Bird Reportedly Explores Going Public via SPAC

Rachel Uranga

Rachel Uranga is dot.LA's Managing Editor, News. She is a former Mexico-based market correspondent at Reuters and has worked for several Southern California news outlets, including the Los Angeles Business Journal and the Los Angeles Daily News. She has covered everything from IPOs to immigration. Uranga is a graduate of the Columbia School of Journalism and California State University Northridge. A Los Angeles native, she lives with her husband, son and their felines.

Bird Reportedly Explores Going Public via SPAC

Bird Rides is looking to go public via a blank-check company, Bloomberg reported Monday. The Santa Monica-based e-scooter unicorn is working with Credit Suisse Group and is in early-stage discussion on a deal with a special acquisition company or SPAC, the news outlet said citing sources close to the matter. Those sources said there is no guarantee a deal will go through.

But, the move could provide a lifeline for venture-backed Bird, which is still not profitable and has been trying to slim down during the pandemic. dot.LA reported last month that the company is looking to offload its headquarters and that Fidelity Investments marked down the company's value by 17% since the beginning of the year.

Credit Suisse declined to comment but Bird released a statement to Bloomberg playing down the report.

"We have no plans to go public this year and remain dedicated to partnering deeply with the cities and neighborhoods we serve during this significant time of need —providing free rides to front line health care workers and discounted rides to community members — and building a sustainable business that is complementary to public transit while continuing our path to profitability."

Bird became the fastest company in history to reach unicorn status in 2018. Shortly after that, it achieved a $2 billion valuation in less than a year. But in March, it abruptly laid off 406 employees via a Zoom call that former employees described as dystopian. Headquarters was particularly hard hit, with the layoffs reducing the staff by more than half.

SPACS have become a popular way to go public this year, providing a quick route to Wall Street without the typical underwriters. But the recent decline of electric car maker Nikola has raised questions about projections companies make as they go out for a SPAC.

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LA Tech ‘Moves’: Adtech Firm OpenX Lures New SVP, Getlabs and DISQO Tap New VPs

Decerry Donato

Decerry Donato is dot.LA's Editorial Fellow. Prior to that, she was an editorial intern at the company. Decerry received her bachelor's degree in literary journalism from the University of California, Irvine. She continues to write stories to inform the community about issues or events that take place in the L.A. area. On the weekends, she can be found hiking in the Angeles National forest or sifting through racks at your local thrift store.

LA Tech ‘Moves’: Adtech Firm OpenX Lures New SVP, Getlabs and DISQO Tap New VPs
Photo by James Opas | Modified by Joshua Letona

“Moves,” our roundup of job changes in L.A. tech, is presented by Interchange.LA, dot.LA's recruiting and career platform connecting Southern California's most exciting companies with top tech talent. Create a free Interchange.LA profile here—and if you're looking for ways to supercharge your recruiting efforts, find out more about Interchange.LA's white-glove recruiting service by emailing Sharmineh O’Farrill Lewis (sharmineh@dot.la). Please send job changes and personnel moves to moves@dot.la.

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This Week in ‘Raises’: Miracle Miles Lands $100M, Fintech Startup Tapcheck Hauls $20M

Decerry Donato

Decerry Donato is dot.LA's Editorial Fellow. Prior to that, she was an editorial intern at the company. Decerry received her bachelor's degree in literary journalism from the University of California, Irvine. She continues to write stories to inform the community about issues or events that take place in the L.A. area. On the weekends, she can be found hiking in the Angeles National forest or sifting through racks at your local thrift store.

This Week in ‘Raises’: Miracle Miles Lands $100M, Fintech Startup Tapcheck Hauls $20M
Image by Joshua Letona

In this week’s edition of “Raises”: An L.A.-based footwear company closed $100 million to boost its expansion into the global market, while there were Series A raises for local fintech, biotech and space startups.

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