Allbirds, Inc. has entered into a Securities Purchase Agreement for a $50 million senior secured convertible note facility. The company is selling its legacy footwear business to an affiliate of American Exchange Group. Proceeds from the initial $5.25 million tranche will fund the purchase of NVIDIA Blackwell GPU assets. The company plans to rebrand as NewBird AI and pivot to a GPU-as-a-Service (GPUaaS) business model. The facility includes an initial $3.25 million closing, with an additional $2.0 million subject to Nasdaq shareholder approval. The remaining $44.75 million is available at the investor's option. The notes bear 12% annual interest, payable in cash or stock, and mature in two years.