Share:
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.
Share:
The SPAC Deal: SmartRent announced a SPAC merger with Fifth Wall Acquisition Corp I (NASDAQ: FWAA) valuing the company at $2.2 billion.
There are no SPAC warrants involved in the deal, which means less dilution to shareholders later on.
Founder shares are being given a three-year lockup to ensure the long-term investment in the company. Existing shareholders will have a six-month lockup on their shares. Investors in the company include Starwood Capital,
Lennar Corporation (NYSE: LEN), Invitation Homes and Koch Real Estate.
Current Fifth Wall Acquisition I shareholders will own 15.9% of the new company after the merger.
About SmartRent: SmartRent is a leader in smart home technology for the global residential real estate market. The company offers an internet of things operating system for residential property owners, managers, homebuilding, home buyers and residents to lower costs.
It was another busy week for the SPAC market with numerous deal announcements and rumored deals. The market brought down the valuation of many SPACs late in the week.
Here is a look back at the announced deals, rumors and some top headlines that were coverd on Benzinga s SPACs Attack. Read More.