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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How Women’s Purchasing Power Is Creating a New Wave of Economic Opportunities In Sports

Samson Amore

Samson Amore is a reporter for dot.LA. He holds a degree in journalism from Emerson College. Send tips or pitches to samsonamore@dot.la and find him on Twitter @Samsonamore.

How Women’s Purchasing Power Is Creating a New Wave of Economic Opportunities In Sports
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https://twitter.com/samsonamore
samsonamore@dot.la
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Samson Amore

Samson Amore is a reporter for dot.LA. He holds a degree in journalism from Emerson College. Send tips or pitches to samsonamore@dot.la and find him on Twitter @Samsonamore.

LA Tech Week: How These Six Greentech Startups Are Tackling Major Climate Issues
Samson Amore

At Lowercarbon Capital’s LA Tech Week event Thursday, the synergy between the region’s aerospace industry and greentech startups was clear.

The event sponsored by Lowercarbon, Climate Draft (and the defunct Silicon Valley Bank’s Climate Technology & Sustainability team) brought together a handful of local startups in Hawthorne not far from LAX, and many of the companies shared DNA with arguably the region’s most famous tech resident: SpaceX.

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samsonamore@dot.la
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