Agrico (RICO) Shareholders Approve Kalera Deal

Agrico Acquisition Corp.  (NASDAQ:RICO) announced that its shareholders have voted to approve its combination with indoor farming company Kalera (OL:KAL) in a special meeting held yesterday.

The approval comes as no surprise as the SPAC announced a preliminary shareholder approval on Friday afternoon. Today’s press release did not disclose redemption amounts or any further details on the deal, however, RICO opened at $9.72 this morning and climbed 43.66% to $13.36 today on volume of just 25,738 shares.  As such, this could be an indication of a low-float post-redemptions.

Agrico waived its minimum cash closing condition of $100 million back in May, and the SPAC brought approximately $146.6 million into the deal from its trust (before any redemptions) without supplementing it with a PIPE.

The combined company will retain the Kalera name and will commence trading on Nasdaq under the new ticker symbol “KAL” on Wednesday, June 29, 2022.

Agrico and Kalera initially announced their $375 million deal on January 31. Oslo-listed Kalera has developed technology for farming leafy greens and vegetables out of a network of indoor vertical farms.

ADVISORS

• BofA Securities acted as financial advisor to Kalera AS in connection with the transaction.
• Milbank LLP and Advokatfirmaet Thommessen AS acted as legal counsel to Kalera.
• FTI Consulting, and Maxim Group LLC acted as financial advisors to Agrico
• Maples Group and Loeb & Loeb LLP acted as legal counsel for Agrico.