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Friday, March 31, 2023

Globis (NASDAQ: GLAQ) Announces Business Combination Agreement with Forafric

Globis Acquisition Corp. (NASDAQ: GLAQ) which has earned an impeccable reputation as a special purpose acquisition company disclosed that it has inked a merger agreement with Forafric which is a vertically incorporated agribusiness helping North Africa. Forafric offers complete, agribusiness lifecycle functions, from sourcing to processing, for sales and distribution of branded products.

Forafric is at the vanguard of boosting food systems to serve Africa’s increasing inhabitants and urbanization and tackling food insecurity and starvation. Forafric constitutes more than 10% of the total market share in Morocco and keeps one of the largest industrial, logistical, and commercial footprints in the world’s second-most populous continent.

Furthermore, the capabilities of Forafric include 250,000 tons of storage capacity, seven production units, and 2,200 tons per day of crushing capacity. The Company also holds two leading brands, Tria and MayMouna, and provides distribution across 45 countries. Forafric started its purchasing strategy, obtaining milling capacity in Mali, Burkina Faso, and Niger at the beginning of 2021.

Merger Agreement Details

The business value of the merged company is worth $300 million. The companies are planning that Globis will be renamed as Forafric Global PLC and become the first Moroccan-based company to list on a U.S. Exchange after the execution of the merger deal. Its common stock is anticipated to be listed on the Nasdaq under the ticker symbol ‘AFRI.’ The Board of Directors of both the companies have unanimously accepted the merger deal.

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