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Above Food to Acquire NRGene's AI-based Genomic Assets, Intellectual Property and Trait Development Technology Licensing Rights.

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Vincent

MANews-(C)2009-2023

Saskatchewan food company Above Food Corp. has entered into an asset-purchase agreement to acquire certain AI-based genomic assets, intellectual property, and trait development technology licensing rights from Israel-based Ag-Tech company NRGene, the company said.

Closing of the transactions under the APA is contingent on the closing of Above Food's business combination with BITE acquisition Corp. and the subsequent listing of the combined company's common shares on the New York Stock Exchange.

NRGene will receive a combination of cash and stock-based consideration, as well as royalties from commercialisation of specific projects.

Above Food expects this transaction will empower it to accelerate the creation of elite varieties with genetic traits that we believe are valuable and beneficial to the food industry, at a faster pace and reduced cost.

NRGene's unique AI genomic technology has already demonstrated its effectiveness in over 300 projects spanning various key crops.

The transaction is intended to facilitate Above Food's development and delivery to farmers, ingredient...

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