The New York Stock Exchange suspended trading of Bird Global stock on Monday and stated it can begin proceedings to delist shares of the corporate’s Class A typical inventory. The transfer got here in response to Bird Global’s market capitalization not sustaining a degree above $15 million for 30 consecutive days, a requirement for itemizing on the NYSE.
Bird, which was valued at $2.5 billion in a funding spherical led by CDPQ and Sequoia Capital in 2019, noticed losses soar 67% in 2022 over the earlier yr. Bird inventory misplaced 80% of its worth this yr, and the corporate stated in its August earnings report that it might have to downsize or search chapter safety if it will probably’t elevate capital or generate enough money. It has included the warning in its quarterly studies since November 2022.
However, Bird solely not too long ago acquired Spin for $19 million in a mix of money, a vendor takeback and a $3 million holdback. Michael Washinushi, Bird’s interim CEO, stated in a press launch, “We firmly believe that [Bird Global’s] current market cap does not reflect the intrinsic value of the Company. And while disappointing, this change in our listing status on the NYSE does not alter our commitment to our shareholders, our valued employees across Bird and Spin, our partners and the many global cities and institutions with which we work.” Bird Global inventory now trades on the OTC alternate.
