E-scooter company Bird gets lifeline from independent Canadian subsidiary

📆 22/12/2022 06:00:00
📰 financialpost

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The merger comes just in time for Bird Global which has struggled financially since the company went public via a special purpose acquisition merger in 2021

that if it were unable to raise additional capital or generate increased cash flow it could be forced to scale back operations or seek bankruptcy protection.

The company said in a statement Wednesday that the transaction will add “additional profitable operations to Bird’s global platform, while consolidating North American operations.” Following the merger, Bird Canada’s CEO Stewart Lyons is expected to join Bird as president. Two other Bird Canada executives will also join the leadership ranks at Bird Global.Article content

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Bird Canada merger to inject new blood and capital into e-scooter rental company Bird GlobalDeal will provide an estimated $32 million (U.S.) in new financing for the struggling company. Bird Canada chief executive Stewart Lyons joining Bird Global as new president. One comment - before mine - after 15 hours. You've touched a nerve.
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