On March 9, 2023, after trading hours, Allbirds issued two press releases announcing “a strategic transformation plan to reignite growth in the coming years, as well as improve capital efficiency, and drive profitability” after falling short of expectations and also that the current Chief Financial Officer (CF) would step down.
On this news, the price of Allbirds’ stock fell $1.11, or 47%, to close at $1.25 per share on March 10, 2023.