Scooter Startup Bird Goes Bankrupt After 2021 SPAC -- MarketWatch

Dow Jones2023-12-21

Electric-vehicle company Bird Global Inc. (BRDS) on Wednesday filed for chapter 11 bankruptcy with an agreement to sell some of its assets to its existing lenders. The six-year-old firm, which went public in late 2021 but was delisted from the New York Stock Exchange after its share price plummeted, said in a press release it will continue operations in an effort to reach "long-term, sustainable growth." BIrd's descent comes after European scooter company Tier laid off 22% of its workforce in November. In recent months, Berlin-based e-scooter startup unu, Swedish electric-truck maker Volta Trucks, and Dutch e-bike maker VanMoof all declared bankruptcy.

-Jon Swartz

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December 20, 2023 13:43 ET (18:43 GMT)

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