Above Food Ingredients Inc. Updates on Palm Global Merger and Appoints Auditor with Tokenized-Asset and Cryptocurrency Expertise

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08/01/2025 – 08:05 PM

Regina, Saskatchewan – Above Food Ingredients Inc. (NASDAQ: ABVE) is making headlines with a strategic pivot toward tokenized assets and cryptocurrency, updating the market on its proposed merger with Palm Global Technologies Limited. Nearly 90% of Palm Global shareholders have already pledged their support for the transaction, signaling strong confidence in the deal. To expedite its Nasdaq compliance, shaken after receiving a delinquency notice from the listing qualifications department for failing to file its Annual Report on Form 20-F, Above Food has tapped CBIZ CPA as its independent auditor, anticipating completion of the audit within a swift four-to-six-week timeframe.

Following an extensive search process, Above Food selected CBIZ CPA, citing their expertise in asset tokenization and stablecoin markets, a direct reflection of the strategic importance of the Palm Global merger and Palm Global’s stake in Palm Promax Investments, set to become a key player in digital sovereign currency.

Notably, the appointment of the new auditor is not expected to delay the merger’s progression or the Form F-4 registration statement filing with the SEC.

Palm Global Chairman, Peter Knez, released a shareholder letter reaffirming support for the merger:

Chairman Letter to the Shareholders of Palm Global Technologies Limited:

Dear Shareholders,

PALM GLOBAL TECHNOLOGIES LIMITED – SHAREHOLDER UPDATE

While I regret not having spoken with each of you individually, I’m pleased to confirm that I’ve engaged directly with the largest shareholders, holding close to 90% of Palm Global’s equity, who, without exception, have all committed their support for our reverse merger with Above Food.

Reverse Merger with Above Food: A Catalyst for Value Creation

The Palm Global Board firmly believes that a public listing will serve as a powerful catalyst for unlocking long-term shareholder value. Integration efforts between our teams and Above Food are already yielding tangible results, with introductions underway across key Palm Global clients and regional partners in Africa and the MENA region. Early-stage trade discussions are projected to yield multi-billion-dollar, high-margin annualized revenues through an extensive pipeline of food trade deals.

Palm Global: Leading the Future of Tokenized Finance

You may already be aware of our landmark partnership with Promax United, which positions Palm Global at the forefront of the global tokenization revolution. In summary, together we are launching:

• The tokenization of $1.5 trillion in AA+ and AAA-rated sovereign assets

• A gold-backed stablecoin anchored by $350 billion in U.S.-based gold assets

• A proprietary trading platform for real-world asset-backed investment products

This venture – Palm Promax Investments – is positioned to become the No.1 global leader in both stablecoin issuance and central bank digital currency frameworks, with 15 African nations already committed to adopting our stablecoin as official state currency.

In addition, our 30% stake in Palm Promax Investments translates into immediate recognition of substantial high-margin revenues and a transformative uplift to our balance sheet, with the addition of more than $100 billion of net assets.

Vision & Experience: A New Financial Paradigm

Having led some of the most significant innovations in global finance over the past three decades
– including the ETF revolution at Barclays Global Investors – I can say with conviction that I’ve never seen an opportunity as exciting or as profound as this. The tokenization of real-world assets will redefine global finance, surpassing even the impact of ETFs.

Palm Global is uniquely positioned to lead this transformation, with access to multi-trillion- dollar sovereign-backed assets, a scalable blockchain infrastructure, and strategic partnerships across government and institutional sectors.

Global Leadership & Governance

During recent weeks, we are honored to have reached agreement for His Highness Sheikh Mohammed Bin Maktoum Bin Juma Al Maktoum and His Excellency Muayad Kafesha to join the Board of Above Food. Their global stature and strategic influence will be instrumental in advancing our objectives across key markets. Additional world-renowned leaders and figureheads will be announced shortly.

What’s Next

I encourage all shareholders to monitor Above Food’s press releases and SEC filings for ongoing developments. I also plan to convene a shareholder meeting at the end of summer to engage directly with those I haven’t yet spoken to. Details will follow in the coming weeks.

Sincerely,

Peter Knez
Chairman
Palm Global Technologies Limited

The Bigger Picture: A $1.5 Trillion Tokenization Play

Palm Global’s strategic partnership with Promax United puts it at the forefront of the tokenization wave. The venture aims to tokenize a staggering $1.5 trillion of AA+ and AAA-rated sovereign assets and is launching a gold-backed stablecoin, fueled by $350 billion in US-based gold reserves. What’s more, the partnership boasts commitments from 15 African nations to adopt their stablecoin as official currency, potentially catapulting Palm Promax Investments to a leading position in the burgeoning central bank digital currency (CBDC) sector, with Palm Global holding a 30% stake in the venture.

The Palm Promax Investments venture anticipates adding over $100 billion in net assets to Palm Global’s balance sheet, a transformative uplift for the company. Industry analysts suggest that the appointment of auditor CBIZ CPA is about future strategy rather than a mere compliance matter. All eyes will be on Palm Global as the company prepares itself to take a front row seat in the digital currency revolution.

About Above Food Ingredients Inc.

Above Food Ingredients Inc. (NASDAQ: ABVE) is an ingredient company that delivers products made with real, nutritious, flavorful ingredients produced with transparency. Above Food’s vision is to create a healthier world – one seed, one field, and one bite at a time. With a robust chain of custody of plant proteins, enabled by scaled operations and infrastructure in primary agriculture and processing, and proprietary seed development capabilities that leverage the power of artificial intelligence-driven genomics and agronomy, Above Food delivers nutritious ingredients to businesses and consumers with traceability and sustainability.

About Palm Global

Palm Global is a next-generation innovator in financial inclusion, agri-tech, and sustainability, operating out of San Francisco, Dubai, Hong Kong, and Singapore. Utilizing AI, blockchain, and decentralized finance (“DeFi”) technologies. Palm Global delivers scalable solutions that drive economic empowerment and financial access for millions of farmers across Africa, Southeast Asia, and the Americas. By facilitating access to credit, insurance, and advanced agricultural technologies, through its platforms and super-apps, Palm Global supports sustainable growth and food security at scale. Through strategic partnerships with governments, global institutions, and NGOs, Palm Global is accelerating the adoption of digital solutions that transform global agriculture and strengthen financial resilience in underserved markets. The Palm Global website is available at www.palmglobal.ai

Cautionary Statement Regarding Forward-Looking Statements

This press release may contain “forward-looking information” within the meaning of the United States federal securities laws and applicable Canadian securities laws. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” future,” “opportunity,” “plan,” “may,” “should,” “will,” “could,” “will be,” will continue,” and similar expressions.

Forward-looking statements represent current judgments about possible future events, including, but not limited to statements regarding expectations or forecasts of business, operations, financial performance, prospects, and other plans, intentions, expectations, estimates, and beliefs relating to the proposed transaction between Above Food and Palm Global, such as statements regarding the combined operations and prospects of Above Food and Palm Global, the current and projected market, growth opportunities and synergies for the combined company, the expected composition of the management and board of directors of the combined company, the expected trading of the combined company on the Nasdaq, the filing and approval of the Registration Statement and the Prospectus, and the timing and completion of the proposed transaction, including the satisfaction or waiver of all the required conditions thereto.

Factors that could cause actual events to differ include, but are not limited to:

• all conditions to the proposed transaction being met, including Above Food and Palm Global agreeing to a form of plan of arrangement, as well as other conditions set forth in the definitive merger agreement;

• the expected timing of regulatory approvals relating to the proposed transaction, the businesses of Above Food and Palm Global and of the combined company and product launches of such businesses and companies;

• Above Food’s inability to file or make effective the Registration Statement or the final Prospectus with the respective regulators;

• Above Food, Palm Global and the combined company’s compliance with, and changes to, applicable laws and regulations;

• Above Food and the combined company’s ability to list the common shares of the combined company on Nasdaq;

• the ability to successfully integrate the businesses of Above Food and Palm Global after the completion of the proposed transaction;

• the combined company’s ability to achieve the expected benefits from the proposed transaction within the expected time frames or at all; and

• the incurrence of unexpected costs, liabilities or delays relating to the proposed transaction.

Forward-looking statements are based on the current expectations of Above Food’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on, by any investor as a guarantee, an assurance, a prediction or a definitive statement of fact or probability. You should carefully consider all of the risks and uncertainties described in the documents filed by Above Food with the United States Securities and Exchange Commission (“SEC”), which is available on EDGAR at www.sec.gov/edgar.shtml. There may be additional risks that Above Food presently does not know or that Above Food currently believes are immaterial that could also cause actual results to differ from those contained in forward-looking statements. In addition, forward-looking statements provide Above Food’s expectations, plans or forecasts of future events and views as of the date of this communication. Above Food anticipates that subsequent events and developments will cause Above Food’s assessments to change. However, while Above Food may elect to update these forward-looking statements in the future, Above Food specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Above Food’s assessments as of any date subsequent to the date of this communication. Nothing herein should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results in such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements in this communication, which speak only as of the date they are made and are qualified in their entirety by reference to the cautionary statements herein.

It is possible that the Merger may not occur on the terms provided herein or in the Merger Agreement, on the expected timing or at all. In the event that the Merger is terminated Above Food may be liable to pay a termination fee to Palm Global, subject to the precise terms of the Merger Agreement.

Additional Information and Where to Find It:

INVESTORS AND SECURITY HOLDERS OF ABOVE FOOD ARE URGED TO READ THE DOCUMENTS FILED WITH THE SEC, CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT ABOVE FOOD. Investors and security holders will be able to obtain free copies of the documents filed with the SEC by Above Food through the website maintained by the SEC at http://www.sec.gov. Copies of the documents filed with the SEC by Above Food are also be available free of charge on Above Food’s website at https://abovefood.com or by contacting Above Food’s Investor Relations Department at 2305 Victoria Ave #001, Regina, Saskatchewan, Canada, S4P 0S7.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/261075