Shoe company Allbirds was down 99% from its $4 billion peak valuation in 2021, doomed for the dustbin. In a last-ditch effort, it's selling the scraps and entertaining a new business vertical: AI. No, it's not April Fool's Day. This morning, the ailing firm announced it sold its "intellectual property and other assets" to a brand management company called American Exchange Group in a $39 million deal. That was nearly double the valuation that the microcap company was fetching on the open market before the ...

Allbirds announced plans to pivot from footwear to AI compute infrastructure and rename itself NewBird AI, sending BIRD stock up more than 600% from under $3 a share. The company said it has signed a definitive agreement with an institutional investor for a $50 million convertible financing facility, expected to close in the second quarter of 2026. The funds are contingent on stockholder approval at a special meeting anticipated for May 18, 2026. According to the company, NewBird AI intends to purchase ...