Micromobility company Bird's closely-watched public market debut crossed its last major hurdle on Tuesday. Shareholders for Switchback II, a Dallas-based special-purpose acquisition company (SPAC), approved the merger. Switchback II said in a statement that it anticipates the deal will close on Thursday, the same day it expects Bird to start trading on the NYSE under the symbol BRDS.
Here's what else we're reading in the news:
- Netflix will release five games worldwide on its Android app by Wednesday.
- About two dozen Jet Propulsion Laboratory employees on Monday protested a federal vaccine mandate outside the JPL headquarters in Pasadena.
- LegalZoom is partnering with Square to facilitate payment software tools to small businesses.
- Caltech is using an $11 million grant to study interactions between the brain and the gut and their effect on those with Parkinson's disease.
- The FTC is reimbursing some $60 million to more than 140,000 Amazon drivers the federal agency said were illegally withheld.
- Stamps.com has named Nathan Jones as its new CEO after Ken McBride stepped down.
- Event: NVIDIA is holding a virtual event on the intersection of health care and artificial intelligence on November 9.
- Event: Caltech is holding its inaugural Caltech Bioscience Industry Day on November 9.
- Event: Snap is holding its DEI Innovation Summit on Wednesday, Nov. 3.
Bird Still a Ways from Recovering from the Pandemic
The transaction originally valued Bird at around $2.3 billion — about $550 million short of the scooter company's pre-pandemic valuation, according to a pitch deck reviewed by dot.LA. But since its pandemic lows, Bird's revenue has rebounded. The company is still losing money, but its losses fell during its second fiscal quarter of 2021, compared to the same time last year.
Activision Blizzard Stock Slides 12%
Activision Blizzard's shares tumbled after hours as the company facing discrimination lawsuits fell short of analysts' fourth quarter projections and reported its most-anticipated game releases weren't on schedule. The company revealed it expects net revenue of $2.78 billion in the fourth quarter; analysts had expected $2.93 billion.
Rivian Targets $55 Billion Valuation in Upcoming IPO
Rivian is targeting a valuation of around $55 billion in its forthcoming initial public offering. The Irvine-based electric truck and SUV maker is expected to raise around $8 billion in the IPO, offering 135 million shares that have been priced between $57 and $62, according to a regulatory filing published on Monday.