EDOC Acquisition Corp. a special purpose acquisition company, and Australian Oilseeds Investments Pty Ltd., an Australian proprietary company announced that they have entered into a definitive Business Combination Agreement.
Upon consummation of the transactions contemplated by the Business Combination Agreement Australian Oilseeds Holdings Limited, a newly formed subsidiary will seek to be listed on the Nasdaq Capital Markets. The outstanding shares of the Company and EDOC will be converted into the right to receive shares of Pubco. The transaction represents a post-combination valuation of $190 million ($190,000,000) for the Company upon closing, subject to adjustment.
For more than 20 years, the Company, directly and indirectly through its subsidiaries, has engaged in the business of processing, manufacturing and selling of non-GMO oilseeds and organic and non-organic food-grade oils, for the rapidly growing oilseeds market, through sourcing materials from suppliers focused on reducing the use of chemicals in consumables in order to supply healthier food ingredients, vegetable oils, proteins and other products to customers globally. The Company is committed to working with all suppliers in the food supply chain to eliminate chemicals from the production and manufacturing systems to supply quality products to customers globally. Today, the Company is the largest cold pressing oil plant in Australia, pressing strictly GMO free conventional and organic oilseeds.
The global oilseeds market is estimated at $264.87 billion in 2022 worldwide and is expected to grow to $340.44 billion in 2026 at a compound annual growth rate of 5.7%. The growing usage of oilseeds in animal feed is expected to propel the growth of the oilseed market going forward.
Oilseeds are rich in various phytochemicals such as phenolic compounds, flavonoids, tocopherols, tocotrienols, polyphenols, vitamins, minerals, protein, and fiber and are used in healthy vegetable oils, livestock feeds, medicines, biofuels, and other oleochemical industrial purposes. Oilseeds are also a rich source of oil, fatty acids, vitamins, minerals, protein, and fiber, all of which are often employed in the extraction of oil.
“Australian Oilseeds Investments is delighted to enter into a merger agreement with EDOC to help spread the awareness of chemical free non-GMO feed ingredients into the food supply chain - there is a wonderful synergy and understanding amongst EDOC shareholders that chemical residues in our farming and food supply chains are causing a number of health issues in our communities. The introduction and growth of chemical-free food ingredients and chemical free processing will provide a healthier option for all consumers … whether in Australia, America or globally. Australian Oilseeds Investments board and management look forward to working with EDOC's board and shareholders to expanding its global footprint in chemical free farming and chemical free food processing.”
Commenting on today’s announcement, Mr. Gary Seaton, Chief Executive Officer of the Company
“We are very excited to work with the Australian Oilseeds team to bring the company to a public listing on Nasdaq. Healthy food is crucial to heathy living. In addition, the sustainable regenerative farming practiced by Australian Oilseeds is good for the world.” said Kevin Chen, Chairman of the Board of Directors and Chief Executive Officer of EDOC.
The boards of directors or similar governing bodies of the Company and EDOC have unanimously approved the proposed Business Combination, subject to, among other things, the approval by EDOC’s shareholders of the proposed Business Combination, satisfaction of the conditions stated in the Business Combination Agreement and other customary closing conditions, including that the U.S. Securities and Exchange Commission completes its review of the proxy statement/prospectus relating to the proposed Business Combination, the receipt of certain regulatory approvals, and approval by The Nasdaq Capital Markets to list the securities of Pubco.
About Australian Oilseeds Investments Pty Ltd.
Australian Oilseeds Investments Pty Ltd. is an Australian proprietary company that, directly and indirectly through its subsidiaries, is focused on the manufacture and sale of sustainable oilseeds and is committed to working with all suppliers in the food supply chain to eliminate chemicals from the production and manufacturing systems to supply quality products to customers globally. The Company engages in the business of processing, manufacture and sale of non-GMO oilseeds and organic and non-organic food-grade oils, for the rapidly growing oilseeds market, through sourcing materials from suppliers focused on reducing the use of chemicals in consumables in order to supply healthier food ingredients, vegetable oils, proteins and other products to customers globally. Over the past 20 years, the Company has grown to the largest cold pressing oil plant in Australia, pressing strictly GMO free conventional and organic oilseeds.
About EDOC Acquisition Corp.
EDOC Acquisition Corp. is a blank check company organized for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization, or other similar business combination with one or more businesses or entities. The company is sponsored by an extensive network of physician entrepreneurs across 30+ medical specialties in leading medical institutions and is led by Kevin Chen, Chief Executive Officer of EDOC.