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Bird Global, Inc. - $BRDS STOCK NEWS

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Bird Global, Inc. (OTCQX: BRDS) is a leading company in the field of environmentally friendly electric transportation. Known for its reliable last-mile transportation solutions, Bird offers e-scooters and e-bikes to communities worldwide, promoting a greener and more efficient way to travel. The company's mission is to make cities more livable by reducing car usage, traffic, and carbon emissions.

As part of its ongoing commitment to sustainability, Bird has facilitated over 300 million miles of travel, offsetting an estimated 90 million pounds of carbon emissions globally. The company operates in 350 cities across Canada, the United States, Europe, the Middle East, and Australia, making it the largest micromobility operator in North America.

Recently, Bird announced a financial restructuring process to strengthen its balance sheet and better position the company for long-term growth. Despite the restructuring, Bird continues to maintain its service standards for riders and uphold commitments to partner cities, fleet managers, and employees. The company aims to right-size its capital structure, supported by new and existing lenders, including MidCap Financial and Apollo Global Management.

Bird's leadership team, led by Interim CEO Michael Washinushi, is focused on achieving profitability and enhancing operational efficiency. The restructuring process includes a voluntary Chapter 11 bankruptcy proceeding, aimed at facilitating the sale of the company's assets to maximize value for all stakeholders. The court-supervised process is expected to be completed in the next 90-120 days, with minimal impact on operations in Bird Canada and Bird Europe.

Bird has filed a series of motions to ensure a smooth transition into bankruptcy, including provisions for employee wages and benefits. Legal counsel is provided by Berger Singerman LLP, with financial and restructuring advice from Teneo Capital LLC. Additional details about the proceedings are available on the company's claims agent's website.

Bird's innovative and community-first approach to micromobility has earned it a pivotal role in the sustainability goals of numerous cities. By providing affordable and convenient transportation options, Bird continues to make a significant impact in reducing urban congestion and promoting environmental stewardship.

Rhea-AI Summary
Bird Global, Inc. (OTCQX: BRDS) has entered a financial restructuring process to strengthen its balance sheet and position the company for long-term, sustainable growth. The company will operate as usual during this process, maintaining the same service for its riders and upholding its commitments to partner cities, fleet managers, and employees. The restructuring has unanimous support from first- and second-lien lenders, with Apollo Global Management and second-lien lenders providing $25 million in DIP financing.
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Bird Global, Inc. launches state-of-the-art escooters at Barksdale Air Force Base in Louisiana
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Bird Global, Inc. partners with Rock the Vote to boost voter turnout and civic engagement. On Election Days in markets Bird operates, residents can use a promotional code in the Bird app to unlock two complimentary 30-minute rides. The collaboration aims to break down transportation barriers and ensure every voice can be heard at the ballot box. This partnership will officially kickoff for the Memphis election on Thursday, Oct. 5th. Both organizations urge everyone to check their voter registration and cast their votes.
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Bird Global, Inc. receives notice of NYSE delisting but intends to appeal. Stock will trade on OTC exchange in the meantime. Company remains committed to compliance and improving financial performance. Recent acquisition of Spin expected to strengthen prospects.
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Bird acquires Spin for $19 million, becoming the largest micromobility operator in North America. Spin delivered $45 million in net revenue for the past 12 months, bringing the combined net revenue for Bird and Spin to approximately $265 million. The acquisition is expected to have upwards of $20 million in synergies and be immediately accretive to earnings. Bird plans to expand operations in profitable markets such as Baltimore, Salt Lake City, and Washington D.C.
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Bird Global promotes Hunter Gray to Chief Technology Officer, highlighting his leadership and tech initiatives. Gray's role will strengthen Bird's position in the micromobility sector and commitment to sustainability.
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Bird Global, Inc. appoints H. Joseph Prodan as CFO, effective August 30, 2023.
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Bird riders clocked nearly 16 million miles over the summer season with 11 million rides taken; 1.2 million new users turned to micromobility to get around
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Bird Global, Inc. announces Back to School Ride Pass for college students, offering a 25% discount on unlimited rides for $2.50 in September. Campus ridership is up 160% for first-time riders and rides are up 260% in the first ten days of the school year. 'First 5 Minutes Free' promotion returns for Labor Day weekend.
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Bird Global, Inc. (NYSE:BRDS) expands into South Miami, offering affordable and eco-friendly transportation alternatives through scooters and public transit.
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FAQ

What does Bird Global, Inc. do?

Bird Global, Inc. offers environmentally friendly electric transportation solutions such as e-scooters and e-bikes to communities worldwide.

What is the current financial condition of Bird Global, Inc.?

Bird is undergoing a financial restructuring process to strengthen its balance sheet and position the company for long-term growth.

Will Bird continue its operations during the restructuring?

Yes, Bird will maintain its normal service for riders and uphold its commitments to partner cities, fleet managers, and employees during the restructuring.

What is the impact of Bird's services on the environment?

Bird has offset an estimated 90 million pounds of carbon emissions, promoting sustainability by reducing car usage and traffic in urban areas.

Where does Bird operate?

Bird operates in over 350 cities across Canada, the United States, Europe, the Middle East, and Australia.

Who is leading Bird during the restructuring?

Interim CEO Michael Washinushi is leading Bird during the restructuring, supported by the Board Chair, President, and CFO.

What is the purpose of Bird's Chapter 11 bankruptcy proceeding?

The Chapter 11 proceeding aims to facilitate the sale of Bird's assets to maximize value for all stakeholders and restructure the company's finances.

How can stakeholders get more information about the restructuring process?

Additional information is available on the company's claims agent's website or by contacting Bird's Claims Agent, Epiq.

What are Bird's plans for future growth?

Bird is focused on achieving profitability and enhancing operational efficiency through its restructuring process and strategic partnerships.

How can I contact Bird for media or investor inquiries?

For media inquiries, contact press@bird.co, and for investor inquiries, contact investor@bird.co.

Bird Global, Inc.

OTC:BRDS

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BRDS Stock Data

1.34M
10.99M
10.25%
11.08%
8.08%
General Freight Trucking, Local
Transportation and Warehousing
Link
United States
Miami