The institutional logic of the Allbirds move is worth separating from the spectacle of the stock chart. When a company has already sold its IP and closed its stores, a financing facility and a name change are not a pivot — they are a liquidation dressed as a launch. What the market rewarded on April 15 was not a business plan but a positioning statement: that the ticker BIRD would now sit in AI-adjacent screeners and retail watchlists. The $50 million convertible facility gave the move financial credibility without requiring…