Above Food Ingredients (ABVE) stock surged on Thursday after the regenerative ingredient company announced a merger with Palm Global Technologies. This is a reverse merger that will add Palm Global Technologies’ 30% stake in the Palm Promax Investments joint venture to the combined company’s balance sheet.
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Under the terms of the deal, Above Food Ingredients will acquire Palm Global Technologies. The latter’s shareholders will receive 1.1 billion shares of ABVE stock in exchange for their holdings. This move will transform Above Food Ingredients into a company that handles the tokenization of real-world assets and the issuance of stablecoins.
Above Food Ingredients Executive Chairman Lionel Kambeitz said, “The merger with Palm is a seismic shift for our Company – it is a defining moment that reshapes our future. With the expected addition of over $100 billion in gold-backed assets, our balance sheet will be significantly strengthened.”
Above Food Ingredients Stock Movement Today
ABVE stock was up 56.55% during pre-market trading on Thursday, following a 10.64% drop yesterday. The shares have rallied 211.11% year-to-date but remain down 2.33% over the past 12 months. With today’s movement came heavy trading of Above Food Ingredients stock, with some 35 million shares traded, compared to a three-month daily average of about 26 million units.
