Allbirds, Inc.

Allbirds, Inc. has rebranded to Smartbird, Inc., completing the divestment of its footwear assets to fully pivot into an AI infrastructure provider. The company appointed Nadia Carlsten, an AI and advanced computing industry leader, as its new President, CEO, and director, effective June 18, 2026. To support its new strategy, Smartbird increased its senior secured convertible notes facility by $50.0 million to an aggregate of $100.0 million, with a conversion price of $4.00 for the new notes. Lily Yan Hughes was also appointed independent board chair, and the company will seek additional shareholder approval for the increased financing.

Smartbird, Inc. (formerly Allbirds, Inc.) announced the appointment of Nadia Carlsten as its new President and CEO, who also joins the board. The company has completed the sale of its Allbirds brand and footwear assets, officially transitioning to an AI infrastructure provider. To support its new strategy, Smartbird also increased its convertible financing facility from $50 million to $100 million. Independent Director Lily Yan Hughes was appointed board chair, and Joe Vernachio resigned.

Allbirds, Inc. announced the completion of the sale of its footwear business assets to an affiliate of American Exchange Group on June 9, 2026. The company received $40.7 million in cash as consideration for the Purchased Assets, with $3.0 million placed into an escrow account. Following the divestment, Allbirds plans to distribute a portion of the proceeds to stockholders as a special dividend, with a record date of June 25, 2026, and payment within 60 days thereafter.

Allbirds, Inc. announced that its Board of Directors has established June 25, 2026, as the record date for the previously disclosed special Asset Sale Dividend. Stockholders of record on this date will be entitled to receive the dividend. The payment of this special dividend, which stems from the proceeds of a prior asset sale, is expected to occur within 60 days of the record date.

Allbirds, Inc. announced an increase in its "at the market" (ATM) offering program for Class A common stock. The company filed a prospectus supplement to register the offer and sale of an additional aggregate amount of up to $48.1 million in Class A common stock. This new offering is separate from shares previously sold under the existing sales agreement with Chardan Capital Markets LLC.

Allbirds, Inc. announced the sale of $5.0 million in senior secured convertible notes on June 4, 2026. This transaction is part of a larger facility that allows for the issuance of up to $50.0 million in convertible notes. The sold amount includes $2.0 million that was contingent on the approval of the Nasdaq Proposal. The company intends to use the net proceeds from this tranche for general corporate purposes and working capital, with $41.75 million in convertible notes still available for future sale under the facility.

Allbirds, Inc. entered into a Third Amendment to its Credit Agreement on May 26, 2026. This amendment reduces the company's Revolving Commitments from $50 million to $44.2 million. Additionally, the company secured two new tranches of debt: a Term Loan A of up to $3.3 million and a Term Loan B of up to $2.5 million. The effectiveness of these amendments is subject to customary conditions precedent and certain conditions subsequent.

Allbirds, Inc. announced that Joseph Zwillinger, a co-founder of the Company's footwear business and a director, resigned from its Board of Directors, effective May 18, 2026. The Company stated that his resignation was not a result of any disagreement with Allbirds regarding its operations, policies, or practices.

Allbirds entered an Asset Purchase Agreement on March 29, 2026, to sell its footwear business assets for $39.0 million, with the sale expected to close in Q2 2026. The company plans to rename itself and pivot to an "Electronics Infrastructure Business," focusing on acquiring and monetizing graphics processing units (GPUs) and related high-performance computing infrastructure. For Q1 2026, Allbirds reported a net loss of $20.7 million on net revenue of $22.3 million, and management expressed substantial doubt about the company's ability to continue as a going concern.

Allbirds, Inc. has secured a facility of up to $50.0 million through senior secured convertible notes from an institutional investor. The initial Securities Purchase Agreement, dated April 14, 2026, was subsequently amended and restated on April 19, 2026. The company plans to use the proceeds primarily for the purchase of Electronics Assets by a newly formed wholly-owned subsidiary and to cover the costs associated with the private placements. In connection with this, Allbirds also filed a preliminary proxy statement for a special meeting of stockholders.