A major acquisition deal was announced Monday as American Exchange Group (AXNY) reached an agreement to purchase sustainable footwear company Allbirds in a $39 million transaction that encompasses all company assets and debts.
The shoe manufacturer will submit a proxy statement to shareholders no later than April 24, requesting approval for the asset transfer and the company’s subsequent closure and liquidation process.
Following the announcement, Allbirds stock jumped approximately 32% to reach $3.92 during after-hours trading.
The deal is scheduled to finalize during the second quarter of 2026, with shareholders expected to receive their portion of remaining funds after liquidation costs are deducted sometime in the third quarter.
Allbirds Chief Executive Officer Joe Vernachio expressed optimism about the transition in his public statement: “This next chapter with AXNY builds on the foundational work already completed and sets up the brand to thrive in the years ahead.”
TD Cowen has been selected to provide financial advisory services for the transaction, while Holland & Hart LLP will handle legal representation for Allbirds throughout the acquisition process.
