Allbirds Inc., the wool sneaker brand once valued at $4 billion, is dissolving after agreeing to sell all its assets and intellectual property to American Exchange Group for $39 million. Shares jumped 36% after-hours as the sale price represents a premium over current trading values.
The company struggled to expand its customer base and achieve profitability despite initial venture backing and a public offering in 2021. Its collapse has been widely reported.
American Exchange Group’s portfolio includes brands like Ed Hardy and Aerosoles. The deal marks the end for Allbirds, a company that initially gained significant attention for its innovative footwear.