Orlando, Florida, Dec. 23, 2022 (GLOBE NEWSWIRE) — Kalera Public Limited Company (“Kalera” or the “Company”) (Nasdaq: KAL), a vertical farming company headquartered in Orlando, Florida, today announced that shareholders approved a reverse stock split of its outstanding ordinary shares (the “Ordinary Shares”) at a ratio of 100-for-1. The reverse stock split will become effective today, December 23, 2022, and Ordinary Shares will begin trading on a split-adjusted basis when the Nasdaq opens today.
The Ordinary Shares will continue to trade on the Nasdaq under the existing trading symbol “KAL”. The reverse stock split was approved by Kalera’s shareholders at the extraordinary general meeting held on December 22, 2022 (the “EGM”).
The reverse stock split is primarily intended to increase the Company’s per share trading price and bring the Company into compliance with the Nasdaq’s listing requirement regarding minimum share price.
As a result of the reverse stock split, every 100 Ordinary Shares issued and outstanding will be consolidated into a single Ordinary Share. The reverse stock split will not modify any rights or preferences of the Ordinary Shares. Proportionate adjustments will be made to the exercise prices and the number of shares underlying Kalera’s outstanding contingent value rights, as applicable, and warrants exercisable for Ordinary Shares, as well as to the number of shares issuable under Kalera’s equity incentive plans and certain existing agreements. The Ordinary Shares issued pursuant to the reverse stock split will remain fully paid and non-assessable.
Prior to the reverse stock split, there were 91,877,828 ordinary shares outstanding and entitled to vote on the EGM equivalent to 918,778 Ordinary Shares issued and outstanding following the reverse stock split with fractional shares to be paid in cash by Kalera.
Computershare Inc., and its wholly owned subsidiary Computershare Trust Company, N.A., Kalera’s transfer agent, is acting as the exchange agent for the reverse stock split.
Additional information regarding the Company’s reverse stock split can be found by clicking on the following link: 8-K| Kalera
As a leader in controlled environment agriculture, Kalera is driven by our belief that vertical farming can play an important role in securing access to fresh produce for a growing world population facing climate change and concerns about the future of traditional farming. Through our proprietary technology, we sustainably grow local, delicious, nutrient-rich, pesticide-free, non-GMO leafy greens year-round. Our automated, data-driven, hydroponic vertical farms produce higher yields and use approximately 95% less water, and 99% less land than traditional farming. Sold under the Kalera brand, our leafy greens are “better than organic” and priced competitively, always with the end consumer in mind. Kalera is headquartered in Orlando, Florida with farms in Orlando; Atlanta, Georgia; Houston, Texas; and Denver, Colorado; with additional farms under development. More information is available at www.kalera.com.