Business
Investee Company Update: BlueNalu Secures $60m
Investee Company Update: BlueNalu Secures $60m.
About this update from Agronomics Limited
[{"type":"text","content":"\n \n \n \n RNS Number : 2239M\n Agronomics Limited\n 20 January 2021\n \n \n \n \n 20th\n January 2021\n \n \n \n \n \n \n Agronomics Limited\n \n \n \n (\"Agronomics\" or the \"Company\")\n \n \n Investee Company Update: BlueNalu Secures $60 Million in Convertible Note Financing \n \n \n \n \n \n Agronomics, a leading listed investor in alternative proteins with a focus on cellular agriculture and cultivated meat, is pleased to announce that portfolio company BlueNalu has now closed its US$ 60 million debt financing in the form of Convertible Promissory Notes (\"CPN\") from new and existing investors, in which Agronomics' investment announced on 19 November 2020 forms a part. \n \n \n \n \n \n Agronomics currently holds 192,005 shares of BlueNalu, comprised of 43,357 Seed Preferred Shares and 148,648 Series A Preferred Shares, with a book value, excluding the CPN investment, of £2,744,613. Agronomics' CPN, and all other CPNs raised in this round, will convert at a Qualified Financing, being an equity fundraise of US$ 50 million or greater. Assuming a Qualified Financing occurs at a price equal to the agreed valuation cap of the CPN, Agronomics will have an approximate equity interest of 5.85% of issued shares following conversion and would value Agronomics' position at approximately £13.4 million. However, for the time-being, the CPN doesn't qualify as a valuation event for Agronomics to revalue its investment in its own books.\n \n \n \n \n \n The full announcement is set out below with no material changes or adjustments:\n \n \n \n \n \n BlueNalu Secures $60 Million in Convertible Note Financing\n \n \n Financing will enable completion of world's first commercial pilot facility for producing\n \n \n cell-based seafood, and support plans for market launch in late 2021\n \n \n \n \n \n January 19, 2021 - San Diego, Calif. BlueNalu, a leading innovative food company producing a variety of seafood products directly from fish cells, today announced the closing of $60 million in debt financing from new and existing investors. This marks the largest financing to date in the cell-based seafood industry worldwide. Previously, BlueNalu announced completion of its Series A round of $20 million in early 2020, and its Series Seed round of $4.5 million in early 2018.\n \n \n The financing is ...