Allbirds Announces Pivot From Sneakers to AI Infrastructure
Allbirds (BIRD) has announced a complete pivot from its eco-friendly sneaker business to artificial intelligence infrastructure, rebranding as NewBird AI. The company's stock initially surged over 500% on the news, but it has since lost nearly 98% of its value since its 2021 IPO. The move involves selling its shoe assets and intellectual property to American Exchange Group and securing $50 million in convertible financing.
Topics: AI pivot business strategy company rebranding M&A stock price movement