Globis Acquisition in a regulatory filing said it had revised terms of its business combination agreement with Forafric, a vertically integrated agribusiness in North Africa. The deal is valued at $300 million.
Changes include the SPAC’s redomicilation from Nevada to Gibraltar. The new holding company will be renamed Forafric Global, with the SPAC’s stockholders receiving a share of the new company for each of their shares.
Convertible bond investors in the private placement will be offered shares of the new company at $9.45 per share.
Announced in December, initial terms of the deal call for Forafric to receive 15.1 million of the SPAC’s shares, plus up to $20 million of any remaining cash at closing. Earnout shares would also be awarded if certain stock price thesholds are met. Read more.
