U.S. micro-mobility group Bird Rides Inc. has announced plans to list on the New York Stock Exchange (NYSE) via a business combination with Switchback II Corporation (NYSE: SWBK), a publicly traded special purpose acquisition company (SPAC). At closing, anticipated in the third quarter of 2021, the combined company will be named Bird Global Inc.
The transaction values Bird at an enterprise value of approximately $2.3 Billion.
Since its founding in 2017, Bird has rapidly expanded its global footprint to over 200 cities worldwide, facilitating more than 95 million rides to date. It provides a fleet of shared electric scooters to riders and makes its products available for purchase via leading retailers and distribution partners.
Travis VanderZanden, founder and CEO of Bird, says: “Bird was founded with the mission to provide environmentally friendly transportation for everyone. Since 2017, we have driven adoption of micromobility which has resulted in rapid growth. During this time, we have advanced our operating model, supported by proprietary technology and hardware, to scale our mission and reach more cities. This foundation has driven our strong unit economics and delivered our successful track record to date. As we look ahead, we intend to build upon our market leadership and grow our business, which currently only scratches the surface of the estimated $800 billion annual market opportunity for micromobility.”
Jim Mutrie and Scott McNeill, Co-Chief Executive Officers and Directors of Switchback, add: “As a category creator for the shared micromobility space, Bird has capitalized on its first-mover advantage to address the significant market opportunity while also providing an efficient and eco-friendly transportation alternative. With its market leadership position, experienced and innovative leadership team, compelling current revenues and business model, along with identified levers for growth, Bird satisfies all the investment criteria we were seeking and we are pleased to announce the definitive agreement for this combination.”
Founded in 2017, Bird is headquartered in Los Angeles, California.