• Helbiz Inc (NASDAQ: HLBZ) said its Board has begun examining measures to address the alleged illegal short selling of its stock. The company's stock fell over 90% in the past 12 months.

• The company believes that certain individuals or companies may have engaged in illegal short selling practices that have artificially depressed the stock price.

• Helbiz is evaluating its options to create a comprehensive action plan to address this issue. CEO Salvatore Palella said he would meet with third parties interested in working to resolve the issue.

• "The recent underperformance of our shares compared to the market is a clear indication of the illegal short selling activities that have taken place," said CEO Salvatore Palella.

• "These activities have not only affected the value of our stock but have also forced us to make difficult decisions such as layoffs."

• Earlier in January, Helbiz elected to resize its workforce, lowering its headcount by 39 positions. This reduces the employee base outside of Europe by 15% and improves operating costs resulting in a cost savings of $1.6 million per year.

• Few days back, Helbiz said it would discontinue operations in non-profitable or cash-positive markets by spring 2023.

• Price Action: HLBZ shares are trading higher by 87.8% at $0.2312 on the last check Friday.

Don't miss real-time alerts on your stocks - join Benzinga Pro for free! Try the tool that will help you invest smarter, faster, and better.

This article originally appeared on Benzinga.com

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.