Thursday, May 13, 2021

Bird Looks To Go Public Via $2.3 Billion SPAC

Santa Monica-based Bird is looking to go public via a $2.3 billion special purpose acquisition (SPAC) transaction, as the company starts to see a recovery from the COVID-19 pandemic. According to an investor presentation from Bird, the company is finally seeing an uptick after major impacts on its business last year when much of the world shut down due to the pandemic. The company reported $95M in revenues in 2020, versus $151M in 2019, when the pandemic. The presentation says that Bird is estimating it will have $188M in 2021, and $401M in 2022 revenues. Bird does look to have an ongoing issue with lawsuits against the company; the company's footnotes say it has been involved in over one hundred personal injury lawsuits so far. The SPAC looking to acquire Bird is Switchback II.