Current:Home > StocksElectric scooter company Bird files for bankruptcy. It was once valued at $2.5 billion.-LoTradeCoin
Electric scooter company Bird files for bankruptcy. It was once valued at $2.5 billion.
View Date:2024-12-23 19:45:21
Once valued at $2.5 billion, transportation company Bird filed for Chapter 11 bankruptcy protection in federal court in Florida on Wednesday, the company said in a news release.
The company, known for its trendy electric scooters, is in a "stalking horse" agreement where it will use the bankruptcy proceeding to ease the sale of its assets within the next 90 to 120 days, the company said.
"The bid is subject to higher and better offers, and is aimed at maximizing value for all stakeholders," Bird said.
Bird Canada and Bird Europe are not part of the filing and continue to operate as normal, the company added.
When did trouble begin brewing for Bird?
The Miami-based company, founded in 2017, began facing economic turmoil in 2020 when the pandemic forced customers into lockdown. The scooters were advertised as an environmentally friendly alternative to driving, walking or other public transit methods along with competitors like Lime Micromobility.
The company raised over $275 million in 2019 and pushed its valuation to $2.5 billion before dwindling the following year. In 2021, Bird went public when it merged with a special purpose acquisition company, with its share price decreasing.
In September, the New York Stock Exchange delisted the Bird after the company failed to meet the necessary requirements of keeping its market capitalization above $15 million for 30 consecutive days.
The company’s shares started trading on the over-the-counter exchange later and its stock traded at less than $1 per share as of Wednesday.
"Bird riders have traveled over 300 million miles globally, offsetting an estimated 90 million pounds of carbon emissions from avoided car trips, and playing a pivotal role in hundreds of cities' sustainability goals while making alternative transportation convenient, efficient, and fun," the release said.
The best gadgets of 2023:Robot dogs, e-tricycles and screen-free toys?
veryGood! (6424)
Related
- Gold is suddenly not so glittery after Trump’s White House victory
- Who Is Jana Duggar’s Husband Stephen Wissmann? Everything to Know About the Business Owner
- Shannen Doherty's Mom Rosa Speaks Out After Actress' Death
- How Lubbock artists pushed back after the city ended funding for its popular art walk
- Dave Coulier Says He's OK If This Is the End Amid Stage 3 Non-Hodgkin’s Lymphoma Battle
- Did Dakota Johnson and Chris Martin Break Up? Here’s the Truth About Their Engagement
- IOC gives Romania go-ahead to award gymnast Ana Barbosu bronze medal after CAS ruling
- Recalled cucumbers in salmonella outbreak sickened 449 people in 31 states, CDC reports
- Deebo Samuel explains 'out of character' sideline altercation with 49ers long snapper, kicker
- Everything at Old Navy Is 40% off! Build Your Fall Fit with $20 Jeans, $7 Tops, $17 Dresses & More
Ranking
- Jason Kelce Offers Up NSFW Explanation for Why Men Have Beards
- Ohio deputy fired more than a year after being charged with rape
- ESPN fires football analyst Robert Griffin III and host Samantha Ponder, per report
- Texas couple charged with failing to seek medical care for injured 12-year-old who later died
- Record-setting dry conditions threaten more US wildfires, drinking water supplies
- Newlyweds and bride’s mother killed in crash after semitruck overturns in Colorado
- Ryan Reynolds Reacts to Deadpool's Box Office Rivalry With Wife Blake Lively's It Ends With Us
- Watch as frantic Texas cat with cup stuck on its head is rescued, promptly named Jar Jar
Recommendation
-
Roster limits in college small sports put athletes on chopping block while coaches look for answers
-
Jordan Chiles breaks silence on Olympic bronze medal controversy: 'Feels unjust'
-
Peter Marshall, 'Hollywood Squares' host, dies at 98 of kidney failure
-
Rail bridge collapses on US-Canada border
-
Amazon Black Friday 2024 sales event will start Nov. 21: See some of the deals
-
Don't Miss Out on lululemon's Rarest Finds: $69 Align Leggings (With All Sizes in Stock), $29 Tops & More
-
Peter Marshall, 'Hollywood Squares' host, dies at 98 of kidney failure
-
Could Alex Murdaugh get new trial for South Carolina murders of wife and son?