Micromobility operator Bird has merged with special-purpose acquisitions firm Switchback and is now trading on the New York Stock Exchange.
The deal was agreed to back in May, with Switchback shareholders finally confirming the acquisition at an Extraordinary General Meeting earlier this week.
The merger facilitated the e-scooter brand going public under the ticker symbol BRDS, with the combined company Bird Global valued at $2.3 billion.
With the money raised from the deal, Bird plans to expand into new cities and grow its reach within current markets.
“We plan to continue scaling out to all sizes of cities in the U.S. and Europe in particular,” CEO Travis VanderZanden told Reuters.
“I don’t think our trend of expanding to new cities is going to slow down.
“SPACs have got a bit of a bad name and that’s partly because you have companies with no revenue or companies putting out wild forecasts that they can’t deliver on. We fully intend to execute against that forecast and feel good about the numbers we’ve put out.”
Jim Mutrie and Scott McNeill, Co-Chief Executive Officers and Directors of Switchback, added: “With the support of our shareholders, we are pleased to help bring Bird to the public markets.
“Through the leadership and innovation of Travis VanderZanden and his team, Bird has positioned itself as a category leader in eco-friendly, electric micromobility, which it provides to more than 350 cities globally. We look forward to continuing to support Bird as it further advances its mission.”
Founded in 2017, Bird electric micromobility devices are present up to 350 cities around the world.