American Exchange Group (AXNY) entered an agreement on Monday to buy all the assets and liabilities of footwear maker Allbirds for $39 million.
Here are some details on this:
- Allbirds plans to file a proxy statement by April 24 seeking shareholder approval for the asset sale and the subsequent dissolution and wind-down of the company, the shoemaker said.
- Shares of Allbirds rose about 32% to $3.92 in extended trading.
- The transaction is expected to close in the second quarter of 2026, with the distribution of net proceeds after taking into account wind-down expenses, to shareholders anticipated in the third quarter.
- “This next chapter with AXNY builds on the foundational work already completed and sets up the brand to thrive in the years ahead,” Allbirds CEO Joe Vernachio said in a statement.
- TD Cowen is acting as financial adviser and Holland & Hart LLP is serving as legal counsel to Allbirds.
