American Exchange Group to buy sneaker maker Allbirds for $39 million

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March 30, 2026 8:55 PM EDT

A sign on the entrance to the Allbirds flagship store is seen in Manhattan, New York City, U.S., September 7, 2021. REUTERS/Shannon Stapleton

March 30 (Reuters) - ‌American Exchange ​Group (AXNY) ​entered an agreement on Monday to buy all the ‌assets and liabilities of footwear maker ⁠Allbirds for $39 million.

Here are some details ‌on this:

* Allbirds plans ‌to file a proxy statement by April 24seeking shareholder approval for ​the asset sale and thesubsequent dissolution and wind-down of the ⁠company, theshoemaker said. * Shares of Allbirds rose about ​32% to $3.92 in extendedtrading. * The transaction is expected to close in ​the second quarterof ‌2026, with the distribution of net proceeds after taking ⁠intoaccount wind-down expenses, to shareholders anticipated in thethird quarter. * "This next chapter with ⁠AXNY builds on the foundationalwork already completed ​and sets up the brand to thrive in theyears ahead," Allbirds CEO Joe Vernachio ‌said in a statement. * TD Cowen is acting as ‌financial adviser and Holland & HartLLP ⁠is serving as ‌legal counsel ​to Allbirds.

(Reporting by Angela Christy in Bengaluru; Editing by Subhranshu ‌Sahu)


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