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.
Bird said it would operate as normal during the restructuring process. Its European and Canadian businesses are not part of the bankruptcy filing.
Founded by former Uber and Lyft executive Travis VanderZanden in Los Angeles in 2017, Bird spawned dozens of copycat companies around the world but e-scooter rentals have struggled to reach consistent profitability, amid regulatory strictures, safety concerns, and high capital and operating costs.
