Bird Global, the company that pioneered on-street electric scooter rentals, has filed for Chapter 11 bankruptcy protection in Florida, five years after becoming the fastest start-up ever to reach a so-called “unicorn” valuation above $1bn.
In September, the New York Stock Exchange said it would delist Bird, which went public via a blank-cheque company in 2021, after its market capitalisation fell below a $15mn threshold.
“We are making progress towards profitability and aim to accelerate that progress by right-sizing our capital structure through this restructuring,” Bird interim chief executive Michael Washinushi said on Wednesday.
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