Agronomics leads US$5m investment in SuperMeat

Issue of Equity and TVR

Agronomics Limited (AIM: ANIC), the leading listed company focused on clean food, is pleased to announce that its portfolio company SuperMeat The Essence of Meat Ltd. ("SuperMeat") has completed an initial closing of its Series A-4 financing round, raising US$ 6 million from Agronomics and New Agrarian Company Limited ("New Agrarian"), an affiliated company. Milk & Honey Ventures and other existing investors have also subscribed as part of a targeted US$ 10 million financing.

Agronomics is investing US$ 5 million in the round through the issue of new ordinary shares in the Company to SuperMeat, with New Agrarian participating with a US$ 1 million cash investment.

The US$ 5 million consideration due from Agronomics will be satisfied in full by the issue of 26,805,903 new ordinary shares of the Company, each new share issued at a price equal to 13.78 pence (being the net asset value per share as at 31 December 2025 and a premium of approximately 109% to the closing mid-market price of 6.60 pence on 8 May 2026). The new shares shall be subject to agreed lock-in and orderly market arrangements for a year from Admission. In particular, SuperMeat shall be restricted in relation to its shareholding from a) releasing more than 1/12th of the Agronomics shares per calendar month, b) trading more than 10% of the prior day's volume, c) trading below 95% opening price, and d) appointing a third-party broker without first giving a right of first refusal to the Company's appointed broker(s) to sell their shares. The lock-in restrictions will not apply in certain circumstances such as an offer for the Company.

SuperMeat is focused on the production of cultivated meat. The funding is expected to support SuperMeat's commercialisation strategy through a licensing-led model, with Switzerland identified as the initial target launch market. SuperMeat has entered into an R&D and technology development framework agreement with Ajinomoto and has extended its collaboration agreement with Micarna, a subsidiary of Migros Group. Near-term milestones include joint product development with Ajinomoto, a consumer validation study led by Migros in Switzerland, process verification at commercial scale and a Swiss regulatory submission. SuperMeat is also progressing a reorganisation under a UK holding company as it continues its international expansion.

This follows SuperMeat's November 2025 fundraise of US$ 3.5 million through the issue of a Simple Agreement for Future Equity (a "SAFE"), in which Agronomics invested US$ 2 million, comprising US$ 0.75 million in cash and US$ 1.25 million in new Agronomics shares, with Milk & Honey Ventures also participating.

SuperMeat has also reported a number of operational milestones in recent periods. In March 2024, it published a life-cycle analysis conducted by CE Delft which estimated that its cultivated chicken could generate approximately 50% lower carbon emissions than conventionally farmed chicken. In November 2024, SuperMeat announced a cost-efficiency milestone indicating the potential to produce 100% cultivated chicken (85% muscle, 15% fat) at an estimated cost of approximately US$ 11.79 per pound at scale, broadly in line with premium pasture-raised chicken in the US.

Jim Mellon, Executive Chair of Agronomics, said: "SuperMeat's Series A-4 financing marks an important step in its development and reflects continued progress towards commercial launch. Having supported the business since 2020, we believe the company is well positioned to advance its licensing-led strategy and we are pleased to continue backing the team through this next phase of growth."

Agronomics first invested in SuperMeat in December 2020 and, following this investment, will have invested a total of £15.2 million. As part of the Series A-4 round, the November 2025 SAFE investment has converted into equity, with the shares now forming part of Agronomics' holding in SuperMeat. Following the completion of this round, Agronomics will hold approximately 27.8% of SuperMeat on a fully diluted basis. The Series A 4 fundraise is not expected to have a material impact on the Company's carrying value of its investment in SuperMeat.

TVR

Application has been made for the new shares to be admitted to trading on AIM, with admission expected on 15 May 2026. Post-admission, the Company's issued share capital will total 1,083,381,111 Ordinary Shares, all with voting rights. The Company does not hold any Ordinary Shares in Treasury. Shareholders should therefore use 1,083,381,111 as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.

About SuperMeat

SuperMeat stands at the forefront of the cultivated meat sector, championing the move towards sustainable, nutritious, and animal-friendly meat production. The company has established a pivotal continuous process, setting a new standard in the production of cultivated meat. SuperMeat has formed strategic partnerships with leading food companies, underscoring its commitment to working together to create a better food system.

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