Vertical farming company Kalera is looking to make its debut on the Nasdaq big board. The firm announced today the definitive mereger agreement with blank check company Agrico Acquisition Corp. (Nasdaq: RICO).
The transaction is expected to create a combined company with an equity value of approximately US$375 million, should no redemptions occur. This implies an exchange ratio of 0.091 per share for existing Kalera shareholders.
The SPAC completed its US$125 million IPO on the Nasdaq Capital Market in July 2021. It said its target businesses for a merger would be firms in the agriculture, horticulture, or aquaculture space.
The recently appointed interim CEO Curtis Williams is expected to continue leading Kalera until the closing of the merger, which is expected to happen in Q2 2022.
The proposed merger has already been approved by both firm’s boards and secured support from Kalera shareholders representing approximately 45% of its outstanding shares.
Agrico Acquisition last traded at US$10.06 on the Nasdaq.
Information for this briefing was found via Edgar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
