The Board of Directors at US-headquartered, land-based aquaculture venture AquaBounty Technologies Inc has announced the company will wind down its hatchery operations in Bay Fortune, including a reduction of its workforce and the exit of several senior management members.
“AquaBounty will immediately begin to wind down its Bay Fortune operation, its only remaining operating farm, including the culling of all remaining fish and a reduction of substantially all personnel over the course of the next several weeks,” stated David Frank, CFO and Interim CEO. “We prioritised maintaining operations at the Bay Fortune facility, but do not have sufficient liquidity to continue to do so. We have been working for over a year to raise capital, including the sale of our farms and equipment. Unfortunately, these efforts have not generated enough cash to maintain our operating facilities. We therefore have no alternative but to close down our remaining farm operations and reduce our staff.
“Dave Melbourne, our Chief Executive Officer, has voluntarily resigned his position with the company, effective 6 December 2024. Additionally, Alejandro Rojas and Melissa Daley, our Chief Operating Officer and Chief People Officer, respectively, have departed with the elimination of their positions.
“Over the course of the next few months, we will continue to work with our investment banker to assess alternatives for our Ohio farm project, and we will continue to market and sell available assets to generate cash. We will keep all stakeholders apprised of our progress,” Frank said.
