American Exchange Group (AXNY) has entered into an agreement to acquire all of the assets and liabilities of footwear maker Allbirds for a purchase price of $39 million, the companies said on Monday.
Under the terms disclosed, Allbirds will file a proxy statement by April 24 seeking shareholder approval of the proposed asset sale and the company's subsequent dissolution and wind-down. The shoe maker said shareholders will be asked to authorize the transactions that will lead to the liquidation of the company once the sale is complete.
Market reaction in extended trading was immediate: Allbirds shares rose about 32% to $3.92 following the announcement.
The parties expect the transaction to close in the second quarter of 2026. After the closing and after accounting for the costs associated with winding down operations, Net proceeds are expected to be distributed to shareholders in the third quarter of 2026, the company said.
"This next chapter with AXNY builds on the foundational work already completed and sets up the brand to thrive in the years ahead," Allbirds CEO Joe Vernachio said in a statement.
Advisory roles for the deal were also disclosed: TD Cowen is serving as financial adviser to Allbirds, and Holland & Hart LLP is acting as legal counsel to the company.
Below are concise takeaways and the elements market participants are likely to watch as the process moves forward.
- Timing: Proxy statement to be filed by April 24; expected closing in Q2 2026; shareholder distribution anticipated in Q3 2026 after wind-down expenses.
- Price: The agreed consideration for the assets and liabilities of Allbirds is $39 million.
- Market reaction: Allbirds stock surged about 32% to $3.92 in extended trading after the announcement.
- Advisers: TD Cowen as financial adviser and Holland & Hart LLP as legal counsel to Allbirds.
More detailed information will depend on disclosures within the proxy statement and any further materials shareholders receive ahead of the vote. The company indicated the distribution calculation will reflect wind-down costs, which could affect the final amount returned to holders.