[nonameiguess]

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 technical background, but he's been working in engineering leadership for Allbirds for the past 9 years, and as far as I'm aware, at no point in that duration did they own or operate data centers.

Skills can't seriously be that fungible that a complete lack of any domain-relevant experience means nothing. I have no idea how reputable "Chardan" is as an investment bank, but how on earth did they sell this to investors and who did they sell to? What on earth is a "convertible financing facility?" If I web search that, every result is a press release about Allbirds. Did this bank invent some new form of finance that only Allbirds has ever used?

[darth_avocado]

You’re assuming this is a good faith effort to rebuild the company.

I have no proof of this, but if I were a gambling man, I’d bet this is a pump and dump opportunity for insiders who are stuck with large volumes of stock that has bottomed to almost nothing since the IPO.

[donavanm]

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.

[jjk7]

Allbirds ran on Shopify... was the CTO a shoe engineer?