Mycorena AB Files for Bankruptcy – Towards Making Strategic Efforts to Continue Operations Under New Ownership

Gothenburg, Sweden – July 10^th – Mycorena AB (Publ.) has officially filed for bankruptcy. Despite dedicated efforts and the support of employees, board members, and shareholders, the company has reported significant financial challenges have made it impossible to continue independently.

"Our team has explored every possible avenue to save this pioneering company," said Chairman Tore Sveälv. "It is with a heavy heart that we announce this decision, but ultimately, we believe in the potential of Mycorena’s technology and products and hope it could continue building value in the industry”

Mycorena, a leader within fungi fermentation and mycoprotein industry, has faced substantial financial difficulties over the past two years. Despite these challenges, products were successfully launched in the market as early as 2021, demonstrating proof of concept. The belief remains that with renewed investment, these offerings can be revived and expanded.

Mycorena has consistently demonstrated resilience and innovation. Unfortunately, recent attempts to secure new lead investors were unsuccessful due to the current Financial market conditions.

CEO and Founder Ramkumar Nair emphasized: "This was not an easy decision, but we believe it is a necessary step to restructure our business and protect the value that Mycorena has created over the past 7 years. Our team is dedicated to coming out of this stronger and continuing Mycorena to lead in the mycoprotein segment. We are grateful to our stakeholders, team, and partners for their support as we look ahead to a stronger future”

Mycorena holds extensive expertise in fermentation, circular production, and product development within the mycoprotein segment. The company's mission to become the world leader in fungi technology and drive a sustainability revolution remains unchanged. The recent pivot the company made from a B2B model to a more comprehensive B2B2C approach represents a strategic evolution aimed at capturing significant market share.

COO and Co-founder Ebba Fröling highlighted: "The past few years have been extremely tough for us. Despite forming valuable partnerships and receiving support from our investors, it was not enough. We hope for the company to get new ownership in order to build on our significant groundwork and that the team, and their efforts, can remain the same."

Mycorena's extensive knowledge base, advanced demo facility, and committed team present a unique opportunity for new ownership to capitalize on. The company is well-positioned to continue its trajectory towards becoming a global leader in sustainable food production through fungi technology.

Magnus Löfving at Swedish Law firm Advokatfirman Lindahl KB has been appointed as trustee to administer the bankruptcy procedures.

"The company holds a strong portfolio of valuable assets, including numerous patents, trademarks, and other tangible assets that are highly attractive to the industry in which Mycorena operates. This strong asset portfolio is indeed a testament to the company’s innovation and market relevance. We are confident that we will soon find a buyer who will acquire the business from the bankruptcy estate and continue its operations," said Magnus Löfving.

For more information, please contact:

Mycorena AB

Dr. Ramkumar Nair
Founder & CEO
Ram@mycorena.com
+46723340281

Ebba Fröling
Co-Founder & COO
ebba@mycorena.com
+ 46703809049

For bidding enquires, please contact:

Advokatfirman Lindahl KB
Magnus Löfving
Partner
magnus.lofving@lindahl.se
+46 733 14 10 64

Victor Wodlén
Senior Associate
victor.wodlen@lindahl.se
+46 73 147 27 52