Yuengling’s and PickleJar Holdings announced they have entered into a mutual agreement to terminate the MOU (memorandum of understanding) dated September 29th, 2023. The parties agreed necessary approvals and closing conditions to effectuate the business combination are no longer expected to be completed in the timetable set in the MOU, for reasons unrelated to PickleJar or Yuengling’s. Under the terms of the terms of this agreement, neither party will pay any other fees or have any other liabilities to each other related to the MOU.
"Today's announcement is unfortunate and unexpected, however PickleJar has identified an alternative public company that will enable us to continue on our growth path. We will continue to operate from a position of strength and stability," says PickleJar's CEO. "Our strong market position, business integrity, operational quality, and well-diversified and stable product mix have enabled our business to navigate challenging industry dynamics. We remain focused on executing our growth plan.”
"This decision provides our shareholders with clarity. Though disappointed with the outcome, we move forward with other options,” says Everett Dickson, Yuengling's chairman. "I want to thank PickleJar for their spirit of partnership and tremendous efforts over the last several months and wish them enormous success for the future.”