AgriFORCE Growing Systems, Ltd. (NasdaqCM:AGRI) entered into a binding letter of intent to acquire Delphy Groep B.V. for $29 million on October 27, 2021. Consideration for transaction is paid in both cash and stock. Delphy, which has global operations and over 200 employees, achieved 2020 annual consulting audited revenues of more than $26 million and EBITDA of $3 million and expects to end 2021 with revenues of $28 million. and will be operated by its current management team. The binding LOI is subject to completion of standard due diligence and entry into a definitive purchase agreement within 45 days. As of February 10, 2022, AgriFORCE Growing Systems, Ltd. signed a definitive agreement to acquire Delphy Groep B.V. The transaction closing is expected to occur within 60 days of the signing date. The transaction is expected to complete in the end of July 2022. Post-closing, it is anticipated that Delphy will become a subsidiary of AgriFORCE. As of March 8, 2022 AgriFORCE Growing Systems it has executed a non-binding term sheet for a planned convertible debt facility of up to $20 million,The Company intends to use the net proceeds of the Notes towards the closing of the previously announced acquisition of Delphy Groep BV. As of September 26, 2022, the purchase price has been reduced to $17.7 million and an earnout of up to $6 million. The transaction is subject to approval by Delphy Groep. The transaction is expected to close by the end the year.

AgriFORCE Growing Systems, Ltd. (NasdaqCM:AGRI) cancelled the acquisition of Delphy Groep B.V. on June 1, 2023.