New Wave Foods – a producer of plant-based alternatives to shrimp – has announced the closure of its operations, as the business enters into assignment – an alternative to bankruptcy.
New Wave Foods, a California-based company known for its plant-based “shrimp” products, recently entered into an assignment for the benefit of creditors after closing its doors in November last year. This process involves liquidating the company’s assets as an alternative to bankruptcy. Despite raising $18 million in a successful series A funding round in 2021, the company found itself unable to fully repay its debts. Michelle Wolf, the CEO, cited industry challenges despite gaining momentum in 2023 and securing a major customer for 2024 sales. She expressed pride in the company’s achievements in promoting sustainable eating but acknowledged the difficulty in navigating industry headwinds.
Read the full article at thefishsite.com.