Micromobility.com (NASDAQ:MCOM) stock is rising higher on Monday after the transportation company succeeded in reducing its debt by $9.25 million.
Micromobility.com reached an agreement with lenders to forgive its outstanding debt, as well as all accrued and unpaid interest. The company notes that this reduces its total debt from $15 million to $5.75 million.
Gian Luca Spriano, interim Chief Financial Officer of Micromobility.com, said the following about the debut reduction news.
“This restructuring is a testament to our strategic financial planning and execution. The reduction in debt enhances our balance sheet and positions us for accelerated growth. We’re now better equipped to focus on our core business objectives and drive towards long-term profitability.”
MCOM Stock Reactions on Monday
Following news of its debut reduction, shares of MCOM stock are seeing heavy trading on Monday morning. As of this writing, more than 2 million shares of the stock have been traded. To put that in perspective, the company’s daily average trading volume is closer to 532,000 shares.
MCOM stock is up 1% as of Monday morning. Investors will note the shares are down 99.9% year-to-date as of Friday’s close.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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