Agronomics Regulatory News (ANIC)

25 January 2023

Agronomics Limited

("Agronomics" or the "Company")

Net Asset Value calculation at 31 December 2022

Agronomics Limited (AIM:ANIC), the leading listed company focused on the field of cellular agriculture, announces that its unaudited Net Asset Valuation ("NAV") calculation as at closing on 31 December 2022 was 16.37 pence per share, broadly unchanged from 16.51 pence per share at 30 September 2022. Net Assets stand at £162 million, including investments of £133 million and uninvested cash was £30 million.

The share price of 11.75 pence at the 31 December 2022 close represents a discount of 28% to the NAV per share. The average premium to NAV per share over the last 12-month period was 8%. Under IFRS, the Company's unquoted investments are generally carried at cost or the most recent priced funding round.

Richard Reed, Chairman of Agronomics, commented: -

"Agronomics maintained its investment activity in cellular agriculture this quarter through its support in the successful US$ 20 million seed fundraise of its portfolio company, Liberation Labs, the contract manufacturer for food technology precision fermentation. Liberation Labs has recently announced the selection of its first commercial site in the United States and expects to have the facility online by the end of 2024.

The approval of UPSIDE Foods by the FDA, one of the most stringent regulatory bodies globally for food safety, was an enormous step forward for the field of cellular agriculture and the path to commercialisation and we believe we can expect more approvals of cellular agriculture products in the near future. This, alongside the regulatory approval by the Singapore Food Agency (SFA) of Agronomics' portfolio company, Solar Foods Oy, indicates regulatory approval and commercial launches in the next 12-18 months may be on the horizon for a number of Agronomics' portfolio companies."

Financing

During the quarter ended 31 December 2022, the Company received notification of warrants being exercised. A total of 6,889 new ordinary shares were issued following the warrant exercise, for proceeds of £2,016.28. These funds, together with existing cash resources, will be utilised to provide backing for opportunities within the field of cellular agriculture, both by supporting existing companies, as well as identifying new opportunities in which to invest.

Investment review

On 20 October 2022, Agronomics co-led the seed investment round of precision fermentation contract manufacturer Liberation Labs Holdings Inc ("Liberation Labs"). The final tranche of the committed US$ 7 million was completed on 5 December 2022 and, on 30 December 2022, the Company announced the close of Liberation Labs' $20 million seed funding round. Upon completion of the financing, Agronomics now holds an equity stake of 38.5% on a fully diluted basis. The investment was co-led with Siddhi Capital, a prominent and highly respected investor in innovative food products and technologies. New Agrarian Company Limited, an affiliate of Agronomics, also participated in Liberation Labs' funding round on identical terms and tranching as Agronomics.

On 26 October 2022, the Company announced that Solar Foods Oy ("Solar Foods"), its Finnish food technology portfolio company focused on commercialising its sustainable protein, Solein, received its first regulatory approval in Singapore for its novel protein by the Singapore Food Agency. On 23 December 2022, the Company also announced that Solar Foods had received a €34 million grant to support the build of their first fermentation facility and start preparations for their full-scale facility.

On 5 December 2022, Agronomics announced that portfolio company Clean Food Group Limited ("Clean Food Group") has received investment from Doehler Ventures, the venture arm of Doehler Group GmbH, a global producer, marketer and provider of technology-based natural ingredients and ingredient systems for the food and beverage industries.

The quoted investments within the portfolio are valued under IFRS at bid price.

* Based on the TVR figure notified on 4 January 2023 excluding the 1,142 Ordinary Shares issued pursuant to an exercise of warrants announced then.

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014, as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

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ENDS