Allbirds is selling for $39 million. It raised nearly 10 times that amount in its IPO.

Allbirds agreed to sell its assets and intellectual property to American Exchange Group for $39 million.

The deal must clear shareholder approval and is expected to close in the second quarter, with proceeds paid to stockholders in the third quarter.

Allbirds raised $348 million in its 2021 IPO and briefly topped a $4 billion valuation on its first trading day.

Shares rose 36% in after-hours trading after the sale announcement.