Allbirds stock extending gains, now up 370%+ on AI pivot

Investing.com -- Allbirds Inc. shares are trading over 370% higher shortly after open on Wednesday following the company's announcement of a $50 million convertible financing facility with an institutional investor. The footwear company plans to pivot into AI compute infrastructure.

Allbirds plans to change its name to NewBird AI in connection with the business transformation. The company previously disclosed a definitive agreement to sell its brand and footwear assets to American Exchange Group.

Subject to stockholder approval of the asset sale, Allbirds anticipates issuing a special dividend during the third quarter of 2026 to stockholders of record as of May 20, 2026.

NewBird AI plans to use initial capital from the facility to acquire high-performance GPU assets for customers requiring dedicated AI compute capacity. The company stated its long-term vision involves becoming a GPU-as-a-Service provider and AI-native cloud solutions company.

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