Bird's public valuation tumbles to $120M
Bird, the e-scooter company once valued at $2.3 billion, has seen its public market value fall to $120 million.
Why it matters: Electric scooter companies are looking to be a flash in the pan when it comes to investor interest and consumer demand.
What's happening: Bird's stock fell to 48 cents on Friday.
- Bird was acquired in November 2021 by Switchback II, a SPAC that was originally formed to buy an energy company.
- The deal included a $160 million "PIPE" investment led by existing Bird investor Fidelity, plus a $40 million asset financing facility from Apollo Investment Corp. and MidCap Financial Trust.
- Bird had raised nearly $1 billion in private funding, including a previously undisclosed $208 million infusion in April 2021 from Bracket Capital, Sequoia Capital and Valor Equity Partners.
Of note: In June, Bird's board ousted president Travis VanderZanden in favor of Shane Torchiana, following the public company's poor financial performance.
- VanderZanden remains CEO of the company.