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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.
Bird Scooter s chief product officer (CPO) shot back at skeptics this past week in a Linkedin post aimed at reassuring investors as the company tries to raise money amid mounting concerns about the viability of the micro-mobility business model. I rarely write about Bird s business performance,. Read More. Don t Miss Any Updates! News Directly in Your Inbox Subscribe to:
The world s largest on-demand e-scooter company Lime announced that it is shutting down its services across 12 markets and laying off 14% of its workforce in an attempt to turn profitable this year.
In a blog post, Brad Bao, the CEO of Lime, explained that the company was now focused on. Read More.
Benzinga hosted the Cleantech Small Cap Conference featuring small cap companies in the clean energy field. One of the panels hosted was “The Micromobility Revolution.”
The panel was moderated by Cassidy Shell, a lead analyst with Cleantech Group and included panelists Mark Frohnmayer. Read More. Don t Miss Any Updates! News Directly in Your Inbox Subscribe to: