April 2026 Senior Secured Convertible Note
Principal
Conversion Price
Remaining principal
- Shares on conversion
- Interest rate
- Maturity
BIRD$1.60-1.54%
Smartbird, Inc.
Sector: Services-Computer Processing & Data PreparationIndustry: Apparel - Footwear & AccessoriesCountry: USExchange: Nasdaq
Mkt Cap:$18.84M
Float & O/S:
Inst Own:
DilutionScan read 31 of Smartbird, Inc.'s SEC filings and found 2 convertibles, 2 ATM programs, 1 shelf registration and 4 completed offerings on file for BIRD. The latest dilution event on file is ATM sales on Jun 30, 2026. Analysis updated Oct 7, 2026.
Signal8 Summary
BIRD
Going-concern warning and cash crisis
Snapshot
Allbirds is a distressed micro-cap in the middle of a chaotic pivot. The company sold its legacy footwear business for $39 million and is rebranding as NewBird AI to enter the competitive GPU-as-a-Service market. Financially, the situation is severe: FY 2025 revenue collapsed to $152.5 million, down 19.7% from the prior year, while the company posted a net loss of $77.3 million. The balance sheet shows only $26.7 million in cash against $39.6 million in total debt.
What's Happening Right Now
- : The firm filed a prospectus to increase its at-the-market equity offering capacity to $48.1 million, signaling a need for liquidity and potential shareholder dilution.
- : Allbirds closed a $5 million tranche of its senior secured convertible notes facility, with $41.75 million in notes still available to be sold.
- : The company filed a quarterly report stating that negative conditions raise substantial doubt about its ability to continue as a going concern.
- : Allbirds signed a definitive agreement to sell its footwear brand and intellectual property to American Exchange Group for $39 million.
Raise routes on file: active ATM + effective shelf · latest dilution event 126 days ago
Overall Risk
Offering Ability
Overhead Supply
Historical
Cash Need
AI dilution summary
The dominant contractual driver and its mechanism, then each further driver ranked.
Latest dilution event
Jun 30, 2026 · ATM Sale
Every warrant, convertible, ATM and shelf, cited to the filing
A free account reads 3 tickers a day in full
$59/mo with 7 days free, or $49/mo billed yearly ($588/yr)
Share count and cash history
Shares outstanding, potential dilution and cash over time
Outstanding
June 2026 Senior Secured Convertible Note
Principal
Conversion Price
Remaining principal
- Shares on conversion
- Interest rate
- Maturity
ATM program
Issued 2025
Total capacity
Sold to date
Remaining capacity
- Sales agent
- Agreement date
- Commission
ATM program
Issued 2026
Total capacity
Sold to date
Remaining capacity
- Sales agent
- Agreement date
- Commission
S-3 shelf registration
Issued 2025
Total capacity
Remaining
- Filed
- Effective
- Expires
- Baby shelf
PIPE
Issued 2026
Gross proceeds
Price per share
- Shares issued
- Warrant coverage
- Placement agent
PIPE
Issued 2026
Gross proceeds
Price per share
- Shares issued
- Warrant coverage
- Placement agent
ATM block sale
Gross proceeds
Price per share
- Shares issued
- Warrant coverage
- Placement agent
ATM block sale
Gross proceeds
Price per share
- Shares issued
- Warrant coverage
- Placement agent
Know who's about to sell into your BIRD trade
Exercise prices, conversion terms, shelf headroom and the filing sentence behind every number.
$59/mo with 7 days free, or $49/mo billed yearly ($588/yr)
