

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