Allbirds is selling for $39 million. It raised nearly 10 times that amount in its IPO.

In Brief Allbirds, the wool sneaker brand that became a kind of unofficial uniform for the Silicon Valley set, has agreed to sell all of its assets and intellectual property to American Exchange Group for $39 million — which is roughly one-tenth of the $348 million it raised in its 2021 IPO and a fraction of the more than $4 billion valuation it briefly commanded on its first day of trading.The deal still needs shareholder approval and is expected to close in the second quarter, with proceeds distributed to ...