Allbirds announces $50M ATM program, financing strategy to support growth

Allbirds (BIRD) announced the following financing agreements that are expected to optimize working capital and enhance financial flexibility to support the company’s long-term growth plans. A new $75M asset-based revolving credit facility with Second Avenue Capital Partners, consisting of a $50M tranche and a $25M accordion feature. The new facility, which replaces the company’s previous $50M revolving credit facility maturing in April 2026, has a maturity date of June 30, 2028 and is priced at SOFR plus 575 basis points. A sales agreement with TD Cowen, which may allow the company to sell, from time to time, up to $50M of shares of Class A common stock through an At-the-Market program.