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Above Food Ingredients Inc. reports developments as a Nasdaq-listed agricultural and food technology company focused on regenerative ingredients, plant proteins, seed development, primary agriculture and processing. News commonly covers financial reporting, Form 20-F audit timing, operating results, material agreements, capital-structure updates and governance matters.
Company updates also reference restructured or disposed subsidiaries, listing-rule compliance and shareholder voting matters, while its business identity centers on traceable food ingredients and consumer products sold through grocers in Canada and the United States.
Above Food Ingredients Inc. (Nasdaq: ABVE) will participate in the 44th Annual Canaccord Genuity Growth Conference on August 13-14, 2024, in Boston. The company will discuss its recent strategic acquisition of The Redwood Group, 's Specialty Crop Foods Ingredients Division, which generated US$164 million in revenue in FY 2023. This acquisition represents significant U.S. expansion and greater penetration of human and pet food markets for Above Food.
Martin Williams, Co-Founder & Vice President, will host a webcasted presentation on Tuesday, August 13th, 2024, at 1:00 p.m. ET. The presentation will be accessible via webcast, allowing investors to gain insights into Above Food's growth strategy and recent developments.
Above Food Ingredients Inc. (Nasdaq: ABVE) has announced a strategic acquisition of The Redwood Group, 's Specialty Crop Food Ingredients Division for US$34 million plus working capital. This accretive transaction involves a profitable operator that generated US$164 million in unaudited revenue in FY 2023. The acquisition expands Above Food's physical footprint internationally, adding its first U.S.-based sourcing, manufacturing, and distribution facilities.
The consideration includes US$8.1 million in cash and 5.6 million newly issued common shares of Above Food. The acquired assets supply high-quality grains, pulses, and specialty crops to customers in over 35 countries, focusing on high-growth product categories in both human and pet food markets. This aligns with Above Food's 'Seed-to-Fork' strategy and strengthens its position in the pet food category, which represents about 40% of the division's sales.
Above Food Ingredients Inc. (Nasdaq: ABVE) has provided a business update following its recent Nasdaq listing. The company, which operates a vertically integrated Seed-to-Fork platform, expects to receive approximately US$16.7 million of incremental capital to fund future growth and improve net leverage. Above Food has achieved a strong revenue CAGR of 34% from fiscal year 2021 to 2024.
The company's strategic positioning allows for superior economics, supported by advantageous margins and sustainable long-term growth drivers. Above Food services over 260 clients and has a retail distribution footprint spanning more than 62,000 points. However, financial performance in fiscal year 2024 was negatively impacted by a lack of available working capital, resulting in a net loss of $39.5 million.
Above Food Corp. (Nasdaq: ABVE) has scheduled a conference call for July 25, 2024, at 4:30 p.m. ET to provide business updates. The call will feature key executives including CEO Lionel Kambeitz, CFO Jason Zhao, and VP Martin Williams.
Investors can participate by dialing (877) 407-9208 from the U.S. or (201) 493-6784 internationally. A replay will be available until August 8, 2024, accessible by dialing (844) 512-2921 (U.S.) or (412) 317-6671 (international) with confirmation code 13748040.
A simultaneous live webcast will be available on the Investors section of www.abovefood.com. Above Food, an innovative food company, leverages its vertically integrated supply chain to deliver differentiated ingredients and consumer products.
Above Food, an innovative food company, announced that its common shares and warrants will begin trading on Nasdaq under the ticker symbols ABVE and ABVE.W starting July 1, 2024. The trading is part of the merger with Bite Acquisition Corp., previously listed on NYSE American as BITE. The company leverages its vertically integrated supply chain to deliver unique food ingredients and consumer products. Lionel Kambeitz, the CEO of Above Food, expressed excitement about showcasing their seed-to-fork platform, which integrates regenerative agriculture, advanced ingredients manufacturing, and consumer products.