Wide Open Agriculture Limited signed an agreement to acquire assets of Prolupin GmbH for ?2.6 million on October 6, 2023. WOA has agreed to pay a total of ?2.6 million in cash to Prolupin for the Acquisition, comprising of: the sum of ?0.1m to be paid within 5 days of signing of the Asset Purchase Agreement to cover the operational cost of the production facility, including rental, staff costs and related admin expenses from 1 September 2023 until the date of the Asset Purchase Agreement. This will be funded from existing working capital facilities.

An additional ?2.5 million to be paid once the creditors meeting has approved the purchase on 18 October 2023. This amount is required to be paid within 9 days of the creditors meeting and will be funded from a forthcoming funding round details of which are being finalised and will be announced to market in due course. At this stage, the Company is intending to undertake a private placement and a share purchase plan offer to all shareholders.

Following signing of the Asset Purchase Agreement on 6 October 2023, WOA will take over operational responsibility for the production facility and related staff. Completion of the Acquisition is conditional on final approval by a meeting of Prolupin?s creditors to be held on 18 October 2023 and the consent of specific creditors named under the Asset Purchase Agreement. Completion of the Acquisition will occur on the satisfaction or waiver of these conditions.