PLENTY UNDERTAKES RESTRUCTURING PROCESS TO SUPPORT FOCUS ON PREMIUM STRAWBERRY MARKET
Company Initiates Voluntary Chapter 11 Proceeding to Reorganize its Business
Company Secures $20.7 Million in Debtor-in-Possession Financing to Maintain Operations Throughout Chapter 11 Process
SAN FRANCISCO, March 23, 2025 /PRNewswire/ -- Plenty Unlimited Inc. ('Plenty' or the 'Company'), an innovative agricultural technology company with a unique indoor vertical farming platform, today announced that it has filed voluntary petitions under chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas (the 'Court') in accordance with its Board-approved plan to restructure its liabilities, streamline operations and focus its go-forward operations.
The Company will continue to operate its Richmond, Virginia, vertical strawberry farm and Laramie, Wyoming, plant science research and development (R&D) facility throughout the restructuring process. The Company has also received a commitment for debtor-in-possession (DIP) financing of $20.7 million. Plenty has filed a motion seeking approval of the DIP financing and, upon approval, the DIP financing is expected to provide Plenty with the necessary liquidity to support its operations throughout the planned process.
'Plenty's advanced technology is transforming indoor farming, removing the unpredictability of Mother Nature and making it possible to create a stable supply of fresh produce with peak-season flavor year-round almost anywhere in the world,' said Dan Malech, Plenty's Interim CEO. 'However, our Company is not immune from larger market dynamics and the fundraising challenges facing our industry. After evaluating all of our strategic alternatives, we have determined that pursuing this restructuring process is in the best interests of all of the Company's stakeholders.'
Mr. Malech continued, 'We are fortunate to have stakeholders who support and believe in our mission to make fresh food accessible to everyone, everywhere. The restructuring will position us to continue working toward that mission by expanding our production of premium strawberries with industry-leading partners and filling a supply gap in the market to meet consumer demand for locally grown, high-quality strawberries year-round.'
In addition to seeking approval of the DIP financing, Plenty has filed a number of customary motions seeking authorization to support its operations during the court-supervised process, including authority to pay wages and provide health and other employee benefits.
Additional information regarding the process can be found at https://cases.stretto.com/PlentyUnlimited, a website administered by Plenty's claims agent, Stretto, Inc. Information is also available by calling 855-994-4202(Toll-Free) and 847-610-7823 (International).
Sidley Austin LLP and Wilson Sonsini Goodrich & Rosati are serving as the Company's legal counsel. Jefferies LLC and Uzzi & Lall LLC are serving as financial advisors.
Davis Polk & Wardwell LLP and Sullivan and Cromwell LLP are representing certain providers of the DIP financing.
About Plenty
Plenty is rewriting the rules of agriculture through its technology platform that can grow fresh produce almost anywhere in the world, year-round, with peak-season quality and up to 350x more yield per acre than conventional farms. Plenty farms are the world's highest-efficiency system for converting electricity into fresh fruits and vegetables. Plenty's proprietary approach is designed to preserve the world's natural resources, make fresh produce available to all communities and create resilience in our food systems against weather, location, pests and climate impacts. Plenty operates the world's largest vertical farming research center in Laramie, Wyoming, and the world's most advanced indoor farm near Richmond, Virginia. For more information, visit www.plenty.ag.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
3 hours ago
- Yahoo
Life Science Labs Signal Shifting Strategies Amid New Economic Pressures, According to Survey of 550+ Researchers
ARLINGTON, Va., June 13, 2025 /PRNewswire/ -- New survey insights reveal a measurable shift in how life science labs are responding to global financial uncertainty, rising operational costs, and upcoming U.S. tariff policies. Based on responses from more than 550 academic and industry researchers, the latest data from BioInformatics' Beyond the Bench series captures how lab priorities, purchasing decisions, and funding strategies have evolved from January to mid-April 2025—offering a rare pre- and post-policy view of market sentiment. While the first wave of the survey was fielded prior to the announcement of new tariff policies, the second wave offers a timely comparison as labs began adjusting to anticipated policy changes under the Trump administration and broader macroeconomic pressures, including inflation, tightened research budgets, and supply chain strain. Click here to download the Lab Budgets & Funding Survey Key Survey Findings Include: Funding confidence is declining, with only 57% of labs reporting confidence in securing 2025 funding—down from 66% in the first wave. Financial strain is hitting North American labs harder than those in Europe: 46% report new funding challenges (vs. 21% in Europe), and over half are considering personnel cuts, compared to just 28% in Europe. 42% of labs cite new concerns about securing funding through year-end, signaling heightened financial risk across the sector. Cost-saving strategies are accelerating, including resource sharing, supplier renegotiations, outsourcing, and delayed equipment purchases. These findings reflect shifting institutional priorities and underscore the growing need for timely, market-aligned planning as labs face increased constraints and financial pressure. "By fielding this survey before and after key policy announcements, we're able to offer a real-time snapshot of how labs are adjusting to economic volatility," said Richa Singh, VP, Market Insights at BioInformatics. "As tariff policies begin to reshape lab planning, companies need focused, evidence-backed insights to align their strategies. This data helps commercial teams track funding sentiment, adapt messaging, and make confident, evidence-based decisions—especially in a market where priorities can change within weeks." About Beyond the Bench Beyond the Bench is a free monthly intelligence series created by BioInformatics to help life science and diagnostics companies understand how customer sentiment and commercial priorities are shifting—particularly during times of uncertainty and industry disruption. Powered by the Science Advisory Board, BioInformatics' proprietary network of over 55,000 life science professionals, each report delivers survey-based insights on market trends, strategic shifts, and buyer behavior. The series was launched to provide a clear, unbiased view into the evolving challenges facing researchers and decision-makers—giving commercial teams actionable guidance to align strategy, messaging, and resource planning with what matters most to their customers. Access & Get Involved: Download the Lab Budgets & Funding Survey Sign up to receive monthly Beyond the Bench reports Join the Science Advisory Board — qualify to participate in surveys, earn rewards, and shape the future of scientific research. About BioInformatics BioInformatics, part of the Science and Medicine Group, is a leading market research and advisory firm serving the life science and diagnostic industries. The company delivers custom and syndicated research powered by a proprietary global panel of more than 55,000 professionals. View original content to download multimedia: SOURCE BioInformatics Inc.
Business Upturn
3 hours ago
- Business Upturn
Red White & Bloom Brands Provides Update on Status of Annual Filings
By GlobeNewswire Published on June 14, 2025, 03:00 IST TORONTO, June 13, 2025 (GLOBE NEWSWIRE) — Red White & Bloom Brands Inc. (CSE: RWB) ('RWB' or the 'Company') is providing an update on the status of a management cease trade order granted on May 1, 2025 (the 'MCTO') by the British Columbia Securities Commission under National Policy 12-203 – Management Cease Trade Order ('NP 12-203'). On May 1, 2025, the Company announced that, for reasons disclosed in the news release, there would be a delay in the filing of its financial statements and accompanying management's discussion and analysis for the fiscal year ended December 31, 2024 (the 'Annual Filings') beyond the period prescribed under applicable Canadian securities laws. The Company reports that the audit continues to progress, and it will provide a further update on the timing of its Annual Filings on or about June 23, 2025, if it has not filed by this date. The Company is also progressing on the completion of its interim financial statements and accompanying management's discussion and analysis for the first quarter ended March 31, 2025 (the '2025-Q1 Filings'). The Company advises that the 2025-Q1 Filings will be filed within five business days from the date the Annual Filings are completed. Further updates on timing will be provided by the Company as necessary. During the MCTO, the general investing public will continue to be able to trade in the Company's listed common shares. However, the Company's chief executive officer, president and chief financial officer will not be able to trade in the Company's shares. Other than as disclosed in this news release, there are no material changes to the information contained in the initial press release associated with the MCTO. The Company confirms that it intends to satisfy the provisions of NP 12- 203 and will continue to issue bi-weekly default status reports for so long as it remains in default of the Annual Filings requirement. These updates will include information regarding the progress of the Annual Filings and any material changes to the Company's business, if any. About Red White & Bloom Brands Inc. Red White & Bloom Brands is a multi-jurisdictional cannabis operator and house of premium brands operating in the United States, Canada and select international jurisdictions. The Company is predominantly focusing its investments on major U.S. markets, including California, Florida, Missouri, Michigan, and Ohio in addition to Canadian and international markets. Red White & Bloom Brands and Media RelationsEdoardo Mattei, CFO [email protected] 947-225-0503 Visit us on the web: Follow us on social media: Twitter @rwbbrands Facebook @redwhitebloombrands Instagram @redwhitebloombrands Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release. FORWARD LOOKING INFORMATION Certain information contained in this news release may constitute 'forward-looking information' or 'forward-looking statements' within the meaning of applicable Canadian securities legislation. Forward-looking information is often identified by the use of words such as 'plans,' 'expects,' 'may,' 'should,' 'could,' 'will,' 'intends,' 'anticipates,' 'believes,' 'estimates,' 'forecasts,' or variations of such words and phrases, including the negative forms thereof, as well as terms such as 'pro forma' and 'scheduled,' and similar expressions that refer to future events or outcomes. Forward-looking statements in this release include, without limitation, statements relating to the anticipated timing, review, completion, and filing of the Annual Filings and Q1 Filings; the expected duration of the MCTO; the Company's ongoing operations; and the Company's intention to issue bi-weekly default status updates. Forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results, performance, or achievements of the Company to differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, the risks associated with audit completion processes; regulatory reviews and approvals; market conditions; the Company's financial condition and liquidity; the ability to achieve the anticipated benefits of the debt restructuring; and the risk that the Company may not be able to complete its Annual Filings within the timeframe currently anticipated. There can be no assurance that such forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any obligation to update or revise any forward-looking information contained herein, whether as a result of new information, future events, or otherwise, except as required by applicable securities laws. THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE COMPANY'S EXPECTATIONS AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS. Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. Business Upturn takes no editorial responsibility for the same. Ahmedabad Plane Crash GlobeNewswire provides press release distribution services globally, with substantial operations in North America and Europe.
Business Upturn
3 hours ago
- Business Upturn
Aetherium Acquisition Corp. Announces Change of Special Meeting Date
GREENWICH, Conn., June 13, 2025 (GLOBE NEWSWIRE) — Aetherium Acquisition (the 'SPAC' or the 'Company'), a publicly-traded special purpose acquisition company, today announced that its Special Meeting ('Meeting'), previously scheduled at 8:30 a.m. Eastern Time on June 13, 2025, has been postponed to 8:30 a.m. Eastern Time on June 27, 2025, and the redemption right deadline has been postponed to 5:00 p.m. Eastern Time on June 25, 2025. The record date for the Meeting remains May 9, 2025. No changes have been made to the proposals to be voted on by shareholders at the Meeting. Shareholders of the Company who have previously submitted their proxy and who do not want to change their vote do not need to take any action. On May 23, 2025, the Company filed a definitive proxy statement with the Securities and Exchange Commission (the 'SEC') and on June 3, 2025, the Company filed a revised definitive proxy statement with the SEC, each in connection with its solicitation of proxies for the Meeting. Before making any voting decision, investors and shareholders of the company are urged to read the definitive proxy statement (including any amendments or supplements thereto) and other documents the company files with the sec carefully in their entirety when they become available as they will contain important information. Investors and shareholders will be able to obtain free copies of the definitive proxy statement (including any amendments or supplements thereto) and other documents filed or that will be filed with the SEC through the web site maintained by the SEC at About Aetherium Acquisition Corp. Aetherium Acquisition Corp. is a blank check company formed to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. Efforts to identify a prospective target business will not be limited to a particular business, industry sector, or geographical region. However, it intends to focus on companies in Asia (excluding China). Forward-looking Statements This press release contains statements that may constitute 'forward-looking statements,' including with respect to Aetherium's pursuit of an alternative business combination. No assurance can be given that Aetherium will successfully seek and consummate such an alternative business combination. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of Aetherium, including those set forth in the Risk Factors section of Aetherium's public filings with the Securities and Exchange Commission. Copies are available on the SEC's website, Aetherium undertakes no obligation to update these statements for revisions or changes after the date of this release except as required by law. Participants in the Solicitation The Company and its directors, executive officers, other members of management and employees, under SEC rules, may be deemed to be participants in the solicitation of proxies from the shareholders of the Company in connection with the Meeting. Investors and shareholders may obtain more detailed information regarding the names, affiliations and interests of the Company's directors and officers in the Proxy Statement, which may be obtained free of charge from the sources indicated above. No Offer or Solicitation This press release shall not constitute a solicitation of a proxy, consent or authorization with respect to any securities or in respect of the Meeting proposals. This communication shall also not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any states or jurisdictions in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, or an exemption therefrom. Contact: For investors: Crocker Coulson, CEO, AUM Media+1 (646) 652-7185 [email protected]; [email protected]
