Allbirds Sold for $39M, New Owner Aims to Revive Brand

Allbirds, the beloved wool sneaker brand, is selling its assets to American Exchange Group for $39 million, a fraction of its IPO value. The deal, if approved, will give shareholders a $24.5 million market cap, a bump from its previous value. Allbirds, after going public, expanded into new products, leading to losses and a loss of its core identity. American Exchange Group, a private firm, aims to revive Allbirds original appeal. Support the show:Get a discount at https://solipillow.com/discount/dnn. Advertise on DNN:advertise@thednn.ai This is an automated, high-level news summary based on public reporting.Report issues to feedback@thednn.ai. View sources & latest updates:https://sources.thednn.ai/8c006e862b759a6e