Allbirds pivots to GPU infrastructure; sells footwear business, secures $50M convertible note facility

Allbirds, Inc.

Enters A&R Securities Purchase Agreement for up to $50M senior secured convertible notes at 12% interest, 5% OID.
Initial tranche of $5.25M; proceeds to fund purchase of NVIDIA Blackwell GPUs via subsidiary for compute leasing.
Subsidiary enters $2.75M, 3-year GPU lease with QumulusAI, marking first step into compute infrastructure.
Asset Purchase Agreement to sell footwear business to American Exchange Group; proceeds used to repay existing credit line.
Special meeting of stockholders scheduled May 18, 2026 to vote on Nasdaq approval for >19.99% share issuance.

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