Bird Global Announces Proposed Merger with Profitable Partner Bird Canada
Bird Global (NYSE:BRDS) announced a proposed merger with Bird Canada and plans to raise
- Expected total financing of $32 million, enhancing capital for operations.
- Merger with Bird Canada brings profitable operations and proven management.
- Projected adjusted EBITDA profitability in 2023 bolstered by new operational strategies.
- None.
Announces expected
Experienced operating team to assume key positions in
Restructuring Board of Directors
Bird Canada was founded in 2019 as Bird’s platform partner and through that arrangement, Bird Canada has operated independently, using Bird branding, vehicles, and technology to successfully establish micromobility programs across various Canadian cities. Bird Canada has consistently delivered best-in-class unit economics since its launch and delivered positive full year EBITDA in recent years, a trend that is expected to contribute to Bird’s goal of becoming adjusted EBITDA profitable on a full year basis in 2023.
“We are excited to join the Bird leadership team as they continue their global leading platform in micromobility,” said
Upon the closing of the Proposed Transaction, it is intended that:
-
Stewart Lyons will join Bird as President. He is currently CEO and founder of Bird Canada, having held prior CEO and senior executive roles across Mobilicity,SiriusXM , andTeraGo Networks . -
Michael Washinushi will join Bird as Chief Financial Officer asBen Lu , Bird’s current CFO, transitions to a role as a strategic advisor. Michael has 17 years of experience as Chief Financial Officer for FreshBooks and SiriusXM Canada. -
JJ Bitove will join as VP, Corporate Development and Strategy. He is currently CFO and co-founder of Bird Canada, serving in financial and strategy roles with prior experience at
Obelysk andWells Fargo Securities .
“We believe that this new funding, coupled with the operational rigor provided by the addition of Bird Canada, will contribute to Bird’s goal of becoming adjusted EBITDA profitable on a full year basis in 2023,” said
“This would not only cement our leadership in
Upon the closing of the Proposed Transaction, it is intended that
-
John Bitove , Chairman and co-founder of Bird Canada and investment companyObelysk .Obelysk broughtSiriusXM satellite radio to Canada and is a major investor across a portfolio of businesses.Mr. Bitove was also the founder of theToronto Raptors of the NBA. -
Antonio Occhionero , Managing Partner, MKB. Founded in 2010, MKB is a growth equity firm focused on the energy transition.Mr. Occhionero brings over 20 years of experience in transportation private equity investing and investment banking and today leads the firm’s mobility investments, serving on the boards of shared and electric mobility companies. Prior to MKB, he was an investment banking director at Credit Suisse. -
Kevin Talbot , Managing Partner ofRelay Ventures and co-founder of Bird Canada. A former entrepreneur and operator,Mr. Talbot has invested in and served on the boards of numerous technology companies inCanada andthe United States . He led his firm’s multiple previous investments in both Bird and Bird Canada.
The transactions demonstrate a significant investment in Bird by
Concurrent with the closing of the Proposed Transaction, Bird intends to amend its vehicle financing facility with Apollo, further reducing and extending its debt amortization payments to align with Bird’s normal business seasonality.
For further information regarding terms and conditions of the Proposed Transaction, please see Bird’s Current Report on Form 8-K, filed
About Bird
Bird is an electric vehicle company dedicated to bringing affordable, environmentally friendly transportation solutions such as e-scooters and e-bikes to communities across the world. Founded in 2017 by transportation pioneer
Forward-Looking Statements
This press release contains forward-looking statements. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts may be forward-looking statements. Such forward-looking statements include, but are not limited to, statements regarding the terms and consummation of the Proposed Transaction, the use of proceeds therefrom, our path to profitability and our future financial performance, operations, operating results and financial condition. We have based these forward-looking statements largely on our current expectations. These forward-looking statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the ability of Bird, Bird Canada and the other parties thereto to consummate the Proposed Transaction in the timeframe expected, or at all, as well as the important factors discussed in Part I, Item 1A. “Risk Factors” in our Annual Report on Form 10-K/A for the year ended
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