Kalera shares rise on divestment plans

Kalera

18/10/2022 13:02

** Shares of vertical farming company Kalera Plc  KAL.O  
rise 7.1% to 76 cents premarket 
    ** Co says it plans to divest its genetic seeds business,
Vindara, and the assets of its international business
 urn:newsml:reuters.com:*:nGNX6jwsnL
    ** The international business includes the previous &ever
GmbH management team, and farming assets in Kuwait and Singapore
    ** Vindara is expected to continue serving Kalera’s
strategic custom seed needs and serving other indoor farming
companies
    ** “We expect that these divestitures will address the
strategy we announced in September to bring our U.S. farms to
cash flow positive much faster than anticipated while reducing
capital requirements..." - Jim Leighton, CEO
    ** Up to last close, stock fell 93% YTD
 (Reporting by Nandhini Srinivasan in Bengaluru)
 ((nandhini.srinivasan@thomsonreuters.com))