Fake meat is coming to the Canadian Securities Exchange. Friday after the bell Navis Resources Corp (CSE: SUV) announced that it would be performing a business combination transaction with that of Vancouver, BC based Modern Meat Inc.
Modern Meat is the latest go-public transaction of a plant-based meat alternative product, which has become a popular sector following the recent IPO transaction of Beyond Meats on the Nasdaq. Modern is focused on producing organic, non-GMO, vegan, gluten free plant-based alternatives.
Despite its ambitions, its unclear whether the company has any actual products to put on store shelves or when it will be near that point in its business strategy. Nothing could be found on the firm when we looked into it, aside from numerous copies of the news release issued Friday. The firm states that it aims to distribute its products across North America, but at this point it doesn’t appear to be producing any products.
Modern Meat is a company created for the purpose of modernizing the evolving alternative meat food market. Modern Meat is creating new meat alternative products that are accessible, healthy, tasty and sustainable for the environment.
The binding letter agreement between Navis and Modern Meat provides that the firm will be acquired under a subsidiary of Navis, with Navis then being renamed to Modern Meat Inc. It’s anticipated that the firm will have approximately 27.6 million shares outstanding upon completion of the combination, which will see Navis conduct a share split as well as raise a minimum of $500,000 at a price of $0.25 per share.
The company website is not fully populated, with a broken link to the product page.
A timeline was not given for the completion of the business combination. It is expected that the resulting issuer will continue to be listed on the Canadian Securities Exchange.
Information for this analysis was found via Sedar and Navis Resources. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.
