A $39 million deal with American Exchange Group draws a line under Allbirds’ troubled run as a listed company — once valued at $4.2 billion — and transfers the brand and its intellectual property to a specialist in distressed consumer labels.
Five years after a Nasdaq listing that briefly valued it at $4.2 billion, Allbirds has agreed to sell its assets to American Exchange Group (AXNY) — a US brand management firm with a track record in distressed consumer labels — for $39 million. Structured as an asset purchase covering the brand, its intellectual property and parts of its operations, the deal will trigger the dissolution and wind-down of the listed entity.
From Nasdaq darling to $39m exit
Allbirds was founded in 2015 by former New Zealand international footballer Tim Brown and Joey Zwillinger. It was built around a signature merino wool sneaker positioned at the intersection of sustainability and comfort. Its 2021 IPO rode a wave of investor enthusiasm for purpose-led direct-to-consumer brands. The stock has since collapsed amid falling sales, widespread store closures and, more recently, a threatened delisting from the Nasdaq.
What the deal involves
The transaction was negotiated by a special committee of independent directors and remains subject to shareholder approval. Allbirds plans to file a proxy statement by April 24 seeking that approval, with closing expected in Q2 2026. The distribution of net proceeds to shareholders — after accounting for wind-down expenses — is anticipated in Q3 2026. Price adjustments before closing are possible.
American Exchange Group is a New York-based brand management company specializing in the acquisition and commercialization of underperforming consumer labels across footwear and accessories. Allbirds (Nasdaq: BIRD) is headquartered in San Francisco; its merino wool and eucalyptus-fiber footwear became a reference point for sustainable sneaker design in the early 2020s.
