Switchback II is based in Dallas, Texas, and was established to effect the consolidation, share exchange, acquisition of assets, stock purchase, reorganization, and business combination of one or more companies or entities.
Switchback II has focused its pursuit on target companies within the broad field of energy transition or sustainability, concentrating on industries that require more innovative solutions to decarbonize to meet key emissions reduction targets.
Established in 2017 by leading transportation entrepreneur Travis VanderZanden, Bird Rides Inc. is expanding rapidly. As an electric vehicle company, Bird provides affordable and environmentally friendly travel solutions, such as e-scooters and e-bikes, to all communities around the world.
Today, it supplies fleets of shared electric micro-vehicles to customers in more than 350 cities globally. Bird teams up with the cities in an effort to provide a cost-effective and trustworthy transportation option for residents and workers in those cities.
Switchback II announced that all conditions should be met to complete the business combination with Bird Rides.
Following the estimated closing of the transaction on November 4, 2021, it is expected that the combined company’s common stock and share purchase warrants will begin trading on the New York Stock Exchange under the ticker symbol “BRDS” and “BRDS WS”, respectively.
The closing of this transaction is pending a final vote in an extraordinary general meeting of Switchback II shareholders on November 2, 2021.
Upon closing, they will add an estimated $384 million in additional cash through a blend of the Switchback II trust money, proceeds of a previously announced private placement as well as the availability of Bird’s credit facility with Apollo Investment Corporation and MidCap Financial Trust, each before paying the fees and expenses associated with the business combination.
Learn more about Switchback II Corporation here: https://swbk2.com/
Learn more about Bird Rides, Inc. here: https://www.bird.co/