Helbiz coin investors filed a class-action case against Helbiz on June 19, 2020.
The Helbiz coin is a security - court desicion: on January 22, 2021
Helbiz may face a Federal Securities Fraud case
The Helbiz coin is a security - court desicion: on January 22, 2021
Helbiz may face a Federal Securities Fraud case
09.02.21
Is this a SCAM? Helbiz do a SPAC IPO with GreenVision Corp. (Nasdaq - HLBZ, GRNV)
First part about Helbiz ICO and Helbiz IPO, from June 5, 2019. Helbiz intends to make a dual IPO
August 13, 2021: Helbiz listed on Nasdaq
August 13, 2021: Helbiz listed on Nasdaq
After Court decision: the Helbiz Coin is a security, Helbiz announced Merger Agreement with GreenVision Acquisition Corp.
GreenVision Acquisition Corp. (“GreenVision”) (Nasdaq: GRNV), a special purpose acquisition company (“SPAC”), announced today that it has entered into a definitive agreement for a business combination with Helbiz, Inc. (“Helbiz”), a technology company that offers micro-mobility solutions for the world’s busiest cities. Helbiz team got money from tokensale to develop Helbiz, deceived crypto-investors, and found the best way to avoids reporting to SEC.
What is this SPAC IPO?
In 2020, 248 SPAC IPOs took place, resulting from which more than $ 83 billion were raised. In comparison with 2019, the number of such IPOs increased by 500%, and the amount of attracted capital increased 6 times.
The aforementioned numbers definitely indicate an unhealthy interest in SPAC, and the trend is just starting to pick up steam. If you believe the SPACInsider service and Zacks specialists refer to it in a publication on the Nasdaq website, then in 2021, there were already 100 SPAC IPOs, through which they raised $ 29 billion!
For those who do not know, SPAC (Special Purpose Acquisition Company) is a non-commercial company formed solely to raise capital through an initial public offering.
The popularity of this method of entering the stock exchange is understandable - if there is a rabid crowd of retail investors on the market that buys up everything, then you don't want to share money with investment bankers and underwriters. But the quality and quantity of issuers raise questions.
The most striking example of a SPAC IPO is the infamous Nikola, the company has nothing - neither revenue, nor its own production, nor even a product. The market believed in the electric truck prototype, which also turned out to be a fake.
The aforementioned numbers definitely indicate an unhealthy interest in SPAC, and the trend is just starting to pick up steam. If you believe the SPACInsider service and Zacks specialists refer to it in a publication on the Nasdaq website, then in 2021, there were already 100 SPAC IPOs, through which they raised $ 29 billion!
For those who do not know, SPAC (Special Purpose Acquisition Company) is a non-commercial company formed solely to raise capital through an initial public offering.
The popularity of this method of entering the stock exchange is understandable - if there is a rabid crowd of retail investors on the market that buys up everything, then you don't want to share money with investment bankers and underwriters. But the quality and quantity of issuers raise questions.
The most striking example of a SPAC IPO is the infamous Nikola, the company has nothing - neither revenue, nor its own production, nor even a product. The market believed in the electric truck prototype, which also turned out to be a fake.
What does it mean, is the Helbiz SPAC IPO a SCAM?
Helbiz had ICO in 2018 and deceived all Helbiz coin holders, had cut off all conection with ICO. Helbiz build the project for money from tokensale and going to IPO. The Helbiz coin holders lost their money and suited Helbiz.
If Helbiz had a direct IPO and direct listing on NASDAQ, they would report S-1 form to SEC. It needs to explain for SEC its capital background: how Helbiz sold securities, and how money moved from Singaporian company to American company. Helbiz probably can't do it, because of its crypto-background and a class-action. So, Helbiz found another company for SPAC IPO. It's GreenVision Acquisition Corp
So, make you conclusions are you ready to invested in this Italian crookers? It's bad idea.
Be careful!
If Helbiz had a direct IPO and direct listing on NASDAQ, they would report S-1 form to SEC. It needs to explain for SEC its capital background: how Helbiz sold securities, and how money moved from Singaporian company to American company. Helbiz probably can't do it, because of its crypto-background and a class-action. So, Helbiz found another company for SPAC IPO. It's GreenVision Acquisition Corp
So, make you conclusions are you ready to invested in this Italian crookers? It's bad idea.
Be careful!
How is Palella and Helbiz team embezzling investors money?
1. Based on PRELIMINARY PROXY STATEMENT in SEC Helbiz financial report for 2020 year shows $4,4m dollars revenue and $24,5m net loss (page 37).
At the same time Salvatore Palella has $825,000 salary, $410,000 bonuses and $210,000 compensation for 2020 year (page 238). It's total $1,445,000.
As of December 31, 2019, the Company had extended interest-free loans with no set repayment term to Salvatore Palella, its majority shareholder and sole director, in the amount of $1,382,000 (page 163)
2. 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.
Helbiz tried 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.
After court-ordered Helbiz coin in security, Helbiz show that Quantum Analysis Management Ltd. owes 5% of Helbiz Inc.
So, probably after IPO Helbiz team 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 after they sold Helbiz stocks for 5% these money will move to Helbiz C-level pockets.
That how Helbiz coin investors lost $38m, and IPO investors may lost money as well.
At the same time Salvatore Palella has $825,000 salary, $410,000 bonuses and $210,000 compensation for 2020 year (page 238). It's total $1,445,000.
As of December 31, 2019, the Company had extended interest-free loans with no set repayment term to Salvatore Palella, its majority shareholder and sole director, in the amount of $1,382,000 (page 163)
2. 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.
Helbiz tried 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.
After court-ordered Helbiz coin in security, Helbiz show that Quantum Analysis Management Ltd. owes 5% of Helbiz Inc.
So, probably after IPO Helbiz team 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 after they sold Helbiz stocks for 5% these money will move to Helbiz C-level pockets.
That how Helbiz coin investors lost $38m, and IPO investors may lost money as well.
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
The capitalization of Helbiz coin felt down from 38m to 200 000 $.
The capitalization of Helbiz coin felt down from 38m to 200 000 $.