American Exchange will acquire Allbirds (BIRD.US) for $39 million.

American Exchange Group reached an agreement on Monday to acquire all assets and liabilities of the shoe manufacturer Allbirds (BIRD.US) for $39 million. The footwear manufacturer stated that Allbirds plans to submit a proxy statement by April 24 seeking shareholder approval for the asset sale, as well as the subsequent dissolution and liquidation of the company. In after-hours trading, Allbirds' stock rose by approximately 32% to $3.92. The transaction is expected to be completed in the second quarter of 2026. Net proceeds are expected to be distributed to shareholders in the third quarter after deducting liquidation expenses. CEO of Allbirds, Joe Wenechio, said in a statement, "This new chapter with American Exchange builds on the foundation that has been laid and will help our brand thrive in the years ahead." Allbirds had previously shifted its focus from physical stores to online retail to improve profitability. The company closed its remaining direct-to-consumer stores in the U.S. by the end of February and redirected resources to e-commerce and partnership channels. TD Cowen is serving as Allbirds' financial advisor, and Holland & Hart LLP is acting as its legal advisor.