Kalera PLC has seen its shares decline significantly after its subsidiary, Kalera Inc., filed for Chapter 11 bankruptcy in the southern district of Texas. The $1.82-priced stock hit its 52-week low of $1.31 during trading earlier on Tuesday, significantly down from its previous day’s close of $1.82.
Kalera Inc.’s current chapter 11 filing marks a –100% decline in past 12 months. Kalera PLC, Kalera S.A., and other subsidiaries of Kalera are not included in this chapter 11 bankruptcy filing. It is hoped that the court-supervised process, which Kalera Inc. is undergoing, will pave the way for the successful evaluation of strategic alternatives such as the potential sale of Kalera Inc. or its assets.
To ensure operational continuation, Kalera Inc. has agreed to receive $5.1 million in debtor-in-possession financing from its existing lender, subject to meet certain standard conditions initiated by the bankruptcy court.
Chris Wack is a staff writer at Wall Street Journal, he is the journalist who reported on Kalera PLC’s 56% share drop after its subsidiary filed for bankruptcy. Chris Wack began his career at Wall Street Journal as a reporter for finance and investing content in 2016. He earned a Master’s of Science in Journalism from Columbia University and is based in the New York Bureau.