Agrico Acquisition in a regulatory filing disclosed preliminary shareholder approval of its proposed merger with Kalera ahead of the formal vote set for Monday, June 27. The SPAC said 71.68% of the total number of shares were voted and “essentially 100% have voted in favor of the approval of the proposed business combination transaction.”
Vertical farming company Kalera last month agreed to waive the minimum cash closing condition. The condition provides that, after redemptions and payment of all transaction expenses, the aggregate amount of cash proceeds must equal $100 million. Agrico said at the time it held $146.6 million cash in trust.
If no public shareholders of Agrico redeem shares, existing Kalera equity holders will own approximately 52% of the combined company at closing. Read more.
