Business
Agronomics Follow-on Investment in CellX
Agronomics Follow-on Investment in CellX.
About this update from Agronomics Limited
[{"type":"text","content":"\n \n \n \n RNS Number : 5145K\n Agronomics Limited\n 06 May 2022\n \n \n \n \n 6th May 2022\n \n \n \n Agronomics Limited\n \n \n \n (\"Agronomics\" or the \"Company\")\n \n \n \n \n \n Agronomics Follow-on Investment in CellX \n \n \n \n \n \n Agronomics (AIM:ANIC), the leading listed company focused on the field of cellular agriculture, is pleased to announce it has invested a further US$ 2 million into Chinese cultivated meat company CellX Limited (\"CellX\"), subscribing for 857,363 preferred shares (the \"Subscription\"). CellX is a leading cultivated meat company based in Shanghai. Agronomics will have a 5.14% equity ownership in CellX, on a fully diluted basis. The Subscription will be made using cash from the Company's own resources.\n \n \n \n \n \n Agronomics first invested in CellX in December 2020, with a US$ 50,000 investment in the form of a SAFE (\"Simple Agreement for Future Equity\"). This SAFE converted to 230,681 preferred shares as stated in the \n \n 28th May 2021 announcement\n \n . Subject to audit, in aggregate, Agronomics will now carry the combined position in its accounts at a book value of US$ 2,538,117, including an unrealised gain on cost of US$ 488,117, representing an internal rate of return of 458% and a multiple on invested capital of 10.76 of the initial US$ 50,000 investment. The CellX position in the Agronomics portfolio will represent approximately 1.40% of last reported Net Asset Value.\n \n \n \n \n \n This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014, as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018. Upon the publication of this announcement, this inside information is now considered to be in the public domain.\n \n \n \n \n About CellX\n \n \n \n CellX is a leading cellular agriculture start-up located in Shanghai, the biotech and innovation hub in China. CellX started with domestic Chinese pig breed and has quickly expanded to beef and poultry. With a team of thirty, CellX is working to bring cultivated meat products to consumers in China and around the world. The company is co-founded by two impact entrepreneurs, Ziliang Yang and Ran Liu, and two top scientists, Dr Ning Xiang and Dr Binlu Huang. The team has m...