Allbirds quadruples after plans to pivot to AI business

Allbirds

15/04/2026 15:31

** Shares of Allbirds BIRD.O more than quadruples to $11.54

** Footwear maker announces agreement with institutional investor for a $50 mnillion convertible financing facility to pivot to AI compute infrastructure, rebrand into "NewBird AI"

** BIRD intends to use capital to acquire GPU assets; to become a fully integrated GPU-as-a-service (GPUaaS) and AI cloud solutions provider in the longer term

** Financing facility subject to shareholders' approval at May meeting

** Firm said on March 31 it was selling its brand and footwear assets to American Exchange Group

** BIRD debuted on the Nasdaq in 2021, and shed about 99% of its value till market close on April 14

 (Reporting by Purvi Agarwal in Bengaluru)

 ((Purvi.Agarwal@thomsonreuters.com;))