Cult Food Science has announced a strategic move to settle outstanding debts totalling $23,035. This decision aligns with the company's goal of preserving cash for operational needs as the cultivated meat sector continues to gain momentum.

Under the terms of the debt settlement agreements with two arm’s-length creditors, Cult will issue 650,706 shares at a deemed price of $0.0354 per share. Notably, the shares issued will not be subject to a hold period, allowing for immediate trading under the exemption outlined in section 2.24 of NI 45-106 Prospectus Exemptions.

The board of directors determined that this debt settlement is in the best interest of the company, highlighting the need to maintain liquidity in a competitive market. "By settling these debts, we can focus our resources on advancing our operations and investing in our portfolio of innovative ventures," said Mitchell Scott, CEO of Cult Food Science.

In February, Cult Food Science made announcements regarding its corporate governance and financial strategy, aimed at enhancing its operational efficiency in the evolving food technology landscape.

As the global demand for sustainable food sources rises, the cultivated meat industry is experiencing significant growth. Companies like Cult Food Science are at the forefront of this transformation, leveraging cutting-edge technology and a robust portfolio of investments in cellular agriculture.

This focus enables them to play a pivotal role in reshaping the food industry while addressing pressing issues such as food security and environmental sustainability.

Cult Food Science’s commitment to innovation is underscored by its extensive team of experts in food technology, which positions the company to capitalise on emerging opportunities within the sector.

The decision to settle debts reflects a prudent approach to financial management, particularly in an industry characterised by rapid evolution and increasing investment.