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A leading electric micromobility company announced a SPAC deal Wednesday with plans to expand to more cities and new segments.
The SPAC Deal: Bird announced a deal with
Switchback II Corporation (NYSE: SWBK) valuing the company at $2.3 billion.
Current Switchback II Corporation shareholders will own 10.8% of the company after the SPAC merger.
About Bird: Bike is a leader in the shared short-range electric transportation market. The company was founded in 2017, introducing the first-ever shared scooter.
Bird operates in 200 cities, according to a press release. The company has had more than 95 million rides from customers from inception to now.
The company has hardware and software technology including BirdOS, rider apps, fleet manager apps and city apps.