Bird Reportedly Explores Going Public via SPAC

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.

https://twitter.com/racheluranga
rachel@dot.la

Subscribe to our newsletter to catch every headline.

Cadence
Image courtesy of Bored Breakfast Club

While you can’t drink an NFT, that isn’t stopping some beverage startups from looking to capitalize on the blockchain-enabled craze.

Non-fungible tokens have gained traction in the art world, where artists and creators are using the digital assets to create closer connections with fans and collectors.

Read more Show less
Perrin Davidson
Perrin Davidson is the publisher of⁣ LAeats, an L.A.-based food community covering the food industry, food entertainment and food tech.

Despite — or in many cases because of — the raging pandemic, 2020 was a great year for many tech startups. It turned out to be an ideal time to be in the video game business, developing a streaming ecommerce platform for Gen Z, or helping restaurants with their online ordering.

But which companies in Southern California had the best year? That is highly subjective of course. But in an attempt to highlight who's hot, we asked dozens of the region's top VCs to weigh in.

We wanted to know what companies they wish they would have invested in if they could go back and do it all over again.

Read more Show less
Ben Bergman

Ben Bergman is the newsroom's senior finance reporter. Previously he was a senior business reporter and host at KPCC, a senior producer at Gimlet Media, a producer at NPR's Morning Edition, and produced two investigative documentaries for KCET. He has been a frequent on-air contributor to business coverage on NPR and Marketplace and has written for The New York Times and Columbia Journalism Review. Ben was a 2017-2018 Knight-Bagehot Fellow in Economic and Business Journalism at Columbia Business School. In his free time, he enjoys skiing, playing poker, and cheering on The Seattle Seahawks.

https://twitter.com/thebenbergman
ben@dot.la
RELATEDTRENDING
LA TECH JOBS
interchangeLA