Kalera announces merger agreement with Agrico Acquisition Corp

Vertical farming company Kalera has entered into a definitive merger agreement with special purpose acquisition company, Agrico Acquisition Corp.

Kalera’s current management team and interim CEO Curtis McWilliams will continue to operate the business, which is looking to further expand its network of vertical farms and currently has six facilities under construction.

At the closing of the transaction, Kalera equity holders will own just over half of the issued and outstanding common stock of the combined company.

The deal will result in Kalera becoming a publicly listed company on the NASDAQ stock market and delisting from Euronext Growth Oslo exchange.

Brent De Jong, chairman and CEO of Agrico, said: “Kalera is already positioned as a leader in the vertical farming industry with its ten facilities operating or construction nearly complete and Vindara, its seed business dedicated to controlled environments”.

“The proposed merger with Agrico positions Kalera to be the first leafy green vertical farm company to have a national footprint in the US and be able to reliably supply a national off-take contract while still being local. 

“The Agrico team and its scaling experience will supplement an already strong Kalera management team and board of directors.”

The transaction is expected to close in the second quarter of this year. The deal remains subject to approval by Agrico and Kalera shareholders, as well as other customary closing conditions.