The deal seeks to establish a publicly-traded company with a growth strategy focused on expanding VeganNation’s plant-based ecosystem, investing in R&D and strategic acquisitions
US-based shell company Sipup Corp has signed a non-binding letter of intent for a merger with VeganNation, a global plant-based company building an all-encompassing conscious consumer ecosystem, connecting and empowering plant-based and sustainable businesses and individuals. Under the terms of the agreement, VeganNation will become a wholly-owned subsidiary of Sipup.
The companies argued that the growth of sustainable and plant-based consumer goods presents a unique opportunity to participate in the fastest-growing lifestyle globally.
The Sipup board appointed Isaac Thomas, chief executive and co-founder of VeganNation, as the new chief executive of the combined company.
“The time for a green and sustainable world has never been more crucial, and the economic opportunities that it brings with it are enormous,” said Thomas. “As a public company, we aim to be a leader in the new green revolution and bridge the corporate world to sustainability.”
A condition to closing the deal is that Sipup will complete a private placement of its securities with net proceeds to the company of $3.5 million.
The combined company aims to execute a business strategy involving growth in revenue and long-term profitability. This strategy includes continued R&D investment, new initiatives in sales, marketing and innovation, as well as finalising a strategic acquisition.
Thomas added: “We aim to connect everything plant-based and sustainable into a strong global economic ecosystem.”
VeganNation operates an online platform from offices in London and Jerusalem. The ecosystem unites individuals, businesses and organisations to discover, share and trade goods and services based on vegan values and lifestyles.
The move to merge VeganNation with a shell company comes on the heels of the Natural Order’s $230 million IPO to enter Nasdaq. Natural Order is a blank cheque company focused on plant-based food.
Date published: 14 December 2020