Vertical Field set to go public on Canadian Market

Raanana-based Vertical Field, which develops vertical growing systems, said it signed a letter of intent to list on the Canadian stock exchange TSX Venture, at a pre-money valuation of $100 million.The company, which is controlled by Israeli businessman Michael Mirilashvili, said it intends to raise $20 million with the goal of expanding activities to the North American market. The offering will be made through a reverse merger with blank check company A-Labs Capital IV Corp., which will acquire all Vertical Field securities and continue Vertical Field’s business under its existing brand.Vertical Field develops a unique advanced technology that allows agricultural crops to grow on vertical walls in containers placed adjacent to the point of sale in retail chains and restaurants, providing maximum quality and fresh produce. The company has long-term agreements with supermarket chains such as Rami Levy and Victory in Israel and leading retail chains in various countries.The company’s technology enables soil-based cultivation without pesticides in recycled containers and allows for cultivation with less waste than conventional agriculture, using 90% less water and growing precise quantities in a controlled environment, and with shorter growing cycles. The technology allows vegetables to be grown 365 days a year, so that produce is always “in season,” the company said. Current crops include several varieties of lettuce, basil, parsley, kale, mint, and more, with plans to add also mushrooms and strawberries by the end of 2021.Vertical Field will join some 15 Israeli companies now traded on the TSXV exchange. Last month, Israeli ad-tech company Adcore became the first Israeli company to have its stock graduate from that smaller market to the larger Toronto Stock Exchange.“We chose to raise money through TSX Venture to have the resources necessary to enter the North American market, one of the largest in the field of retail and vertical agriculture,” said CEO Guy Elitzur. “This strategy is in line with Canada’s stock market trend of investing in agriculture and food technology, and is the most appropriate location at this phase.”

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