Business
BlueNalu Update: NEOM Signs MoU with BlueNalu
BlueNalu Update: NEOM Signs MoU with BlueNalu.
About this update from Agronomics Limited
[{"type":"text","content":"\n\n1 November 2023\nAgronomics Limited\n(\"Agronomics\" or the \"Company\")\nNEOM Signs MoU with BlueNalu to Commercialise, Market and Distribute BlueNalu's Cell-Cultured Seafood\nAgronomics (ANIC:LSE), the leading listed company focused on the field of cellular agriculture, is pleased to report that, following the recently announced completion of portfolio company BlueNalu's US$ 35.5 million Series B Financing Round, NEOM Investment Fund was the lead investor with a US$ 20 million investment. BlueNalu have reported that this investment marks the start of a strategic partnership that aims to progress the commercialisation, marketing, and distribution of BlueNalu's cell-cultured seafood products, and reflects the mutual interests of both organisations in developing solutions that increase food security and improve access to healthy foods for communities in the Kingdom of Saudi Arabia and worldwide.\nIn aggregate, Agronomics has invested US$ 8 million across BlueNalu's Seed and Series A Financings and a pre-Series B Convertible Promissory Note (\"CPN\"). Following the close of the Series B, the CPN has been converted into Series B Preferred Shares. Agronomics now holds an equity stake in BlueNalu of 5.12% on a fully diluted basis. Subject to audit, Agronomics will now carry this position forward at a book value of £13.3 million, representing an IRR of 26.85% and a MOIC of 2x.\n \nThe holding in BlueNalu will amount to approximately 8% of the last published Net Asset Value of the Company (30.06.23), including estimated post-balance sheet date adjustments.\nNEOM's full announcement is set out below without any material changes:\nNEOM and BlueNalu Forge Strategic Partnership to Revolutionise Sustainable and Secure Food Ecosystem\n\nNEOM, Kingdom of Saudi Arabia, 31 October 2023: NEOM, the sustainable regional development taking shape in northwest Saudi Arabia, has signed a Memorandum of Understanding (MoU) with BlueNalu, the global leader in the development of cell-cultured seafood.\nThe partnership aims to progress the commercialisation, marketing, and distribution of BlueNalu's cell-cultured seafood products, and reflects the mutual interests of both organisations in developing food solutions that increase food security and improve access to healthy foods for communities in the Kingdom and worldwide.\nCore objectives of...