Bird Global, Inc. (NYSE:BRDS, ", Bird", ))))), a leader in environmentally friendly electric transportation, today announced that its Board of Directors has approved a one-for-twenty-five (1/25) reverse stock split of its Class A common stock and Class X common stock. The reverse stock split was approved by Bird's stockholders at a Special Meeting of Stockholders held on May 18, 2023. The reverse stock split will become effective as of 5:00 pm Pacific Time today, May 18, 2023. Bird's Class A common stock will continue to trade on The New York Stock Exchange ("NYSE") under the symbol "BRDS" and will begin trading on a split-adjusted basis when the market opens on May 19, 2023. Bird's publicly traded warrants will continue to trade under the symbol "BRDS WS". The new CUSIP number for the Class A common stock following the reverse split will be 09077J206.
"We've heard the message very clearly from our shareholders, a reverse split expands our opportunities to attract investors as we remain focused on our goal of being cash generative as a business in 2023," said Shane Torchiana, CEO, Bird.
On May 18, 2023, the Company filed a Certificate of Amendment of Amended and Restated Certificate of Incorporation to effect the reverse stock split and reduce the number of authorized shares of its capital stock, Class A common stock, Class B common stock, Class X common stock, and Preferred Stock by a ratio of 1/25. Upon the effectiveness of the reverse stock split, every 25 shares of the Class A common stock will be automatically reclassified and converted into one issued and outstanding share of Class A common stock, without any change in par value per share, and every 25 shares of the Class X common stock will be automatically reclassified and converted into one issued and outstanding share of Class X common stock, without any change in par value per share. Outstanding equity-based awards and other outstanding equity rights will be proportionately adjusted. Any fractional shares resulting from the reverse stock split will be rounded up to the nearest whole share for holders of Class A common stock and Class X common stock.
Immediately after the reverse stock split becomes effective, the Company will have approximately 11,472,845 shares of Class A common stock issued and outstanding and 1,381,398 shares of Class X common stock issued and outstanding. As a result of the reverse stock split, each publicly traded warrant (CUSIP number 09077J115) is exercisable at an exercise price of $287.50 per share for 1/25 of the number of shares of Class A common stock for which it was initially exercisable, subject to rounding down to the nearest whole number of shares (without any cash or other consideration in respect of any rounding-down). The CUSIP for publicly traded warrants remains the same.
