Key Takeaways
- Above Food (Nasdaq: ABVE) and Palm Global Technologies Ltd. have signed a definitive merger agreement via a statutory plan of arrangement.
- The reverse takeover includes Palm Global’s 30% stake in Palm Promax Investments, which holds U.S.-based gold-backed assets valued at $350 billion.
- The merger positions Above Food to expand into asset tokenization, stablecoin issuance, and sovereign digital currency partnerships.
- Upon completion, three new directors will join the board, including members of Dubai’s royal family and global financial leaders.
- The transaction is expected to broaden Above Food’s operations across agritech, fintech, and blockchain-enabled services.
Merger Agreement Finalized Between Above Food and Palm Global
Boards unanimously approve transaction combining agriculture and digital finance assets
Above Food Ingredients Inc. has entered into a definitive business combination agreement with Palm Global Technologies Ltd., formalizing a reverse takeover merger through a statutory plan of arrangement. The transaction received unanimous approval from both companies’ boards and is expected to significantly impact Above Food’s balance sheet and business scope.
As part of the agreement, Above Food will acquire Palm Global in exchange for issuing 1.1 billion shares to Palm Global’s shareholders. The merger adds Palm Global’s 30% stake in the Palm Promax Investments (PPI) joint venture, which includes access to U.S.-based gold-backed assets valued at $350 billion.
Strategic Expansion into Digital Asset Infrastructure
Merger enables Above Food to enter stablecoin and tokenized asset markets
The combined entity is expected to participate in the growing market for stablecoins and tokenized real-world assets. Through PPI and its joint venture partner, Promax United, Above Food will gain indirect access to more than $1.5 trillion in sovereign-owned assets.
This strategic positioning comes amid increasing global regulatory attention to digital currencies, with developments such as the U.S. GENIUS Act, the EU’s MiCA legislation, and regulatory frameworks in the UK and Hong Kong. The PPI initiative currently has over 15 sovereign partners committed to advancing digital currency solutions.
Board Expansion and Leadership Additions
New directors include members of Dubai’s royal family and industry veterans
Following the merger, Above Food’s board will include three new directors:
- Sheikh Mohammed Bin Maktoum Bin Juma Al Maktoum, a member of Dubai’s ruling family and chairman of Alpha MBM Investments LLC.
- Muayad Kafesha, President of Palm Global and Deputy Secretary General of IIMSAM – Observer to the UN ECOSOC.
- Peter Knez, Chairman of Palm Global and former Co-Chief Investment Officer at BlackRock.
The combined leadership team will reflect experience across agritech, blockchain technologies, infrastructure development, and global finance.
Above Food Transaction Highlights and Forward Strategy
Above Food anticipates growth across agritech, finance, and digital services
According to Above Food, the transaction will provide a balance sheet uplift through gold-backed assets, expand access to long-term income streams from tokenized assets, and open new market opportunities across food and financial sectors. The company also plans to grow its presence in agriculture, food innovation, and educational technology through integrated platforms supported by artificial intelligence and blockchain.
