Bird Global, Inc. (NYSE:BRDS) shares fell sharply on Wednesday. The drop follows a surge in the price on Tuesday following the company's announcement of its purchase of Skinny Labs.

What To Know: Bird Global announced it had acquired micromobility operator Skinny Labs, Inc from TIER Mobility on Tuesday for $19 million. The stock popped nearly 70% Tuesday, with trading being halted and resuming several times.

On Wednesday, Bird Global stock pulled back steeply from Tuesday's spike in price. According to data from Benzinga Pro, the stock experienced above-average trading volume of 2.84 million shares as well on Wednesday compared to its average volume of 498,502.

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BRDS Price Action: Shares of BRDS were down 31.8% at $0.98 at the time of publication, according to Benzinga Pro.

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