NASHVILLE, NORTH CAROLINA — In a significant development within the food industry, plant-based seafood manufacturer Atlantic Natural Foods, LLC has taken the decision to withdraw from its pending acquisition by Above Foods, with the effective date set as November 1, 2024. This termination was a mutual agreement between the two parties, as per Atlantic Natural Foods.

Background and Brands

Atlantic Natural Foods stands as the manufacturer behind renowned brands like Loma Linda, Neat, and Tuno. The merger was initially announced in 2021, aiming to bring Atlantic Natural Foods into public ownership. This move was set to bring significant changes and opportunities to the company.The 2023 merger between Above Food Corp. and Bite Acquisition Corp., a special purpose acquisition company (SPAC), successfully propelled Above Food Corp. into the public domain.

Strategic Considerations

Atlantic Natural Foods cited strategic realignments as the driving force behind this decision. In an evolving business landscape, factors such as the ongoing impact of COVID-19, rising food inflation, and supply chain disruptions played a crucial role. The company recognized the need to reset its standards and adapt to these changing circumstances.Doug Hines, the chairman of Atlantic Natural Foods, emphasized their commitment to meeting the challenges posed by the industry's ever-changing nature. "Operating in this environment has not been easy, but we are dedicated to resetting the standards for the years to come. We are leveraging our tried-and-true food preparation and supply methods that have withstood the test of time to fulfill the needs of our global consumers."

Future Focus and Mission

This strategic move allows Atlantic Natural Foods to reinstate its commitment to returning to its core principles, products, and consumers. The company is resolutely focused on carrying out its mission of creating healthy food for the world in 2025 and beyond.Hines further stated, "We believe that by focusing on our core, we can better serve our customers and contribute to a healthier future. Our products have always been at the heart of what we do, and we are committed to ensuring their quality and availability."Atlantic Natural Foods and Above Foods will continue to have a connection through their respective ownership of shares, providing a foundation for future collaborations and developments.