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Bird Global (BRDS) Stock Rallied 41% on Toronto Expansion Deal

Simon Mugo trader
Updated 24 Mar 2023

The Bird Global Inc (NYSE: BRDS) stock price rallied 40.8% after revealing that it would expand across the Greater Toronto Area this Spring. The company was selected as the exclusive provider of shared e-scooters in the City of Hamilton starting on April 3, 2023.


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In addition, the micro-mobility firm said it would start operating shared e-scooter fleets in Brampton and Oshawa in the coming weeks. Investors cheered the news, as evidenced by the rally in BRDS stock during the premarket trading session.

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YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY

Bird confirmed that it had undergone a rigorous request for proposal (RFP) with relevant government authorities and was selected from a pool of potential service providers because of its commitment to safe, sustainable, and reliable transportation. 

The new markets will expand Bird’s footprint in Canada, solidifying its position as Canada's largest shared micro-mobility operator and a global leader. The company will now have a presence in five Ontario cities, including Ottawa and Windsor, along with 11 other cities across Canada. 

These new markets will grow on Bird’s already EBITDA-positive operations in Canada for the entire year. Bird Inc. will participate in the launch event with the City of Hamilton on April 3, 2023, at 12:30 pm ET at City Hall.

Bird Inc will now have 450 top-range ‘Bird Three’ shared electric scooters in Hamilton, 250 in Brampton, and 300 in Oshawa.

Stewart Lyons, Bird Global’s President, said: “Since our earliest days, we’ve been committed to partnering with cities to expand access to reliable, sustainable transportation through shared micromobility programs and expanding in the Greater Toronto Area has long been a high priority for us,” 

Adding:  

“I was born and raised in Ontario, so I’m thrilled to see us expanding in the province, enabling people to use Bird to commute, explore the region, and connect with transit. We extend our sincere gratitude to the City of Hamilton, the City of Brampton, and the City of Oshawa for their thoughtful and innovative approaches to establishing these programs and collaborating on frameworks that will help ensure each program’s success.” 

*This is not investment advice. 

Bird Global stock price. 

The Bird Global (BRDS) stock price rallied 40.83% to trade at $0.1997, from Thursday’s closing price of $0.1418.


YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.


Simon has over six years of professional trading experience across FX, commodities and equities. He has a strong passion for financial markets and is particularly focused on price action trading