It's not an expansion. The first line says they sold the shoe business which will continue under someone else. The company is changing names and its line of business.
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?
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.
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.