This decision is associated with a strategic transformation in the Company's business focus, to wind down its Alico Citrus division, which holds the Company's citrus production operations, to focus on its long-term diversified land usage and real estate development strategy, due to increasing financial challenges from citrus greening disease and environmental factors for many seasons.

The Company currently estimates that it will incur charges of approximately $1.5 to $2.0 million in connection with the Workforce Reduction, primarily consisting of severance payments, employee benefits and related costs. The Company expects that the majority of these charges will be incurred in the second and third quarters of 2025.