Bird, the Santa Monica-based company that manufactures and rents electric scooters, ended its first full day as a publicly traded company with its stock price rising a fraction of a percent to $ 8.40 per action.
Through merger with Switchback II, a specialist acquisition company, Bird skipped the traditional IPO process to list on the New York Stock Exchange. Now concluded, the deal made available to the scooter company $ 414 million in cash and credit – minus the costs of the merger, Bird said friday.
The PSPC agreement originally assessed Bird at approximately $ 2.3 billion.
Now trading under the symbol “BRDS”, Bird CEO Travis VanderZanden said in a statement that the funds would fuel its growth and strengthen its mission of providing “environmentally friendly transportation for everyone.” Bird drops off scooters for rent on the sidewalks of more than 350 cities.
Bird’s earnings plummeted at the start of the pandemic as lockdowns confined commuters to their homes, but the company recently reported a rebound in income and a decrease in losses for its second fiscal quarter 2021.
As Bird leads the field in scooter rentals, competitor Lime today revealed that he raised $ 523 million from investors before a possible public debut next year.
Why “BRDS”? Earlier this week, the shoe company Allbirds began trading on the Nasdaq under the symbol “BIRD“, possibly beating Bird in the fist. Bird did not immediately respond to a request for comment.
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