Allbirds drops on $50 mln stock sale plans following pivot to AI

Allbirds

29/04/2026 22:20

** Allbirds BIRD.O shares down 4.5% post-market at $6.44 as it looks to raise equity

** Co files up to $50 mln ATM (at the market) stock offering with Chardan Capital Markets as sales agent

** It plans to use net offering proceeds for general corporate purposes, including working capital, capex, expenses, among other purposes

** On Apr 15, BIRD's stock spiked as high as $24.31 in meme-like fashion after the sneaker maker said it was raising capital and pivoting toward AI computing infrastructure and rebranding into "NewBird AI"

** Its stock has fallen sharply since then, as individual investors' enthusiasm has waned

** Shares on Weds closed down 3.2% at $6.74, up 64% YTD

** San Francisco, California-based co has ~8.8 mln shares outstanding for roughly $60 mln market cap

** BIRD made its Nasdaq debut in 2021 at a valuation of $3 bln

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))