6th May 2022 13:20
(Alliance News) - Agronomics Ltd said on Friday it invested a further USD2 million into Chinese cultivated meat company CellX Ltd.
The Isle of Man-based alternative proteins company said that it will have a 5.1% stake in CellX, on a fully diluted basis. It subscribed for 857,363 preferred shares.
The subscription will be made using cash from the company's own resources.
CellX is a cellular agriculture start-up located in Shanghai, China.
Cellular Agriculture is the production of agriculture products directly from cells, as opposed to raising an animal for slaughter, or growing crops.
Agronomics first invested in CellX in December 2020, with a USD50,000 investment in the form of a simple agreement for future equity.
The SAFE converted to 230,681 preferred shares.
The CellX position in the Agronomics portfolio will represent approximately 1.4% of last reported net asset value.
Agronomics shares were marginally higher at 20.00 pence each on Friday afternoon in London.
By Xindi Wei; [email protected]
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