Above Food Ingredients Inc. (NASDAQ:ABVE) issued a major corporate update on Friday as it advances restructuring, audit progress and its merger with Palm Global.

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The company recently appointed a new auditor with expertise in digital asset tokenization and stablecoin infrastructure.

Management said the audit process is moving forward toward a planned Form 20-F filing by Dec. 12, 2025.

Above Food confirmed it has not applied for Nasdaq's optional 180-day extension at this time. Leadership emphasized confidence in completing regulatory filings within the original timeline.

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Debt Wiped Out Through Restructuring

Management said it eliminated all corporate debt during its year-long restructuring initiative. The company now expects profitability for the fiscal year ending Jan. 31, 2026.

Above Food forecasts more than $30 million in profits next fiscal year. Leadership said this improvement reflects balance sheet repair and operational streamlining.

The company noted fiscal 2025 will show restructuring-driven losses. Executives said these losses create a base for long-term financial stability and scalability.

Merger Momentum Builds

Above Food and Palm Global strengthened operational alignment. Executive teams from both companies recently met in the United Arab Emirates to accelerate technical and strategic integration.

Leadership teams discussed joint frameworks, advanced technical integration pathways and shared infrastructure development. The company described progress as highly productive and execution-focused.

CEO Highlights Milestone

Lionel Kambeitz, CEO and executive chairman, said: "Above Food has reached yet another major milestone in its journey." He added the restructuring marks a critical turning point.

Kambeitz also cited Palm Global's international scale and Middle East partnerships as key drivers of the combined platform's long-term potential.

ABVE Price Action: Above Food shares are trading higher by 14.26% to $3.01 at publication on Friday.

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