2nd December 2022
AmplifiedAg Vertical Farm Container
Corporate Stock Market

Kalera PLC Announces a USD 8.84M Public Offering

Kalera expands produce distribution vertical farming companies

Kalera PLC (Nasdaq: KAL), announced the pricing of its public offering of an aggregate of 68,000,000 units at a public offering price of $0.13 per unit with each unit consisting of one ordinary share and two warrants. The company explains in its press release that the warrants will be immediately exercisable at a price of $0.13 per share and expire five years from the date of issuance with expected gross proceeds from the offering expected to reach USD 8.84M.

The closing of the offering is expected to occur on or about October 31, 2022, subject to the satisfaction of customary closing conditions.

Earlier last week the company announced divesting its subsidiary, Vindara, and the assets of its international business in order to become cash flow positive quicker and decrease its cash-burn rate for its US facilities.

“These transactions align with the capital-light business model we discussed in our analyst and investor event last month,” Jim Leighton, President and Chief Executive Officer of Kalera PLC said. “It will allow us to stay laser-focused on bringing our U.S. farms to cash flow positive faster while reducing our capital requirements.”

Though announcing a greater product distribution through the signing of agreements with retail stores, Kalera’s shares have been trading under USD 1.00 since October 10th with the spectrum of a de-listing notice increasing as we move forward and its shares continue to decrease on a day-to-day basis. These past weeks, two other indoor farming companies have received de-listing notice, Agrify (NASDAQ:AGFY) and Edible Garden (NASDAQ:EDBL) as they have been trading under a USD 1.00 a share for more than 30 consecutive trading days.

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