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Bird Rides, Inc. has completed its business combination with Switchback II Corporation, resulting in the formation of Bird Global, Inc. (NYSE: BRDS). The merger was approved on November 2, 2021, and the combined company received approximately $414 million in liquidity through various financial sources. Bird aims to expand its environmentally friendly transportation services, having already established operations in over 350 cities globally. The leadership team celebrated the listing on the NYSE by ringing the Opening Bell on November 5, 2021.
Switchback II Corporation (NYSE: SWBK) announced that approximately 98% of its shareholders approved the business combination with Bird Rides, Inc., during an Extraordinary General Meeting on November 2, 2021. Around 79% of shareholders participated in the vote. The transaction is expected to close on November 4, 2021, after which Bird Global will commence trading under the symbols 'BRDS' and 'BRDS WS.' The Switchback II Units will separate into Class A common stock and warrants of Bird Global, with trading expected to start on November 5, 2021.
Switchback II Corporation (NYSE: SWBK) announced its expected business combination with Bird Rides, Inc. to close on November 4, 2021, pending shareholder approval. The transaction is projected to provide approximately $384 million in liquidity, combining Switchback II's cash in trust and Bird's credit facilities. A shareholder vote is scheduled for November 2, 2021. Following the merger, the new entity will trade on the NYSE under the ticker symbols 'BRDS' for common stock and 'BRDS WS' for warrants.
Bird Rides, Inc. plans to release its third fiscal quarter financial results on November 15, 2021, following the anticipated business combination with Switchback II Corporation (NYSE: SWBK). This merger aims to enhance Bird's position in eco-friendly transportation, expanding its global reach to over 350 cities. Bird has launched new initiatives, including shared e-bikes in San Diego and a retail e-bike, alongside securing commitments to increase its vehicle financing from $40 million to $150 million.
Bird Rides, Inc. has announced the composition of its Board of Directors following its upcoming merger with Switchback II Corporation (NYSE: SWBK), to be voted on November 2, 2021. Key appointments include Bob Komin, former CFO of Sunrun, as Audit Committee Chairman. The board features members with extensive experience in technology, energy, and sustainability. Bird aims to enhance environmentally-friendly transportation solutions as it transitions into a public company, presenting growth opportunities in the electric vehicle market.
Bird Rides announced an upsizing of its vehicle financing credit facility from $40 million to $150 million, facilitated by Apollo Investment Corporation and MidCap Financial Trust. This increase aims to bolster Bird's financial capabilities, supporting its expansion plans as it prepares for a business combination with Switchback II Corporation, set for a shareholder vote on November 2, 2021. Bird's CFO highlighted the strong demand for its electric vehicle offerings, having completed over 100 million rides, showcasing confidence in the company’s future growth and sustainability strategy.
Bird has launched a pioneering "smart sidewalk protection" technology aimed at preventing micromobility vehicles from being used on sidewalks. Developed in collaboration with u-blox, this sensor fusion solution offers centimeter-level location tracking and real-time detection of sidewalk riding. Currently piloted in Milwaukee and San Diego, with plans for Madrid in early 2022, this innovation highlights Bird's commitment to safety and sustainability in shared transportation. Bird's initiative aligns with urban climate action strategies, enhancing the ecological footprint of micromobility.
Bird has launched a groundbreaking Smart Sidewalk Protection technology, developed with u-blox, aimed at preventing micromobility vehicles from being used on sidewalks. This sensor fusion solution employs high-precision tracking to stop vehicles in real-time when entering prohibited areas. Currently being piloted in Milwaukee and San Diego, with plans for Madrid in early 2022, this innovation aligns with cities’ climate action plans focused on reducing carbon emissions. Bird’s continuous efforts in safety and scalability are evident in this technology that enhances urban mobility.
Bird Global and Switchback II Corporation will hold an Extraordinary General Meeting on November 2, 2021, to vote on their business combination. This merger will allow Bird to trade under the ticker symbol BRDS on the NYSE. Bird reported impressive second-quarter results for 2021, including $60 million in revenue, a 477% year-over-year increase, and a significantly improved gross margin. Additionally, Bird is expanding its operational capabilities with new e-bikes and partnerships, positioning itself in the estimated $800 billion micromobility market.
Bird Rides, a leader in eco-friendly transportation, will participate in Citi's 2021 Global Technology Virtual Conference. CEO Travis VanderZanden is set to present on September 15, 2021, at 1:50 p.m. Eastern Time, with the presentation available for live streaming and later access on Bird's investor website. The company is expanding its fleet of shared e-scooters and e-bikes globally, serving over 300 cities. Bird recently announced a definitive business combination agreement with Switchback II Corporation (NYSE: SWBK) to enhance its sustainability efforts.
