Allbirds Inc. (NASDAQ: BIRD) sold $5 million in convertible notes on June 4, 2026, according to a company statement. The notes are part of a securities purchase agreement entered into on April 14, 2026, under which the company can issue up to $50 million in senior secured convertible notes.

The convertible notes can be converted into shares of Allbirds' Class A common stock. The company offered and sold the notes under Rule 506(b) of the Securities Act of 1933, which provides an exemption from registration requirements.

The $5 million sale includes $2 million that required approval of a Nasdaq proposal, as outlined in a proxy statement filed with the Securities and Exchange Commission on May 8, 2026. An aggregate principal amount of $41.75 million in convertible notes remains available for sale under the facility at the option of the note holders.

Allbirds stated it anticipates using the net proceeds from this tranche for general corporate purposes and working capital.