shares of helbiz inc on thursday plunged after the intraurban transportation company said it is issuing a 1for50 reverse stock split as it refocuses its business model on shared micromobility services the company which supplies and rents escooters ebikes and emopeds said it is rebranding to micromobilitycom inc which will also offer directtoconsumer sales of vehicles and accessories in the micromobility industry the company plans to create a network of physical stores across the us and open its first location in new york in the next two months it said in conjunction with the name change the stock will trade under the ticker symbol mcom helbiz said adding that its reverse stock split primarily intended to bring the company into compliance with the nasdaq capital markets minimum bid price requirement will be effective when the market opens on friday helbizs news come two days after the company said it is shutting down operations in most of the unprofitable cities it operates as it looks for a strategic partner to manage or buy a media business to achieve profitability as quickly as possible the company which is also eliminating most positions related to its carsharing business didnt give an update on the number of layoffs it will announce