The inaugural NiFi Festival, scheduled to take place in late August and featuring headliners Miranda Lambert, Green Day and Kings of Leon, has been canceled.

In a letter to fans, vendors and partners on their website, the festival explains, "We simply cannot deliver the NiFi vision and fan experience, at our desired level of excellence, given the lack of ticket sales to date."

Fans who had purchased tickets to the first-ever event will have their money automatically refunded in full directly by Ticketfly. More information on refunds, along with contact information, is available on the NiFi Festival's website.

"We thank you for your support of NiFi Music Fest and apologize for any disappointment this may cause," the letter concludes.

The festival was slated to be a three-stage event, scheduled for Aug. 28-30 at the Kentucky Speedway in Sparta, Ky. Other performers who no longer need to make the trek to Kentucky include Hank Williams Jr.Brantley Gilbert, Jake OwenTrace Adkins, Joe NicholsSara EvansJosh TurnerJana KramerJon PardiCharlie WorshamGov’t MuleWeezer, Spoon, Flogging Molly, the Preservation Jazz Hall Band and more.

The NiFi Festival, which was announced in May, was a collaboration between Nitro Fidelity and Speedway Motorsports Inc. When announcing the inaugural event, the group also revealed that they were planning 2016 festivals at Texas Motor Speedway in Dallas and North Carolina’s Charlotte Motor Speedway.

"We came in with eyes wide open, we understand the economics of a first year, second year, third year, when you do make money, and how you make it, and we planned for it," Howard Mergelkamp, NiFi’s chief strategy officer, said at the time. "We knew out of the gate we didn’t want to be a mediocre festival, or a small one. We came from the approach that not only do we not want to be a failure, it has to be a success at a high level to penetrate the market, get notoriety, for people to come, experience and say, ‘Wow, I want to go back next year.’”

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