The $12 million acquisition was first reported in November. Last Mile Holdings paid Gotcha $5 million in cash, with half payable now and half payable in five months, and $7 million in shares of Last Mile, half of which was issued at closing and half of which will be issued in six months if certain milestones are met.
Last Mile Holdings trades on the Toronto Stock Exchange under MILE.
Gotcha was founded in 2009 in Atlanta and moved to Charleston in 2014.
Last Mile acquires Gotcha’s portfolio of contracts with 35 universities and 42 municipalities, including Charleston, as well as the company’s line of electric vehicles. Last Mile also adds its seated scooter to Gotcha’s e-bike, e-scooter and e-trike.
Last Mile says it wants to launch 16,000 vehicles in 80 new markets this year.
Sean Flood, CEO of Gotcha, said in November that he felt it was time for his company to find a partner to help it navigate the changing scooter market.
“The time is now when people are really starting to engage and use shared mobility devices around the country, and our interest is to be here for another 10 years and be a leader in that space,” Flood said at the time. “So we looked at it and said you can either go it alone and continue raising money as a standalone company, or you can find a partner who thinks the way we do and wants to continue growing with the same kinds of ideas in mind.”s