Lifestyle footwear brand Allbirds has entered into a definitive agreement with accessories design, licensing and manufacturing company American Exchange Group (AXNY), under which AXNY will acquire all of the intellectual property and certain other assets and liabilities of Allbirds for an estimated transaction value of $39 million, subject to purchase price adjustments.

The asset sale was negotiated by a special committee of independent directors, received unanimous approval by Allbirds' Board of Directors, and is subject to approval by Allbirds' common stockholders. A proxy statement describing the transaction and seeking stockholder approval of the asset sale and subsequent dissolution and winding down of the company is expected to be filed no later than April 24, 2026.

The transaction is expected to close in the second quarter of 2026, and a distribution to stockholders of net proceeds is anticipated to be made in the third quarter of 2026.

For more information, visit allbirds.com.