Crispr Therapeutics shares tumble after significant earnings miss
Investing.com -- Above Food Ingredients Inc. (NASDAQ:ABVE) stock rose over 100% Friday morning, continuing its upward trajectory after Thursday’s record 325% gain following the announcement of a merger with Palm Global Technologies Ltd.
The Canadian agriculture company’s shares have surged since revealing plans to merge with Palm Global in a reverse takeover. The deal, announced Monday, will add Palm Global’s 30% stake in the Palm Promax Investments joint venture to Above Food’s balance sheet, including a share of PPI’s $350 billion valuation of U.S.-situated gold-based assets.
Under the merger agreement, which received unanimous approval from both companies’ boards of directors, Above Food will acquire Palm Global, with Palm Global shareholders receiving 1.1 billion shares in Above Food in exchange for their existing holdings.
The transaction positions Above Food to become a significant player in real-world asset tokenization and stablecoin issuance, with access to over $1.5 trillion of diverse AA- and AAA-rated sovereign-owned assets through its joint venture partner, Promax United.
This strategic move comes amid increasing global focus on stablecoin standards, highlighted by the recent passage of the GENIUS Act in the U.S. Senate and similar regulatory frameworks being established worldwide. PPI is positioned to become a leader in stablecoin issuance and central bank digital currency frameworks for developing nations, with 15 sovereign partners already committed.
The merger is expected to provide Above Food with accelerated growth in agricultural and food product revenue through immediate entry into new markets and strategic trading partnerships.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.