Forafric, a Leading African Agribusiness, to go public via Globis Acquisition Corp.
Forafric, a vertically integrated agribusiness serving North Africa, and Globis Acquisition Corp. (Nasdaq: GLAQ), today announced that they have entered into a definitive business combination agreement.
Forafric provides full, agribusiness lifecycle operations, from sourcing to processing, for sales and distribution of branded products. The enterprise value of the combined company is valued at approximately $300 million.
The cash proceeds will be used to fuel Forafric’s strategy of growth through regional and continental distribution.
The transaction, which has been unanimously approved by GLAQ’s board of directors and the independent members of Forafric’s board, is subject to approval by GLAQ’s stockholders and Forafric’s owners and other customary closing conditions, including any applicable regulatory approvals.
Existing Globis stockholders who don’t exercise their redemption rights will roll 100% of their equity into the combined company.
Chardan is serving as financial advisor to Globis in connection with the business combination. Cohen Tauber Spievack & Wagner is serving as legal advisor to Forafric. McDermott Will & Emery is serving as legal advisor to Globis.
Upon closing, the parties intend that Globis will change its jurisdiction of incorporation to Gibraltar, be renamed Forafric Global, and become the first Moroccan based company to list on a U.S. Exchange.
Its common stock is expected to be listed on the Nasdaq under the ticker symbol ‘AFRI.’Read more