The Rollo Bay farm is sold to resolve the Company’s immediate cash requirements

AquaBounty Announces Decision to Sell Rollo Bay Farm Operation

UNITED STATES
Friday, September 13, 2024, 00:10 (GMT + 9)

HARVARD, Mass. — AquaBounty Technologies, Inc. (NASDAQ: AQB) ("AquaBounty" or the "Company"), a land-based aquaculture company focused on enhancing productivity and sustainability through innovative technology, has announced a key update regarding its ongoing fundraising efforts.

AquaBounty’s Rollo Bay farm cared for AquaBounty salmon broodstock, eggs, and fry in a state-of-the-art hatchery using Recirculating Aquaculture Systems technology.

The Company has been exploring various funding and strategic options to strengthen its financial position and improve its cash reserves. As part of this strategy, AquaBounty has decided to sell its Rollo Bay farm operation, located on Prince Edward Island, Canada. Acquired by AquaBounty in 2016, the Rollo Bay farm was developed into a broodstock and egg production facility. The sale process, managed by the Company's investment banker, is expected to be finalized by the end of the year.

David Melbourne, Chief Executive Officer of AquaBounty, commented, "Our focus remains on securing the necessary funding for both our immediate and long-term needs, allowing us to continue pursuing our growth strategy. The Rollo Bay farm was initially acquired to support our plan for five large land-based grow-out farms. However, since we do not anticipate needing the egg output from Rollo Bay in the near to mid-term, and because we will retain adequate egg production capacity for our Ohio farm from our hatchery in Bay Fortune, we have decided to sell the Rollo Bay farm to address our immediate cash requirements without compromising our long-term objectives. We are also actively seeking additional funding and strategic alternatives to ensure our cash needs are met in the coming months," Melbourne concluded.

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