Freight Farms & Agrinam announce business combination

1. Financial Strategy: Both companies have agreed to complete a PIPE financing to raise $20 million net of transaction expenses, involving strategic and financial investors.
2. Freight Farms’ Growth: The agtech company has sold more than 600 modular container farms worldwide and generated $23 million in revenue in 2022.
3. Diverse Revenue Streams: Freight Farms has multiple revenue streams, including modular farm sales, a subscription-based software platform, and consumables.
4. Closing Conditions: The business combination is subject to shareholder approval and is expected to close in the first quarter of 2024.

Freight Farms, Inc. and Agrinam Acquisition Corporation announced on October 4, 2023, that they have entered into a definitive business combination agreement. The agreement outlines the terms for a business combination where Agrinam will acquire all issued and outstanding shares of Freight Farms. The combined entity is valued at approximately $147 million.

Financial Arrangements

Both companies have agreed to complete a PIPE (Private Investment in Public Equity) financing in connection with the business combination. They intend to raise $20 million net of transaction expenses, involving Agrinam Investments, LLC, and other strategic and financial investors. The PIPE financing is expected to be completed at or before the closing of the business combination.

Freight Farms’ Market Presence

The Boston-based company has established itself as a global leader in modular container farming technology, with over 600 farms sold worldwide. The company generated robust sales, recording $23 million in revenue in 2022. Its flagship product, the Greenery™, allows for the growth of the same product as a 2.5-acre open field farm within a 40-foot container.

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Image provided by Freight Farms

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