Parent company to wind down after sale of Allbirds IP
Footwear brand Allbirds has confirmed an agreement to sell all of its intellectual property and “certain other assets and liabilities” to New York-based brand management and product company American Exchange Group.
Allbirds said it had agreed an estimated transaction value of $39 million and that the deal, which is subject to shareholder approval, was likely to close in the second quarter of this year.
It said it would file a proxy statement outlining this transaction and seeking shareholder approval for the asset sale not later than April 24. By the same date, it said it would file papers for the dissolution and winding down of the company that brought the brand to market, Allbirds Inc.
“We began our journey in 2015,” the company said, “with three fundamental beliefs about the emerging generation of consumers. First, these consumers recognise that climate change is an existential threat to the human race. Second, these consumers connect their purchase decisions with their impact on the planet, demanding more from businesses. And third, these consumers do not want to compromise between looking good, feeling good, and doing good.”
Allbirds launched on the Nasdaq stock exchange in November 2021 and its value peaked at $4.1 billion.
