Published Sep 22, 2023 17:50
Bird Global Inc. (NYSE:BRDS), a leading provider of environmentally friendly electric transportation, has been served with a notice from the New York Stock Exchange (NYSE) regarding the suspension of trading and commencement of delisting proceedings for the company’s Class A common stock. The action, set to take effect at the start of business on September 25, 2023, comes in response to Bird’s failure to meet an NYSE listing requirement for a market cap exceeding $15 million over a consecutive 30-day period.
Despite the impending suspension, Bird maintains that its current market cap does not accurately represent the intrinsic value of the business and has announced plans to appeal the NYSE’s determination. If successful, trading of Bird’s Class A common stock on the NYSE will resume. In the meantime, Bird’s Class A common stock intends to trade on the OTC exchange operated by OTC Markets Group Inc., starting next week.
Bird’s interim CEO, Michael Washinushi, expressed disappointment at the change in NYSE listing status but reaffirmed the company’s commitment to shareholders, employees, partners, and associated cities and institutions. He emphasized that Bird’s fundamentals remain strong and that the recent acquisition of Spin has bolstered its prospects.
Earlier this year, Bird initiated a multi-step plan aimed at enhancing financial and operational performance. The plan involved leadership and operational restructuring as well as various cost-saving initiatives. John Bitove, Chair of Bird’s Board of Directors, stated these steps were crucial in facilitating Bird’s strategic acquisition of Spin. He believes this move is pivotal in making the company cash flow positive and generating more value for its stockholders in the long term. Bitove added that they expect their strategic plan to increase stockholder value will enable them to meet NYSE listing standards in the future.
Bird, the largest micromobility operator in North America, is dedicated to providing affordable, eco-friendly transportation solutions like e-scooters and e-bikes to communities globally. The company’s services, including Bird and Spin, are available in 350 cities across Canada, the United States, Europe, the Middle East, and Australia.
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