Forafric Global PLC
9.04-0.28 (-3%)
Oct 29, 4:00:02 PM EDT · NasdaqCM · AFRI · USD
Key Stats
Market Cap
243.19MP/E (TTM)
-Basic EPS (TTM)
-0.87Dividend Yield
0%Recent Filings
8-K
SPAC merger completes agro acquisition
Forafric Global PLC emerged from a SPAC merger with Globis Acquisition Corp on June 9, 2022, acquiring Forafric Agro Holdings Limited for 17 million ordinary shares and a $20 million note due in one year at 8% interest. The deal, funded by $14 million in PIPE equity and conversions of $11.5 million bonds and $15.1 million loans into shares, lists AFRI on Nasdaq amid volatile wheat markets. Yet redemptions drained $99 million from trust cash. Integration risks loom.
8-K
Business combination amended
Globis Acquisition Corp. amended its business combination agreement on April 20, 2022, to restructure the deal with Forafric Agro Holdings Limited through a Nevada holding company redomiciling to Gibraltar as New Forafric, followed by a merger and full acquisition of FAHL. Globis stockholders will receive one New Forafric ordinary share per common share, while $12 million in FAHL convertible bonds novate to New Forafric and convert into ordinary shares upon closing. This setup streamlines the transaction but hinges on regulatory approvals.
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