LOS ANGELES and DALLAS, Nov. 5,
2021 /PRNewswire/ -- Bird Rides, Inc. ("Bird" or the
"Company"), a leader in environmentally friendly electric
transportation, today announced that it has completed its business
combination with Switchback II Corporation (NYSE: SWBK; "Switchback
II"), a publicly traded special purpose acquisition company. In
connection with the closing of the business combination, the
combined company, Bird Global, Inc. (NYSE: BRDS; "Bird Global"),
received approximately $414 million
in incremental liquidity through a combination of Switchback II
cash in trust, the proceeds of the previously announced private
placement, and availability under Bird's credit facility with
Apollo Investment Corporation and MidCap Financial Trust, in each
case before payment of fees and expenses related to the business
combination. The business combination was approved on November 2, 2021 by Switchback II's shareholders
at the extraordinary general meeting.
Travis VanderZanden, Bird Founder
and CEO, said, "Today marks a significant milestone for Bird, all
of our team members around the world, and eco-friendly
transportation. I founded Bird over four years ago with a mission
to provide environmentally friendly transportation for everyone.
Since 2017, we have expanded our shared micro-mobility service to
more than 350 cities globally and have introduced a fleet of retail
and direct to consumer micro-electric vehicles. With the support of
Switchback II and proceeds from this transaction, we are well
positioned for continued growth and expansion of our mission."
Jim Mutrie and Scott McNeill, Co-Chief Executive Officers and
Directors of Switchback II, said, "We were attracted to Bird for
its market leadership position, experienced and innovative
leadership team, and compelling business model, along with its
identified levers for growth. We are pleased to have witnessed
those initial impressions at work through the entirety of the
business combination process and as the company continues to
execute against and deliver exceptional financial and operational
results. We look forward to continuing to support Bird as it
furthers its mission and capitalizes on the significant addressable
market in which it operates."
To celebrate the completion of the merger and Bird Global's
public listing on the New York Stock Exchange (the "NYSE") under
the trading symbol, "BRDS," members of Bird Global's leadership
team will ring the Opening Bell at the NYSE on November 5, 2021. The Opening Bell will ring at
9:30 a.m. ET and interested parties
may tune in to a live stream on the NYSE's website at:
https://www.nyse.com/bell.
Advisors
Credit Suisse Securities (USA) LLC acted as exclusive financial and
capital markets advisor to Bird. Goldman Sachs & Co. LLC acted
as exclusive financial advisor to Switchback II. Latham &
Watkins LLP acted as legal advisor to Bird and Vinson & Elkins
L.L.P. acted as legal advisor to Switchback II.
About Bird
Bird (NYSE: BRDS) 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 Travis VanderZanden, Bird is
rapidly expanding. Today, it provides fleets of shared micro
electric vehicles to riders in over 350 cities globally and makes
its products available for purchase at www.bird.co and via leading
retailers and distribution partners. Bird partners closely with the
cities in which it operates to provide a reliable and affordable
transportation option for people who live and work there.
About Switchback II
Switchback II was formed for the
purpose of effecting a merger, amalgamation, share exchange, asset
acquisition, share purchase, reorganization or similar business
combination with one or more businesses or entities. Switchback II
focused its search for a target business in the broad energy
transition or sustainability arena targeting industries that
require innovative solutions to decarbonize in order to meet
critical emission reduction objectives.
Forward-Looking Statements
The information in this
press release includes "forward-looking statements." All
statements, other than statements of present or historical fact
included in this press release are forward-looking statements. When
used in this press release, the words "could," "should," "will,"
"may," "believe," "anticipate," "intend," "estimate," "expect,"
"project," the negative of such terms and other similar expressions
are intended to identify forward-looking statements, although not
all forward-looking statements contain such identifying words.
These forward-looking statements are based on management's current
expectations and assumptions about future events and are based on
currently available information as to the outcome and timing of
future events. Except as otherwise required by applicable law, the
Company disclaims any duty to update any forward-looking
statements, all of which are expressly qualified by the statements
in this section, to reflect events or circumstances after the date
of this press release. The Company cautions you that these
forward-looking statements are subject to numerous risks and
uncertainties, most of which are difficult to predict and many of
which are beyond the Company's control. Should one or more of the
risks or uncertainties described in this press release occur, or
should underlying assumptions prove incorrect, actual results and
plans could different materially from those expressed in any
forward-looking statements. Additional information concerning these
and other factors that may impact the operations and projections
discussed herein can be found in Bird Global's periodic filings
with the SEC and in the definitive proxy statement/prospectus filed
by Bird Global. Bird Global's SEC filings are available publicly on
the SEC's website at www.sec.gov.
Investor Contact
Andrew
Tom
investor@bird.co
Media Contact
Terry Preston
BirdPR@icrinc.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/bird-and-switchback-ii-announce-closing-of-business-combination-301417343.html
SOURCE Switchback II Corporation
