American Exchange Group (AXNY) has reached an agreement to purchase all assets and liabilities of footwear brand Allbirds for $39 million. The deal was announced on Monday.
According to Allbirds, the company plans to file a proxy statement by April 24, seeking shareholder approval for the asset sale, as well as the subsequent dissolution and wind-down of the business.
Following the announcement, Allbirds shares jumped about 32% in after-hours trading, reaching $3.92.
The transaction is expected to close in the second quarter of 2026. Shareholders can anticipate receiving their share of the net proceeds — after accounting for wind-down expenses — sometime in the third quarter.
Allbirds CEO Joe Vernachio expressed optimism about the deal, saying in a statement, “This next chapter with AXNY builds on the foundational work already completed and sets up the brand to thrive in the years ahead.”
TD Cowen is serving as financial adviser to Allbirds, while Holland & Hart LLP is providing legal counsel.
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