Allbirds executes $50M convertible facility, plans pivot to AI compute infrastructure

Allbirds, Inc.

$50M convertible financing facility with institutional investor; initial $3.25M close, up to $44.75M additional tranches.
Convertible notes bear 12% interest, 5% OID, convertible at 120% of lower of two closing bid prices.
First transaction: $2.75M three-year GPU lease with QumulusAI subsidiary for NVIDIA Blackwell GPUs.
Company to sell Allbirds brand & footwear assets to American Exchange Group; intends to rename to NewBird AI.
Special dividend planned for Q3 2026 to holders of record May 20, 2026, subject to stockholder approval of asset sale.

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