Andrii Yalanskyi
Agrinam Acquisition Corp. (AGRI.U:CA) and Freight Farms, a startup that gives hydroponic farming options, introduced a definitive enterprise mixture that can worth Freight Farms at a professional forma market cap of about $147 million.
In reference to the settlement, Freight Farms and Agrinam agreed to make use of their greatest efforts to finish PIPE financing with sure strategic and monetary buyers, in line with a assertion on Wednesday. The events intend to lift $20 million from the present Agrinam sponsor and sure strategic and monetary buyers.
The deal comes after Freight Farms and Agrinam (AGRI.U:CA) introduced a couple of month in the past a letter of intent for a enterprise mixture.
“We’re thrilled to advance our plans to accomplice with Agrinam,” stated Rick Vanzura, CEO of Freight Farms, within the assertion. “We’ve uniquely positioned Freight Farms as a number one know-how supplier that focuses on serving farmers to allow them to serve their native communities with hyperlocal, hyperfresh produce.”
Agrinam (AGRI.U:CA) is anticipated to vary its title to Freight Farms Inc. and can keep on the enterprise of Freight Farms. The enterprise mixture is anticipated to shut in Q1 2024.
Freight Farms, which was based in 2012, describes itself as a worldwide chief in modular container farming know-how, with greater than 600 farms offered worldwide.