Agrinam Acquisition Corporation and Freight Farms, Inc. announced they have mutually agreed to terminate the previously announced business combination agreement initially announced in September 2023.

The Corporation continues to evaluate other opportunities to consummate a qualifying acquisition prior to the expiry of the Corporation’s permitted timeline on December 15, 2024.

Agrinam Acquisition Corporation is a special purpose acquisition corporation incorporated under the laws of the Province of British Columbia for the purpose of effecting, directly or indirectly, an acquisition of one or more businesses or assets, by way of a merger, amalgamation, arrangement, share exchange, asset acquisition, share purchase, reorganization, or any other similar business combination within a specified period of time.

In September 2023, Agrinam Acquisition Corporation entered into a binding letter of intent (LOI) with Freight Farms, Inc., to accelerate the adoption of sustainable, hyper-local food production systems worldwide.

Founded in 2012, Freight Farms is an industry pioneer and global market leader of modular controlled environment agriculture with over 600 modular farms sold across 40 countries. To date, the company has raised over USD$43 million in external funding, which has allowed it to build a portfolio of intellectual property that is employed and operational in its 11th generation modular platform.

At the time of the LOI, Rick Vanzura, CEO of Freight Farms said he believed the potential business combination with an “exceptional partner in Agrinam will enable us to more aggressively scale our business to deliver sustainable, hyper-local food production to more customers across the world.”

The proposed business combination at the time ascribed a pro forma enterprise valuation of approximately USD$147 million, based on certain assumptions. Under the terms of the LOI, Agrinam and Freight Farms would become a combined entity with existing Freight Farms’ shareholders exchanging 100 percent of their shares for equity in the combined public company.