Agrinam Acquisition Wins Extension to September to Complete Freight Farms Deal

Freight FarmsGreenery SIndoor Vertical FarmingHydroponic Container FarmControlled Environment AgShipping Container Farms
Written By IGrow PreOwned

MARCH 13, 2024

1 MINUTE READ

Agrinam Acquisition announced that its shareholders voted unanimously to extend the SPAC’s deadline from March 15 to Sept. 15.

Agrinam in October 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.

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