Kalera announced that it has entered into a secured convertible bridge financing for up to $20 million. The lenders initially include Lightrock, the growth capital and impact investment platform affiliated with LGT, Canica AS and NOX Management, who have jointly committed to lend the Company $10 million under the financing.
The financing, which matures one year from the date of drawdown, bears interest in kind at 8%, is secured by certain assets of Kalera and, subject to required corporate approvals, will be convertible into shares by the lenders at any time following completion of the announced merger with Agrico Acquisition Corp and Nasdaq listing at a conversion price of $10.00 per share in the merged entity. Kalera, which works closely with Agrico Acquisition Corp ("Agrico"), continues to seek additional strategic financing alternatives as the merger with Agrico draws closer.
Curtis McWilliams, Interim CEO, stated, "This agreement is a positive step forward for our business and highlights the continued growth and momentum in the underlying demand for our products. The closing of this loan provides us with the additional resources to invest in our business and strategically position ourselves to achieve our long-term goals."