MobilityOne joint venture with Super Apps faces further delay

27th Jun 2023 13:51

(Sharecast News) - E-commerce infrastructure payments and platform provider MobilityOne updated the market on its joint venture plans with Super Apps on Tuesday, after a statement was filed by Technology & Telecommunication Acquisition Corporation (TETE) on 26 June.

The AIM-traded firm said the filing aimed to extend the deadline for completing the merger exercise from 20 July 2023 to 20 July 2024.

Super Apps first announced its plans to list in the US via the special-purpose acquisition company (SPAC) TETE last November.

As part of its plans, Super Apps agreed to buy a 60% stake in MobilityOne's stake in OneShop Retail, forming a joint venture.

"The company will release further announcements as and when appropriate," the MobilityOne board said in its statement.

At 1307 BST, shares in MobilityOne were down 15.45% at 4.65p.

Reporting by Josh White for Sharecast.com.