Electric scooters: Bird’s arrival on Wall Street, Lime’s bets in 2022

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The company recovered approximately $414 million from the deal. (Photo: 123RF)

NEW YORK – US self-service scooter and e-bike rental company made its debut on Wall Street on Friday as rival Lime announced it has raised $523 million pending a possible initial public offering in 2022.

Bird, which was founded in 2017 and is now present in 350 cities, has chosen to join SPAC Switchback II, a defunct company already listed in New York.

Their merger was formalized Friday with Bird’s arrival under the symbol NRDS on the New York Stock Exchange, where the company is worth about $2.4 billion.

A statement said the company recovered about $414 million in the deal, which it wants to use for growth.

A letter on Lime, for its part, said it wanted to use the $523 million raised through loans to continue its expansion into new cities and fund innovations.

The Californian company claims to have nearly double the number of subscribers per month in 2021 than its nearest competitor and to be the leader in Europe and the United States. In addition to Bird, startups in particular are facing Tier, Voi, Dott or Wind.

The group is pleased to negotiate with major cities such as London, Paris and San Francisco for permits. Now offering over 200,000 scooters and bikes.

Wayne Ting, CEO of Lime, mentioned in the post his intention to go public with the company in 2022, but did not give details on the timeline. He also did not specify whether he intended to do a traditional introduction or via Spac.

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