Verde Bio Holdings terminates purchase of 2 biodiesel plants
March 10, 2022
BY Erin Krueger
Verde Bio Holdings Inc. on March 10 announced it will not move forward with the acquisition of two biodiesel plants located in Florida and North Carolina. The company had announced plans to acquire the two facilities in December 2021.
Verde Bio Holdings on Dec. 16, 2021, said it had executed a letter of intent (LOI) to acquire a 5 MMgy biodiesel plant located in Fort Myers, Florida, and a 5 MMgy facility located in Wilson, North Carolina.
“While we were excited by the potential of this transaction to move the company into the renewable energy space and to create significant stockholder value, we could not get comfortable with the level of debt, short and long-term, capital needs, and time it would take to generate revenue,” said Scott Cox, founder and CEO of Verde Bio Holdings, in a statement. “Towards that end, we have decided that terminating this previously announced transaction is prudent for the company and our shareholders.”
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