Above Food Ingredients Inc. (NASDAQ:ABVE) saw its stock more than double on Friday morning, extending its recent rally after Thursday’s staggering 325% jump tied to its announced merger with Palm Global Technologies Ltd.
The Canadian agri-business has been on a tear since unveiling its plan to merge with Palm Global through a reverse takeover. This deal will bring Palm Global’s 30% stake in the Palm Promax Investments (PPI) joint venture onto Above Food’s balance sheet, including a share of PPI’s massive $350 billion valuation in U.S.-based gold-backed assets.
With full board approval from both companies, the agreement stipulates that Above Food will acquire Palm Global, exchanging 1.1 billion new Above Food shares for Palm Global’s existing stock.
This transaction strategically positions Above Food to emerge as a key player in the fast-growing realm of real-world asset tokenization and stablecoin issuance, gaining access to an extensive portfolio of AA- and AAA-rated sovereign assets worth over $1.5 trillion via its partner, Promax United.
The move aligns with heightened global attention on stablecoin regulation, notably following the GENIUS Act’s recent passage in the U.S. Senate and comparable regulatory efforts worldwide. Palm Promax Investments is poised to lead in stablecoin issuance and central bank digital currency initiatives targeting developing nations, supported by commitments from 15 sovereign partners.
Beyond blockchain ambitions, the merger also promises to accelerate Above Food’s agricultural and food product revenues through expanded market access and strategic trading collaborations.
Above Food Ingredients stock price
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