BRDS Bird Global Inc

By Will Feuer

Bird Global Inc. said it has secured new financing from a group of new investors as the company looks to focus on core operations and establish a sustainable path forward.

Bird Global, which provides rental e-scooters and e-bikes, said it has raised almost $33 million so far this year "from a variety of new investors." Bird said it expects to raise up to $10 million more in additional funding as part of its latest round, citing additional investor interest.

The news sent shares almost 18% higher to 13 cents in premarket trading. Over the past 12 months, the stock is down almost 96%.

"With spring just beginning, we are entering the season of positive free cash flow," Chief Executive Shane Torchiana said. "Coupled with the adjustments we've made to operating cost and our footprint for the year, we are well on our way to building a self-sustaining business."

Write to Will Feuer at Will.Feuer@wsj.com

(END) Dow Jones Newswires

March 21, 2023 08:27 ET (12:27 GMT)

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