AquaBounty Technologies jumps on plans to sell Rollo Bay farm operation

Aquabounty Technologies

03/09/2024 15:07

(Updates)
    ** Shares of land-based aquaculture firm AquaBounty
Technologies  AQB.O  rise as much as 10% to over two-week high
of $1.12
    ** Stock on track for third consecutive session of gains
    ** Company says it has decided to sell its Rollo Bay farm
operation to raise cash 
    ** The farm, located on Prince Edward Island in Canada, was
purchased by AQB in 2016 and was developed into a broodstock and
egg production operation
    ** AQB says the sale process is expected to be completed
before year-end
    ** "We continue to be focused on securing funding for both
our near and long-term needs, so that we can return to pursuing
our growth strategy," says CEO David Melbourne
    ** He adds: "We are also continuing to pursue additional
funding and strategic alternatives with the goal of securing our
cash requirements in the coming months"
    ** Up to Friday's close, stock had fallen 64% YTD

 (Reporting by Ananya Mariam Rajesh in Bengaluru)
 ((AnanyaMariam.Rajesh@thomsonreuters.com; X: https://twitter.com/AnanyaMariam))