AQUABOUNTY TECHNOLOGIES INC AQB

AquaBounty has historically pursued a growth strategy that included the construction of large-scale recirculating aquaculture system ("RAS") farms for producing our genetically engineered Atlantic salmon (the "GE Atlantic salmon"). We had commenced construction of a 10,000 metric ton farm in Pioneer, Ohio (the "Ohio Farm Project"), but paused the construction in June 2023, as the cost estimate to complete the farm continued to substantially increase due to inflation and other factors. Further, these cost increases impaired our ability to pursue municipal bond financing, which was a necessary component of our funding strategy. We subsequently engaged an investment bank to pursue a range of funding and strategic alternatives, and to assist management in the prioritization of our core assets. These efforts resulted in the sale of our grow-out farm in Indiana ("Indiana Farm") in July 2024, recurring sales throughout 2024 and 2025 of selected equipment originally intended for the Ohio Farm Project ("Ohio Equipment Assets"), and the sale of our Canadian subsidiary, including the broodstock farms owned by the Canadian subsidiary in Prince Edward Island, Canada ("Canadian Farms"), and our intellectual property for the GE Atlantic salmon, along with trademarks and patents ("Corporate IP") in March 2025. After completion of these transactions, our primary remaining asset is our investment in the Ohio Farm Project, consisting of the remaining Ohio Equipment Assets and the land and construction in process (the "Ohio Farm Site"). We continue to work with an investment bank to identify the optimal path forward for realizing the potential of this asset, including its possible sale.