ALLBIRDS SELLS TO AMERICAN EXCHANGE GROUP FOR $39 MILLION, The end of Allbirds - the silicon valley DTC darling that raised over $200m in private capital and peaked at a $4B valuation after its 2021 IPO. American Exchange Group (AXNY) is acquiring all assets and liabilities of Allbirds for $39 million. Allbirds will file a proxy seeking shareholder approval by April 24, wind down the public company, and distribute net proceeds to shareholders in Q3 2026. Shares up ~32% AH Market cap at time of deal: $26 million. Sale price: $39 million. 99% haircut from the 2021 peak valuation. Revenue peaked at $297.8 million in 2022. By 3Q25 run rate was sub $160m, down almost 50%. American Exchange Group is a wholesale-focused multi-brand accessories and footwear roll-up. Doing a deep dive on the collapse this week in my newsletter. RIP