shares of helbiz inc were trading lower in fridays afterhours market following news the company aims to seek a reverse stock split to bring its shares back into listing compliance the company which rents electric scooters bikes and mopeds said last week it believes people andor companies may have engaged in illegal shortselling practices that have artificially depressed the stock price on friday helbiz filed with the securities and exchange commission to hold a special meeting of stockholders to approve the reverse split of its class a common stock the reverse stock split is intended to bring the company into compliance with the minimum 1 bid price requirement for maintaining its continued listing on nasdaq helbiz said at 604 pm et the companys stock had fallen 20 to trade at 23 cents volume at the time topped 145 million shares the stock finished the days regular session with a 04 loss closing at 28 cents the stock has been trading below 1 since midaugust also friday the company signed a new standby equity purchase agreement with yorkville advisors global lp that would allow helbiz to raise up to 20 million through the sale of common stock