EVmo, Inc.: debt financing — EVmo receives three default notices; warns of potential bankruptcy or liquidation

On July 10, 2023, the Company received correspondence from the principal of Bellridge Capital, L.P. (“Bellridge”) relating to a settlement agreement entered into by and between the Company and Bellridge as of March 16, 2023 (the “Settlement Agreement”). In this correspondence, Bellridge has asserted that the Company is in default of an installment payment it was required to make on July 3, 2023.

On July 12, 2023, the Company received correspondence from Wingspire Equipment Finance LLC (formerly known as Liberty Commercial Finance LLC, (“Wingspire”)) that constitutes a notice of default and reservation of rights under that certain Master Equipment Lease Agreement #32182 by and between the Company and Wingspire dated May 23, 2022 (the “Wingspire ELA”), in which Wingspire asserts that, among other events of default, the Company has: (i) failed to make a rental payment owed under the Wingspire ELA, (ii) failed to pay stipulated loss value for certain equipment, (iii) failed to maintain the equipment leased under the Wingspire ELA free from third-party liens, (iv) experienced an event of default under its senior credit facility, and (v) experienced a material adverse change in its financial condition.

On July 7, 2023, EVmo, Inc., a Delaware corporation (the “Company”), received correspondence from NFS Leasing, Inc. (“NFS”) pursuant to that certain Master Equipment Finance Agreement No. 2022-0232 by and between the Company and NFS, dated May 25, 2022 (the “NFS EFA”) stating that the Company is in default under the NFS EFA.