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Yasir Abdul, the exec behind ‘As seen on TV’ infomercial company InvenTel, has emerged as the mystery prospective buyer of fungi-fueled alt meat business Meati, with Wild Earth CEO and early stage alt protein investor Ryan Bethencourt assisting during the transition phase.Bethencourt, whose company Wild Earth was acquired out of bankruptcy by InvenTel, explained that Meati and principal secured creditor Trinity Capital and a proposed buyer called Meati Holdings recently negotiated the terms of a deal that has yet to be approved by the court. Other interested parties include plant protein brand LiveComplete.“Yasir Abdul is one of those involved in his personal capacity so InvenTel is not involved, but there are potentially other investors he’s currently talking with to provide additional capital,” said Bethencourt. “I’m part of the transition team to support the Meati team to make sure that everything keeps running at the plant, that customers and employees are being taken care of.“The plant is up and running and we’ve been helping them bring their expenses into line to deliver lower cost, more affordable products going forward. Meati’s pricing at the moment is definitely, I would say, ultra-premium. We would love to see if there’s a way to bring that down to be more cost competitive.”The ABC processColorado-based Meati—which makes fungi-based whole cuts via submerged fermentation—has had the sword of Damocles hanging over it since late February when lender Trinity Capital swept two-thirds of its available cash following a technical default.Meati, which sells fungi-based cutlets and steaks in several thousand stores across the US, issued a WARN notice to staff on March 7 explaining that production would cease on May 6 with all 150 employees to be terminated unless the company could secure additional funds.Several key team members including CEO Phil Graves have left in recent weeks, Bethencourt told AgFunderNews this morning, but the business remains operational as the firm navigates the Assignment for the Benefit of Creditors (ABC) process, which serves as an alternative to bankruptcy.Deal has yet to be approved by the courtEmergy Inc (doing business as Meati Foods) filed an ABC agreement with the Adams County District Court (case 2025-CV-030671) on May 2.Under the ABC process, a financially distressed company transfers its assets to a third-party fiduciary (the assignee – in this case an attorney called Aaron Garber) who handles the sale of the assets or the sale of the business as a going concern in the best interests of the creditors.According to court filings referenced by BusinessDen, Meati had $158 million in assets, a number vastly exceeding the $4 million price tag for the company quoted by BusinessDen last month.Bethencourt told AgFunderNews: “Yasir says the $4 million figure is not accurate, although he can’t say any more than that at this stage.”He added: “There are many things we can’t share yet as this is a legal process, but the immediate priority is how do we stabilize Meati? Several parties were interested but Meati Holdings was the party selected by the venture debt holder (Trinity Capital) to provide management support for Meati as it goes through the ABC process with the trustee.”‘Extremely unprofitable’“The intention is to get to break even,” said Bethencourt. “But there’s not one silver bullet

Meati Foods, a mycelium-based alternative meat startup in Colorado, has filed for a sale to a new company, Meati Holdings, for just $4 million. This comes amid severe financial difficulties, as the company was valued at $650 million in July 2022. The sale price is less than 1/160th of its previous valuation. The filing in a Colorado district court highlights the company's financial crisis, exacerbated by a bank seizing most of its deposits.

Boulder-based Meati Foods, known for its mushroom-based meat alternatives, is set to be sold for $4 million. This comes after the company raised nearly $450 million from investors. The pending deal was disclosed in court filings in Adams County District Court, where Meati requested that the buyer be allowed to manage the company before the sale is finalized.