Fantasy Network has signed a merger agreement with Bio-Milk, a company that develops technology for the production of cultured cow’s milk as well as cultured breast milk. This is two weeks after it revealed that it is negotiating with a food-tech company, and after the board of directors approved the merger.
Read more in Calcalist:
As part of the merger agreement, Fantasy Network is expected to acquire 100% of the shares in Bio-Milk in exchange for the allotment of shares and rights to shares in Fantasy Network. Bio-Milk shareholders will hold 65% of Fantasy Network shares upon completion of the transaction, as well as hold rights to shares, which subject to compliance with milestones may result in Bio-Milk shareholders holding up to 74.99% of the company’s shares.
Danny Zadok, CEO of Fantasy Network, said that “the merger will create great value for investors, as long as the local and global market recognizes the economic potential of the company’s developments and the ability of these developments to create a significant foothold and bring beneficial change to the environment.”
Bio-Milk was established in 2018 under the name Meshek Net, and in 2020 changed its name to Bio-Milk. The company is engaged in the field of food technologies (Food Tech Industry) and develops an industrial process for the production of cultured milk extracted from milk cells without milking a cow, and also develops an industrial process for the production of cultured breast milk. The company holds the right to use the intellectual property, from the commercial arm of the Hebrew University, of 10-year research products of Dr. Nurit Argov Argaman, who is one of the company’s founders, and serves as the company’s director and chief technology officer. In addition, as part of a license she contracted with Bio-Milk, she was granted the rights to develop the HMO component, in a research project by Prof. Maggie Levy, who is also one of the founders of Bio-Milk, and serves as a senior researcher and consultant at Bio-Milk.
In addition to the license agreement, Bio-Milk has filed a patent application for its developments. During September 2020, Bio-Milk, managed by Tomer Eisman, completed a round of raising NIS 12 million from private investors. Fundraising is designed to enable it to advance the goals of its research and development program.
Fantasy Network, which is mainly owned by the public 80.7% and by a number of stakeholders whose holdings total 19.2%, previously dealt in the field of fantasy sports gaming applications, now owns a gas station and invests in a company that deals in cannabis. Last April, the company announced a plan to enter the food sector, through a merger with Eyal Eichner’s food import company, but after a few months the negotiations between the parties stopped. This is not the first deal the company tried to promote but had difficulty completing. Banker and transaction to enter the field of blockchain and cryptocurrencies, which were reported but not executed.
After the report, Fantasy Network falls 9.2% today on the Tel Aviv Stock Exchange and is traded at a market value of NIS 32.9 million.
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