Allbirds pivots to Newbird AI
Allbirds announced it will sell its footwear brands, rebrand as Newbird AI, and has raised $50 million to buy GPU assets as part of a shift from consumer goods toward AI infrastructure. The social announcement framed the move as a dramatic corporate pivot that includes acquiring compute capacity. (x.com)
Allbirds is asking shareholders to approve a plan that would sell the Allbirds brand and rename the public company NewBird AI, Inc. (sec.gov) The proposed buyer is Allbirds IP LLC, an affiliate of American Exchange Group, under an asset purchase agreement dated March 29, 2026. Allbirds said the deal is worth an estimated $39 million, subject to closing adjustments. (sec.gov) The proxy says shareholders will vote at a virtual special meeting on May 18, 2026 on four items: the asset sale, the name change, a stock issuance tied to convertible notes, and a possible liquidation. A separate April 8 filing said holders with about 71% of the company’s voting power had already signed support agreements for the sale. (sec.gov 1) (sec.gov 2) The same proxy says Allbirds plans to keep operating after the brand sale instead of winding down immediately. In that scenario, it would use a new corporate name, NewBird AI, and pursue what the filing calls an “Electronics” business. (sec.gov) That new plan comes with new financing. The proxy says the company has agreed to sell up to $50 million of senior secured convertible notes, and says the proceeds would let it buy “Electronics Assets” and build out the anticipated electronics business. (sec.gov) The filing does not spell out graphics processing units, or GPUs, in the excerpt available through Securities and Exchange Commission search, but it does tie the $50 million note sale to buying hardware assets. The company’s social post described that push more bluntly, saying it would acquire compute capacity as part of the pivot. (sec.gov) (x.com) Allbirds reached this point after a long retrenchment. On January 28, 2026, it said it would close its remaining full-price United States stores by the end of February, while keeping two outlet stores in the United States and two full-price stores in London. (sec.gov) Its sales had also been shrinking. MarketWatch, citing the company’s March 31, 2026 annual report, said 2025 revenue fell to $189.8 million from a peak of $297.8 million in 2022. (morningstar.com) For now, the shoe business and the new electronics plan are both on the ballot. By May 18, shareholders are set to decide whether Allbirds ends as a $39 million brand sale and dissolution, or reappears as NewBird AI with fresh debt and a very different business. (sec.gov)
