Agrico Acquisition Corp. (NASDAQ:RICO) announced that its shareholders have voted to approve its combination with indoor farming company Kalera (OL:KAL) in a special meeting held yesterday.
The approval comes as no surprise as the SPAC announced a preliminary shareholder approval on Friday afternoon. Today’s press release did not disclose redemption amounts or any further details on the deal, however, RICO opened at $9.72 this morning and climbed 43.66% to $13.36 today on volume of just 25,738 shares. As such, this could be an indication of a low-float post-redemptions.
Agrico waived its minimum cash closing condition of $100 million back in May, and the SPAC brought approximately $146.6 million into the deal from its trust (before any redemptions) without supplementing it with a PIPE.
The combined company will retain the Kalera name and will commence trading on Nasdaq under the new ticker symbol “KAL” on Wednesday, June 29, 2022.
Agrico and Kalera initially announced their $375 million deal on January 31. Oslo-listed Kalera has developed technology for farming leafy greens and vegetables out of a network of indoor vertical farms.
ADVISORS
- BofA Securities acted as financial advisor to Kalera AS in connection with the transaction.
- Milbank LLP and Advokatfirmaet Thommessen AS acted as legal counsel to Kalera.
- FTI Consulting, and Maxim Group LLC acted as financial advisors to Agrico
- Maples Group and Loeb & Loeb LLP acted as legal counsel for Agrico.
Welsbach Technology Metals Acquisition Corp. (WTMA) to Discuss Non-Redemption Agreements Welsbach Technology Metals Acquisition Corp. (NASDAQ:WTMA) announced in an 8-K today that it intends to discuss signing non-redemption agreements of unspecified size with investors ahead of its September 28 extension vote. Any takers on the offer would receive additional shares in the company’s combination target...
Latest SPAC Liquidations: Iconic Sports Acquisition Corp. Iconic Sports Acquisition Corp. (ICNC) to Liquidate on October 11, 2023 Iconic Sports Acquisition Corp. (NYSE: ICNC), today announced that its board of directors has determined to redeem all of its issued and outstanding Class A ordinary shares, effective as of October 11, 2023. The Company anticipates that...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Conduit’s $1.2bn Nasdaq listing deals another blow to London A British biopharmaceuticals business has completed a deal to list on Nasdaq, delivering a further blow to the London Stock Exchange which has struggled to persuade fast-growing companies...
Mercato Partners (NASDAQ:MPRA) announced in an 8-K this morning that it has added an $11.1 million PIPE at $10 per share to its combination with Brazilian software firm Nuvini. The PIPE investors remain unnamed for now, but this move would cover the combination’s $10 million minimum cash condition. That eliminates some uncertainty as Mercato approaches...
Terms Tracker for the Week Ending September 22, 2023 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. SPACs finally saw two new S-1 filings this week, the first to file since August 24th. Hainan Sirius Acquisition Corp. filed first on Thursday and...