Vertical farming startup 80 Acres Farmswas trying to sell itself when the pending deal abruptly collapsed, forcing the company's decision to shut down operationsthis month, according to a government filing.
"On the evening of Aug. 2, the prospective acquirer unexpectedly withdrew from the transaction. Without theanticipated transaction proceeds and with no other funding available to sustain operations, theCompany was required to make the immediate decision to wind down its business," CEO and co-founder Mike Zelking wrote in a letter to Ohio officials explaining the pending shut down.
Zelking said 145 local workers would lose their jobs between Aug. 3 and Aug. 17, according to a letter submitted with itsWorker Adjustment and Retraining Notification(WARN)
to theOhio Department of Job & Family Services.
The letter did not identify the company that 80 Acres was negotiating with to sell itself.
The Enquirer will update this story.
This article originally appeared on Cincinnati Enquirer: What 80 Acres disclosed before it shut down vertical farming operation
