Bird, the electric scooter company, is grappling with significant financial hurdles and recently found itself delisted from the New York Stock Exchange (NYSE). The situation has raised concerns about the company’s future prospects.<\/p>\n
Bird’s troubles extend beyond its stock exchange woes. The company lost its bid to secure the domain Bird.com and had to settle for Bird.co. Additionally, it has faced a tumultuous journey since its early success.<\/p>\n
In 2019, Bird managed to raise an impressive $500 million, with a valuation of $2.5 billion. However, it soon became clear that the company was part of a wave of overvalued firms created by venture capital firms.<\/p>\n
Bird’s decision to go public through a merger with a Special Purpose Acquisition Company (SPAC) also raised eyebrows. Historically, very few companies that have gone public through SPACs have performed well, making this a concerning move<\/p>\n
Adding to the uncertainty, Bird appointed Michael Washinushi as interim CEO in August, a move that often raises questions about a company’s stability. Washinushi, who had previously served as CFO, joined Bird in January and was part of the leadership during the company’s struggles<\/p>\n
Bird had a weak excuse about its delisting. \u201cThe Company does not believe the current market cap is reflective of the intrinsic value of the business and intends to appeal this determination by the NYSE.\u201d Hundreds, if not thousands, of investors do not agree. They have driven the stock from a 52-week high of $11.50 to $.90.<\/p>\n \t\t\t\t