Forafric completes Globis SPAC merger, lists as Forafric Global PLC on June 9, 2022
Forafric Global PLC (formerly Globis Acquisition Corp. shell) completed its business combination with Forafric Agro Holdings on June 9, 2022, becoming a Gibraltar-domiciled public company. The filing also reports Q1 2022 results showing revenue up to $89.1 million but a net loss of $3.5 million, a shift from net income a year earlier, which matters to shareholders because the combined company now trades under the AFRI ticker and its share count and dilution have changed.
- Business combination completed June 9, 2022; approximately 26,456,844 ordinary shares and 15,789,722 warrants outstanding afterward
- 9,612,536 Globis common shares redeemed; $15.1 million of related party loans converted into 1,445,164 ordinary shares at $10.50 per share
- Q1 2022 revenue $89.1 million vs. $60.6 million a year earlier; net loss $3.5 million vs. net income $2.4 million
- Framework agreement dated December 22, 2021 with ALAPALA to extend 3 mills and build 3 new mills within 30 months