Israeli agritech co Vertical Field headed for Toronto listing

Vertical Field credit: Company website

Vertical Field, controlled by Michael Mirilashvili, will be merged into an acquisition vehicle at a $100 million valuation.

Yet another Israeli startup is making its way to an overseas listing. Ra'anana-based agritech company Vertical Field, developer of technology for growing produce in cities, will be traded on Canada's TSX Venture Exchange. This follows a merger with a CPC (capital pool company) a vehicle similar to a SPAC, a public company the aim of which is to find a company to acquire.

Vertical Field has signed a letter of intent for a merger with A-Labs Capital IV (TSXV: ALCC.P) at a valuation of $100 million. The completion of the transaction is conditional upon the completion of a $20 million private placement of securities of ‎Vertical Field. Consultancy A-Labs Advisory & Finance, owned by Doron Cohen is both advising on the deal and providing the acquiring vehicle.

Vertical Field says that its technology facilitates the growing of vegetables without the use of pesticides, and using 90% less water than in conventional methods.

The company is headed by Guy Elitzur and owned by billionaire Michael Mirilashvili (90%) and Guy Barness. Mirilashvili, who has extensive investments in real estate, technology, telecommunications and other fields, holds his stake in Vertical Field through BI Energy, which is invested in technologies in water, energy, and life sciences. According to IVC, the company, which was founded in 2006, has had one fund raising round, in 2007.

"We have decided to raise money through the Canadian Stock Exchange in order to raise the resources we need to enable us to enter the North American market, which is one of the largest in the field of retail and vertical agriculture," Elitzur said. This strategy connects to the fact that the stock market in Canada has a trend of investing in the field of agriculture and food technology and therefore this is the most appropriate place at this stage. "

Vertical Field is represented by Asaf Nahum, Efrat Tzur and Moshe Minster of the law firm of Herzog Fox & Neeman.

Published by Globes, Israel business news - en.globes.co.il - on April 12, 2021

© Copyright of Globes Publisher Itonut (1983) Ltd. 2021

Vertical Field credit: Company website
Vertical Field credit: Company website
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