Plant-based food tech company Nabati Foods Inc has announced a private placement, subject to regulatory approval and formal documentation, of up to $4,000,000. With sales growth of more than 85% in 2020 compared to 2019, the company is poised for rapid expansion and plans to enter the European market in 2022.
Nabati is based in Edmonton, Alberta and serves the North American market. Its product portfolio, which includes a range of cheesecakes, cheeses, and burgers, is 100% certified gluten-free, dairy-free, egg-free, refined sugar-free, all natural (non-GMO), certified kosher, and certified vegan. The products are available in more than 300 stores in Canada and more than 120 stores in the United States.
The company recently expanded its channel mix to include e-commerce and industrial sales, complementing its successful grocery and foodservice channels. The private placement will be for up to 8,000,000 Special Warrants at a price of $0.50 per warrant. Each Special Warrant will convert into one freely tradable share upon listing on the Canadian Securities Exchange (“CSE”).
“Demand for our products has grown rapidly in both Canada and the United States. We have a long production queue for all of our products and are rapidly moving forward with the construction of our second production facility to increase capacity and meet current demand. In 2020, our sales increased by over 85%,” said Ahmad Yehya, CEO of Nabati.
“We started Nabati because we felt there just weren’t enough healthy, plant-based options on the shelves. We believe that the most delicious foods can still be healthy, and that drives innovation in our company. We’re committed to making sure everyone can enjoy our products, regardless of their dietary preferences or food allergies.”