AquaBounty Technologies, Inc. announced plans to wind down its hatchery operations in Bay Fortune, Canada, and reduce its workforce. The closure of the company’s only remaining farm facility will involve the culling of all fish and a significant staff reduction in the coming weeks.
David Frank, CFO and interim CEO, stated that despite efforts to raise capital, including selling farms and equipment, the company lacked the necessary liquidity to continue operations. Frank also confirmed the resignation of CEO Dave Melbourne and the elimination of key management positions, including those of the Chief Operating Officer and Chief People Officer.
AquaBounty, which focuses on land-based aquaculture, will also continue efforts to sell its assets and explore options for its Ohio farm project. The company emphasized that it would update stakeholders on progress regarding asset sales and future alternatives. The company has faced financial difficulties, and its closure reflects the ongoing challenges in maintaining operations without sufficient funds. AquaBounty has been involved in genetically engineered fish farming.
