Bird Plans for Growth in Cities Like San Diego, While Bringing Scooters to New Markets

FILE PHOTO: A man in a suit rides an electric BIRD rental scooter along a street in San Diego, U.S. September 4, 2018. REUTERS/Mike Blake

Electric scooter rental company Bird plans to use most of the cash raised from merging with a special purpose acquisition company (SPAC) to expand and grow, the company’s top executive said.

Bird is poised to merge with Switchback II Corp and started trading on the New York Stock Exchange on Friday under the ticker symbol “BRDS.” The deal valued the scooter startup at $2.3 billion.

The transaction should bring Santa Monica-based Bird $414 million.

Chief Executive Travis VanderZanden told Reuters around two thirds of that money will go to expanding existing operations in cities like San Diego. Another 20% should go to launching operations in new cities.

“We plan to continue scaling out to all sizes of cities in the U.S. and Europe in particular,” VanderZanden said. “I don’t think our trend of expanding to new cities is going to slow down.”

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