shared a media post in group #DANK MEMES
Shoe maker Allbirds is pivoting—into #Artificial Intelligence chips 🤦. Weeks after announcing plans to sell its shoemaking assets to a fashion brand firm American Exchange Group for $39 million, Allbirds said it wants to turn itself into an AI chip-service firm—leasing and then renting out the valuable AI hardware.
To fund the shift, Allbirds plans to raise $50 million in convertible notes and to change its name to NewBird AI Inc. (the brand name Allbirds will be acquired by American Exchange Group). News of the plans sent Allbirds stock soaring nearly 200% in pre-market trading.
Allbirds filed paperwork with the Securities and Exchange Commission, seeking shareholder approval for the asset sale. In the paperwork, Allbirds revealed that its advisors had conducted a liquidity analysis showing that a winding down of the company would have yielded shareholders as little as two cents a share.
