Allbirds Raises $50 Million in Convertible Notes for AI Infrastructure Pivot

The strongest evidence is Allbirds' own investor-relations press release, 'Allbirds, Inc. Executes $50M Convertible Financing Facility Agreement; Announces Expansion into AI Compute Infrastructure,' which explicitly says the company executed a $50 million convertible financing facility, plans to pivot to AI compute infrastructure, and anticipates changing its name to 'NewBird AI.' It also states that this follows a definitive agreement to sell the Allbirds brand and footwear assets to American Exchange Group. CoinDesk's article, 'Allbirds abandons sneakers in pivot to AI computing, shares surge 300%,' independently matches those details and is the upstream source traced from the Odaily link. The filing-derived page 'Allbirds (BIRD) to sell brand, seek $50M convertible facility and charter change' further corroborates that proxy materials seek approval to sell the footwear brand, rename the company NewBird AI, and authorize up to $50 million in convertible notes for the new infrastructure-focused business. Together these sources strongly support the claim.