Toronto, Ontario--(Newsfile Corp. - December 15, 2023) - Agrinam Acquisition Corporation (TSX: AGRI.U) ("Agrinam") announced today that it has exercised its second three-month extension option to extend its permitted timeline to complete a qualifying acquisition to March 15, 2024 by depositing an additional U.S.$400,000 in cash into escrow.
Agrinam previously announced that it had entered into a definitive business combination agreement with Agrinam Merger Sub, Inc., a wholly owned subsidiary of Agrinam and Freight Farms, Inc. ("Freight Farms"), a rapidly growing innovative agtech company and a leader in the global revolution for sustainable, hyper-local and ultra fresh food production, whereby Agrinam will acquire all of the issued and outstanding shares of Freight Farms by way of a triangular merger (the "Business Combination"). The Business Combination, which is expected to close in the first quarter of 2024, is anticipated to constitute Agrinam's qualifying acquisition under Part X of the Toronto Stock Exchange Company Manual.
Details of the Business Combination are included in Agrinam's preliminary non-offering prospectus that was filed on November 10, 2023 (the "Prospectus"). The Prospectus may be viewed by shareholders and interested parties under Agrinam's profile on SEDAR+ at www.sedarplus.ca.
About Agrinam Acquisition Corporation
Agrinam Acquisition Corporation is a special purpose acquisition corporation incorporated under the laws of the Province of British Columbia for the purpose of effecting, directly or indirectly, an acquisition of one or more businesses or assets, by way of a merger, amalgamation, arrangement, share exchange, asset acquisition, share purchase, reorganization, or any other similar business combination within a specified period of time.
About Freight Farms
Freight Farms debuted the first vertical hydroponic farm built inside an intermodal shipping container with the mission of democratizing and decentralizing the local production of fresh, healthy food. Since its inception, Freight Farms has refined its product offering to arrive at the Greenery™ container farm. With global customers ranging from small business farmers to the corporate, hospitality, retail, education, and nonprofit sectors, Freight Farms make up one of the largest network of IoT connected farms in the world. AgTech Breakthrough named Freight Farms the 2022 "IoT Monitoring Solution of the Year" for its farmhand® IoT automation software. For more information, visit https://www.freightfarms.com/.
Forward Looking Information
Certain information contained in this press release may be forward-looking statements within the meaning of Canadian securities laws. Forward-looking statements are often, but not always identified by the use of words such as "expect", "anticipate", "believe", "foresee", "could", "estimate", "goal", "intend", "plan", "seek", "will", "may" and "should" and similar expressions or words suggesting future outcomes. This press release includes forward-looking information and statements pertaining to, among other things, the Business Combination and the Business Combination constituting the qualifying acquisition of Agrinam.
These forward-looking statements reflect material factors and expectations and assumptions of Agrinam and Freight Farms including, without limitation, expectations and assumptions relating to Agrinam and Freight Farms being able to receive all required regulatory and shareholder approvals and current estimates and assumptions regarding the Business Combination, which are based on Agrinam's and Freight Farms' perception of historical trends, current conditions and expectations, as well as other factors believed to be appropriate in the circumstances. Agrinam's and Freight Farms' estimates, beliefs and assumptions are inherently subject to uncertainties and contingencies regarding future events and as such, are subject to change. Projected timelines included in this press release are used for illustrative purposes only, are not forecasts and may not reflect actual results. Numerous risks and uncertainties could cause the actual events and results to differ materially from the estimates, beliefs and assumptions expressed or implied in the forward-looking statements in this press release, including, but not limited to: the conditions to the consummation of the Business Combination may not be satisfied or waived; risks relating to the failure to obtain necessary shareholder, court, and regulatory approvals for the Business Combination; the filing and/or mailing of documentation relating to the Business Combination may not be completed on a timely basis; high levels of redemptions by Agrinam shareholders; the Business Combination may be modified, restructured or terminated; events or series of events may cause business interruptions; and the availability of equity and debt financing and/or refinancing on acceptable terms.
There are numerous risk factors related to the Business Combination that investors should take into account, including, without limitation: the ability of the resulting entity to meet TSX or other stock exchange listing standards following the consummation of the Business Combination; the Business Combination may not be completed within Agrinam's permitted timeline to complete a qualifying acquisition or the potential failure to obtain an extension of Agrinam's qualifying acquisition deadline if sought by Agrinam; and other factors discussed under "Risk Factors" in the Prospectus.
Readers are cautioned that the foregoing list of factors is not exhaustive. Other risks and uncertainties not presently known to Agrinam and Freight Farms or that they presently believe are not material could also cause actual results or events to differ materially from those expressed in the forward-looking statements contained in this press release. Additional information on these and other factors that could affect events and results are included in other documents and reports that will be filed by Agrinam with applicable securities regulatory authorities and may be accessed through the SEDAR+ website (www.sedarplus.ca). Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect Agrinam's and Freight Farms' expectations only as of the date of this press release. Agrinam and Freight Farms disclaim any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by law.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as such term is defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
For further information contact:
Agustin Tristan Aldave
Chief Executive Officer
Agrinam Acquisition Corporation
agustin.tristan@agrinamspac.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/191190
