Business
Above Food Ingredients Inc. Updates on Palm Global Merger and Approves Appointment of Auditor with Tokenized-Asset and Crypto Currency Expertise
Regina, Saskatchewan--(Newsfile Corp. - July 31, 2025) - Above Food Ingredients Inc. (NASDAQ: ABVE) ("Above Food" or the "Company") today issued an update
About this update from Above Food Ingredients Inc.
[{"type":"text","content":"Regina, Saskatchewan--(Newsfile Corp. - July 31, 2025) - Above Food Ingredients Inc. (NASDAQ: ABVE) (\"Above Food\" or the \"Company\") today issued an update regarding its proposed merger with Palm Global Technologies Limited (\"Palm Global\"), including a shareholder letter from Palm Global Chairman, Peter Knez. The letter confirms that nearly 90% of Palm Global shareholders have already committed their support for the transaction. The Company also announced their decision to appoint CBIZ CPA as its independent auditor to complete the audit and facilitate the filing of its Annual Report on Form 20-F for the fiscal year ended January 31, 2025, to regain compliance in accordance with Nasdaq Listing Rule 5250(c)(1).\nFollowing a comprehensive search, Above Food selected CBIZ CPA based on its proven expertise and alignment with the Company's strategic expansion into asset tokenization and stablecoin markets. This decision reflects the significance of the proposed merger with Palm Global and Palm Global's substantial interest in Palm Promax Investments. The audit is expected to be completed within four to six weeks - well in advance of the 180-day timeline set by Nasdaq.\nImportantly, the appointment of a new auditor is not expected to impact the timeline for either the merger with Palm Global or the filing of the Form F-4 registration statement with the U.S. Securities and Exchange Commission.\nAdditionally, the Company confirms that Palm Global has received the unanimous support for the merger from the nearly 90% of the shareholders it has already contacted. This emphatic endorsement is detailed in the shareholder update letter issued today by Palm Global Chairman Peter Knez, a copy of which is included below.\nChairman Letter to the Shareholders of Palm Global Technologies Limited:\nDear Shareholders,\nPALM GLOBAL TECHNOLOGIES LIMITED - SHAREHOLDER UPDATE\nWhile I regret not having spoken with each of you individually, I'm pleased to confirm that I've engaged directly with the largest shareholders, holding close to 90% of Palm Global's equity, who, without exception, have all committed their support for our reverse merger with Above Food.\nReverse Merger with Above Food: A Catalyst for Value Creation\nThe Palm Global Board firmly believes that a public listing will serve as a powerful catalyst for unlocking long-term shareholder...