Kalera Public Limited Company announced that the company has decided to initiate the restructuring of its German subsidiary, Kalera GmbH (f/k/a “&ever”) through a court-supervised process. Following Kalera PLC's announcement on October 18, 2022 of its intention to divest the assets of its international business, the Company began exploring strategic alternatives in close collaboration with financial advisors. Kalera GmbH has since received substantial interest from external investors.

While no binding agreements to acquire or to invest in Kalera GmbH have been signed, the Company is confident that a transaction will be announced by the end of the year and that business operations in Germany will continue in 2023 after the restructuring process has concluded. In an additional effort to bring Kalera to cash flow positive, the Company continues the process of divesting its Vindara seed genetics business and expects to close near year-end 2022. In addition, the Company is reducing expenses at the U.S. headquarters.

In total, these divestitures and costs savings measures are expected to reduce the amount of cash needed to operate the business by approximately 50%.