Above Food Ingredients (ABVE) Announces Acquisition of Palm Global Technologies

Above Food Ingredients Inc. (NASDAQ:ABVE) is one of the hot penny stocks to invest in nowOn July 7, Above Food Ingredients Inc. (NASDAQ:ABVE) announced a definitive merger agreement with Palm Global Technologies Ltd., with the combination of the two companies to be carried out through a statutory plan of arrangement in Above Food Ingredients Inc.’s (NASDAQ:ABVE) domestic jurisdiction.

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Chefs in a fast-food kitchen preparing burgers and fries.

The terms of the merger state that Above Food Ingredients Inc. (NASDAQ:ABVE) would acquire Palm Global Technologies Ltd., and the latter’s shareholders would attain a total of 1.1 billion shares in Above Food in exchange for their existing holdings.

The merger is expected to position Above Food Ingredients Inc. (NASDAQ:ABVE) as a market leader in the issuance of stablecoins and tokenization of real-world assets.

Above Food Ingredients Inc. (NASDAQ:ABVE) operates its subsidiaries, Above Food Corp. and Bite Acquisition Corp. Above Food provides food products and brands as an ingredient company, while Bite is a blank check company that affects stock exchange, stock purchase, asset acquisition, merger, reorganization, or similar business combination with one or more businesses.

While we acknowledge the potential of ABVE to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than ABVE and that has 100x upside potential, check out our report about this cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.