Above Food Ingredients Inc. issued an update on July 31, 2025, regarding its proposed merger with Palm Global Technologies Limited, confirming that nearly 90% of Palm Global shareholders have committed their support for the transaction. This strong endorsement signals confidence in the merger's completion and its strategic direction.
The company also announced the appointment of CBIZ CPA as its independent auditor to complete the audit for the fiscal year ended January 31, 2025. CBIZ CPA was selected for its proven expertise and alignment with Above Food's strategic expansion into asset tokenization and stablecoin markets, a critical step for regaining compliance with Nasdaq Listing Rule 5250(c)(1).
The Palm Promax Investments venture, in which Palm Global holds a 30% stake, involves the tokenization of $1.5 trillion in AA+ and AAA-rated sovereign assets and a gold-backed stablecoin anchored by $350 billion in U.S.-based gold assets. Palm Global's stake translates into over $100 billion of net assets on the balance sheet of the combined entity. Additionally, His Highness Sheikh Mohammed Bin Maktoum Bin Juma Al Maktoum and His Excellency Muayad Kafesha are set to join the Board of Above Food.
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