Financial Wire

Allbirds Signs $50 Million Financing for Shift to AI Compute Infrastructure

-- Allbirds (BIRD) said Wednesday it has executed a definitive agreement with an institutional investor for a $50 million convertible financing facility that will enable the company to pivot its business to artificial intelligence compute infrastructure.

The long-term goal is for the company to become a fully integrated "GPU-as-a-Service" and AI-native cloud solutions provider, Allbirds said, adding it aims to change its name to NewBird AI.

The financing facility is expected to close in Q2, the company said.

The company earlier agreed to sell its Allbirds brand and footwear assets to American Exchange Group, according to a statement.

Shares of the company rose more than 238% in early trading Wednesday.

Price: $8.42, Change: $+5.93, Percent Change: +238.15%

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