NYSE threatens to remove this company from its listing

The New York Stock Exchange (the "NYSE") has informed Bird Global, Inc. ("Bird" or the "Company") (NYSE:BRDS), a pioneer in environmentally friendly electric transport, that it is in violation of Section 802.01C of the NYSE Listed Company Manual because the average closing price of the Company's Class A Common Stock over a string of 30 consecutive trading days was less than $1.00. 

In order to maintain its listing on the New York Stock Exchange (NYSE), scooter business must improve its financials. By July 5, 2022, the Company plans to inform the NYSE of its intention to correct the stock price deficit and be back in line with the exchange's compliance criteria.

The NYSE's non-compliance note does not result in Bird's immediate delisting; rather, it is a first step giving Bird six months to return to compliance, which includes maintaining an average share price of $1 over the course of 30 trading days and having a share value above $1 on the last trading day of that month. In its press announcement, Bird states that it will be evaluating a range of options, including a reverse stock split depending shareholder authorization.

Since its launch through a SPAC merger in November of last year, Bird's share price has been on a steady decline. Since about mid-May, when after it released its first quarterly earnings report for 2022, the closing price has consistently been less than $1 per share.

Revenue, gross margins, and ride profit all decreased from one quarter to the next, however ride profit increased significantly from one year to the next.

On the trading day, the share price of Bird was $0.5558.

According to Sections 27A of the Securities Act of 1933, as amended, and Sections 21E of the Securities Exchange Act of 1934, as amended, this press release contains "forward-looking statements." These statements typically include terms that refer to anticipated future events or consequences and reflect a view, expectation, or desire.

The ability of the Company to resume compliance with the standards of the NYSE within the applicable assigned period, its ability to continue complying with stated listing standards of the NYSE, and the other factors listed in Part I, Item 1A - "Risk" are among the risks and uncertainties that could prevent actual results and developments from meeting expectations and projections. These admonitions serve to qualify all of the forward-looking statements in the press release.

 

About BIRD

Bird is an electric vehicle manufacturer committed to providing communities all around the world with accessible, green mobility options like e-scooters and e-bikes. Travis VanderZanden, a pioneer in transportation, founded Bird in 2017, is quickly growing. Today, it offers fleets of shared mini electric vehicles to users in more than 400 cities across the world, and it sells its goods online at www.bird.co as well as through reputable merchants and distribution partners. To give residents and workers in the communities where it operates a safe and inexpensive transportation choice, Bird works closely with those cities.