LOS ANGELES and DALLAS, November 2, 2021 / PRNewswire / – Switchback II Corporation (NYSE: SWBK; “Switchback II”) announced that its shareholders have voted to approve the business combination (approximately 98% voted in favor) and all other proposals related to the business combination. previously announced (the “Business Combination”) with Bird Rides, Inc. (“Bird”) at its Extraordinary General Meeting (the “Extraordinary General Meeting” held today, November 2, 2021. Holders of approximately 79% of the issued and outstanding shares of Switchback II vote at the Extraordinary General Meeting.
Jim mutrie and Scott McNeill, Co-CEOs and Directors of Switchback II, said: “With the support of our shareholders, we are delighted to help bring Bird to the public market. Thanks to the leadership and innovation of Travis Vander Zanden and his team, Bird has positioned itself as a leader in the category of ecological electric micromobility, which it supplies to more than 350 cities around the world. We look forward to continuing to support Bird as he advances his mission. ”
Subject to the satisfaction or waiver of the closing conditions set out in the Business Combination Agreement, dated May 11, 2021, the Business Combination should be completed on November 4, 2021, and the common shares and warrants of Bird Global, Inc., the combined company (“Bird Global”), are expected to begin trading on the New York Stock Exchange (the “NYSE”) on November 4, 2021 under the ticker symbols, “BRDS” and “BRDS WS”, respectively.
A stop will be put in place on trading in Switchback II units (NYSE: SWBK.U; “Switchback II Units”) before the start of trading on the NYSE on November 4, 2021. The Switchback II units will be separated into their components from the Class A ordinary shares of Bird Global and the warrants on November 4, 2021, and holders of Switchback II units will receive one Class A common share and one-fifth of a Bird Global redeemable warrant. No Split Warrants will be issued upon separation of the Switchback II Units, and only whole Warrants will be traded. The Class A common shares and whole warrants resulting from the separation of the Switchback II units are expected to begin trading on the NYSE on November 5, 2021.
A current report on Form 8-K disclosing the complete voting results will be filed by Switchback II with the United States Securities and Exchange Commission (the “SEC”).
Bird is an electric vehicle company dedicated to bringing affordable and environmentally friendly transportation solutions, such as electric scooters and bicycles, to communities around the world. Founded in 2017 by a transport pioneer Travis Vander Zanden, Bird is booming. Today, it supplies fleets of shared micro-electric vehicles to cyclists in more than 350 cities around the world and makes its products available for purchase at www.bird.co and through major retailers and distribution partners. Bird works closely with the cities in which it operates to provide a reliable and affordable transportation option for the people who live and work there.
About Switchback II Corporation
Switchback II was formed for the purpose of effecting a merger, merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more companies or entities. Switchback II has focused its search for a target company in the broad field of energy transition or sustainability by targeting industries that need innovative solutions to decarbonise themselves in order to achieve critical emissions reduction targets.
The information contained in this press release includes “forward-looking statements”. All statements, other than statements of present or historical fact included in this press release, regarding the proposed business combination of Switchback II with Bird, the ability of Switchback II to complete the transaction, the benefits of the transaction and the future financial performance of the combined company, as well as the strategy of the combined company, future operations, estimated financial position, estimated income and loss, projected costs, outlook, plans and objectives of management are statements prospective. When used in this press release, the words “could”, “should”, “will”, “may”, “believe”, “anticipate”, “intend”, “estimate”, ” expect ”,“ project ”, the negative of these terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management’s current expectations and assumptions regarding future events and are based on information currently available as to the outcome and timing of future events. Except as otherwise provided by applicable law, Switchback II and Bird disclaim any obligation to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release. . Switchback II and Bird caution you that these forward-looking statements are subject to many risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Switchback II or Bird. In addition, Switchback II and Bird caution you that the forward-looking statements contained in this press release are subject to the following factors: (i) the occurrence of any event, change or other circumstance which could delay the business combination or give rise to termination of related agreements; (ii) the outcome of any legal proceedings which may be brought against Switchback II or Bird following the announcement of the transactions; (iii) the inability to complete the business combination due to non-compliance with the closing conditions of the transaction agreement; (iv) the risk that the proposed business combination will disrupt the current plans and operations of Switchback II or Bird following the announcement of the transactions; (v) Bird’s ability to realize the expected benefits of the business combination, which may be affected, among other things, by competition and Bird’s ability to grow and manage its growth profitably after the business combination ; (vi) costs associated with business combinations; (vii) changes in applicable laws or regulations; and (viii) the possibility that Bird will be adversely affected by other economic, commercial and / or competitive factors. If one or more of the risks or uncertainties described in this press release occur, or if the underlying assumptions prove to be incorrect, actual results and plans could differ materially from those expressed in the forward-looking statements. Additional information regarding these and other factors that may impact the operations and projections discussed in this document can be found in Switchback II’s periodic filings with the SEC, including the Switchback II Annual Report. on Form 10-K for the closed fiscal year. December 31, 2020 and any quarterly report subsequently filed on Form 10-Q and in the Management Proxy Circular / Final Prospectus filed by Bird Global. The SEC filings of Switchback II and Bird Global are publicly available on the SEC’s website at www.sec.gov.
SOURCE Switchback II Corporation