Allbirds are selling for $39 million. It raised almost 10 times its share in its IPO.

Allbirds, the fur shoe brand that has become the unofficial uniform of the Silicon Valley set, has agreed to sell all of its assets and intellectual property to American Exchange Group. $39 million — which is about a tenth of the $348 million it raised in its 2021 IPO and a quarter more than The cost of $ 4 billion it ruled briefly on its first day of trading.

The deal still needs to be approved by shareholders and is expected to close in the second quarter, with the proceeds paid out to shareholders sometime in the third quarter. Shares jumped 36% on the news in short-term trading. The stock closed Monday at $2.98, giving the company a net worth of $24.5 million — meaning the $39 million sale actually represented the amount the shares were selling for previously.

The downfall of the 11-year-old brand has been well documented. After going public, Allbirds expanded into a range of products and accessories – leggings, jackets, running shoes – that didn’t resonate with its target audience. Losses have been accumulated as a result; co-founder Tim Brown later admitted that rapid growth had cost the company “some of our DNA.“

American Exchange Group is an 18-year brand management company with a history that also includes Aerosoles and Jonathan Adler.