How a bird clipped its own wings • TechCrunch

Scooter launch math errors are above the bottom line.

Well, those birds The results were wrong.

Bird, a former unicorn startup in the once-hot scooter rental market, was recently found to have overstated its earnings for several years, which the company said in its filings with the U.S. Securities and Exchange Commission, many of which were “audit-consolidated.” The financial statements [ … ] It is no longer to be trusted.

The errors affect the company’s results for 2020 and 2021, as well as the first two quarters of 2022. GThat bird has announced plans to go public in mid-2021 through a merger with a special-purpose acquisition company, a transaction that, despite forecasted results, is the result of an accounting mess.

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For many investors, we believe that admitting a mistake is a little too late. When the Bird-SPAC deal was voted down, the blank check company’s shares fell. And then it continued to fall. Bird has lost almost all of its value since the two companies merged, falling to just 30 cents from a 52-week high of $9.05 a share in early morning trading, according to Google Finance data.

Simply put, a bird lost all value once it went public, which means we assume some normal person took it. It is now publicized using partially incorrect historical data. More importantly, the company’s latest earnings report showed that at the end of Q3 2022, Bird “will not have enough to meet the company’s obligations over the next twelve months” with its current cash flow of $38.5 million.

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