August 3, 2022

Bolt Mobility Statement August 3rd, 2022

  • In 2018, Bolt Mobility was launched with a goal of revolutionizing transportation through safe, smart and sustainable transit solutions aimed at reducing traffic gridlock, parking congestion and carbon-footprint impact.
  • In late 2019, Bolt Mobility transitioned from heading all operations in each of its respective markets to instead providing a superior technological platform that enabled independent owners/operators in each market to run day-to-day operations.
  • On June 30, 2022, with new equity investors failing to deliver on committed investment due to the economic downturn, Bolt Mobility was forced to scale back its operations significantly. Prior to this decision, Bolt Mobility had every intention of remaining fully operational and even to expand into additional markets. Any suggestion otherwise is wholly inaccurate.
  • As of July 2022, independent owners/operators were running day-to-day operations in 25 of Bolt Mobility’s 33 markets—which enables these markets to continue to operate today. As for the eight markets still then operated by Bolt Mobility headquarters, the intention had been to continue their respective operations via forthcoming, agreed-upon investment.
  • Bolt Mobility has worked and will continue to work with independent owners/operators to provide support in collecting any assets (including bicycles and scooters) that remain in non-operational markets.
  • We greatly value and profoundly appreciate the extraordinary contributions Bolt Mobility employees, ambassadors, investors and partners have made in our efforts to provide safe, smart and sustainable transit solutions. The unfortunate challenges in funding Bolt Mobility during the current economic downturn in no way reflect upon our team’s substantial achievements of these past five years.