OjO Electric has entered into the Purchase Agreement to acquire Gotcha Mobility.
OjO Electric is a provider of safe, sustainable Light Electric Vehicle (LEV) mobility solutions. The company works in collaboration with municipal governments to reduce traffic congestion and carbon emissions. While Gotcha is an e-mobility company dedicated to providing innovative shared mobility products and technologies. The company operates e-bikes, e-scooters, and e-trikes as transportation solutions tailored to cities and universities across the U.S.
On closing of the Acquisition, the Company plans to change its name to “Last Mile Holdings Ltd.”, and to change its trading symbol to “MILE”, to better convey to investors the Company’s roll-up strategy. OjO Electric and Gotcha Mobility, as well as any future acquisition targets, will operate as subsidiaries of MILE. Management anticipates the closing of the Acquisition and resumption of trading as “MILE” to occur in February 2020.
Gotcha has been a micro-mobility leader for 10 years, starting with electric rideshare vehicles and pedal bikes, then expanding into e-bikes, e-scooters, and e-trikes. With a focus on university and small to mid-size municipalities, Gotcha has secured approximately 20,000 permits, 80% of which are exclusive. With 80 combined locations, the Acquisition positions MILE as the third largest micro-mobility company by location in North America, after Lime and Bird. The Acquisition provides a clear path to large-scale deployment of OjO’s custom-engineered seated scooter, while expanding the combined company’s product offerings to include pedal bikes, e-bikes, e-scooters, and e-trikes.
The Acquisition and associated financing combines top tier management teams and gives MILE immediate access to existing, fully contracted permits to deploy a total fleet of 16,000 mobility units by year-end 2020 and 27,000 mobility units by year-end 2021.
Source: Press Release