LOS ANGELES, Oct. 14, 2021 /PRNewswire/ -- Bird Rides,
Inc. ("Bird" or the "Company"), a leader in environmentally
friendly electric transportation, today announced that it has
secured commitments from Apollo Investment Corporation (NASDAQ:
AINV) and MidCap Financial Trust (each managed or advised by Apollo
Capital Management, L.P. or its affiliates, collectively "Apollo")
to upsize its existing $40 million vehicle financing credit
facility to $150 million, subject to
the closing of the previously announced business combination with
Switchback II Corporation ("Switchback II"; NYSE: SWBK).
Yibo Ling, Chief Financial
Officer at Bird, commented, "We are pleased to have delivered
against our stated objective to expand our vehicle financing
capabilities through the upsizing of our credit facility. This
commitment from Apollo reflects further confidence in the strong
cash generating capabilities of our electric vehicle fleet enabled
by our multi-year track record of over 100 million rides. With the
increased liquidity provided by the upsized facility, we believe we
are well positioned to support our expansion plans."
Apollo Managing Director, Aaron
Kless said, "We are pleased to support Bird through the
upsizing of the credit facility, helping the Company to enhance its
vehicle financing capabilities and execute on its strategy. Bird
has demonstrated strong performance and we look forward to
continuing to work with the Company as it nears completion of its
public listing."
Switchback II Shareholder Vote
As previously
announced, the Extraordinary General Meeting of Switchback II to
vote on the business combination with Bird is scheduled to be held
on November 2, 2021, at 10:00 a.m., Eastern time. The closing of the
business combination is subject to approval by Switchback II's
shareholders and the satisfaction of other customary closing
conditions.
Every vote is important and Switchback II encourages all
shareholders to make their voice heard by voting as soon as
possible, regardless of the number of shares held. For information
on the meeting and how to vote please go to
https://swbk2.com/vote/.
About Bird
Bird is an electric vehicle company dedicated to bringing
affordable, environmentally friendly transportation solutions such
as e-scooters and e-bikes to communities across the world. Founded
in 2017 by transportation pioneer Travis
VanderZanden, Bird is rapidly expanding. Today, it provides
fleets of shared micro electric vehicles to riders in more than 300
cities globally and makes its products available for purchase at
www.bird.co and via leading retailers and distribution partners.
Bird partners closely with the cities in which it operates to
provide a reliable and affordable transportation option for people
who live and work there.
About Switchback II Corporation
Switchback II was
formed for the purpose of effecting a merger, amalgamation, share
exchange, asset acquisition, share purchase, reorganization or
similar business combination with one or more businesses or
entities. Switchback II focused its search for a target business in
the broad energy transition or sustainability arena targeting
industries that require innovative solutions to decarbonize in
order to meet critical emission reduction objectives.
Important Information About the Proposed Transaction and
Where to Find It
In connection with the proposed business
combination, Bird Global, Inc. ("Bird Global") filed a registration
statement on Form S-4 (File No: 333-256187) (as amended, the
"Registration Statement") with the U.S. Securities and Exchange
Commission (the "SEC"). The Registration Statement includes a
prospectus of Bird Global and a proxy statement of Switchback II.
The Registration Statement has been declared effective by the SEC
and the definitive proxy statement/prospectus has been mailed to
Switchback II shareholders. Additionally, Switchback II and Bird
Global filed and will file other relevant materials with the SEC in
connection with the business combination. Copies may be obtained
free of charge at the SEC's web site at www.sec.gov. Security
holders of Switchback II are urged to read the proxy
statement/prospectus and the other relevant materials before making
any voting decision with respect to the proposed business
combination because they contain important information about the
business combination and the parties to the business combination.
The information contained on, or that may be accessed through, the
websites referenced in this press release is not incorporated by
reference into, and is not a part of, this press release.
Participants in the Solicitation
Switchback II and
its directors and officers may be deemed participants in the
solicitation of proxies of Switchback II's shareholders in
connection with the proposed business combination. Bird and its
officers and directors may also be deemed participants in such
solicitation. Security holders may obtain more detailed information
regarding the names, affiliations and interests of certain of
Switchback II's executive officers and directors in the
solicitation by reading Switchback II's Annual Report on Form 10-K
for the fiscal year ended December 31,
2020, and the proxy statement/prospectus and other relevant
materials filed with the SEC in connection with the business
combination. Information concerning the interests of Switchback
II's participants in the solicitation, which may, in some cases, be
different than those of their shareholders generally, is set forth
in the proxy statement/prospectus relating to the business
combination.
Forward-Looking Statements
The information in this
press release includes "forward-looking statements." All
statements, other than statements of present or historical fact
included in this press release, regarding Switchback II's proposed
business combination with Bird, Switchback II's ability to
consummate the transaction, the benefits of the transaction and the
combined company's future financial performance, as well as the
combined company's strategy, future operations, estimated financial
position, estimated revenues and losses, projected costs,
prospects, plans and objectives of management are forward-looking
statements. When used in this press release, the words "could,"
"should," "will," "may," "believe," "anticipate," "intend,"
"estimate," "expect," "project," the negative of such terms and
other similar expressions are intended to identify forward-looking
statements, although not all forward-looking statements contain
such identifying words. These forward-looking statements are based
on management's current expectations and assumptions about future
events and are based on currently available information as to the
outcome and timing of future events. Except as otherwise required
by applicable law, Switchback II and Bird disclaim any duty to
update any forward-looking statements, all of which are expressly
qualified by the statements in this section, to reflect events or
circumstances after the date of this press release. Switchback II
and Bird caution you that these forward-looking statements are
subject to numerous risks and uncertainties, most of which are
difficult to predict and many of which are beyond the control of
either Switchback II or Bird. In addition, Switchback II and Bird
caution you that the forward-looking statements contained in this
press release are subject to the following factors: (i) the
occurrence of any event, change or other circumstances that could
delay the business combination or give rise to the termination of
the agreements related thereto; (ii) the outcome of any legal
proceedings that may be instituted against Switchback II or Bird
following announcement of the transactions; (iii) the inability to
complete the business combination due to the failure to obtain
approval of the shareholders of Switchback II, or other conditions
to closing in the transaction agreement; (iv) the risk that the
proposed business combination disrupts Switchback II's or Bird's
current plans and operations as a result of the announcement of the
transactions; (v) Bird's ability to realize the anticipated
benefits of the business combination, which may be affected by,
among other things, competition and the ability of Bird to grow and
manage growth profitably following the business combination; (vi)
costs related to the business combination; (vii) changes in
applicable laws or regulations; and (viii) the possibility that
Bird may be adversely affected by other economic, business and/or
competitive factors. Should one or more of the risks or
uncertainties described in this press release occur, or should
underlying assumptions prove incorrect, actual results and plans
could different materially from those expressed in any
forward-looking statements. Additional information concerning these
and other factors that may impact the operations and projections
discussed herein can be found in Switchback II's periodic filings
with the SEC, including Switchback II's Annual Report on Form 10-K
for the fiscal year ended December 31,
2020 and any subsequently filed Quarterly Reports on Form
10-Q, and in the definitive proxy statement/prospectus filed by
Bird Global. Switchback II's and Bird Global's SEC filings are
available publicly on the SEC's website at www.sec.gov.
No Offer or Solicitation
This press release shall not
constitute a solicitation of a proxy, consent, or authorization
with respect to any securities or in respect of the proposed
transaction. This press release shall also not constitute an offer
to sell or the solicitation of an offer to buy any securities, nor
shall there be any sale of securities in any states or
jurisdictions in which such offer, solicitation, or sale would be
unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. No offering of securities
shall be made except by means of a prospectus meeting the
requirements of Section 10 of the Securities Act of 1933, as
amended.
Investor Contact
Andrew
Tom
investor@bird.co
Media Contact
Matthew
Lindberg
BirdPR@icrinc.com
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SOURCE Switchback II Corporation