NASHVILLE, NORTH CAROLINA — Plant-based seafood manufacturer Atlantic Natural Foods, LLC has withdrawn from its pending acquisition by Above Foods, effective November 1, 2024. The termination of the acquisition was mutually agreed upon, according to Atlantic Natural Foods.

Atlantic Natural Foods is the manufacturer behind brands such as Loma Linda, Neat and Tuno brands. The merger was first announced in 2021, which would bring Atlantic Natural Foods into public ownership.

Atlantic Natural Foods said the decision was based on strategic realignments after evaluating an evolving business landscape, including factors such as COVID-19, rising food inflation and supply chain disruptions.

“Operating in the industry’s ever-changing landscape has not been without its challenges, but we remain steadfast in our commitment to resetting the standards for the years ahead,” said Doug Hines, Atlantic Natural Foods chairman. “We are drawing on tried-and-true food preparation and supply methods that have withstood the test of time to meet the needs of our global consumers.”

In 2023, a merger between Above Food Corp. and Bite Acquisition Corp., a special purpose acquisition company (SPAC), brought Above Food Corp. into public ownership.

Above Foods and Atlantic Natural Foods will remain connected through respective ownership of shares of each company, according to Atlantic Natural Foods.