After ICO in 2018, Helbiz team is going to make one more story. Helbiz is a project preparing for an IPO with Helbiz Inc.'s legal entity via SPAC with GreenVision Corp.. But the Helbiz project raised $5m on pre-sale and $38m in February 2018 at ICO (Initial Coin Offering) for crypto-currency Helbiz coin (HBZ) to Singapore based company HELBIZ MOBILITY SYSTEM PTE. LTD. Look at archived
helbizcoin.io, and Etherscan,*original helbizcoin.io was deleted by Helbiz team
Helbiz team got money
from tokensale to develop Helbiz, include Helbiz Pay. Now, Helbiz team, deceived all their crypto-investors and are trying to hide all connections with the ICO before IPO. Maybe they will use dishonest financial reporting for SEC. Helbiz team thinks that if they use different legal entities, nobody knows the truth.
It looks like Helbiz team try to mislead Americans and Italians with an IPO.
NASDAQ supports Helbiz till the beginning (NASDAQ has deleted the article, here is Google Cache) — article from January 29, 2018, that mention Helbiz coin. As a first point, we would like to say the apparent friendship of Helbiz CEO Salvatore Palella with Jordan Saxe from Nasdaq.
Last year Helbiz team sometimes have been visiting NASDAQ.
NEW YORK (June 6, 2019)Helbiz, Inc. ("Helbiz" or the "Company"), an intra-urban transportation solution that allows users to instantly rent electric scooters directly from the Helbiz mobile app, today announced the intention to file an Initial Public Offering on NASDAQ. Helbiz intends to dual list on the AIM Italia exchange, a multilateral trading facility organized and managed by Borsa Italiana S.p.A.
Helbiz had been talking fairy tales about IPO, but haven't even filed the S-1 form. During years IPO was postponed.
But Helbiz raised $15m in convertible notes with 500m pre-money valuation on the pre-IPO stock sale. The deal was closed on April 30, 2019. So, in 2019 Helbiz sent investors presentations, get from investors money, and that's all.
TriPoint Global Equities/BANQ® raised money for Helbiz. Later, on May 12, 2020, TriPoint Global Equities lost its broker-dealer license.
May 29, 2020, FinRa (Financial Industry Regulatory Authority) initiated a formal proceeding for alleged violations of investment-related rules or regulations against TriPointGlobal. Look the document here
So, that's how Helbiz got $15m on pre-IPO.
Class-action from Helbiz coin investors against Helbiz:
All this time, Helbiz hide its connection with ICO, renamed Helbiz coin and closed Singaporean company, and Helbiz coin holders lost their money.
Helbiz denied its connection with ICO, but actually, it's ridiculous.
Look, this is the video from Helbiz ICO strategic session with Salvatore Palella, Jonathan Hannestad, Lorenzo Pellegrino from Skrill*This video deleted by Helbiz Inc. request from YouTube post,archived link
But the one is clear, Helbiz coin is a security, and if Helbiz is going to do a direct IPO, that need to explain for SEC its capital background: how Helbiz sold securities, and how money moved from Singaporian company to American company.
Of course, it's a dirty scheme.
So, Helbiz has found the other way - IPO via SPAC with GreenVision Acquisition Corp. And now Helbiz try to raise more money from investors.
After court order Helbiz stops to deny its connection with ICO and Helbiz coin investors, and Mr. Palella states that "We give back money for 70% of Helbiz coin investors". It's untrue.
How is Palella and Helbiz team embezzling investors money?
Palella and Helbiz C-level team wanted to show money from ICO and Helbiz coin token sale, as credit to Helbiz Inc, maybe as Palella's own credit. Actually, this relates to different offshores that are controlled by Palella and Helbiz team.
Now, Helbiz tries to buy Helbiz coin from its investors at a price -x1000 from ICO, and shows fictive deals: the Helbiz team control close to 40% of coins now, and they and their partners are moving Helbiz coins.
Helbiz's IPO press-kit Helbiz states that cash proceeds raised in the transaction will be used to repay debt. Probably, after IPO, Helbiz Inc. will move cash to pay this debt. How much? Maybe 20m, maybe 40m... no one knows. And this money will not get Helbiz coin investors, this money will get the Helbiz team, that controlled "credit line."
So, probably after this Helbiz and Palella will state that "Helbiz Inc gave back money to all Helbiz coin investors" and "some bad people try to damaged our reputation." But actually, the Helbiz team will got this money, and the Helbiz team will propose to Helbiz coin holders -x1000 sum of this money.
And what about the rest money? The rest of the money - its tens of million dollars - after IPO will be shared for Helbiz C-level.
It's the "debt" that is paid by IPO investors.
That how Helbiz coin investors lost $38m, and IPO investors may lost money as well.
Is this a good idea to invest in Helbiz IPO?
We recommend you don't invest in this project.
Helbiz team, probably, - is the team of Italian scammers that try to get money from more investors. They deceived Helbiz coin investors, raised 15m dollard on pre-IPO and postpone it for 2 yers again and again. We see that the Helbiz team thinks they are willing to abandon their promises for investors any time, and you can lose your money.
Look our detailed explaining what is the SPAC IPO with GreenVision Corp. here