LOS ANGELES and DALLAS,
Nov. 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 previously announced business
combination (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 Switchback II's issued
and outstanding shares cast votes at the Extraordinary General
Meeting.
Jim Mutrie and Scott McNeill, Co-Chief Executive Officers and
Directors of Switchback II, commented, "With the support of our
shareholders, we are pleased to help bring Bird to the public
markets. Through the leadership and innovation of Travis VanderZanden and his team, Bird has
positioned itself as a category leader in eco-friendly, electric
micromobility, which it provides to more than 350 cities globally.
We look forward to continuing to support Bird as it further
advances its mission."
Subject to the satisfaction or waiver of the closing conditions
set forth in the Business Combination Agreement, dated as of
May 11, 2021, the Business
Combination is expected to close on November
4, 2021, and the common stock and warrants of Bird Global,
Inc., the combined company ("Bird Global"), are expected to
commence trading on the New York Stock Exchange (the "NYSE") on
November 4, 2021 under the ticker
symbols, "BRDS" and "BRDS WS," respectively.
A halt will be implemented on the trading of the units of
Switchback II (NYSE: SWBK.U; "Switchback II Units") before trading
commences on the NYSE on November 4,
2021. The Switchback II Units will separate into their
component parts of Bird Global's Class A common stock and warrants
on November 4, 2021, and holders of
Switchback II Units will receive one share of Class A common stock
and one-fifth of one redeemable warrant of Bird Global. No
fractional warrants will be issued upon separation of the
Switchback II Units, and only whole warrants will trade. The
resulting shares of Class A common stock and whole warrants
following the separation of Switchback II Units are expected to
commence trading on the NYSE on November 5,
2021.
A Current Report on Form 8-K disclosing the full voting results
will be filed by Switchback II with the U.S. Securities and
Exchange Commission (the "SEC").
About Bird
Bird is an electric vehicle company
dedicated to bringing affordable, environmentally friendly
transportation solutions such as e-scooters and e-bikes to
communities across the world. Founded in 2017 by transportation
pioneer Travis VanderZanden, Bird is
rapidly expanding. Today, it provides fleets of shared micro
electric vehicles to riders in over 350 cities globally and makes
its products available for purchase at www.bird.co and via leading
retailers and distribution partners. Bird partners closely with the
cities in which it operates to provide a reliable and affordable
transportation option for people who live and work there.
About Switchback II Corporation
Switchback II was
formed for the purpose of effecting a merger, amalgamation, share
exchange, asset acquisition, share purchase, reorganization or
similar business combination with one or more businesses or
entities. Switchback II focused its search for a target business in
the broad energy transition or sustainability arena targeting
industries that require innovative solutions to decarbonize in
order to meet critical emission reduction objectives.
Forward-Looking Statements
The information in this
press release includes "forward-looking statements." All
statements, other than statements of present or historical fact
included in this press release, regarding Switchback II's proposed
business combination with Bird, Switchback II's ability to
consummate the transaction, the benefits of the transaction and the
combined company's future financial performance, as well as the
combined company's strategy, future operations, estimated financial
position, estimated revenues and losses, projected costs,
prospects, plans and objectives of management are forward-looking
statements. When used in this press release, the words "could,"
"should," "will," "may," "believe," "anticipate," "intend,"
"estimate," "expect," "project," the negative of such 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 about future
events and are based on currently available information as to the
outcome and timing of future events. Except as otherwise required
by applicable law, Switchback II and Bird disclaim any duty 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 numerous risks and uncertainties, most of which are
difficult to predict and many of which are beyond the control of
either 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 circumstances that could
delay the business combination or give rise to the termination of
the agreements related thereto; (ii) the outcome of any legal
proceedings that may be instituted against Switchback II or Bird
following announcement of the transactions; (iii) the inability to
complete the business combination due to the failure to satisfy
conditions to closing in the transaction agreement; (iv) the risk
that the proposed business combination disrupts Switchback II's or
Bird's current plans and operations as a result of the announcement
of the transactions; (v) Bird's ability to realize the anticipated
benefits of the business combination, which may be affected by,
among other things, competition and the ability of Bird to grow and
manage growth profitably following the business combination; (vi)
costs related to the business combination; (vii) changes in
applicable laws or regulations; and (viii) the possibility that
Bird may be adversely affected by other economic, business and/or
competitive factors. Should one or more of the risks or
uncertainties described in this press release occur, or should
underlying assumptions prove incorrect, actual results and plans
could different materially from those expressed in any
forward-looking statements. Additional information concerning these
and other factors that may impact the operations and projections
discussed herein can be found in Switchback II's periodic filings
with the SEC, including Switchback II's Annual Report on Form 10-K
for the fiscal year ended December 31,
2020 and any subsequently filed Quarterly Reports on Form
10-Q, and in the definitive proxy statement/prospectus filed by
Bird Global. Switchback II's and Bird Global's SEC filings are
available publicly on the SEC's website at www.sec.gov.
Investor Contact
Andrew
Tom
investor@bird.co
Media Contact
Terry
Preston
BirdPR@icrinc.com
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SOURCE Switchback II Corporation