Above Food Corp., a Canadian plant-based food company, has merged with Bite Acquisition Corp., a blank-check company led by a former Merrill Lynch executive.
The deal will provide about $44 million in gross proceeds to Regina, Saskatchewan-based Above Food, as reported by Bloomberg News. According to the companies, the transaction implies an enterprise value of more than $300 million. Above Food’s shareholders will maintain about a 70 percent stake after the deal, reported Bloomberg.
Bank of Montreal’s capital markets division and EarlyBirdCapital acted as financial advisers to Bite.