Vertical farming company Kalera and Agrico Acquisition today announced a definitive merger agreement that would give the combined company an equity value of $375 million. If the deal is approved, Kalera will transition from its current Euronext Growth Oslo listing to a publicly listed company trading on the Nasdaq.
Kalera bills itself as a leafy green vertical farming company and leader in plant science for growing produce in controlled environments.
Based on the common stock of Agrico at $10 per share, the transaction implies an exchange ratio of 0.091 for existing Kalera shareholders.
In addition to shares of Agrico common stock, Kalera shareholders will receive one contractual Contingent Value Right per share of common stock that will entitle them to receive up to two stock payments upon the achievement of certain milestones. Each stock payment will consist of shares representing 5% of the fully diluted equity of Kalera at the date of the merger completion.
Agrico said it currently has $146.6 million cash in trust.
If no public shareholders of Agrico exercise their redemption rights, existing Kalera equity holders will own approximately 52% of the combined company at closing. Read more.
