Pluri Inc. (PLUR), a biotechnology firm, announced on Thursday that it has secured a $6.5 million private investment, spearheaded by investor Alejandro Weinstein. Simultaneously, Pluri plans to acquire a 71% ownership interest in Kokomodo Ltd. for $4.5 million, with the transaction settled through the issuance of shares.
Additionally, Alejandro Weinstein is anticipated to join Pluri's Board of Directors.
According to the investment agreement, Pluri will issue and sell 1.383 million shares at $4.61 each. The agreement also includes warrants for the purchase of up to 84,599 shares at $5.568 per share and pre-funded warrants to acquire up to 26,030 shares at $0.0001 per share. This arrangement will result in gross proceeds of $6.5 million for Pluri.
The company plans to utilize the net proceeds from this investment, expected to close around January 31, for working capital and general corporate purposes.
In conjunction with this investment, Pluri will acquire approximately 71% of Kokomodo from Chutzpah Holdings Ltd. and Plantae Ltd., both controlled by Weinstein, for a total of $4.5 million. This amount will be satisfied through the issue of 976,139 newly created shares, based on a share price of $4.61.
The Kokomodo acquisition is projected to finalize in the second quarter of 2025.
Through this strategic move, Pluri seeks to bolster its financial standing and expedite its foray into the cultivated cacao sector. This expansion involves acquiring a controlling interest in Kokomodo, an Israeli enterprise specializing in the development of climate-resilient cacao through the use of cellular agriculture technology.
