An Israeli startup is making its way to an overseas listing. Ra'anana-based agritech company Vertical Field, developer of technology for growing produce in cities, will be traded on Canada's TSX Venture Exchange.
Vertical Field has signed a letter of intent for a merger with A-Labs Capital IV at a valuation of $100 million. The completion of the transaction is conditional upon the completion of a $20 million private placement of securities of Vertical Field. Consultancy A-Labs Advisory & Finance, owned by Doron Cohen is both advising on the deal and providing the acquiring vehicle.
Vertical Field says that its technology facilitates the growing of vegetables without the use of pesticides, and using 90% less water than in conventional methods.
The company is headed by Guy Elitzur. "We have decided to raise money through the Canadian Stock Exchange in order to raise the resources we need to enable us to enter the North American market, which is one of the largest in the field of retail and vertical agriculture," Elitzur said. This strategy connects to the fact that the stock market in Canada has a trend of investing in the field of agriculture and food technology and therefore this is the most appropriate place at this stage."
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