|Bid||10.04 x 1100|
|Ask||10.06 x 800|
|Day's range||10.04 - 10.05|
|52-week range||10.02 - 13.47|
|Beta (5Y monthly)||N/A|
|PE ratio (TTM)||N/A|
|Forward dividend & yield||N/A (N/A)|
|1y target est||N/A|
(Bloomberg) -- Bird Rides Inc. will go public by merging with a blank-check company, securing a new source of capital after venture capitalists largely lost interest in money-losing scooter rental startups.A special purpose acquisition company called Switchback II Corp. will take Bird public and provide as much as $428 million in funding to the business. The deal has an enterprise value of about $2.3 billion, the companies said in a statement Wednesday.The transaction includes private funding from Fidelity Investments, which had previously backed Bird, as well as a credit facility from other firms.A former Uber Technologies Inc. executive, Travis VanderZanden, founded Bird in 2017. It dropped electric scooters onto the sidewalks of major cities and let customers remotely unlock and rent them using an app. The model was widely copied, including by Uber, and turned Bird into one of the fastest startups to reach a $1 billion valuation.It took only a few years for the scooter fad to fade. Bird and its closest competitor, Lime, cut staff and dialed back operations. Uber also retreated. The coronavirus pandemic dealt a further blow when people curbed travel and fled the city centers that scooter companies occupy.SPACs provide a path to fundraising and the public markets seen as more friendly to cash-burning companies. Last year was by far the biggest for such deals, which have slowed in 2021. Bloomberg first reported in November that Bird was in early-stage talks to merge with a SPAC.Switchback II listed in January and at first indicated it would seek to combine with an energy company. In a statement, Bird highlighted its green-energy bonafides and said it would introduce additional vehicle options, such as bikes, in a bid to reduce use of gas cars.“We plan to scale our platform to provide our low carbon transportation services to more people in more cities around the world,” said Jasmine Wallsmith, a spokeswoman for Bird.The backing from Fidelity represents an apparent reversal for the investment firm. In December, Business Insider reported that Fidelity was looking to unload some Bird shares at a loss.(Updates with comment from Bird in the seventh paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
The company plans to use the proceeds to expand into more cities by partnering with local entrepreneurs to manage its fleets, and offer electric bike rental and retail services, Travis VanderZanden, founder and chief executive of Bird, said in an interview. Founded in 2017, Bird operates its shared scooters in over 200 cities. It will be renamed Bird Global and will list on the New York Stock Exchange after the deal closes in the third quarter, the company said.
March 4 marked an outright meltdown in the SPAC market and IPO Edge was right in the middle of the action. We heard from a panel of nine experienced SPAC sponsors and seasoned advisors during market hours who gave their take on the current market turmoil and the next phase of growth. IPO Edge hosted […]