Allbirds to sell assets to American Exchange Group for $39m

TL;DR

Reports differ across sources; according to techcrunch.com, allbirds, the wool sneaker brand that became a kind of unofficial uniform for the Silicon Valley set, has agreed to sell all of its assets and intellectual property to American Exchange Group for $39 million — which is roughly one-tenth of the $348 million it raised in its 2021 IPO and a fraction of the more than $4 billion valuation it briefly commanded on its first day of trading.