Dr. Foods, Inc. cancelled the acquisition of Mama Foods Co., Ltd from White Knight Co., Ltd.
March 30, 2022
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Dr. Foods, Inc. (OTCPK:DRFS) entered into a letter of intent to acquire Mama Foods Co., Ltd from White Knight Co., Ltd. on January 12, 2022.The consideration comprises of $0.5 million in cash coupled with the issuance of 19.5 million shares of restricted Preferred Stock to White Knight Co., Ltd. DRFS has the sole right to re-structure the $0.5 million payment due to WKC, at the time of closing, into a promissory note, due to be paid to WKC, in full, within 12 months following the time of closing of the Definitive Agreement. Currently, Mama Foods employs approximately 43 individuals. The transaction is subject to approval from the board of directors and the shareholders of DRFS, MAMA and WKC, some third-party approvals and due diligence by DFRS.
Dr. Foods, Inc. (OTCPK:DRFS) cancelled the acquisition of Mama Foods Co., Ltd from White Knight Co., Ltd. on March 31, 2022.
Dr Foods Inc is a Japan-based company mainly engaged in the import, sale, research, development and manufacturer of various food products. The Company is engaged in the provision of alternative foie gras, the development of plant-based products using microalgae, as well as the development of additional new alternate meat products jointly with Next Meats Co., Ltd. The Company is also engaged in the planning and management of events for advertising and public relations (PR) activities, the provision of consulting services, and the trading business.
DR. FOODS, INC. 