Business
Shiok Meats Merges with Umami Bioworks
Shiok Meats Merges with Umami Bioworks.
About this update from Agronomics Limited
[{"type":"text","content":"\n\n13 March 2024\nAgronomics Limited\n(\"Agronomics\" or the \"Company\")\nShiok Meats Merges with Umami Bioworks\n \nAgronomics (LSE: ANIC), a leading listed company focused on cellular agriculture, is pleased to announce that portfolio company Shiok Meats Pte. Ltd. (\"Shiok Meats\") has been acquired by UMAMI Bioworks Pte. Ltd. (\"UMAMI Bioworks\") in a share-for-share transaction.\n \nUMAMI Bioworks is a Singapore-based company that uses novel stem cell technology, machine learning, and automation to produce cultivated seafood. This strategic combination aims to expedite the journey towards scalable production of sustainable, cultivated seafood. This merger leverages the unique strengths of UMAMI Bioworks' innovative production platform and enabling technologies and Shiok Meats' pioneering research in crustacean cell cultivation. Based in Singapore, the combined entity anticipates synergies that will enhance go-to-market efficiencies, expand commercial opportunities and accelerate regulatory approvals and market introduction of cultivated seafood.\n \nAs disclosed in the audited results for the year ending 30 June 2022, Agronomics' position in Shiok Meats was fully written down. As a result of this transaction, Agronomics now holds an equity ownership of 0.71% in UMAMI Bioworks on a fully diluted basis. Subject to audit, this position will be carried forward at a book value of £ 0.378 million.\n \nAbout UMAMI Bioworks\nUMAMI Bioworks is a Singapore-headquartered company pioneering a standardized, modular, and automated production platform for cultivating 'not caught' seafood. It is bringing together novel stem cell biology, machine learning, and automation to create the operating system for cultivated seafood production, empowering traditional seafood suppliers to produce a stable, resilient, local supply of culturally relevant seafood products free from mercury, antibiotics, microplastics, and ocean pollutants. UMAMI Bioworks is dedicated to regenerating our oceans and our planet by enabling consumers to access delicious, affordable, nutritious seafood from culturally important, prized species while providing a sustainable alternative to the overfishing of ETP (endangered, threatened, and protected) species. For more information, please visit: https://www.umamibioworks.com.\n \nAbout Shiok Mea...