What’s driving the share of Switchback II Corporation (SWBK) up? – Catch news

Switchback II Corporation (SWBK) saw an 8.97% increase in the aftermarket. However, the last trading session closed at $ 10.03 with a slope of 0.6%.

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Third Quarter 2021 Results

SWBK announced its third quarter 2021 results on the 27e October 2021. The Company presented updates on its strategic growth plans. According to this, Bird has made significant progress towards its goal of replacing billions of gasoline-powered car trips each year. Not only that, but with more than 350 cities around the world, the company has managed to grow its presence around the world. Bird Bike, the company’s first retail electric bike, was launched to meet demand in the $ 20 billion electric bike industry.

Additionally, Bird and Best Buy have collaborated to make Bird’s new electric bike available across the United States on the retailer’s website. Apollo Investment Corporation and MidCap Financial Trust have agreed to increase their current auto finance credit facility from $ 40 million to $ 150 million. Finally, increased demand and excellent economy underpin the company’s fleet manager operating model, which resulted in a record performance in the first half of fiscal 2021.

Strengthening of the credit facility for vehicle financing

The 14the In October 2021, the company announced that it had received commitments to increase its existing $ 40 million auto finance credit facility to $ 150 million from Apollo Investment Corporation and MidCap Financial Trust, subject to the completion of the initially planned business combination with Switchback II Corporation. The company is pleased to announce that it has achieved its stated goal of expanding its auto finance capabilities by improving the credit facility. Apollo’s investment shows that the company continues to believe in the excellent cash-generating potential of the electric vehicle fleet, as evidenced by a multi-year track record of over 100 million trips. Finally, SWBK believes that it is well placed to finance expansion objectives due to the improved liquidity provided by the increased loan.

State-of-the-art intelligent sidewalk protection

SWBK reported on 13e October 2021, u-blox launched the first of its kind “intelligent sidewalk protection” technology – a sensor fusion solution – created and developed in collaboration with the company. Bird’s Smart Sidewalk Protection System is designed to prevent the use of micro-mobility devices on sidewalks and sidewalks. As more cities try to incorporate shared micro-mobility into their climate action plans, the technology that prohibits people from cycling on the sidewalk is becoming increasingly important.

Additionally, Bird has created the industry’s first complete and durable sensor fusion system with centimeter accuracy in partnership with u-blox. The integrated system quickly and efficiently identifies and bans sidewalks and pathways in real time. Finally, the tests led to a partnership with u-blox, which resulted in the implementation of an end-to-end sensor fusion system that meets all the requirements.

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