Key Takeaways:
- Nearly 90% of Palm Global shareholders have committed to supporting the merger
- CBIZ CPA appointed as independent auditor for FY2025 financial reporting
- Merger timeline and SEC filing expected to remain on schedule
- Palm Global emphasizes strategic value creation through asset tokenization
- Leadership appointments signal deepening international engagement
Above Food Moves Forward with Palm Global Merger
Above Food Ingredients Inc. has provided an update on its pending reverse merger with Palm Global Technologies Limited. The Company announced that approximately 90% of Palm Global’s shareholders have confirmed their support for the transaction, according to a shareholder letter issued by Palm Global Chairman Peter Knez.
In conjunction with the merger process, Above Food also appointed CBIZ CPA as its new independent auditor. The selection followed a comprehensive review and aligns with the Company’s expanding interests in digital finance and blockchain-based markets.
Audit Appointment to Support Regulatory Compliance
CBIZ CPA to Complete Annual Report Review
Above Food Ingredients Inc. selected CBIZ CPA to complete the audit of its financial statements for the fiscal year ended January 31, 2025. The audit is intended to support the Company’s filing of its Annual Report on Form 20-F and ensure compliance with Nasdaq Listing Rule 5250(c)(1). The audit is expected to conclude within four to six weeks, ahead of the exchange’s 180-day compliance timeline.
The Company noted that the audit and the transition to CBIZ CPA are not expected to delay the merger process with Palm Global or the associated filing of a Form F-4 registration statement with the U.S. Securities and Exchange Commission.
Palm Global Shareholders Reaffirm Merger Support
Strategic Alignment with Above Food
In a shareholder update, Palm Global Chairman Peter Knez stated that direct engagement with key investors confirmed near-unanimous support among those representing close to 90% of the company’s equity. Knez emphasized the strategic potential of the merger with Above Food and highlighted ongoing collaboration efforts that include trade discussions in Africa and the MENA region.
Palm Global has cited its joint venture, Palm Promax Investments, as central to its strategic focus, which includes initiatives in sovereign asset tokenization and stablecoin development. According to the letter, 15 African nations have committed to adopting the company’s proposed stablecoin as official currency.
Governance and Next Steps
New Board Members and Upcoming Developments
As part of ongoing integration efforts, Palm Global announced that His Highness Sheikh Mohammed Bin Maktoum Bin Juma Al Maktoum and His Excellency Muayad Kafesha will join the Board of Above Food Ingredients Inc. Their involvement is expected to help strengthen global market engagement and governance structures. Additional appointments are anticipated.
Palm Global intends to convene a shareholder meeting at the end of summer to provide further updates and engage with additional stakeholders. Above Food plans to continue issuing press releases and filings to inform shareholders of key developments.
