Above Food Ingredients Inc. (NASDAQ: ABVE) has maintained a strong upward trajectory throughout the week, with its stock price surging 10.17% in after-hours trading to close at $2.60. This follows a substantial 36.42% gain during regular trading hours, pushing the stock from $1.73 to $2.36.
Over the past five sessions, ABVE shares have recorded an impressive cumulative increase of 286%, driven largely by news of a forthcoming merger.
Progress Toward Transformative Merger
Above Food’s progress in its proposed merger with Palm Global Technologies Ltd., which was first disclosed on February 6, 2025, is the driving force behind the market’s excitement. The business attested to having settled the transaction’s essential terms and structural elements.
The merger has received unanimous support from Above Food’s senior leadership after a comprehensive internal examination. It is currently undergoing the necessary corporate and regulatory processes for final approval and documentation.
Strategic Meetings and Global Engagement
In a significant development, members of the Above Food executive team traveled to the United Arab Emirates this week to conduct final due diligence and participate in milestone events hosted by Palm Global. These engagements highlighted Palm Global’s strategic progress and underpinned the anticipated synergies of the merger.
Above Food’s leadership reaffirmed that the integration with Palm Global will create considerable long-term value and help accelerate the company’s mission to establish a more sustainable and inclusive global food ecosystem.
Palm Global’s FinTech Innovation and Financial Disclosure
Palm Global’s cutting-edge FinTech infrastructure—leveraging artificial intelligence, blockchain, and decentralized finance—positions it as a disruptive force in agricultural commerce. Its expansive network of global partnerships offers a powerful launchpad for the combined entity.
Above Food also revealed its financial results for the six months ended July 31, 2024, showing a net loss of $25.9 million and sales of $65.2 million. Non-recurring expenses of $14.1 million from the June 28, 2024, completion of the merger with Bite Acquisition Corp. are included in the loss. The timely filing of these results brought Above Food back into compliance with Nasdaq’s listing requirements.
