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Globis Acquisition Corp. (NASDAQ: GLAQU, GLAQ, GLAQW) announced the SEC's approval of its Registration Statement for the proposed business combination with Forafric Agro Holdings Limited (FAHL), a major agribusiness in North Africa. The extraordinary general meeting is scheduled for June 7, 2022, for stockholders to vote on the deal. FAHL operates 12 industrial units and exports to over 45 countries, aiming to enhance food security in Africa. Investors are advised to review the proxy statement for critical information regarding the business combination.
Globis Acquisition Corp. has announced a 3-month extension for completing its initial business combination, moving the deadline from March 15, 2022, to June 15, 2022. To facilitate this, Globis SPAC LLC deposited $1,150,000 into the Company's trust account. The extension aims to provide additional time for exploring potential business combinations. Notably, shareholders will not have the right to vote or redeem shares regarding this extension. The Company focuses on mergers or acquisitions that benefit from globalization trends, especially in emerging markets.
Forafric, a major Moroccan agribusiness, has announced a definitive merger with Globis Acquisition Corp. (Nasdaq: GLAQ), marking it as the first African agribusiness to list on a U.S. exchange. The pro forma enterprise value of the combined entity is approximately $300 million. This partnership aims to enhance food security across Africa, leveraging Forafric’s substantial market presence and operational machinery, including 250,000 tons of storage capacity and distribution in 45 countries. The merger is expected to provide capital for regional expansion and operational enhancements.
Globis Acquisition Corp. (NASDAQ: GLAQU, GLAQ, GLAQW) has announced an extension of its deadline to complete an initial business combination from December 15, 2021, to March 15, 2022. The extension follows a timely deposit of $1,150,000 into the company's trust account by Globis SPAC LLC, its IPO sponsor. This additional time aims to facilitate a successful business combination, with a focus on targets benefitting from economic globalization trends, especially in emerging markets.
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