Bird CEO eyes further e-scooter expansion after going public

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A antheral successful a suit rides an electrical BIRD rental scooter on a metropolis thoroughfare successful San Diego, California, U.S. September 4, 2018.REUTERS/Mike Blake

Nov 4 (Reuters) - Electric scooter rental institution Bird Rides plans to usage astir of the currency raised from merging with a peculiar intent acquisition institution (SPAC) to grow to caller cities and turn its concern successful existing markets, the company's apical enforcement said.

Bird is poised to merge with Switchback II Corp and commencement trading connected the New York Stock Exchange connected Thursday oregon Friday nether the ticker awesome "BRDS" successful a woody valuing the scooter startup astatine $2.3 billion. work much

The transaction should bring Santa Monica-based Bird $414 cardinal and Chief Executive Travis VanderZanden told Reuters astir 2 thirds of that wealth volition spell to expanding existing operations and different 20% should spell to launching operations successful caller cities.

"We program to proceed scaling retired to each sizes of cities successful the U.S. and Europe successful particular," VanderZanden said. "I don't deliberation our inclination of expanding to caller cities is going to dilatory down."

When Bird reported second-quarter results successful August, it said it was operating successful 300 cities worldwide. work much

VanderZanden said that fig was present person to 350 cities.

The scooter rental concern is expected to acquisition further consolidation arsenic larger operators question greater standard to grip tougher regulations from cities. work much

Bird's CEO said that arsenic concern rebounds pursuing pandemic lockdowns - rides were up 43% successful the 2nd 4th versus pre-pandemic levels successful 2019 - the institution is assured successful its 2022 gross forecast of $400 million.

"SPACs person got a spot of a atrocious sanction and that's partially due to the fact that you person companies with nary gross oregon companies putting retired chaotic forecasts that they can't present on," VanderZanden said. "We afloat mean to execute against that forecast and consciousness bully astir the numbers we’ve enactment out."

Reporting By Nick Carey; Editing by Kirsten Donovan

Our Standards: The Thomson Reuters Trust Principles.

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