Monday, November 16, 2020

Report: Bird Considers Going Public Via SPAC

Santa Monica-based on-demand, last mile transportation company Bird is considering going public via a Special Purpose Acquisiton Company (SPAC), according to a report from Bloomberg. It's unclear how far along the SPAC might be, however, Bloomberg said the discussions "are in an early stage". Entering public markets by bypassing an initial public offering (IPO), and instead using a SPAC has been very popular with technology companies, both here and elsewhere, with such companies as green technology deveoper Nuuve, Los Angeles-based lithium battery developer Romeo Power Technology, Los Angeles-based electric vehicle developer Fisker, fellow LA-area EV developer Faraday Future, LA social app and TikTok rival Triller, Mojave-based Virgin Galactic, and LA EV maker Canoo all either public or in the process of going public via SPAC transactions.