Fungi-based alt-meat startup Meati Foods has warned employees of impending mass layoffs after a lender withdrew two-thirds of its available cash due to a technical default.
In a Worker Adjustment and Retraining Notification Act obtained by AgFunderNews, Meati notified staff that operations at its Thornton, CO, facility will cease on May 6 unless new funding is secured.
“Today, we find ourselves in a completely unforeseeable and uncertain situation,” said CEO Phil Graves, noting that despite revenue growth, the lender unexpectedly took control of cash reserves. Meati is actively seeking funding from investors and stakeholders to continue operations.
