Forafric Global PLC to become first Moroccan based company to list on a U.S. Exchange; will change its jurisdiction of incorporation to Gibraltar

Forafric, a vertically integrated agribusiness serving North Africa, and Globis Acquisition Corp. (Nasdaq:GLAQ) ("Globis"), a special purpose acquisition company, today announced that they have entered into a definitive business combination agreement. Forafric provides full, agribusiness lifecycle operations, from sourcing to processing, for sales and distribution of branded products. The enterprise value of the combined company is valued at approximately $300 million. Upon the closing of the transaction, the parties intend that Globis will change its jurisdiction of incorporation to Gibraltar, be renamed Forafric Global PLC, and become the first Moroccan based company to list on a U.S. Exchange. Its common stock is expected to be listed on the Nasdaq under the ticker symbol ‘AFRI.'

Forafric ("the Company") is at the forefront of strengthening food systems to serve Africa's growing population and urbanization and addressing food insecurity and undernourishment. The Company focuses on productivity and diversification in food production, reducing pre- and post-harvest losses, and enacting effective and sustainable agricultural, financial, and trade policies.

Saad Bendidi, Chairman of Forafric, said, "Today's announcement is a tremendous milestone for Forafric, and we are thrilled to partner with Paul Packer and the Globis team, who bring extensive expertise and strategic relationships in the capital markets. Morocco is our ‘gateway' to Africa, offering a great launch point for expansion and consolidation, improving our scale to drive sustained profitability, and the roll-out of improved processed grain supply security."

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