Agrinam Acquisition Corporation and Freight Farms, Inc. Announce Binding Letter of Intent for Business Combination
Summary
Deal is expected to reflect a pro forma enterprise valuation for the combined entity of approximately US$147 million Agrinam is targeting non-binding investment indications of approximately US$20 million from existing Agrinam sponsors and certain strategic investors of which US$4 million has already been committed Industry pioneer agtech company delivers sustainable, hyper-local and ultra-fresh modular food production platform to address expanding global food insecurity, food safety, and accessibility Production of 1,000 heads of lettuce weekly, 500 crop varieties and low upfront cost create superior economic value with multiple for-profit farmers experiencing a 2-3 year payback and modular growth options TORONTO and BOSTON, Sept. 7, 2023 /PRNewswire/ -- Agrinam Acquisition Corporation (TSX: AGRI.U) ("Agrinam" or the "Corporation") today announced that it has entered into a binding letter of intent ("LOI") for a proposed business combination transaction with 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. Through its integrated suite of proprietary products and services – encompassing equipment, software and consumables – the Freight Farms solution seeks to optimize critical sustainability factors as well as financial performance and scalability. • None The Greenery™ S is a closed-loop hydroponic container farm that offers turnkey precision growing in a modular form factor, which is easy to operate and generates attractive rates of return, comparing favorably to a typical retail franchise model. "At Freight Farms, we found a dedicated technology company that had developed and is continuously improving systems that enable their customers to grow profitably and cost-effectively hyper-locally, as evinced by the operational success and repeat business of their farmers. By increasing profitability, improving quality-adjusted yield, and reducing environmental impact, OASs companies not only benefit producers, but generate smarter, healthier, and more efficient food for consumers globally.