Believer Meats’ North Carolina Plant Back in Limbo as UPSIDE Foods Exits $50M Deal

Believer Meats’ sale of its cultivated meat facility in North Carolina has hit a roadblock after UPSIDE Foods backed out of a $50 million deal to acquire the site. This has left the court-supervised process without a buyer, with the receiver now reassessing how to proceed. Despite efforts to attract competing offers, no qualified bids were received, leading to the termination of the planned auction and sale hearing.

The termination by UPSIDE was attributed to unmet conditions outlined in the purchase agreement, including concerns around breaching the deal, unsigned agreements with creditors, potential intellectual property infringement, and competing transactions. The company expressed interest in the facility and indicated that it will evaluate next steps once a new process and timeline are established by the receiver.