Posted on 12/20/2023 11:40:01 AM PST by george76
Bird, once valued at $2.5 billion by investors, filed for Chapter 11 bankruptcy protection in Florida federal court Wednesday.
In a release, Bird said it will use the bankruptcy proceeding to facilitate a sale of its assets, which it expects to complete within the next 90 to 120 days.
Bird’s electric scooters are touted as an environmentally friendly alternative to driving and other forms of public transit.
...
Bird’s bankruptcy proceedings come after the New York Stock Exchange delisted the company in September. Bird failed to comply with the exchange’s requirements after it was unable to keep its market capitalization above $15 million for 30 consecutive days.
The company’s shares began trading on the over-the-counter exchange later that month. As of Wednesday, the stock was trading at less than $1 per share.
(Excerpt) Read more at cnbc.com ...
That’s too bad. I’ve used them and feel they fill a good need. But there are also too many alternatives and their product is too easy to destroy.
When they first came out, they were all over my neighborhood in Santa Monica. They were a nuisance and the riders would just leave them anywhere - alley’s, sidewalks, in the street. I will not miss them.
I hope I did my part by pushing them out in the parking lane so they would get run over by parkers too lazy to get out and move them back to the sidewalk.
Their business model relied on using other people’s property to store the scooters, uncompensated. I don’t recall exactly where but some towing company began impounding them.
The Bird isn’t the word.
I can almost guarantee some Deep Staters made big $ in Bird stock.
Oh no! I wonder who will do the warranty work on all the ones the city if Reno bought. Don’t count the ones in the Truckee river. 😳😁
I live in a midwest campus town that have ebike and bike rentals. When I first saw them, I wondered how the companies made any money. I live near the campus and the bikes seem to be a oneway rental. The bikes often sit for several days on sidewalks or on someone’s yard. The companies have to pick them up to relocate them and charge the ebikes. Also the weather sucks for at least 4 months out of the year.
I don’t always applaud business failure but in this case: CLAP CLAP CLAP!
Terrible business model, they slick-talked lost of cities into hosting their dangerous and unnecessary scooters that were never properly picked up, charged, or maintained as promised. Nothing but cheap thrills for kiddos who can con mom out of her credit card. Good riddance.
Say it loud
Say it proud
Free Govt Money
Also, a deadly weapon, under the control of teenage boys, who silently approach and pass sidewalk pedestrians from behind, with inches to spare, at 20 mph.
A rip-off. It cost me $20 to ride across town to pick up my car from the repair shop. I had to use side streets and could only go 15 mph.
At Texas A&M the e-bikes end up in trees and on top of buildings.
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Well you have to keep the AGGIES occupied in various ways.
Sometimes it doesn't take much.
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