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Plant-Based 'Shrimp' Manufacturer Faces Liquidation

New Wave Foods, a renowned producer of plant-based alternatives to shrimp, has declared the cessation of its operations as the company transitions into assignment, opting for an alternative to bankruptcy.

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Plant-Based 'Shrimp' Manufacturer Faces Liquidation
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California-based alternative seafood company New Wave Foods, which shuttered its operations in November of last year, has initiated an assignment for the benefit of creditors, an alternative process to bankruptcy entailing the liquidation of a company's assets.
This development follows the completion of a successful Series A funding round in 2021, where the company raised $18 million from investors. However, despite this initial triumph, New Wave Foods, known for its plant-based "shrimp" products, finds itself "indebted to various creditors and is unable to pay its debts in full," as stated in the official assignment document.
Michelle Wolf, co-founder and CEO of New Wave Foods, reflected on the company's trajectory, stating, "Although we were gaining momentum in 2023 and had secured a major customer for 2024 sales, we couldn’t outrun industry headwinds." Wolf, who assumed the role of CEO in late 2021, expressed pride in the company's focus on healthy business fundamentals and its contributions to advancing sustainable eating practices.
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