Allbirds shares sink 18% after revealing plan to avoid Nasdaq delisting

All Birds' founders. (Image: Supplied)

Wed, 04 Sep 2024

Allbirds shares were down 18% to US58c (92.8c) late in Wednesday's Nasdaq session after the New Zealand-American firm revealed its plan to avoid a delisting for trading under US$1 (NZ$1.60) for too many days.A reverse stock split will see every 20 shares of Allbirds' common stock combined automatically into one share at the end of Thursday's trading.Shares in the maker of shoes and activewear, incorporating New Zealand merino wool and various sustainable materials, soared to US$29.90 when it was listed in late 2021 in an IPO, valuin...

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