Agrinam Acquisition announced that 11,261,363 Class A restricted voting shares were redeemed last month for approximately $10.4715 per share, totalling nearly $118 million.
Upon further review, the SPAC said adjustments to original redemption price are required. Now each redeemed share is expected to be for $10.6686 instead of the original redemption price, resulting in an additional 19.71 cents a share before withholding taxes.
Agrinam earlier this month announced a merger agreement with Freight Farms, an agtech company focused on sustainable, hyper-local and ultra-fresh food production. Agrinam proposes to acquire all of the outstanding shares of Freight Farms by way of a triangular merger including an Agrinam subsidiary. The proposed deal reflects a pro forma enterprise valuation of approximately $147 million.
Agrinam trades on the Toronto Stock Exchange.
The parties intend to raise a $20 million PIPE from Agrinam’s sponsor and certain strategic and financial investors. Agrinam’s sponsor has already delivered $4 million to Freight Farms. Read more.
