San Francisco-based Allbirds, known for its eco-friendly wool sneakers, had struggled after its 2021 IPO to recapture the hype that had helped its shoes take off among tech executives in Silicon Valley
American Exchange Group has agreed to buy all of the assets and intellectual property of once-buzzy footwear brand Allbirds Inc. for $39 million.The shoemaker said the deal, which is expected to close in the second quarter, still needs shareholder approval.
A distribution of net proceeds to stockholders is expected in the third quarter. San Francisco-based Allbirds, known for its eco-friendly wool sneakers, had struggled after its 2021 IPO to recapture the hype that had helped its shoes take off among tech executives in Silicon Valley. Product missteps only heightened the challenges as it faced stiff competition in a market dominated by sportswear stalwarts like Nike Inc.Japan’s traditional kimonos are being repurposed in creative and sustainable waysAllbirds raised $348 million, including overallotment shares, in its 2021 initial public offering. Its market value soared to more than $4 billion, only to crash within months. The stock closed at $2.98 on Monday, giving the company a market value of $24.5 million. Allbirds is expected to file a proxy statement describing the transaction and to seek stockholder approval of the sale and subsequent dissolution of the company no later than April 24. TD Cowen is acting as financial adviser and Holland & Hart LLP is acting as legal counsel to Allbirds. As a result of the deal, Allbirds said it will not be issuing an earnings press release or holding its originally scheduled earnings call on Tuesday.Dear Abby: I'd barely moved in when this debris got thrown into my yardEl Niño is on the way: What that means for California's weatherNewsom issues 'final warning' to cities over housing law violations — only one is in the Bay Area Swalwell accuses President Donald Trump, Kash Patel of trying to influence California governor's raceAsking Eric: Since I found the pictures of my wife, a new worry is gnawing at me
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