Shares of Switchback II Corporation are off more than 14% in morning trading today, appearing to sell off sharply in the wake of news that the blank-check company’s merger with scooter company Bird has been approved by shareholders. Shares of the SPAC were off as far as 20% before recovering.
dot.LA first spotted the vote news; Bird is based in the Los Angeles metropolitan agglomeration.
News broke in May that Bird was looking at a SPAC-led debut on the public markets. A few days later, the deal was confirmed, including an expected valuation of around $2.3 billion for Bird when it began to trade. Precisely what the company will be worth in light of Switchback II’s share price declines, but the number could be lower than the headline figure from early merger disclosures.
Via YCharts
When the Bird deal was first announced, TechCrunch was broadly skeptical of its historical economics. The company’s early business model of buying scooters and renting them out l …
