AgriFORCE doubles on $29 mln buy of European agritech firm

AVAX One Technology

27/10/2021 15:36

** Shares of agriculture tech firm  AGRI.O  jump 100% to a
near 4-month high of $4.3, set for best day since July IPO
    ** Co enters into a binding letter of intent (LoI) to
acquire "a leading" European agriculture tech consulting firm
 urn:newsml:reuters.com:*:nGNX9H2z5D
    ** Says target firm has annual rev of $26 mln and EBITDA of
$3 mln, according to 2020 figures; expects its 2021 rev to be
$28 mln
    ** The purchase price by AgriFORCE is estimated to be in the
range of $29 mln with a mix of cash and stock, with all stock
issued in private placement transactions
    ** Including session's gains, AGRI has lost ~7% since IPO

 (Reporting by Shashank Nayar in Bengaluru)
 ((Shashank.Nayar@thomsonreuters.com; within U.S. +1 646 223
8780; outside U.S. +91 80 6182 2256;))