The struggling scooter company merged with Bird Canada, an independently owned micromobility business from up north, in a deal that valued it at $64 million. As Oversharing’s Alison Griswold notes, the deal was less of a merger and more of a reverse-takeover.
The big question is whether the proudly Canadian Bird Canada team is right to believe that it can turn Bird Global around and get it to profitability. The merger release says the goal is for Bird to reach adjusted EBITDA profitability on a full year basis in 2023, and presumably for straightforward EBITDA profitability to follow after that. The immediate infusion of $4 million in cash should give Bird Global some breathing room, with more to follow assuming the transaction is completed.
[oversharing.substack.com]
