CULT Food Science Corp (CSE:CULT, OTCQB:CULTF) announced that Marc Lustig has acquired 15% of the company through his family office L5 Capital Inc, becoming the largest individual shareholder in the company.
Cult Food noted that Lustig is an esteemed Canadian entrepreneur with a background in biotechnology, life sciences and cannabis. Prior to financing and founding his own ventures, he had an extensive career as an institutional investment banker across Canada and Europe.
"I am very excited to have taken a significant ownership stake in CULT Food Science. I believe it is inevitable that cell-based foods will sustainably transform our food systems for the better, and that these products will be coming to market much sooner than most people think. As a first-mover in the cellular agriculture space, CULT has the opportunity to play a unique and valuable role in the industry's exciting scientific innovation," said Lustig in the company's statement.
"Having the support of Marc Lustig as a shareholder is a pivotal moment for us as a company. Mr Lustig has repeatedly demonstrated the ability to be a first mover when it comes to emerging trends and also possesses a deep knowledge of how to build significant value for shareholders. Having Mr. Lustig support our journey in becoming a global leader in cell-based foods will enable us to increase our impact towards building a more resilient and sustainable future of food", added Lejjy Gafour, chief executive officer of CULT Food Science.
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In a separate statement, it was revealed that Lustig acquired an aggregate of 27,518,900 common shares and 30,725,000 common share purchase warrants of Cult Food Science in private transactions.
Under the transactions, a company controlled by Lustig paid an aggregate of $752,335.81, representing a price of 2.5 cents per share and 0.2 cent per warrant. The shares represent approximately 14.86% of the issued and outstanding common shares of the company, and the shares and warrants represent approximately 26.97% of the issued and outstanding common shares of the company assuming the exercise of all of the warrants held by Lustig.
The shares and warrants were acquired by Lustig for investment purposes. Depending upon the circumstances, Lustig may, from time to time, acquire additional securities or related financial instruments of Cult, or dispose of all or a portion of the securities or related financial instruments of Cult previously acquired. Lustig said he does not have plans or any future intentions which relate to or would result in any of the other foregoing matters.
CULT Food Science is the first publicly-traded company of its kind in North America, pioneering the investment, development, and commercialization of cellular agriculture technologies and products.
Through its global portfolio of affiliates, CULT Food Science provides investors with unprecedented exposure to the most innovative start-up, private or early-stage cultivated meat, cell-based dairy, and other cultured food companies around the world.
CULT Foods, a division of CULT Food Science, creates breakthrough products that provide a sustainable, environmental, and ethical solution for the future of food, with the mission to make cell-based foods a part of everyday life.
Contact the author at jon.hopkins@proactiveinvestors.com