Last Mile Holdings is a leader in developing safe and sustainable micro-mobility solutions. Before transitioning into Last Mile, OjO Electric was one of the first public companies in the micro-mobility industry after facilitating a reverse take-over last year.
Last Mile Holdings paid a total of US$8.5 million for the acquisition with US$6 million in cash, including US$250,000 upfront and US$5.75 million in deferred promissory notes, and US$2.5 million in shares of the new company.
To facilitate the acquisition, Last Mile Holdings completed a non-brokered private placement of 20.8 million units for total gross proceeds of C$8.3 million at a price of C$0.40 per unit, which consisted of one limited voting share and one purchase warrant exercisable for a period of three years at C$0.60 per share.
The acquisition will merge the expertise of the two company’s management teams while also giving Last Mile Holdings 16,000 additional electric mobility units with fully contracted permits (80% exclusive) by the end of this year, which is expected to rise to 27,000 by the end of 2021.
Gotcha Mobility LLC.
Gotcha has been in the micro-mobility industry for a decade, focusing on niche student-dense towns and municipalities, securing permits for 20,000 of its e-bikes and e-scooters across 80 locations, making it the third largest micro-mobility company in North America after competitors Lime (private; www.li.me) and Bird. (private; www.bird.co).
Currently, Gotcha has partnered up with 34 universities and 42 municipalities in the U.S. for long-term contracts, expanding its micro-mobility reach to 80 locations.
Last year, Gotcha was recognized as one of America’s fastest-growing private companies by Inc. and was a finalist on Fast Company’s 2019 World Changing Ideas Awards in the Health and Wellness category.
Micro-Mobility Industry
According to Goldman Sachs, the ride-sharing market is estimated to grow between US$177 billion to US$492 billion by 2030. Grandview Research did a study on the e-scooter market and valued it at US$17.43 billion in 2018, forecasted to grow to US$41.9 billion by 2030 at a CAGR of 8.5%.
