AgriFORCE Soars 98% On Intent To Acquire Deroose Plants

(RTTNews) - Shares of AgriFORCE Growing Systems, Ltd. (AGRI) are skyroketing more than 98% Thursday morning after the company said signed a letter of intent to acquire Deroose Plants NV, a tissue culture propagation company with a proprietary portfolio of genetic IP for plantation and food crops.

Deroose with more than 2.11 million square feet of laboratory and greenhouse facilities, has operations in Europe, North America, and Asia. It had revenue of $40.5 million and EBITDA of $4.2 million in 2021.

The net purchase price by AgriFORCE is expected to be about $69 million.

AGRI is at $3.35 currently. It has traded in the range of $1.12-$8.45 during the past 52 weeks.