March 30 (Reuters) – American Exchange Group (AXNY) entered an agreement on Monday to buy all the assets and liabilities of footwear maker Allbirds for $39 million. Here are some details on this: * Allbirds plans to file a proxy statement by April 24seeking shareholder approval for the asset sale and thesubsequent dissolution and wind-down […]
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American Exchange Group to buy sneaker maker Allbirds for $39 million
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March 30 (Reuters) – American Exchange Group (AXNY) entered an agreement on Monday to buy all the assets and liabilities of footwear maker Allbirds for $39 million.
Here are some details on this:
* Allbirds plans to file a proxy statement by April 24seeking shareholder approval for the asset sale and thesubsequent dissolution and wind-down of the company, theshoemaker said. * Shares of Allbirds rose about 32% to $3.92 in extendedtrading. * The transaction is expected to close in the second quarterof 2026, with the distribution of net proceeds after taking intoaccount wind-down expenses, to shareholders anticipated in thethird quarter. * “This next chapter with AXNY builds on the foundationalwork already completed and sets up the brand to thrive in theyears ahead,” Allbirds CEO Joe Vernachio said in a statement. * TD Cowen is acting as financial adviser and Holland & HartLLP is serving as legal counsel to Allbirds.
(Reporting by Angela Christy in Bengaluru; Editing by Subhranshu Sahu)