KALERA PLC RECEIVES NOTICE OF DELISTING FROM NASDAQ
April 10 2023 - 4:20PM
Kalera Public Limited Company (“Kalera PLC” or the “Company”)
(Nasdaq: KAL), a vertical farming company headquartered in Orlando,
Florida, today announced that on April 6, 2023, it received a
delisting notification from Nasdaq Stock Market LLC (“Nasdaq”)
advising the Company that Nasdaq would suspend trading of the
Company’s common stock as of the opening of business on April 17,
2023. Nasdaq’s determination was based on the following: (i) Under
Listing Rule 5101, the Company is a public shell and that the
continued listing of its securities is no longer warranted; and
(ii) the Company has not filed its Form 10-K for the fiscal year
ended December 31, 2022 with the Securities and Exchange Commission
(“SEC”) and NASDAQ, therefore failing to comply with NASDAQ’s
Listing Rule 5250(c)(2) for continued listing. In addition, since
the Company’s common stock is subject to delisting, the Company’s
warrants listed under symbol KALWW no longer qualify for listing
under Listing Rule 5560(a). At this time, the Company does not
anticipate appealing Nasdaq’s determination.
This announcement is made in compliance with Nasdaq Listing Rule
5810(b), which requires prompt disclosure of receipt of a NASDAQ
delisting determination.
As previously disclosed, on April 4, 2023, Kalera, Inc.
(“Kalera”), an indirect wholly owned subsidiary of Kalera PLC,
filed a voluntary petition in the United States Bankruptcy Court
for the Southern District of Texas seeking relief under Chapter 11
of Title 11 of the United States Code (“Chapter 11”).
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the federal securities laws, which are based on
management’s current expectations, estimates and projections.
Forward looking statements also include statements regarding the
Company’s plans with respect to the Chapter 11 proceedings,
Kalera’s plan to continue its operations while it works to complete
its proposed reorganization, Kalera’s proposed debtor-in-possession
financing, the Company’s plans regarding existing vertical farms
and other statements regarding the proposed reorganization,
strategy, future operations, performance and prospects. These
forward-looking statements are subject to risks and uncertainties
that could cause actual results to differ materially from the
expectations expressed in the forward-looking statements,
including, without limitation, uncertainties relating to the
ability of the Company to resume compliance with SEC reporting
obligations and Nasdaq listing rules. These risks,
uncertainties and events also include, but are not limited to, the
following: Kalera’s ability to obtain timely approval of the
bankruptcy court with respect to motions filed in the Chapter 11
proceedings; objections to the DIP financing or other pleadings
filed that could protract the Chapter 11 proceedings; the
bankruptcy court’s rulings in the Chapter 11 proceedings, including
the approvals of the terms and conditions of the
debtor-in-possession financing, and the outcome of the Chapter 11
proceedings generally; Kalera’s ability to comply with the
restrictions imposed by the terms and conditions of the
debtor-in-possession financing, including Kalera’s ability to
obtain additional financing and Kalera’s ability to obtain a timely
sale of assets or approval of a plan of reorganization; the length
of time that Kalera will operate under Chapter 11 protection and
the continued availability of operating capital during the pendency
of the Chapter 11 proceedings; Kalera’s ability to continue to
operate its business during the pendency of the Chapter 11
proceedings; the Company’s listing and potential delisting from
NASDAQ; employee attrition and Kalera’s ability to retain senior
management and other key personnel due to the distractions and
uncertainties; the effectiveness of the overall restructuring
activities pursuant to the Chapter 11 proceedings and any
additional strategies the Company may employ to address its
liquidity and capital resources; the actions and decisions of
creditors and other third parties that have an interest in the
Chapter 11 proceedings; risks associated with third parties seeking
and obtaining authority to terminate or shorten Kalera’s
exclusivity period to propose and confirm one or more plans of
reorganization, for the appointment of a Chapter 11 trustee or to
convert the Chapter 11 proceeding to a Chapter 7 proceeding;
increased legal and other professional costs necessary to execute
Kalera’s restructuring; Kalera’s ability to maintain relationships
with suppliers, customers, employees and other third parties and
regulatory authorities as a result of the Chapter 11 proceedings;
the trading price and volatility of the Company’s common stock;
litigation and other risks inherent in a bankruptcy process; and
the other factors listed in Kalera PLC’s filings with the SEC.
Except as may be required by law, Kalera PLC disclaims any
obligation to update any forward-looking statements to reflect
events or circumstances after the date on which the statements were
made or to reflect the occurrence of unanticipated events.
Contact
Mark ShapiroChief Restructuring OfficeEmail:
kalera@bmcgroup.com
Kalera Public (NASDAQ:KAL)
Historical Stock Chart
From Jul 2024 to Aug 2024
Kalera Public (NASDAQ:KAL)
Historical Stock Chart
From Aug 2023 to Aug 2024