The New York Stock Exchange suspended trading of Bird Global stock on Monday and said it will commence proceedings to delist shares of the company’s Class A common stock. The move came in response to Bird Global’s market capitalization not maintaining a level above $15 million for 30 consecutive days, a requirement for listing on the NYSE.
Bird, which was valued at $2.5 billion in a funding round led by CDPQ and Sequoia Capital in 2019, saw losses soar 67% in 2022 over the previous year. Bird stock lost 80% of its value this year, and the company said in its August earnings report that it may need to downsize or seek bankruptcy protection if it can’t raise capital or generate sufficient cash. It has included the warning in its quarterly reports since November 2022.
However, Bird only recently acquired Spin for $19 million in a combination of cash, a vendor takeback and a $3 million holdback. Michael Washinushi, Bird’s interim CEO, said in a press release, “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 stock now trades on the OTC exchange.
