Los Angeles-based Bird Rides Inc. is set to debut on the New York Stock Exchange on November 4.
As previously reported by The Dallas Express, on Tuesday, investors in a Dallas-based special-purpose acquisition company voted to approve the merger with the unprofitable scooter company to take it public.
The SPAC involved is Switchback II Corp., formed in 2019 and owned by two former oil and gas executives.
According to Switchback II Corp., Bird will debut on the New York Exchange under the ticker symbol BRDS with its warrants listed as BRDS WS.
Switchback II was formed in 2019 by Jim Mutrie and Scott McNeill, former executives at Dallas-based oil and gas driller RSP Permian.
As the second iteration of Switchback Energy Acquisition, Switchback II has targeted companies involved in energy transition or sustainability.
Bird earlier announced the merger in May, revealing that the deal will generate an additional operating cash flow of about $384 million.
Bird, established in 2017, offers rentals for three different scooters and an electric bike.
Since its founding, it has spread across more than 350 cities, taking with it the mission to help cities achieve cleaner air and less traffic.
The transportation company also offers its vehicles for purchase.
The company has said that its new fleet manager business model is part of a plan to scale the platform to spread low-carbon transportation services to more cities globally and smooth out operations.
According to TechCrunch, the new business model includes the introduction of additional form factors such as bikes to replace more gas-powered car trips.
Bird is one of the many transportation startup companies opting to go public via mergers with SPACs instead of the traditional IPO path.
Bird believes that the new injection of cash the merger will bring may help the company achieve profitability. A report by TechCrunch also says that the company will use the cash generated to expand its European operations and pay off its debt.
