In the U.S. the Acronym RICO is commonly assumed to refer to the Racketeer-Influenced and Corrupt Organization Act of 1970. Here it's a stock symbol.
If I were management I'd change the symbol.
From FoodDive, February 1:
Kalera to debut on Nasdaq with SPAC deal valuing the vertical farming company at $375M
Dive Brief:
- Vertical farming company Kalera AS is merging with Agrico Acquisition Corp., a Nasdaq publicly traded special purpose acquisition company (SPAC), in a deal that would value the combined entity at approximately $375 million, the companies said in a statement. The transaction has been approved by both companies' boards but has not yet been voted on by their shareholders. It is expected to close in the second quarter. Once the deal goes through, Kalera will delist from the Euronext Growth Oslo exchange, where it is currently traded.
- Florida-based Kalera would use the new capital to build its next generation of farms in the U.S. and globally. It currently has four facilities in operation and six under construction. Kalera's interim CEO Curtis McWilliams and the company's current management team would continue to lead the business.
- If the transaction closes, Kalera would be the latest in a series of controlled environment agriculture companies to go public on Nasdaq through a SPAC deal, following Local Bounti and AppHarvest. It would also gain a financial boost for expansion at a time when other vertical farming operators are mapping out major growth plans and raising record sums of money.
....MUCH MORE
Our last few posts on the industry:- Indoor Farmer AppHarvest Plunges After Farm Delays (APPH)
- "Vertical farming company Plenty raises $400M, partners with Walmart to supply greens"
- "The world’s largest vertical farm will have a secret ingredient: fish"
- "Can indoor farms reach skyscraper height?"
- Not So SPACtacular Indoor Farming: "AeroFarms & Spring Valley terminate $1.2bn SPAC deal"
