Kalera PLC shares were down 56% to $1.82 after the company said that its wholly owned and main operating subsidiary, Kalera Inc., has filed a voluntary petition for chapter 11 bankruptcy in the Southern District of Texas, Dow Jones Newswires reported. The stock hit its 52-week low of $1.31 earlier in Tuesday's session, and is down almost 100% in the past 12 months. The stock closed Monday's session 20% higher. The vertical farming company said Kalera will continue to operate its business as debtor in possession under the jurisdiction of the bankruptcy court and in accordance with the applicable provisions of the Bankruptcy Code and orders of the bankruptcy court. Kalera will be filing various first-Day motions with the bankruptcy court requesting customary relief that will enable Kalera to transition into chapter 11 without disruption to its ordinary course operations. Kalera PLC, Kalera S.A. and other subsidiaries aren't included in the chapter 11 filing. Kalera intends to use the court-supervised process to evaluate strategic alternatives for Kalera, including a potential sale of Kalera or its assets. To enable Kalera to continue operations during the reorganization process, Kalera's existing lender has agreed to provide Kalera with $5.1 million of debtor-in-possession financing subject to the satisfaction of certain customary conditions, including the approval of the bankruptcy court.
