NEW TECH FOODS

Pluri, a biotech company specialising in cell-based solutions, has announced a $6.5 million investment led by global entrepreneur Alejandro Weinstein.

This investment is part of a broader strategy to enhance Pluri's capabilities in sustainable food technologies, particularly through its acquisition of a majority stake in Kokomodo, an AgTech firm focused on cultivated cocoa production.

The investment will involve the issuance of approximately 1.38 million shares of Pluri’s common stock at a price of $4.61 per share, along with warrants for additional shares.

Weinstein, who will join Pluri's board of directors as part of the agreement, brings over 20 years of experience in the pharmaceutical and biotechnology sectors, having previously led CFR Pharmaceuticals to a successful acquisition by Abbott Laboratories.

Simultaneously, Pluri plans to acquire a 71% stake in Kokomodo for $4.5 million, payable in newly issued shares. This acquisition positions Pluri to leverage Kokomodo's innovative approaches to producing climate-resilient cocoa, utilising cellular agriculture technology.

The global cocoa market, valued at $13.5 billion in 2023, is projected to grow at a compound annual growth rate of 8.2%, reaching $23.5 billion by 2030, highlighting the potential for significant returns in this sector.

As part of the transaction, both the investment and acquisition are subject to shareholder approval and customary regulatory conditions. The expected closing date for these transactions is around January 31 2025.

Pluri's CEO, Yaky Yanay, said: “At Pluri, we are committed to pioneering sustainable and impactful solutions for the food industry, as demonstrated by our launch of both Ever After Foods for cultivated meat and Coffeesai for cell-based coffee”.

He added: "We believe that the synergy between Kokomodo’s advancements in cell line development and Pluri’s industrial-scale production creates a strong foundation for innovation, positioning the company to lead the field of cultivated cacao and set new benchmarks in cultivated cacao technologies”.

By integrating Kokomodo’s expertise in cultivated cocoa production, Pluri aims to address growing consumer demand for sustainable food technologies.

The move into the cocoa market aligns with Pluri’s broader strategy of diversifying its portfolio, which already includes ventures in cultivated meat and cell-based coffee.

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