Smartbird, Inc. (NASDAQ:BIRD) stock is trading higher on Thursday, continuing the upward momentum from Wednesday. The gains follow a multi-step corporate overhaul that completes the company’s transformation from a footwear retailer into an artificial intelligence (AI) infrastructure play.
Rebranding And Leadership Transition
The company, formerly known as Allbirds, Inc., announced Wednesday that its board of directors appointed Nadia Carlsten as president, CEO, and board member.
Carlsten replaces Joe Vernachio, who resigned from the company and its board. Concurrently, independent director Lily Yan Hughes assumed the role of board chair.
Asset Sale And Capital Expansion
Smartbird completed its definitive agreement to sell the Allbirds brand and footwear assets. Following the transition, the company increased its senior secured convertible financing facility from $50 million to $100 million.
The underlying details, initially disclosed in an April 14 Securities Purchase Agreement, were modified via Amendment No. 1 on June 15.
This amendment increased the potential issuance of senior secured convertible notes by $50 million and set the conversion price at $4 solely for the increased amount.
Smartbird Short Interest Data
Short interest in BIRD edged down to 998,480 shares from 1.01 million in the latest reporting period, representing 18.75% of the float.
Based on average daily trading volume of 463,980 shares, it would take 2.15 days for holders of this short interest to close out their positions without sending the stock sharply higher.
BIRD Stock Price Activity: Smartbird shares were up 12.96% at $6.190 during premarket trading on Thursday, according to Benzinga Pro data.
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