Bird Announces Upsizing of Vehicle Financing Credit Facility with Apollo to $150 Million
7 min readLOS ANGELES, Oct. 14, 2021 /PRNewswire/ — Bird Rides, Inc. (“Hen” or the “Business”), a leader in environmentally friendly electric transportation, nowadays announced that it has secured commitments from Apollo Expenditure Corporation (NASDAQ: AINV) and MidCap Economic Have faith in (every managed or suggested by Apollo Cash Management, L.P. or its affiliate marketers, collectively “Apollo”) to upsize its existing $40 million vehicle funding credit rating facility to $150 million, topic to the closing of the formerly declared enterprise mixture with Switchback II Corporation (“Switchback II”NYSE: SWBK).
Yibo Ling, Main Economic Officer at Chook, commented, “We are pleased to have sent in opposition to our stated aim to extend our motor vehicle funding abilities as a result of the upsizing of our credit score facility. This commitment from Apollo reflects even further confidence in the powerful cash building capabilities of our electric powered car or truck fleet enabled by our multi-yr monitor document of over 100 million rides. With the greater liquidity delivered by the upsized facility, we think we are effectively positioned to support our growth strategies.”
Apollo Controlling Director, Aaron Kless stated, “We are pleased to help Bird as a result of the upsizing of the credit score facility, assisting the Enterprise to enrich its motor vehicle funding abilities and execute on its system. Hen has demonstrated robust effectiveness and we glimpse forward to continuing to do the job with the Enterprise as it nears completion of its public listing.”
Switchback II Shareholder Vote
As formerly declared, the Incredible Common Meeting of Switchback II to vote on the organization blend with Fowl is scheduled to be held on November 2, 2021, at 10:00 a.m., Eastern time. The closing of the company mixture is topic to approval by Switchback II’s shareholders and the gratification of other customary closing conditions.
Each individual vote is vital and Switchback II encourages all shareholders to make their voice read by voting as quickly as possible, regardless of the amount of shares held. For data on the assembly and how to vote make sure you go to https://swbk2.com/vote/.
About Bird
Hen is an electrical auto company focused to bringing reasonably priced, environmentally pleasant transportation remedies this sort of as e-scooters and e-bikes to communities throughout the globe. Founded in 2017 by transportation pioneer Travis VanderZanden, Bird is rapidly growing. These days, it presents fleets of shared micro electric motor vehicles to riders in extra than 300 metropolitan areas globally and tends to make its merchandise offered for purchase at www.bird.co and by means of top stores and distribution partners. Chook partners carefully with the towns in which it operates to supply a trustworthy and cost-effective transportation possibility for individuals who reside and get the job done there.
About Switchback II Corporation
Switchback II was fashioned for the reason of effecting a merger, amalgamation, share exchange, asset acquisition, share buy, reorganization or very similar business mixture with a single or more enterprises or entities. Switchback II targeted its search for a concentrate on organization in the broad electricity changeover or sustainability arena concentrating on industries that need modern methods to decarbonize in get to meet important emission reduction objectives.
Important Info About the Proposed Transaction and In which to Locate It
In relationship with the proposed business blend, Chook Worldwide, Inc. (“Fowl World-wide”) filed a registration assertion on Variety S-4 (File No: 333-256187) (as amended, the “Registration Statement”) with the U.S. Securities and Trade Commission (the “SEC”). The Registration Assertion contains a prospectus of Fowl Worldwide and a proxy statement of Switchback II. The Registration Assertion has been declared powerful by the SEC and the definitive proxy statement/prospectus has been mailed to Switchback II shareholders. In addition, Switchback II and Hen World-wide filed and will file other relevant materials with the SEC in relationship with the small business blend. Copies may well be attained cost-free of cost at the SEC’s world-wide-web web page at www.sec.gov. Stability holders of Switchback II are urged to go through the proxy statement/prospectus and the other appropriate resources prior to producing any voting determination with respect to the proposed organization mixture since they consist of essential info about the enterprise mixture and the get-togethers to the organization mixture. The info contained on, or that may well be accessed by, the internet websites referenced in this push launch is not included by reference into, and is not a section of, this press launch.
Members in the Solicitation
Switchback II and its directors and officers may be deemed members in the solicitation of proxies of Switchback II’s shareholders in connection with the proposed business enterprise combination. Hen and its officers and directors might also be deemed participants in such solicitation. Stability holders could get hold of additional thorough details with regards to the names, affiliations and passions of specific of Switchback II’s government officers and directors in the solicitation by reading Switchback II’s Yearly Report on Type 10-K for the fiscal yr finished December 31, 2020, and the proxy statement/prospectus and other related resources submitted with the SEC in relationship with the organization mix. Details concerning the pursuits of Switchback II’s contributors in the solicitation, which might, in some circumstances, be diverse than these of their shareholders frequently, is established forth in the proxy assertion/prospectus relating to the enterprise combination.
Forward-Hunting Statements
The details in this push release consists of “forward-looking statements.” All statements, other than statements of current or historic simple fact involved in this push launch, about Switchback II’s proposed business mixture with Hen, Switchback II’s ability to consummate the transaction, the benefits of the transaction and the combined company’s upcoming economic effectiveness, as properly as the combined firm’s system, future operations, estimated fiscal place, believed revenues and losses, projected fees, potential clients, strategies and aims of management are forward-searching statements. When used in this push launch, the terms “could,” “should,” “will,” “might,” “consider,” “anticipate,” “intend,” “estimate,” “be expecting,” “project,” the adverse of these types of conditions and other comparable expressions are supposed to identify forward-seeking statements, while not all forward-wanting statements comprise these types of identifying terms. These forward-searching statements are centered on management’s recent expectations and assumptions about foreseeable future functions and are based on presently accessible data as to the result and timing of future events. Apart from as if not required by relevant law, Switchback II and Bird disclaim any obligation to update any forward-seeking statements, all of which are expressly competent by the statements in this area, to replicate gatherings or situations just after the day of this push release. Switchback II and Bird warning you that these forward-hunting statements are matter to several hazards and uncertainties, most of which are tough to predict and numerous of which are outside of the regulate of possibly Switchback II or Bird. In addition, Switchback II and Bird warning you that the ahead-wanting statements contained in this push release are issue to the next aspects: (i) the incidence of any event, adjust or other instances that could hold off the organization mixture or give rise to the termination of the agreements associated thereto (ii) the end result of any lawful proceedings that may possibly be instituted from Switchback II or Hen following announcement of the transactions (iii) the incapability to finish the business enterprise blend owing to the failure to get hold of approval of the shareholders of Switchback II, or other ailments to closing in the transaction agreement (iv) the risk that the proposed business enterprise combination disrupts Switchback II’s or Bird’s present designs and operations as a final result of the announcement of the transactions (v) Bird’s capability to notice the anticipated benefits of the business enterprise combination, which may possibly be impacted by, amongst other matters, competitors and the ability of Bird to expand and control advancement profitably pursuing the organization mix (vi) prices connected to the business blend (vii) alterations in relevant legislation or regulations and (viii) the risk that Hen may well be adversely afflicted by other financial, enterprise and/or competitive elements. Should one or more of the pitfalls or uncertainties described in this push release come about, or should fundamental assumptions establish incorrect, real outcomes and ideas could unique materially from people expressed in any forward-on the lookout statements. Supplemental data concerning these and other variables that may possibly effects the functions and projections discussed herein can be uncovered in Switchback II’s periodic filings with the SEC, together with Switchback II’s Once-a-year Report on Type 10-K for the fiscal calendar year ended December 31, 2020 and any subsequently submitted Quarterly Studies on Sort 10-Q, and in the definitive proxy statement/prospectus submitted by Bird World. Switchback II’s and Chook Global’s SEC filings are accessible publicly on the SEC’s website at www.sec.gov.
No Offer you or Solicitation
This push release shall not represent 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 represent an offer to provide or the solicitation of an supply to get any securities, nor shall there be any sale of securities in any states or jurisdictions in which this sort of offer, solicitation, or sale would be illegal prior to registration or qualification under the securities laws of any these jurisdiction. No offering of securities shall be manufactured besides by usually means of a prospectus assembly the prerequisites of Segment 10 of the Securities Act of 1933, as amended.
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