Key Takeaways
- $6.5 Million Equity Investment: Pluri Inc. (Nasdaq: PLUR) announced a strategic private investment led by global investor Alejandro Weinstein, who will join the company’s Board of Directors.
- Acquisition of Kokomodo: Pluri is acquiring a 71% stake in Kokomodo Ltd., an Israeli AgTech company specializing in cultivated cacao production, for $4.5 million in Common Shares.
- Strengthening Financial and Strategic Position: The transactions aim to enhance Pluri’s leadership in sustainable food technologies and expand its operational capabilities.
- Global Market Opportunity: The cultivated cacao market is part of the $13.5 billion global cacao market, projected to grow to $23.5 billion by 2030.
- Regulatory Approvals Pending: The transactions are subject to shareholder and regulatory approvals and are expected to close in Q2 2025.
Pluri Strategic Equity Investment and Board Appointment
Pluri announced a $6.5 million equity investment led by Alejandro Weinstein, a seasoned global investor with over 20 years of leadership experience in biotechnology and sustainable technologies. Weinstein’s investment includes the purchase of Common Shares, Common Warrants, and Pre-Funded Warrants, with the proceeds supporting Pluri’s working capital and corporate growth initiatives.
Upon the transaction’s closing, Weinstein will join Pluri’s Board of Directors, providing strategic guidance to the company.
“We are pleased that Mr. Weinstein understands our mission and will take part in shaping our strategy as we progress,” said Yaky Yanay, CEO and President of Pluri. “This investment strengthens our financial foundation and enables us to advance into the cultivated cacao market.”
Acquisition of Kokomodo by Pluri
Concurrently, Pluri announced its plan to acquire a 71% stake in Kokomodo Ltd. for $4.5 million, payable in newly issued Common Shares. Kokomodo specializes in climate-resilient cultivated cacao production using cellular agriculture technology.
The acquisition positions Pluri to capitalize on the growing demand for sustainable food technologies. According to Grand View Research, the global cacao market was valued at $13.5 billion in 2023 and is expected to grow at a CAGR of 8.2% to $23.5 billion by 2030.
Yanay added, “The synergy between Kokomodo’s advancements in cell line development and Pluri’s industrial-scale production creates a strong foundation for innovation, positioning the company to lead the field of cultivated cacao.”
Key Transaction Details From Pluri
Investment Terms
- Investor: Alejandro Weinstein.
- Equity Investment: $6.5 million for 1,383,948 Common Shares, Common Warrants, and Pre-Funded Warrants.
- Purpose: To strengthen Pluri’s balance sheet and fund corporate growth.
Kokomodo Acquisition
- Stake Acquired: 71% of Kokomodo from Chutzpah Holdings Ltd. and Plantae Ltd.
- Purchase Price: $4.5 million in 976,139 Common Shares (priced at $4.61 per share).
- Purpose: To accelerate Kokomodo’s growth and expand Pluri’s reach in the cultivated cacao market.
Board Representation
- Weinstein will join Pluri’s Board of Directors and maintain this right as long as he holds at least 10% of Pluri’s Common Shares.
Regulatory Approvals and Closing Conditions
The transactions are subject to customary regulatory and corporate approvals, including those from Nasdaq, the Tel Aviv Stock Exchange, and Pluri shareholders. The Kokomodo acquisition is expected to close in Q2 2025, contingent on due diligence and definitive agreements.
If the Kokomodo Transaction does not close, Pluri has an agreement to purchase $1 million of Weinstein’s Kokomodo shares at the same valuation and invest an additional $0.5 million under a SAFE instrument.
Leadership and Vision
Weinstein, a former CEO of CFR Pharmaceuticals, brings a wealth of experience in mergers and acquisitions exceeding $5 billion. He expressed enthusiasm for his new role: “Pluri has already demonstrated the great potential of cell-based technologies to drive innovation in both the regenerative medicine and AgTech spaces. I believe these transactions mark the beginning of a powerful partnership.”
Advancing Sustainable Food Technologies
With these strategic moves, Pluri aims to strengthen its position as a leader in sustainable and scalable food production. The company’s commitment to advancing cultivated food technologies, including cacao, coffee, and meat, underscores its mission to address global challenges in food security and sustainability.
“These transactions align with our goal of creating impactful solutions for the food industry,” Yanay concluded. “With strong partners like Kokomodo and Alejandro Weinstein, we are poised to set new benchmarks in sustainable agriculture and cultivated food technologies.”
