CULT Food Science Corp has announced the successful completion of its joint venture transaction with Peqish Group, Food & Hospitality Inc which was finalized under an agreement involving the exchange of $187,500 worth of shares.
Cult Food issued 1,921,500 common shares to Peqish, while Peqish issued 46,937 common shares to Cult Food. The shares issued by Cult Food will be subject to a four-month hold period expiring on September 19, 2023, followed by a contractual 12-month hold period until May 18, 2024. On the other hand, the shares issued by Peqish will be subject to an indefinite statutory hold period due to its status as a private issuer.
In addition to the share exchange, Cult Food and Peqish entered into a joint venture agreement. This strategic collaboration aims to develop and commercialize cellular agriculture food products within the medical food framework established by Peqish. The joint venture holds promise for creating innovative products that have a positive impact on health and nutrition.
In a statement, Lejjy Gafour, the CEO of Cult Food, expressed enthusiasm about the partnership, commenting: “Working together with Peqish will allow us to create foods that have a measurable positive impact. Being able to create products that have a real effect through what we eat is going to be an important aspect at the frontier of food and health.”
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