Long Island Iced Tea Corp did this back in 2017 when they rebranded to "Long Blockchain Corp".
Allbirds should've rebranded itself as AIbirds.
Allbirds, Inc. Announces Expansion into AI Compute Infrastructure
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Re: Allbirds, Inc. Announces Expansion into AI Compute Infrastructure
#22LOL.
This reminds me of when the Long Island Iced Tea company renamed themselves to the Long Blockchain Corp in 2017 when crypto was soaring and their stock immediately took off.
Four years later the SEC charged three people (including the company's majority shareholder) with insider trading.
Re: Allbirds, Inc. Announces Expansion into AI Compute Infrastructure
#23This reminds me of when a coworker left to go help develop Technicolor's (yes, that Technicolor) new social media platform.
Re: Allbirds, Inc. Announces Expansion into AI Compute Infrastructure
#24It's not an expansion. The first line says they sold the shoe business which will continue under someone else. The company is changing names and its line of business.
That doesn't cause it to make any more sense. The leadership tab still shows the CEO is the same guy from the past 5 years, previously the President of Mountain Hardware and before that a VP at North Face, with a degree in Forestry Science. What on earth qualifies this guy or this company to build out GPU as a service infrastructure? The CTO is at least, as should be expected of any CTO, an actual engineer with a tec…
FYI "convertible" instruments aren't new, I suspect its just unusual phrasing that's tripping up your search. "Convertible bonds" or "convertible securities"
are more common terms IME. Either way it's typically a bond/security that can be held _or_ converted at a preset strike price. Eg a convertible bond has a slightly discounted coupon (interest) for the holder. The bond can be converted to a fixed number of shares (equity), effectively at at a pre defined price/share. If the per-share price appreciates the bond holder can convert at capture the vallue above their strike price. If the associated equity falls (or doesnt appreciate) the bond holder 1) holds to maturity 2) is senior to equity holders for recovery.
In short, the allbirds financiers are taking a slightly reduced interest payment in exchange for the option to capture stock price appreciation if the gamble finds a greater fool.
Re: Allbirds, Inc. Announces Expansion into AI Compute Infrastructure
#25On top of this whole thing just being ridiculous, $50mm is also just not a very impressive amount of money to build out an AI data center.
The $50M is for keeping the company alive long enough for the c suite to finish tearing the copper out of the walls
Re: Allbirds, Inc. Announces Expansion into AI Compute Infrastructure
#26shoe shine boy is trying to sell me compute
Re: Allbirds, Inc. Announces Expansion into AI Compute Infrastructure
#27I hope this doesn't mess up their shoes. I am allergic to the plastic/leather in most shoes and allbirds is one of the few brands that typically is ok.
They sold the shoe business for a new company to mess up
Re: Allbirds, Inc. Announces Expansion into AI Compute Infrastructure
#28I personally welcome the new GPUs that smell like wet dog and look like a old subway sandwiched left in the rain.
Re: Allbirds, Inc. Announces Expansion into AI Compute Infrastructure
#29Long Island Iced Tea Corp did this back in 2017 when they rebranded to "Long Blockchain Corp". Allbirds should've rebranded itself as AIbirds.
... and that was also a year before the crypto winter in 2018 :)
Re: Allbirds, Inc. Announces Expansion into AI Compute Infrastructure
#30This makes my start-up's pivots look a lot smaller
Their shoes are great for pivoting!