Allbirds Inc. (NASDAQ: BIRD) announced it has entered into a definitive agreement to sell its intellectual property and certain other assets to American Exchange Group for an estimated $39 million, subject to purchase price adjustments.

The transaction requires approval from Allbirds' common stockholders and involves the subsequent dissolution and winding down of the company. A proxy statement seeking stockholder approval is expected to be filed by April 24, 2026.

The deal was negotiated by a special committee of independent directors and received unanimous approval from Allbirds' board of directors. The transaction is expected to close in the second quarter of 2026, with a distribution to stockholders of net proceeds anticipated in the third quarter of 2026.

American Exchange Group is described as a leader in accessories design, licensing and manufacturing that works with fashion accessory products and brand management.

"Over the past decade, Allbirds has evolved into a lifestyle footwear brand known for modern design, innovative materials and unparalleled comfort," said Joe Vernachio, CEO of Allbirds. "This next chapter with AXNY builds on the foundational work already completed and sets up the brand to thrive in the years ahead."

As a result of the announcement, Allbirds cancelled its originally scheduled fourth quarter 2025 earnings call that was set for March 31, 2026. The company still intends to file its Annual Report on Form 10-K for the year ended December 31, 2025 on March 31, 2026.

TD Cowen is serving as financial advisor and Holland & Hart LLP is acting as legal counsel to Allbirds for the transaction.