Agrico Acquisition today submitted a registration statement to the SEC outlining its proposed merger with vertical farming company Kalera.
The deal would give the combined company an equity value of $375 million. If approved, Kalera will transition from its current Euronext Growth Oslo listing to 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 had $146.6 million cash in trust at the time the deal was announced in January. Read more.
