Kalera Announces Bridge Funding Facility
ORLANDO, Fla., March 07, 2022 (GLOBE NEWSWIRE) — Kalera AS (“Kalera” or the “Company”) (Euronext Growth Oslo: KAL, Bloomberg: KSLLF), a leading vertical hardwood green agriculture company and leading of plant science for the production of high-quality products in controlled environments, today announced that it has entered into a secured convertible bridge financing facility of up to $20 million. The lenders will initially include Lightrock, the LGT-affiliated impact investment and growth capital platform, Canica AS and NOX Management, which have collectively committed to loan the company US$10 million under the facility. The facility, which matures one year from the draw date, will bear interest to PIK at 8%, is secured by certain assets of Kalera and, subject to required company approvals, will be convertible by the lenders into equity. at any time after completion of the announced merger with Agrico Acquisition Corp and listing on Nasdaq at a conversion price of US$10.00/share in the merged entity. Kalera, working closely with Agrico Acquisition Corp (“Agrico”), continues to pursue other strategic financing alternatives as it progresses towards its merger with Agrico.
Curtis McWilliams, Interim CEO, said, “This agreement is a positive step forward for our business and highlights the continued growth and momentum in underlying demand for our products. Closing this loan provides us with additional funding to invest in our business and strategically position ourselves to achieve our long-term goals.”
Kalera is a vertical farming company headquartered in Orlando, Florida. The company produces fresh, nutritious, great-tasting leafy greens with minimal environmental impact. He has spent several years optimizing plant nutrient formulas and developing an advanced automation and data acquisition system with Internet of Things, cloud, big data analytics and intelligence. artificial. Kalera currently operates farms in Orlando (Florida), Atlanta (Georgia), Houston (Texas) and Kuwait. More information is available at https://www.kalera.com/.