Above Food Ingredients Inc. (NASDAQ:ABVE) shares surged 65% after the company announced a transformative reverse takeover deal with Palm Global Technologies Ltd. The merger, unanimously approved by both boards, will significantly reshape Above Food’s business by bringing gold-backed assets worth billions onto its balance sheet.
The transaction includes Palm Global’s 30% interest in Palm Promax Investments (PPI), a joint venture valued at $350 billion, with assets tied to U.S.-based gold holdings. As part of the agreement, Palm Global shareholders will receive 1.1 billion shares of Above Food stock.
This merger propels Above Food into the forefront of real-world asset tokenization and the issuance of stablecoins. Through its connection with joint venture partner Promax United, the combined entity will gain access to over $1.5 trillion in sovereign-owned AA- and AAA-rated assets.
The timing of the merger aligns with growing global momentum behind stablecoin regulation, following the U.S. Senate’s recent passage of the GENIUS Act and similar legislative efforts around the world. PPI is already working with more than 15 sovereign partners and aims to become a global leader in stablecoin deployment and digital currency infrastructure.
The post-merger board of Above Food will feature notable additions, including His Highness Sheikh Mohammed Bin Maktoum Bin Juma Al Maktoum of the Dubai Royal Family, Palm Global’s Founder and President Muayad Kafesha, and Palm Global’s Chairman and CEO Peter Knez.
Lionel Kambeitz, Executive Chairman of Above Food, described the merger as “a seismic shift” for the company, adding that it will “significantly strengthen the company’s balance sheet with the expected addition of over $100 billion in gold-backed assets.”
Pending regulatory approval, the combined company’s shares will continue trading on the Nasdaq Capital Market.
Above Food Ingredients stock price
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