Bezos-Backed Farm Startup in Talks for More Than 90% Value Cut

Plenty Unlimited Inc., a pioneer of vertical farming that’s drawn backing from billionaires including Jeff Bezos, is in talks for a new funding round that will virtually wipe out existing stockholders, according to a person familiar with the matter.

Plenty, which has brought in almost $1 billion from investors like Eric Schmidt and SoftBank Group Corp., is in talks to raise another $125 million as part of the recapitalization, according to people familiar with the matter. The new deal would value the company’s existing shares at less than $15 million, one person said. Previously, investors had valued ...