Allbirds, Inc. (NASDAQ:BIRD) jumped 30.87% in after-hours trading on Monday, rising to $3.90.
BIRD closed the regular session down 6.29% at $2.98, according to Benzinga Pro.
The move followed the company’s announcement that it has entered into a definitive agreement with American Exchange Group to sell substantially all of its intellectual property and certain assets.
Asset Sale Agreement Drives Move
According to Allbirds, the transaction is valued at approximately $39 million, subject to adjustments at closing.
The agreement includes the sale of the company’s intellectual property and certain assets and liabilities, and was approved unanimously by the board of directors following negotiations by a special committee of independent directors.
The transaction remains subject to approval by …
