Agrinam Acquisition Corporation has entered into a binding letter of intent to merge with Freight Farms, aiming to innovate and expand sustainable food production solutions.

Target Overview

Agrinam Acquisition Corporation (TSX: AGRI.U), referred to as Agrinam, has announced a binding letter of intent (LOI) to combine with Freight Farms, Inc., a pioneering agtech firm committed to sustainable and local food production. Agrinam is seeking non-binding investment indications of approximately US$20 million from its current sponsors and strategic investors, of which US$4 million has already been committed.

Founded in 2012, Freight Farms has established itself as a leader in modular controlled environment agriculture, having sold over 600 modular farms across 40 countries. The company caters to a diverse clientele that includes for-profit farmers, educational institutions, healthcare systems, grocery stores, and non-profit organizations. With a portfolio exceeding US$43 million in external funding, Freight Farms leverages a unique suite of proprietary products that enhance sustainability while ensuring financial viability.

Industry Overview

The agricultural technology (agtech) sector in North America is undergoing a transformative shift towards sustainability and efficiency, driven by rising concerns about food security and environmental impacts. Modular farming solu