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 listed on NASDAQ. The Helbiz coin holders lost their money and suited Helbiz
1. Helbiz hadn't filed S-1 form, and went to NASDAQ via SPAC.
Probably, because of Helbiz has close ties with NASDAQ management ( NASDAQ involvement, Jordan Saxe involvement)
2. Helbiz doesn't have a 2018 audited financial report for parent company Helbiz Inc.
3. In 2019 Helbiz planned IPO on NASDAQ and Borsa Italiana, but in Italy, Salvatore Palella has bankrupt history and ties with the mafia ( The Report investigation). Helbiz didn't explain the reasons, why Borsa Italiana's listing was canceled.
4. 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)
For the NASDAQ listing, Palella got a $500 000 bonus, and $2m of Helbiz debt repayment to him the day before listing.
4. Helbiz has $300m+ capitalization, but it has only 4,4m revenue for 2020, and 24m net loss for 2020.
For example, Bird has a $2b capitalization and 90m revenue for 2020.
5. Helbiz uses unclear and difficult schemas to hide all connections with ICO and pump the buble.
6. 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, soon 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 the lockperiod, they will sell Helbiz stocks for 5%, and these money will move to Helbiz C-level pockets that are behind of Quantum offshore .
That how Helbiz coin investors lost $38m, and HLBZ investors may lost money as well.
So, make you conclusions are you ready to invested in this Italian crookers? In our opinion it's bad idea.