Allbirds pivots from footwear to AI via NewBird AI, aims to raise $50M to become GPUaaS/AI cloud provider after selling assets for $39M; stock reportedly jumped 600%; prior IPO valued at $4B with declining sales.
Allbirds exits its shoe business, pivots to AI and reebrands as NewBird AI after securing a $50M convertible financing facility.
Allbirds sold for $39M, roughly one-tenth of the approximately $390M raised in its 2021 IPO, illustrating a dramatic valuation collapse.