マイクロモビリティのBirdがSPAC合併で間もなく上場との報道

今回は「マイクロモビリティのBirdがSPAC合併で間もなく上場との報道」についてご紹介します。

関連ワード （Bird、SPAC、電動キックスクーター等） についても参考にしながら、ぜひ本記事について議論していってくださいね。

本記事は、TechCrunch様で掲載されている内容を参考にしておりますので、より詳しく内容を知りたい方は、ページ下の元記事リンクより参照ください。

2020年に流行になった特別買収目的会社（SPAC）との合併を通じて上場するEV（電気自動車）会社の動きに、マイクロモビリティのスタートアップが続いている。

カリフォルニアで創業され、現在、米国、欧州、中東の100以上の都市で事業を展開しているマイクロモビリティ会社Bird Rides（バードライズ）がダラス拠点のSPAC、Switchback II Corporationとの合併を計画しているとdot.LA.が報じている。Switchbackは2019年創業で、石油・ガス掘削会社RSP Permianの元幹部であるScott McNeill（スコット・マックネイル）氏とJim Mutrie（ジム・ムツリ）氏が率いている。

Birdは、従来のIPOを回避し、トレンドとなっているSPACツールを選んだ2021年2社目のスクーター企業だ。欧州と米国で事業を展開しているマイクロモビリティスタートアップHelbizも2021年2月にSPACのGreenVision Acquisition Corpとの合併を通じて公開企業となった。多くのマイクロモビリティ企業が2020年のパンデミックの間に乗車が減ったため、資本にすばやくアクセスしようと従来のIPOのように時間と費用をかける必要がないSPACルートを取る企業はまだ出てくるかもしれない。

関連記事：マイクロモビリティHelbizがSPACと合併しゴーストキッチン事業へ参入

Birdはコメントの求めに応じなかった。

2020年初めに同社は28億5000万ドル（約3104億円）と評価された。パンデミックで同社は苦戦し、dot.LAが確認したプレゼン資料によると、2020年の売上高は前年比37％減の9500万ドル（約103億円）となった。2020年に同社は経費削減のために、全従業員の約30％にあたる406人を解雇した。

プレゼン資料によると、間もなく行われる合併取引ではBirdを2020年のバリュエーションを下回る23億ドル（約2505億円）と評価した。この合併でBirdは現金を手にすることができ、同社はおそらくこの金で借金を返済し、収益化を目指して欧州事業の拡大にも資金を注ぐ。同社は先月、欧州50都市に参入して欧州事業を倍に拡大するために1億5000万ドル（約163億円）を注入すると発表した。

関連記事：スクーターシェアのBirdが欧州での拡張計画に約160億円を注入、拠点数を倍に

プレゼン資料では、他にも財務やスクーター乗車についての詳細が示されている。例えばBirdは損失を2021年9600万ドル（約105億円）に、2022年に2800万ドル（約30億円）に縮小した後、2023年には黒字化を達成すると予想している。黒字化を達成するために2023年の売上高は8億1500万ドル（約888億円）とする必要がある。そして同社は2021年に1億8800万ドル（約205億円）の売上高を予想している。

「スライドに含まれているBirdの財務状況は、同社が2017年以来調達してきた現金11億ドル（約1198億円）をあっという間に使ってきたことを示している。2019年の調整後EBITA損失は2億2600万ドル（約246億円）で、2020年は1億8300万ドル（約199億円）の赤字だった」とdot.LAは書いている。

プレゼン資料はまた、スクーター乗車がロックダウン後にリバウンドしていることも示している。2021年4月の売上高は前年比81％増となったが、これは主に春の気候のためかもしれない。

Birdはニューヨーク市がブロンクスで行う電動スクーター試験事業の認可をこのほど勝ち取った3社のうちの1社だ。同社はパリ、シカゴ、サンフランシスコでの入札では負けたが、ニューヨークでの認可獲得は同社の将来の見通しに貢献するかもしれない。都市がマイクロモビリティシェアリングにとって好ましい環境を整備するにつれ、改良されたハードウェアが出てきている。そして、業界は統合が進み、Birdにとっては急成長が達成可能になりつつある。

BirdがSPAC合併をCredit Suisseと協議している、とBloombergが2020年11月に最初に報じた。そしてThe Informationによると、Birdは既存投資家から転換社債で1億ドル（約109億円）を調達したが、Birdはその取引をまだ認めていない。

画像クレジット：Natasha Lomas/TechCrunch / Natasha Lomas/TechCrunch

【原文】

Micromobility startups are following the lead of EV companies going public via mergers with special purpose acquisition companies, a financial instrument that came back en vogue in 2020.

Bird Rides, the California-born micromobility company that now operates in more than 100 cities across the United States, Europe and the Middle East, plans to merge with Dallas-based blank-check company Switchback II Corporation, reports dot.LA. Switchback was formed in 2019 and led by former executives at oil and gas driller RSP Permian, Scott McNeill and Jim Mutrie.

Bird is the second scooter company this year to eschew the traditional IPO path and instead opt for the trendy SPAC tool. In February, Helbiz, a micromobility startup in Europe and the U.S., also became a public company via SPAC in a merger with GreenVision Acquisition Corp. Many micromobility companies saw ridership fall during the pandemic last year, so we might expect to see more go the SPAC route in order have access to capital quickly, without the time or expense of a traditional IPO process. 

Bird has not responded to a request for comment. 

At the start of 2020, Bird was valued at $2.85 billion. It has had its struggles, particularly during the pandemic when revenue dropped to $95 million in 2020, a 37% decrease from the previous year, according to the pitch deck viewed by dot.LA. In 2020, Bird laid off 406 employees, or about 30% of its workforce, to cut costs.

The impending transaction valued the company at $2.3 billion below its valuation last year, according to the pitch deck. With this merger, Bird will have access to cash, which the company will likely use to pay off its debts and fund its European expansion in a push for profitability. Last month, the company announced intentions to spend $150 million to double its European operations by expanding to 50 new cities . 

The pitch deck reveals a number of other financial and ridership details. For instance, Bird expects to achieve profitability by 2023 after trimming this year’s losses to $96 million and next year’s to $28 million. It would also need to make $815 million in revenue in 2023 to be profitable, and the company expects to make $188 million this year. 

“The financials included in the slides reveal a company quickly burning through the $1.1 billion of cash it has raised since 2017, with a $226 million adjusted EBITA loss in 2019 and a $183 million loss last year,” writes dot.LA.

The pitch deck also shows ridership rebounds after the lockdown, with an 81% increase in topline revenue over the past month, but much of that could be attributed to springtime weather.

Bird is one of the three cities that recently won a permit to operate in New York City’s pilot e-scooter program in the Bronx , a win that might be contributing to the company’s future prospects, even as it lost bids for Paris, Chicago and San Francisco. As more cities are creating a favorable regulatory environment for shared micromobility, better hardware continues to emerge and the industry further consolidates, making high growth an achievable possibility for the company. 

Bloomberg first reported Bird’s conversations with Credit Suisse to go SPAC in November last year, and according to The Information, Bird has been raising $100 million in convertible debt from its existing investors, debt that could be converted into stock, but the company hasn’t confirmed the deal yet. 

（文：Rebecca Bellan、翻訳：Nariko Mizoguchi）

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The SPAC raised about raised $450 million through an initial public offering in January. San Francisco-based Sonder, which offers refurbished properties for short-term rentals, works with real ...

Thyssenkrupp Considers IPO, SPAC for Hydrogen Business ...

Merz, in a call with analysts, added options could include an initial public offering or a deal with a special purpose acquisition company (SPAC) and that the investment bank was supposed to come ...

Planning For the First Days as a Public Company After a ...

The post-SPAC company can emerge in a much more complex tax situation than prior to the SPAC transaction. Many of these complexities relate to the resulting tax structure, which is designed to accommodate both the legacy owners of the company and the shareholders of the SPAC. For additional information contact: Hiral Shah

Your Clients Don't Think You're as Innovative as You Do ...

SPAC PAYBACK? - Gordon Rees Scully Mansukhani filed a $4 million breach-of-contract lawsuit Friday in New York Southern District Court on behalf of Stifel, Nicolaus & Company. The suit pursues ...

A Wave of SPAC Litigation is Coming: Report | DealFlow's ...

Litigators at Latham & Watkins and Quinn Emanuel Urquhart & Sullivan held webinars last week to discuss the wave of cases they’re expecting to see in the wake of all the deal activity involving SPACs, Litigation Daily reports. Off-the-mark performance projections and misaligned incentives between SPAC sponsors and investors will be key areas of dispute. Read more.

How to Plan for the First Days as a Public Company after a ...

The post-SPAC company can emerge in a much more complex tax situation than prior to the SPAC transaction. Many of these complexities relate to the resulting tax structure which is designed to accommodate both the legacy owners of the company and the shareholders of the SPAC.

Ginkgo Bioworks To Go Public In $17.5 Billion Deal With ...

Synthetic biology pioneer Ginkgo Bioworks agreed to go public in a $17.5 billion SPAC deal.