allbirds is

allbirds is become an AI but it's not really but it's not really Allbirds this pivot proves why venture capital even exists we all know Allbirds it's a shoe company that grew really quickly gained a lot of popularity went public and then kind of fell off Sole searching Allbirds share price, $ 2021 2023 2024 2025 2026 500 400 300 200 100 Source: LSEG via markets.ft.com In 2024 the was trading below $1 forcing them to do a 1 to 20 reverse stock split just to prevent being delisted Last month American Exchange Group Allbirds Signs Definitive Asset Purchase Agreement with American Exchange Group entered into a definitive agreement to buy Allbirds for just $39M in this transaction brand IP customer data and remaining inventory and will continue to sell the Allbirds products under the original brand name all that's remaining of the company is is the $39 million which will be redistributed to shareholders the NASDAQ listing which is arguably their most valuable asset because it allows the company to raise capital on the public markets we didn't really know what that business was going to do and today Allbirds that they're $50M convertible notes and pivoting AI company using the cash to pivot its business to AI compute infrastructure, with a long-term vision to become a fully integrated GPU-as-a-Service (GPUaaS) and AI-native cloud solutions provider. In connection with this pivot, the Company anticipates changing its name to "NewBird AI." to buy high performance GPUs to other companies as part they're also requesting to no longer be a public benefit company working for environmental conservation the ticker symbol is no longer is no longer a retail stock it's actually more like a seed stage seed stage AI infrastructure company that is starting from the ground up with a brand that has yet to be a new product that has yet to be built and and fresh capital traded traded on the NASDAQ $50M in AI just doesn't as we've a lot of the venture deals recently it's hard to imagine Allbirds very competitive in some of these bids to win GPUs public a lot of for for this level of ambiguity this is literally why venture capital even exists it's meant to give early the the opportunity to build build a foundation without scrutiny or time pressure publicly traded is under