California electric scooter company OjO Electric Corp. (TSXV: OJO; OTC: AZNVF) announced that it has entered into an agreement to acquire 100% of Gotcha Mobility (private; www.ridegotcha.com).
OjO will acquire Gotcha for US$5 million in cash and US$7 million in shares. OjO is currently exploring various options to fund the acquisition and anticipates closing the deal before December 31, 2019.
Founded in 2009, Gotcha Mobility, based in Charleston, South Carolina, focuses on affordable and accessible electric micro-transit solutions by operating e-bikes, e-scooters, e-trikes and car ride-share as transportation solutions tailored to cities and universities across the United States. Currently Gotcha has exclusive long-term contracts with 35 universities and 42 municipalities.
Gotcha Mobility Products
The companies share a vision of deployments of micro-mobility solutions, which show respect for city planning and infrastructure and make public safety a top priority. OjO currently operates electric scooter rental services in Memphis, Tennessee and Austin & Dallas, Texas.
In 2019, Gotcha was recognized as one of America’s fastest-growing private companies by Inc. and was also a finalist on Fast Company’s 2019 World Changing Ideas Awards in the Health and Wellness category.
The combined company would have a pipeline of 80 locations, with a planned operating base of 25,000 mobility units by 2020, and make it the third largest micro-mobility footprint in North America after Lime (private; www.li.me) and Bird Rides, Inc. (private; www.bird.co).
OjO Competitors
Founded in 2017, Neutron Holdings, DBA as Lime, has raised over $745 million in funding while Bird Rides has raised $694 million in funding.
In June 2019, Bird acquired Scoot Networks (www.scootnetworks.com), a company that owned and operated an online network for sharing electric scooters, bicycles and mopeds in San Francisco (California), Barcelona (Spain), and Santiago (Chile).
Uber, the ride-sharing company, invested in Lime in 2018 and bought on-demand electric bike and scooter rental company, Social Bicycles (DBA Jump Bikes; www.jump.com), for $250 million in June 2018.
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OjO Electric Corp. (TSXV:OJO)
- www.ojoelectric.com
- Headquartered in Oxnard, United States, OjO Electric Corp. engages in the ride sharing business with a focus on two-wheeled electric scooters.
- OjO Electric Corp. is currently trading at $0.50 with a market cap of $17.5 million.
Uber (NYSE:UBER)
- www.uber.com
- Headquartered in San Francisco, United States, Uber develops and supports proprietary technology applications that enable independent providers of ride-sharing and delivery services, including freight, to transact with end-users worldwide. It provides Uber ridesharing services through a range of vehicles, including cars, auto rickshaws, motorbikes, and minibuses, and provides access to rides through personal mobility products, including dockless e-bikes and e-scooters under the JUMP name.
- Uber is currently trading at $29.11 with a market cap of $49,656.3 million.
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OjO Electric and Gotcha Mobility Lineup
