Above Food announced it had filed an amended F-4 on its proposed merger with Bite Acquisition. The deal has a pro forma enterprise value of approximately $319 million. Based in the Canadian province of Saskatchewan, Above Food operates a vertically integrated supply chain to deliver differentiated ingredients and consumer products.
If approved, upon closing Above Food is expected to list on the NYSE under new ticker symbol ABVE. The transaction was announced in May last year.
Deal consideration will be 100% in the form of rollover shares, and the proposed transaction is expected to provide approximately $44 million of gross proceeds to fund future facility development and working capital.
Above Food has already received $9 million from several investors including Lexington Capital (an alternative investments and development group focused on food & agriculture, water and real estate) and Grupo Vida (one of the largest oat manufacturers in the Americas with production and facilities in Mexico, Canada and Chile). These investors’ financial commitment is expected to generate significant commercial and operational synergies for Above Food in the years to come.
Bite Acquisition raised $175 million in a February 2021 IPO, althoiugh redemptions ahead of an extension vote last December devoured 85% of the cash in trust.
