Pluri secures US$6.5M in equity investment, enters Cacao Market through acquisition
ISRAEL—Pluri, a leading biotechnology company that leverages its proprietary platform for cell-based solutions, has announced a US$6.5 million equity private investment.
The investment was led by global investor Alejandro Weinstein, who will join Pluri’s board of directors as part of the agreement. It is part of a broader strategy to enhance Pluri’s capabilities in sustainable food technologies.
According to Pluri’s press release, the Purchase Agreement involves the issuance and sale of 1,383,948 shares of the Company’s Common Shares at a purchase price of US$4.61 per Common Share.
The warrants to purchase up to 84,599 Common Shares at an exercise price of US$5.568 per share and pre-funded warrants to purchase up to 26,030 Common Shares with an exercise price equal to US$0.0001 per share for aggregate gross proceeds of US$6.5 million.
Acquisition of Kokomodo for US$4.5M
Simultaneously, Pluri has acquired a 71% stake in Kokomodo for US$4.5 million, payable by the Company in 976,139 newly issued Common Shares.
The transactions contemplated by the Term Sheet will be subject to both parties’ successful completion of due diligence, the execution of a binding definitive agreement, and compliance with any regulatory and corporate approvals, including approval by Pluri’s shareholders.
This acquisition positions Pluri to leverage Kokomodo’s innovative approaches to producing climate-resilient cocoa, utilizing cellular agriculture technology.
Pluri’s CEO, Yaky Yanay, said, “At Pluri, we are committed to pioneering sustainable and impactful solutions for the food industry.
He added: “We believe that the synergy between Kokomodo’s advancements in cell line development and Pluri’s industrial-scale production creates a strong foundation for innovation, positioning the company to lead the field of cultivated cacao and set new benchmarks in cultivated cacao technologies.”
According to Grand View Research, the global cocoa market, valued at US$13.5 billion in 2023, is projected to grow at a compound annual growth rate of 8.2%, reaching US$23.5 billion by 2030. This highlights the potential for significant returns in this sector.
Subject to the satisfaction of certain customary closing conditions, the expected closing date for these transactions is around January 31, 2025.
By integrating Kokomodo’s expertise in cultivated cocoa production, Pluri aims to address the growing consumer demand for sustainable food technologies.
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