Shared micromobility company Bird’s share price fell 10.8%, or about two cents, in after-hours trading after the company said it would issue a reverse stock split. The move is Bird’s attempt to get back into compliance with the New York Stock Exchange after it received a delisting notice for trading too low.
The news comes a week after Bird reported poor first-quarter earnings, in which the company recorded a decrease in both revenue and ridership numbers. Bird was able to bring costs down, but it wasn’t enough to convince investors that the scooter company could achieve profitability.
The NYSE first issued Bird a delisting notice last June after its share price was trading below $1 over a period of 30 consecutive trading days. Despite a flurry of cost-cutting measures — including dropping business lines, laying off staff, executive restructuring and leaving dozens of unprofitable markets — Bird has been unable to bring its stock price back into compliance territory.
“We’ve heard the message very clearly from our shareho …
