LOS ANGELES, Oct. 14, 2021 /PRNewswire/ — Chicken Rides, Inc. (“Bird” or the “Business”), a leader in environmentally helpful electrical transportation, currently announced that it has secured commitments from Apollo Financial commitment Corporation (NASDAQ: AINV) and MidCap Monetary Rely on (every single managed or encouraged by Apollo Money Management, L.P. or its affiliates, collectively “Apollo”) to upsize its current $40 million motor vehicle funding credit score facility to $150 million, subject matter to the closing of the formerly announced business mix with Switchback II Corporation (“Switchback II” NYSE: SWBK).
Yibo Ling, Main Money Officer at Chicken, commented, “We are pleased to have delivered towards our stated goal to develop our auto funding capabilities as a result of the upsizing of our credit rating facility. This determination from Apollo reflects even further self confidence in the potent hard cash producing abilities of our electric powered vehicle fleet enabled by our multi-12 months keep track of file of around 100 million rides. With the amplified liquidity delivered by the upsized facility, we believe we are perfectly positioned to support our expansion designs.”
Apollo Taking care of Director, Aaron Kless claimed, “We are pleased to support Hen by way of the upsizing of the credit facility, aiding the Enterprise to enhance its automobile funding capabilities and execute on its tactic. Chicken has shown strong general performance and we seem ahead to continuing to operate with the Corporation as it nears completion of its community listing.”
Switchback II Shareholder Vote
As formerly introduced, the Extraordinary Normal Assembly of Switchback II to vote on the organization mixture with Fowl is scheduled to be held on November 2, 2021, at 10:00 a.m., Japanese time. The closing of the company mixture is subject to approval by Switchback II’s shareholders and the fulfillment of other customary closing ailments.
Each vote is critical and Switchback II encourages all shareholders to make their voice listened to by voting as quickly as probable, irrespective of the variety of shares held. For details on the assembly and how to vote please go to https://swbk2.com/vote/.
Chicken is an electric powered car business dedicated to bringing cost-effective, environmentally friendly transportation methods these types of as e-scooters and e-bikes to communities throughout the world. Started in 2017 by transportation pioneer Travis VanderZanden, Chook is speedily growing. Today, it gives fleets of shared micro electric autos to riders in far more than 300 towns globally and will make its goods offered for obtain at www.fowl.co and by using major suppliers and distribution companions. Hen partners closely with the cities in which it operates to deliver a trustworthy and inexpensive transportation possibility for people who live and operate there.
About Switchback II Corporation
Switchback II was formed for the objective of effecting a merger, amalgamation, share exchange, asset acquisition, share buy, reorganization or related small business mixture with one particular or more corporations or entities. Switchback II targeted its look for for a concentrate on small business in the broad electrical power transition or sustainability arena targeting industries that have to have modern answers to decarbonize in buy to fulfill important emission reduction aims.
Important Facts About the Proposed Transaction and Where by to Uncover It
In link with the proposed organization combination, Fowl World wide, Inc. (“Bird World”) filed a registration assertion on Variety S-4 (File No: 333-256187) (as amended, the “Registration Assertion”) with the U.S. Securities and Trade Fee (the “SEC”). The Registration Statement incorporates a prospectus of Chicken International and a proxy statement of Switchback II. The Registration Assertion has been declared productive by the SEC and the definitive proxy statement/prospectus has been mailed to Switchback II shareholders. Moreover, Switchback II and Fowl Global filed and will file other pertinent elements with the SEC in connection with the small business mix. Copies might be acquired no cost of demand at the SEC’s world-wide-web internet site at www.sec.gov. Security holders of Switchback II are urged to examine the proxy assertion/prospectus and the other relevant elements before building any voting selection with regard to the proposed organization mix simply because they have crucial details about the company mix and the functions to the organization combination. The details contained on, or that may possibly be accessed by way of, the websites referenced in this push launch is not incorporated by reference into, and is not a portion of, this push release.
Contributors in the Solicitation
Switchback II and its directors and officers might be deemed participants in the solicitation of proxies of Switchback II’s shareholders in link with the proposed enterprise blend. Hen and its officers and administrators may perhaps also be considered members in this sort of solicitation. Safety holders may well obtain much more specific data pertaining to the names, affiliations and pursuits of particular of Switchback II’s govt officers and administrators in the solicitation by reading through Switchback II’s Once-a-year Report on Type 10-K for the fiscal calendar year finished December 31, 2020, and the proxy statement/prospectus and other relevant elements submitted with the SEC in relationship with the business combination. Information regarding the interests of Switchback II’s contributors in the solicitation, which could, in some circumstances, be distinctive than all those of their shareholders typically, is established forth in the proxy assertion/prospectus relating to the company mix.
The info in this push release features “forward-wanting statements.” All statements, other than statements of existing or historic point involved in this press launch, relating to Switchback II’s proposed organization combination with Bird, Switchback II’s means to consummate the transaction, the rewards of the transaction and the mixed firm’s future financial general performance, as perfectly as the put together company’s tactic, upcoming functions, approximated monetary posture, approximated revenues and losses, projected expenses, prospective customers, options and targets of management are ahead-seeking statements. When applied in this push release, the phrases “could,” “should really,” “will,” “may perhaps,” “think,” “anticipate,” “intend,” “estimate,” “count on,” “challenge,” the destructive of this sort of phrases and other comparable expressions are supposed to identify forward-wanting statements, whilst not all forward-searching statements incorporate this kind of pinpointing words and phrases. These ahead-hunting statements are dependent on management’s recent anticipations and assumptions about long term functions and are centered on at the moment obtainable information as to the consequence and timing of upcoming functions. Except as otherwise essential by applicable legislation, Switchback II and Chicken disclaim any obligation to update any ahead-wanting statements, all of which are expressly capable by the statements in this section, to mirror situations or conditions right after the date of this push launch. Switchback II and Fowl caution you that these ahead-on the lookout statements are issue to many threats and uncertainties, most of which are difficult to predict and many of which are beyond the command of either Switchback II or Chicken. In addition, Switchback II and Bird warning you that the ahead-looking statements contained in this press launch are issue to the pursuing factors: (i) the incidence of any party, modify or other situations that could hold off the organization combination or give rise to the termination of the agreements linked thereto (ii) the end result of any legal proceedings that could be instituted versus Switchback II or Bird subsequent announcement of the transactions (iii) the lack of ability to total the organization combination owing to the failure to get approval of the shareholders of Switchback II, or other ailments to closing in the transaction agreement (iv) the possibility that the proposed business combination disrupts Switchback II’s or Bird’s present ideas and operations as a end result of the announcement of the transactions (v) Bird’s ability to recognize the predicted benefits of the business mix, which might be afflicted by, amid other things, competitiveness and the capability of Fowl to mature and handle progress profitably pursuing the company mix (vi) fees relevant to the business enterprise combination (vii) changes in relevant guidelines or regulations and (viii) the probability that Chicken may well be adversely impacted by other economic, small business and/or competitive aspects. Should a person or more of the pitfalls or uncertainties explained in this press launch happen, or should really underlying assumptions confirm incorrect, true final results and plans could diverse materially from these expressed in any forward-hunting statements. Supplemental info concerning these and other variables that might influence the operations and projections discussed herein can be found in Switchback II’s periodic filings with the SEC, which include Switchback II’s Yearly Report on Type 10-K for the fiscal 12 months ended December 31, 2020 and any subsequently filed Quarterly Experiences on Kind 10-Q, and in the definitive proxy statement/prospectus filed by Chicken World-wide. Switchback II’s and Chicken Global’s SEC filings are out there publicly on the SEC’s web page at www.sec.gov.
No Offer you or Solicitation
This push launch shall not constitute a solicitation of a proxy, consent, or authorization with respect to any securities or in regard of the proposed transaction. This press release shall also not represent an give to offer or the solicitation of an supply to invest in any securities, nor shall there be any sale of securities in any states or jurisdictions in which this kind of offer, solicitation, or sale would be illegal prior to registration or qualification underneath the securities rules of any such jurisdiction. No offering of securities shall be created apart from by means of a prospectus conference the prerequisites of Section 10 of the Securities Act of 1933, as amended.
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