Why Shares of Switchback II Corporation Are Volatile Today
Shares of Switchback II Corporation (NYSE: SWBK) were volatile this morning, rising as much as 12% before coming all the way back down to essentially what they started the day at.
Switchback II, a special purpose acquisition company (SPAC), announced in May that it intends to merge with and take public the popular e-scooter company Bird Rides, valuing the company at $2.3 billion.
Shareholders are expected to vote on the transaction tomorrow. If it is approved, the transaction will close on Thursday and the company will begin trading on the New York Stock Exchange under the ticker symbol BRDS.
Source Fool.com
