India, April 15 -- Shares of Allbirds, Inc. (BIRD) soared nearly 450% on Wednesday morning after announcing that it secured a $50 million convertible financing facility to pivot into AI compute infrastructure and plans to rebrand as "NewBird AI."
The stock is currently trading at $13.62, up $11.13 or 446.99%, on the Nasdaq. It opened at $6.84 after closing the previous session at $2.49. The stock has traded between $2.15 and $13.88 over the past 52 weeks.
The company is also selling its core footwear business to American Exchange Group. Proceeds will fund GPU infrastructure as it targets becoming a GPU-as-a-Service provider.
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