Despite claims made earlier today by their now former investor Amplifi Live, Woodstock 50 organizers released a statement of their own expressing their commitment to pushing forward with planning of the festival while seeking out new financial backing.   

"We are committed to ensuring that the 50th Anniversary of Woodstock is marked with a festival deserving of its iconic name and place in American history and culture,” Woodstock 50 LLC said, per Rolling Stone. “Although our financial partner is withdrawing, we will of course be continuing with the planning of the festival and intend to bring on new partners."

In a statement released Monday, Amplifi Live seemingly announced that by pulling their financial support, Woodstock 50 has been canceled. The festival's organizers refuted those claims, stating, "Woodstock 50 vehemently denies the festival's cancellation and legal remedy will (be) sought."

"We would like to acknowledge the State of New York and Schuyler County for all of their hard work and support," the statement continued. "The bottom line is, there is going to be a Woodstock 50th Anniversary Festival, as there must be, and it’s going to be a blast."

Rumors of instability surrounding Woodstock 50 first started to arise in April when ticket sales were postponed, leaving concertgoers on standby as they wondered if the festival was actually in jeopardy. Event coordinator Michael Lang dismissed rising concerns as merely "just more rumors." 

The festival previously planned to have performances from JAY-Z, Change the Rapper, Miley Cyrus, Halsey, Janelle Monáe, Run the Jewels, Vince Staples, and others.