Business
Agronomics Acquires Stake in Geltor, Inc
Agronomics Acquires Stake in Geltor, Inc.
About this update from Agronomics Limited
[{"type":"text","content":"\n \n \n \n RNS Number : 2697C\n Agronomics Limited\n 21 February 2022\n \n \n \n \n 21st February 2022\n \n \n \n Agronomics Limited\n \n \n \n (\"Agronomics\" or the \"Company\")\n \n \n \n \n \n Agronomics Acquires Stake in Geltor, Inc. via Secondary Transaction\n \n \n \n \n \n Agronomics, the leading listed company focused on cellular agriculture, is pleased to announce today that it has acquired 1,069,593 Preferred Stock in a secondary transaction (the \"Acquisition\") in Geltor, Inc. (\"Geltor\"), company focused on producing designer proteins for use in the cosmetic industry, from an existing shareholder, for total consideration of US$ 9,499,525. This represents an equity stake in Geltor, on a fully diluted basis, of 2.05% and equates to an estimated portfolio weighting based on the Company's last reported Net Asset Value of 5.01%.\n \n \n \n \n \n The consideration due to the vendor comprises US$ 6,785,375 in cash from the Company's own resources and US$ 2,714,150 to be satisfied through the issuance of 8,676,951 new Ordinary Shares in Agronomics (\"Consideration Shares\") priced at 23 pence per share. The Consideration Shares are subject to a lock in and orderly market agreement with a vesting schedule below:\n \n \n \n \n \n - 1,084,619 shares released immediately\n \n \n - 1,084,619 shares released after 18 months \n \n \n - 6,507,713 shares released after 24 months \n \n \n - Shares subject to orderly market restrictions are such that the holder shall provide the Company with notice of its intention to sell a specific volume of shares, at a minimum price, and the Company and its brokers shall have a period of 10 trading days to find buyers for such shares on the stated terms\n \n \n Geltor is a biodesign company focused on producing designer proteins for use in the cosmetic industry, as well as food and nutrition. The company was co-founded in 2015 by Alexander Lorestani, CEO, and Nick Ouzounov to develop tailored bioactive ingredients to replace traditional animal-derived proteins. It currently has four products commercialised: Collume®, HumaColl21, PrimaColl™ and Elastapure. Collume® was Geltor's first product launched in 2018, the world's first animal free collagen. In June of last year, Geltor unveiled its first product aimed at the food and b...