Kalera Announces Closing of Public Offering to Support Strategy Bringing Operating U.S. Farms into Cash Flow Positive in 2023
November 03 2022 - 4:37PM
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 KaleraAs 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 StatementsThis 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.ContactFinancial Profiles, Inc.Julie
Kegleyjkegley@finprofiles.com310.622.8246
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