Above Food Corp. and Bite Acquisition Corp. finalized their business combination on June 28, 2024, valuing the merged entity at a pro forma enterprise value of approximately $319 million (CAD 430 million). The transaction was initially announced on April 29, 2023, and was later approved by Above Food shareholders on June 7, 2024, and by Bite stockholders on April 29, 2024. The combined entity, Above Food Ingredients Inc. ("New Above Food"), began trading on Nasdaq under the symbols "ABVE" and "ABVE.W" on July 1, 2024.

The transaction is expected to enhance Above Food’s vertically integrated "Seed-to-Fork" platform, supporting sustainable practices and improving supply chain economics. The company aims to capitalize on a US$200+ billion market opportunity in plant-based substitutes and related categories. Above Food’s existing infrastructure can support revenue growth up to US$650 million (CAD 870 million), more than double its fiscal year 2023 revenue.

New Above Food will continue to be led by CEO Lionel Kambeitz, with a Board comprising seven directors, including representatives from both companies.

Financial advisors for the transaction included EarlyBirdCapital, Inc. for Bite and Centurion One Capital for Above Food. Legal counsel was provided by Latham & Watkins LLP and Gowling WLG (Canada) LLP for Above Food, and Greenberg Traurig LLP for Bite.