BIRD · Allbirds, Inc.

Allbirds has established a new at-the-market equity offering facility with Chardan Capital Markets LLC, replacing a prior arrangement with TD Securities (USA) LLC. This program enables the company to sell Class A common shares opportunistically into the market, providing flexible access to capital without immediate dilution commitment. Key investor considerations include the 3% commission structure, which is standard for ATM programs, and the absence of any sales obligation, allowing management discretion based on market conditions. The $50 million aggregate offering limit ties to the effective shelf registration from 2025, with Holland & Hart LLP opining on the valid issuance of shares when sold per terms. Termination rights offer both parties flexibility, mitigating long-term lock-in risks. This setup supports potential liquidity needs while maintaining control over timing and volume.