Kalera closes public offering raising USD 8.84M

Added on 09 November 2022

Tags

Kalera closes public offering raising USD 8.84M

Kalera Public Limited Company (Nasdaq: KAL), announced the closing on Monday, October 31st of a public offering to support the continued strategy to bring U.S. operating farms into cash flow positive. This additional liquidity will support the ramp-up of its existing U.S. facilities as demand continues to increase driven by the introduction of Kalera’s loose leaf category during Q3-2022.

The company started a strategy shift in September 2022 in order to accelerate its path to profitability and decrease its cash burn rate after reporting important impairment losses in its second-quarter results. The company is also at risk of a de-listing as its share price has traded under USD 1.00 for nearly a month now and currently is at USD 0.078 at closing on November 3rd.

“We are pleased to successfully close this capital raise in the public markets by having the support of some of our existing shareholders and also new shareholders that support our new business plan and strategy to focus on profitability,” commented Jim Leighton, CEO of Kalera. “This funding supports the execution of our strategy which includes introducing a wider variety of products in line with consumer demand, allowing U.S. farms to continue their path to profitability by the end of 2023, and significantly reducing our corporate overhead.”