Orlando, Nov. 03, 2022 (GLOBE NEWSWIRE) -- ORLANDO, Fla., November 3, 2022 (GLOBE NEWSWIRE) – Kalera Public Limited Company (“Kalera” or the “Company”) (Nasdaq: KAL), a vertical farming company headquartered in Orlando, Florida, with operations in the U.S. and international markets including Europe, Asia, and the Middle East, today announced the closing on Monday, October 31st of a public offering to support the continued strategy to bring U.S. operating farms into cash flow positive. This additional liquidity will support the ramp-up of its existing U.S. facilities as demand continues to increase driven by the introduction of Kalera’s loose leaf category during Q3-2022.
"We are pleased to successfully close this capital raise in the public markets by having the support of some of our existing shareholders and also new shareholders that support our new business plan and strategy to focus on profitability," commented Jim Leighton, CEO of Kalera. "This funding supports the execution of our strategy which includes introducing a wider variety of products in line with consumer demand, allowing U.S. farms to continue their path to profitability by the end of 2023, and significantly reducing our corporate overhead.”
The Company arranged a $8.84 million public offering (the "Offering") with significant investment coming from existing investors, as well as new investors. Under the terms of the Offering, Kalera issued 68 million shares of the Company's ordinary shares at a price of $0.13 per share, along with 136 million warrants to subscribe for one ordinary share each. The warrants are immediately exercisable at an exercise price of $0.13 per share and expire five years after their issuance date.
About Kalera
As a leader in controlled environment agriculture, Kalera is driven by our belief that vertical farming can play an important role in securing access to fresh produce for a growing world population facing climate change and concerns about the future of traditional farming. Through our proprietary technology, we sustainably grow local, delicious, nutrient-rich, pesticide-free, non-GMO leafy greens year-round. Our automated, data-driven, hydroponic vertical farms produce higher yields and, use approximately 95% less water, and 99% less land than traditional farming. Sold under the Kalera brand, our leafy greens are “better than organic” and priced competitively, always with the end consumer in mind. Kalera is headquartered in Orlando, Florida with farms in Orlando; Atlanta, Georgia; Houston, Texas; Denver, Colorado; and Kuwait, with additional farms under development. More information is available at www.kalera.com.
Forward-Looking Statements
This communication includes certain statements that are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under the applicable securities laws. Forward-looking statements generally are accompanied by words such as "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "should," "would," "plan," "predict," "potential," "seem," "seek," "future," "outlook," and similar expressions that predict or indicate future events or trends or that are not statements of historical matters.
These forward-looking statements include, but are not limited to, statements regarding the terms and conditions of the transactions disclosed herein, the timing of the consummation of such transactions. These statements are based on various assumptions and/or on the current expectations of Kalera's management. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as and must not be relied on by any investor or other person as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Kalera. These forward-looking statements are subject to a number of risks and uncertainties, including but not limited to general economic, financial, legal, political and business conditions and changes in domestic and foreign markets; changes in the assumptions underlying Kalera's expectations regarding its future business; the effects of competition on Kalera's future business; and the outcome of judicial proceedings to which Kalera is, or may become a party.
If the risks materialize or assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Kalera presently do not know or currently believe are immaterial that could also cause actual results to differ materially from those contained in the forward-looking statements. In addition, forward-looking statements reflect expectations, assumptions, plans or forecasts of future events and views as of the date of this communication. Kalera anticipate that subsequent events and developments will cause these assessments to change. However, while Kalera may elect to update these forward-looking statements at some point in the future, Kalera specifically disclaims any obligation to do so, except as required by applicable law. These forward-looking statements should not be relied upon as representing Kalera's assessments as of any date subsequent to the date of this written communication. Accordingly, undue reliance should not be placed upon the forward-looking statements.
Contact
Financial Profiles, Inc.
Julie Kegley
jkegley@finprofiles.com
310.622.8246
