Globis Acquisition shareholders voted in favor of combining with African agribusiness Forafric, according to an 8-K filing posted today.
said it would delay until today a shareholder vote on its proposed merger with . The vote was originally set
Forafric Global PLC shares and warrants begin trading today on the Nasdaq under new symbols AFRI and AFRIW.
Forafric raised $44.8 million in new capital from the merger, which includes $19.4 million remaining in Globis’ trust account. The company plans to use the proceeds to support its strategic and operational plans for expansion.
The SPAC in the regulatory filing said 9,612,536 shares were redeemed ahead of the merger vote. Globis had raised $100 million in a December 2020 IPO.
The deal was valued at $300 million when announced in December.
Globis delayed the merger vote originally scheduled yesterday so it could solicit more ballots in support of several amendments, including a forward purchase agreement.
Under the FPA proposal, investors may elect to sell and transfer to the company up to 1.5 million Globis shares at $10.80 each.
Globis also amended the merger agreement with Forafric to defer the closing payment and that Globis will pay $20 million to the seller plus interest on the the outstanding amount from the date of the merger closing up to the date of payment.
Morroco-based Forafric provides agribusiness lifecycle operations, from sourcing to processing, for sales and distribution of branded products. Read more.
