Kalera, the Orlando-based vertical farming company, filed for Chapter 11 bankruptcy on April 4 in the U.S. Bankruptcy Court for the Southern District of Texas. The company announced the filing in a press release.
In the same release, Kelera announced president and CEO Jim Leighton had been removed from his roles, effective March 29.
According to the release, the company will continue to operate as a “debtor-in-possession” under the jurisdiction of the bankruptcy court and according to the bankruptcy code. Kalera is also requesting customary relief for transitioning into Chapter 11 as well
Kalera has a network of farms in Orlando, Houston, Atlanta and Denver in operations with plans to build in Seattle, Columbus, Honolulu and St. Paul, Minnesota. Internationally, the company has farms in Munich and Kuwait in addition to opening a farm in Singapore in 2022.
Listed as KAL on the NASDAQ stock exchange, Kalera stock is trading for $2.69 at the time of publication.
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