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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>As
filed with the Securities and Exchange Commission on October 7, 2022.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Registration
No. 333-&#160;&#160;&#160;&#160;&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<!-- Field: Rule-Page --><div style="width: 100%"><div style="border-top: Black 4pt solid; font-size: 1pt; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 18pt"><b>UNITED
STATES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 18pt"><b>SECURITIES
AND EXCHANGE COMMISSION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 12pt"><b>Washington,
D.C. 20549</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 18pt"><b>Form
<span id="xdx_901_edei--DocumentType_c20220101__20220630_zLoLzHqGM7kg"><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" name="dei:DocumentType">S-1</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>REGISTRATION
STATEMENT</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>UNDER</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>THE
SECURITIES ACT OF 1933</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 18pt"><b><span id="xdx_905_edei--EntityRegistrantName_c20220101__20220630_zFifvYZ6GUci"><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" name="dei:EntityRegistrantName">Kalera
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Exact
Name of Registrant as Specified in Its Charter)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    Code Number)</span></p></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(I.R.S.
                                            Employer</span></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_90D_edei--EntityAddressAddressLine1_c20220101__20220630_zDWvYHuTHIpl"><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" name="dei:EntityAddressAddressLine1">10
Earlsfort Terrace</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_906_edei--EntityAddressCityOrTown_c20220101__20220630_zSe8GyQWyf77"><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" name="dei:EntityAddressCityOrTown">Dublin</ix:nonNumeric>
</span>2, <span id="xdx_904_edei--EntityAddressPostalZipCode_c20220101__20220630_zSXqn4CBzMge"><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" name="dei:EntityAddressPostalZipCode">D02 T380</ix:nonNumeric></span>, </b></span><b><span style="font-family: Times New Roman, Times, Serif">Ireland</span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Telephone
<span id="xdx_901_edei--CityAreaCode_c20220101__20220630_z8qtCKfdYrSe"><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" name="dei:CityAreaCode">+ 353</ix:nonNumeric></span> <span id="xdx_90A_edei--LocalPhoneNumber_c20220101__20220630_zSubdVVhONX9"><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" name="dei:LocalPhoneNumber">01 920 1000</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(Address,
including zip code, and telephone number, including area code, of Registrant&#8217;s principal executive offices)</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_909_edei--ContactPersonnelName_c20220101__20220630__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zZD4lk9GWpCi"><ix:nonNumeric contextRef="From2022-01-012022-06-30_dei_BusinessContactMember" name="dei:ContactPersonnelName">Fernando
Cornejo</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Kalera
plc</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_905_edei--EntityAddressAddressLine1_c20220101__20220630__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zz4127DkJqlg"><ix:nonNumeric contextRef="From2022-01-012022-06-30_dei_BusinessContactMember" name="dei:EntityAddressAddressLine1">7455
Emerald Dunes Dr.</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_909_edei--EntityAddressCityOrTown_c20220101__20220630__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zdJXiaZlrFr6"><ix:nonNumeric contextRef="From2022-01-012022-06-30_dei_BusinessContactMember" name="dei:EntityAddressCityOrTown">Orlando</ix:nonNumeric></span>,
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_905_edei--CityAreaCode_c20220101__20220630__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zpQPnnrZBFcd"><ix:nonNumeric contextRef="From2022-01-012022-06-30_dei_BusinessContactMember" name="dei:CityAreaCode">+1
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Name,
address, including zip code, and telephone number, including area code, of agent for service)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Copies
to:</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 49%"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>David
                                            Dixter</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Milbank
    LLP</b></span></p>
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    Liverpool Street</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>London,
    EC2M 2AT</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>United
    Kingdom</b></span></p>
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    20 7615 3000</b></span></p></td>
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                                            I. Grossman</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Sarah
    Williams</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Matthew
    Bernstein</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Ellenoff
    Grossman &amp; Schole LLP</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1345
    Avenue of the Americas, 11th Floor</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>New
    York, New York 10105</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>+1
    (212) 370-1300</b></span></p></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Approximate
date of commencement of proposed sale to the public: From time to time after this Registration Statement becomes effective.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the
Securities Act of 1933 (the &#8220;Securities Act&#8221;) check the following box. &#9746;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the
following box and list the Securities Act registration statement number of the earlier effective registration statement for the same
offering.&#9744;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the
Securities Act registration statement number of the earlier effective registration statement for the same offering. &#9744;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the
Securities Act registration statement number of the earlier effective registration statement for the same offering. &#9744;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company,
or an emerging growth company. See the definitions of &#8220;large accelerated filer,&#8221; &#8220;accelerated filer,&#8221; &#8220;smaller
reporting company,&#8221; and &#8220;emerging growth company&#8221; in Rule 12b-2 of the Exchange Act.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 25%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 30%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 30%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accelerated
    filer</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 15%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    filer</ix:nonNumeric></span></span></td>
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    reporting company</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. <span id="xdx_900_edei--EntityExTransitionPeriod_c20220101__20220630_zrVwetKp9OZc"><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" format="ixt:booleanfalse" name="dei:EntityExTransitionPeriod">&#9744;</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>The
registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the
registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective
in accordance with Section 8(a) of the Securities Act or until this registration statement shall become effective on such date as the
U.S. Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Red"><b>The
information in this preliminary prospectus is not complete and may be changed. These securities may not be sold until the registration
statement filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities, nor
does it seek an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Red"><b>&#160;</b></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 35%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Red"><b>PRELIMINARY
    PROSPECTUS</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 35%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Red"><b>Subject
    to Completion</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 30%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Red"><b>October 7,
    2022</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>KALERA
PUBLIC LIMITED COMPANY</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>UP
TO 15,748,031</b></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> UNITS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>consisting
of </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Ordinary
Shares or Pre-Funded Warrants to Purchase Ordinary Shares and Class A Warrants to Purchase Ordinary Shares</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are offering on a best efforts basis up to 15,748,031 Units, each consisting of one ordinary share of Kalera Public Limited Company,
a public limited company incorporated under the laws of the Republic of Ireland with registered number 606356 (the &#8220;Registrant&#8221;),
with a nominal value of $0.0001 (the &#8220;Kalera Ordinary Shares&#8221;), at an assumed public offering price of $1.27 per Kalera
Ordinary Share<sup>1</sup>, equal to the closing price of the Kalera Ordinary Shares on The Nasdaq Capital Market (&#8220;Nasdaq&#8221;)
on October 6, 2022, along with one Class A Warrant to subscribe for one Kalera Ordinary Share for no additional consideration.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
actual public offering price per Unit will be determined between us, the Placement Agent and the investors in the offering, and may be
at a discount to the current market price of the Kalera Ordinary Shares (provided that, in any event, the price per Ordinary Share shall
not less than the nominal value of such share, being $0.0001 per share as at the date hereof). Therefore, the assumed public offering
price used throughout this prospectus may not be indicative of the final public offering price.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
Class A Warrant will be immediately exercisable for one Kalera Ordinary Share at an exercise price of $&#160;&#160;&#160;&#160; per share (which shall
be equal to 100% of the public offering price of each Kalera Ordinary Share sold in this offering, and in any event, not less than the nominal value of
such share, being $0.0001 per share as at the date hereof) and expire five years after the issuance date.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are also offering to each purchaser of Units that would otherwise result in the purchaser&#8217;s beneficial ownership exceeding 4.99%
of outstanding Kalera Ordinary Shares immediately following the consummation of this offering the opportunity to acquire one pre-funded
warrant (in lieu of one Kalera Ordinary Share) and one Class A Warrant. A holder of pre-funded warrants will not have the right to exercise
any portion of its pre-funded warrants if the holder, together with its affiliates, would beneficially own in excess of 4.99% (or, at
the election of the holder, such limit may be increased to up to 9.99%) of the number of Kalera Ordinary Shares outstanding immediately
after giving effect to such exercise. Each pre-funded warrant will be exercisable for one Kalera Ordinary Share. The pre-funded exercise
price for each pre-funded warrant included in each Unit will be equal to the price per Unit including one Kalera Ordinary Share, minus
$0.0001, and the remaining non pre-funded exercise price of each pre-funded warrant will equal $0.0001 per Kalera Ordinary Share. The
pre-funded warrants will be immediately exercisable (subject to the beneficial ownership cap) and may be exercised at any time until
all of the pre-funded warrants are exercised in full. For each Unit including a pre-funded warrant that is issued (without regard to
any limitation on exercise set forth therein), the number of Units including a Kalera Ordinary Share we are offering will be decreased
on a one-for-one basis. The Kalera Ordinary Shares and pre-funded warrants, if any, can each be subscribed for and/ or acquired (as
applicable) in this offering only with the accompanying Class A Warrant as part of a Unit, but the components of the Units will immediately
separate upon issuance. See &#8220;<i>Description of Securities</i>&#8221; in this prospectus for more information.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera
Ordinary Shares are listed on Nasdaq and began trading on Nasdaq on June 29, 2022 under the symbol KAL. On October 6, 2022, the
closing sale price of the Kalera Ordinary Shares was $1.27 per share.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
is no established trading market for the pre-funded warrants or the Class A Warrants, and we do not expect an active trading market to
develop. We do not intend to list the pre-funded warrants or the Class A Warrants on any securities exchange or other trading market.
Without an active trading market, the liquidity of these securities will be limited.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>We
are an &#8220;emerging growth company,&#8221; as defined under the federal securities laws, and, as such, may elect to comply with certain
reduced public company reporting requirements for future filings.</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>1
</sup>Arthur Cox Note: The issue of warrants for consideration can attract a charge to Irish stamp duty. As a result, the consideration
should be payable for the Ordinary Share (the issue of which is not subject to Irish stamp duty) with the warrant issued for no additional
consideration. We have therefore kept this as is.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>


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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Investing
in our securities involves a high degree of risk. Before buying any securities, you should carefully read the discussion of the risks
of investing in our securities in &#8220;<i>Risk Factors</i>&#8221; beginning on page <span style="text-decoration: underline">7</span> of this prospectus.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>You
should rely only on the information contained in this prospectus or any prospectus supplement or amendment hereto. We have not authorized
anyone to provide you with different information.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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of </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif"><b>Units<sup>(1)</sup></b></span></p></td><td style="padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="width: 46%"><span style="font-family: Times New Roman, Times, Serif">Public Offering Price</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Placement Agent fees<sup>(2)(3)</sup></span></td><td style="font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="text-align: right"></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8195;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Proceeds, before expenses, to us</span></td><td style="font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-size: 11pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-size: 11pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-size: 11pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="text-align: right"></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8195;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 27px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Units
    consist of one Kalera Ordinary Share and one Class A Warrant.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Placement Agent fee shall equal 7% of the public offering price of the securities sold by us in this offering. </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Placement Agent will receive compensation in addition to the placement agent fees described above. See &#8220;<i>Plan of Distribution</i>&#8221;
    for a description of compensation payable to the Placement Agent.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have engaged Maxim Group LLC (&#8220;Maxim&#8221;) (the &#8220;Placement Agent&#8221;) as our exclusive Placement Agent to use
its reasonable best efforts to solicit offers to purchase our securities in this offering. The Placement Agent has no obligation
to purchase any of the securities from us or to arrange for the purchase or sale of any specific number or dollar amount of the securities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
expect that the offering will end two trading days after we first enter into a securities purchase agreement relating to the offering
and the offering will settle delivery versus payment (&#8220;DVP&#8221;)/receipt versus payment (&#8220;RVP&#8221;). Accordingly, we
and the Placement Agent have not made any arrangements to place investor funds in an escrow account or trust account since the Placement
Agent will not receive investor funds in connection with the sale and/or issuance (as applicable) of the securities offered hereunder.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have agreed to pay the Placement Agent the placement agent fee set forth in the table above and to provide certain other compensation
to the Placement Agent. See &#8220;<i>Plan of Distribution</i>&#8221; beginning on page 128 of this prospectus for more information
regarding these arrangements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
expect to deliver the Kalera Ordinary Shares and Class A Warrants, or pre-funded warrants and Class A Warrants, constituting the Units,
against payment in New York, New York on or about October &#160;&#160;&#160;, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Neither
the Securities Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined
if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 15pt"><b>Maxim
Group LLC</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 15pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The
date of this prospectus is &#160;&#160;&#160;&#160;&#160;&#160;&#160;, 2022.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>


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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TABLE
OF CONTENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Page</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#ss_001"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Frequently Used Terms</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#ss_002"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cautionary Note Regarding Forward-Looking Statements</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">v</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#ss_003"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prospectus Summary</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#ss_004"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Offering</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#ss_005"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risk Factors</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#ba_001"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unaudited Pro Forma Condensed Combined Financial Information</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">43</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#ba_002"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Use of Proceeds</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#ba_003"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Market Price of and Dividends on the Registrant&#8217;s Securities and Related Stockholder Matters</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#ba_004"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Capitalization</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">53</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#ba_005"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dilution</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">54</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#ba_006"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Industry Overview</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">55</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#ba_007"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Information About Kalera</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">56</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#S1_001"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">74</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#S1_002"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">93</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#S1_003"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Executive Compensation</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">100</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#fff_06"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain Relationships, Related Party and Other Transactions</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">107</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#fff_07"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Principal Securityholders</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">110</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#fff_08"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description of Securities</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">111</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#fff_09"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description of Securities we are Offering</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">117</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#fff_10"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S. Federal Income Tax Considerations</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">119</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#fff_11"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Plan of Distribution</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">128</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#fff_12"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal Matters</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">130</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#fff_13"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Experts</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">131</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#fff_14"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Enforcement of Civil Liabilities</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">132</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#fff_15"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Where You Can Find Additional Information</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">133</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#fff_16"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Index to Financial Statements</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-1</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
should rely only on the information contained in this prospectus or in any free writing prospectus prepared by us or on our behalf. We
have not authorized any other person to provide you with different information. If anyone provides you with different or inconsistent
information, you should not rely on it. We are not making an offer to sell these securities in any jurisdiction where the offer or sale
is not permitted. You should assume that the information appearing in this prospectus is accurate only as of the date on the front cover
of this prospectus. Our business, financial condition, results of operations and prospects may have changed since that date.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ss_001"></span>FREQUENTLY
USED TERMS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
otherwise stated or unless the context otherwise requires, the term &#8220;Kalera&#8221;, the &#8220;Company&#8221;, &#8220;Registrant&#8221;,
&#8220;we&#8221;, &#8220;us&#8221; and &#8220;our&#8221; refer to Kalera Public Limited Company, a public limited company incorporated
in Ireland with registered number 606356, and where appropriate, our wholly owned subsidiaries.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
this document:</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;$&#8221;
means the currency in dollars of the United States of America.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;2022
Plan&#8221; means the 2022 Long-Term Stock Incentive Plan of Kalera.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Agrico&#8221;
means Agrico Acquisition Corp., a Cayman Islands exempted company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Agrico
Articles&#8221; means the Amended and Restated Memorandum and Articles of Association of Agrico adopted on July 7, 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Agrico
Class A ordinary shares&#8221; means the class A ordinary shares of Agrico, par value $0.0001 per share.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Agrico
Class B ordinary shares&#8221; means the class B ordinary shares of Agrico, par value $0.0001 per share.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Agrico
Initial Shareholders&#8221; means holders of Founder Shares prior to the Agrico IPO, including the Sponsor.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Agrico
IPO&#8221; means the initial public offering of Agrico Units consummated on July 12, 2021.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Agrico
Ordinary Shares&#8221; means Agrico Class A ordinary shares and Agrico Class B ordinary shares.</span></p>

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Public Warrant&#8221; means each whole warrant (other than the Private Placement Warrants), entitling the holder thereof to purchase
one Agrico ordinary share at a price of $11.50 per share.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Agrico
Share Issuance&#8221; means the issuance by Agrico of Agrico Ordinary Shares to Kalera.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Agrico
Shareholders&#8221; means the holders of Agrico Shares prior to the Business Combination, including the Agrico Initial Shareholders and
members of the Agrico management team, provided that each Agrico Initial Shareholder&#8217;s and member of Agrico&#8217;s management
team&#8217;s status as an &#8220;Agrico Shareholder&#8221; shall only exist with respect to such Agrico Shares.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Agrico
Shares&#8221; means Class A ordinary shares of Agrico issued as part of the Agrico Units sold in the Agrico IPO.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Agrico
Units&#8221; means the Agrico units issued in the Agrico IPO, each consisting of one ordinary share and one-half of one Agrico Public
Warrant.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Agrico
Warrants&#8221; means Private Placement Warrants and Agrico Public Warrants, collectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Armistice&#8221;
means Armistice Capital Master Fund Ltd.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Armistice
Warrants&#8221; means the Series A Warrants and the Series B Warrants.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Business
Combination&#8221; means the transactions contemplated by the Business Combination Agreement.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Business
Combination Agreement&#8221; means the Business Combination Agreement, dated as of January 30, 2022, as amended from time to time, by
and among Agrico, Kalera SA, Kalera, Cayman Merger Sub and Lux Merger Sub.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Cayman
Merger Sub&#8221; means Kalera Cayman Merger Sub, a Cayman Islands exempted company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Closing&#8221;
means the consummation of the transactions contemplated under the Business Combination Agreement.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Code&#8221;
means the Internal Revenue Code of 1986, as amended.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;CVR&#8221;
means one contractual contingent value right per Kalera Share which shall represent the right to receive up to two contingent payments
of Kalera Ordinary Shares</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;CVR
Agreement&#8221; means the Contingent Value Rights Agreement entered into by Kalera and the Rights Agent party thereto.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;CVR
Shares&#8221; means the Kalera Ordinary Shares issuable pursuant to the CVRs upon the satisfaction of certain conditions.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Exchange
Act&#8221; means the Securities Exchange Act of 1934, as amended.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;First
Closing&#8221; means the consummation of the First Merger and the related transactions thereby.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;First
Closing Date&#8221; means the date on which all conditions of the First Closing are satisfied.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;First
Merger&#8221; means the first merger pursuant to which Cayman Merger Sub merged with and into Agrico, with Agrico continuing as the surviving
entity of the First Merger and as a wholly owned subsidiary of Kalera.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;First
Merger Effective Time&#8221; has the meaning assigned to it in the Business Combination Agreement.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Founder
Shares&#8221; means Agrico Class B ordinary shares initially purchased by the Sponsor in a private placement prior to the Agrico IPO,
of which 1,796,875 are currently outstanding.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;IRS&#8221;
means the Internal Revenue Service of the United States.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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Capital Reduction&#8221; means certain of the Kalera SA Shares and all the Kalera SA Options being cancelled and ceasing to exist or
being assumed (as applicable) upon completion of the Second Merger by way of a capital reduction pursuant to the Luxembourg Companies
Act.</span></p>

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Options&#8221; has the meaning assigned to the term &#8220;Pubco Options&#8221; in the Business Combination Agreement.</span></p>

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SA&#8221; means Kalera S.A., a public limited company incorporated in Luxembourg.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Kalera
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Kalera
SA Shares&#8221; the ordinary shares of Kalera SA.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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Warrant&#8221; means each one whole warrant entitling the holder thereof to subscribe for one Kalera Ordinary Share at a purchase price
of $11.50 per share.</span></p>

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Holdco&#8221; means Kalera S.A.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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Merger Sub&#8221; means Kalera Luxembourg Merger Sub SARL, a Luxembourg limited liability company (soci&#233;t&#233; &#224; responsabilit&#233;
limit&#233;e).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Luxembourg
Company Law&#8221; means the Luxembourg law dated August 10, 1915 on commercial companies, as amended.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Maxim&#8221;
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Merger
Subs&#8221; means collectively, Cayman Merger Sub and the Lux Merger Sub.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Nasdaq&#8221;
means the The Nasdaq Capital Market.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;New
Kalera Options&#8221; means the 904,505 stock options outstanding under the 2022 Plan.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt/120% Times New Roman, Times, Serif; text-align: justify; margin: 0 0 9pt; text-indent: 0.25in">&#8220;New Restricted
Stock Units&#8221; means the 607,446 restricted stock units outstanding under the 2022 Plan.</p>

<p style="font: 10pt/120% Times New Roman, Times, Serif; margin: 0 0 9pt; text-indent: 0.25in">&#8220;Placement Agent&#8221; means
Maxim.</p>

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Placement Warrants&#8221; means the Agrico Warrants purchased by the Sponsor and Maxim in a private placement at the time of the Agrico
IPO for a purchase price of $1.00 per warrant, each of which is exercisable for one ordinary share.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Redemption&#8221;
means the right of the holders of Agrico Shares to have their shares redeemed in accordance with the procedures set forth in the Prospectus.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Redemption
Price&#8221; means an amount equal to a pro rata portion of the aggregate amount on deposit in the Trust Account two (2) days prior to
the completion of the Business Combination calculated in accordance with the Agrico Articles (as equitably adjusted for shares splits,
shares dividends, combinations, recapitalizations and the like after the Closing).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;SEC&#8221;
means the U.S. Securities and Exchange Commission.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Second
Closing&#8221; means the consummation of the Business Combination (other than those transactions which occur on the First Closing).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Second
Closing Date&#8221; means the date on which all conditions of the Second Closing were satisfied.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Second
Merger&#8221; means the second merger pursuant to which Lux Merger Sub merged with and into Kalera SA with Kalera SA as the surviving
entity of such merger.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Second
Merger Effective Time&#8221; has the meaning assigned to it in the Business Combination Agreement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Securities&#8221;
means the Kalera Ordinary Shares and Kalera Warrants offered and sold under this registration statement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Securities
Act&#8221; means the U.S. Securities Act of 1933, as amended.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Securities
Purchase Agreement&#8221; means the securities purchase agreement entered into on July 7, 2022 between Kalera and Armistice.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Series
A Warrants&#8221; means the 2,500,000 series A warrants issued to Armistice on July 11, 2022, exercisable six months from their date
of issuance at an exercise price of $4.41 per share and expiring two years from their date of issuance.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Series
B Warrants&#8221; means the 2,500,000 series B warrants issued to Armistice on July 11, 2022, exercisable six months from their date
of issuance at an exercise price of $4.41 per share and expiring five and a half years from their date of issuance.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Sponsor&#8221;
means DJCAAC LLC, a Delaware limited liability company and each of the persons set forth on Schedule I to the Sponsor Support Agreement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Sponsor
Support Agreement&#8221; means the agreement among the Sponsor, Agrico and Kalera SA entered into on January 30, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Trust
Account&#8221; means the trust account that held a portion of the proceeds of the Agrico IPO and the concurrent sale of warrants to the
Sponsor in a private placement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;U.S.
GAAP&#8221; means United States generally accepted accounting principles.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ss_002"></span>CAUTIONARY
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Some
of the information in this prospectus constitutes forward-looking statements for the purposes of federal securities laws. You can identify
these statements by forward-looking words such as &#8220;may,&#8221; &#8220;might,&#8221; &#8220;could,&#8221; &#8220;will,&#8221; &#8220;would,&#8221;
&#8220;should,&#8221; &#8220;expect,&#8221; &#8220;possible,&#8221; &#8220;potential,&#8221; &#8220;anticipate,&#8221; &#8220;contemplate,&#8221;
&#8220;believe,&#8221; &#8220;estimate,&#8221; &#8220;plan,&#8221; &#8220;predict,&#8221; &#8220;project,&#8221; &#8220;intends,&#8221;
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.4pt; text-align: justify; text-indent: 16.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Forward-looking
statements in this prospectus may include, for example, statements about:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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    <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    expected benefits and costs of the Business Combination;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes
    in Kalera&#8217;s strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects and
    plans;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    implementation, market acceptance and success of Kalera&#8217;s business models;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    impact of health epidemics, including the coronavirus SARS-CoV-2 (&#8220;COVID-19&#8221;), pandemic, on Kalera&#8217;s business and
    the actions Kalera may take in response thereto;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera&#8217;s
    expectations regarding its ability to obtain and maintain intellectual property protection and not infringe on the rights of others;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">expectations
    regarding the time during which Kalera will be an emerging growth company under the JOBS Act;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera&#8217;s
    future capital requirements and sources and uses of cash;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera&#8217;s
    ability to obtain funding for its operations;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera&#8217;s
    business, expansion plans and opportunities;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    outcome of any known and unknown litigation and regulatory proceedings; and</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera
believes it is important to communicate its expectations to its security holders. However, there may be events in the future that Kalera
is not able to predict accurately or over which it has no control. The risk factors and cautionary language discussed in this prospectus,
including in the section titled &#8220;Risk Factors,&#8221; provide examples of risks, uncertainties and events that may cause actual
results to differ materially from the expectations described by Kalera in such forward-looking statements, including among other things:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes
    adversely affecting the vertical farming industry and the development of existing or new technologies;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    effect of the COVID-19 pandemic on Kalera&#8217;s business;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    ability of Kalera to obtain financing to address its liquidity, operating or capital expenditure needs or other financing objectives
    on favorable terms, if at all;</span></td></tr>
</table>

<p style="margin: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

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<p style="margin: 0"></p>

<p style="margin: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    potential restrictive terms, dilutive impact or other material adverse effects of the terms of any financing arrangements entered
    into by Kalera;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    outcome of any legal proceedings that may be instituted against Kalera;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">lack
    of useful financial information for an accurate estimate of future capital expenditures;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">possibility
    of continuing to incur losses for the foreseeable future; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">potential
    delay in the completion of new facilities; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    competitiveness of the agriculture industry;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    difficulty of controlling customer perception of Kalera&#8217;s brand; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    limits that are imposed on Kalera by the amount of facilities in operation at a given time; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">distribution
    agreements with third parties; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">consolidation
    of customers or suppliers;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">consumer
    preferences and spending habits;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    volatility of energy costs.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes
    in applicable laws or regulations, including environmental and export control laws;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    ability to retain key employees;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera&#8217;s
    business strategy and plans;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera&#8217;s
    ability to target and retain customers and suppliers;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    failure to build Kalera&#8217;s finance infrastructure and improve its accounting systems and controls;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">whether
    and when Kalera might pay dividends; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    ability of Kalera to source its materials from an ethically and sustainably sourced supply chain.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this prospectus.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
forward-looking statements included herein attributable to Kalera or any person acting on Kalera&#8217;s behalf are expressly qualified
in their entirety by the cautionary statements contained or referred to in this section. Except to the extent required by applicable
laws and regulations, Kalera undertakes no obligations to update these forward-looking statements to reflect events or circumstances
after the date of this prospectus or to reflect the occurrence of unanticipated events.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<div style="border: Black 1.5pt solid; padding: 0.1in"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ss_003"></span>PROSPECTUS
SUMMARY</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>This
summary highlights information contained in greater detail elsewhere in this prospectus. This summary is not complete and does not contain
all the information that may be important to you. You should read the entire prospectus carefully before making your investment decision
with respect to our Units. You should carefully consider, among other things, the financial statements included elsewhere in this prospectus
and the related notes, and the sections titled &#8220;Risk Factors,&#8221; &#8220;Business&#8221; and &#8220;Management&#8217;s Discussion
and Analysis of Financial Condition and Results of Operations&#8221; included elsewhere in this prospectus. Unless expressly indicated
or the context requires otherwise, the terms the &#8220;Company,&#8221; &#8220;Kalera,&#8221; the &#8220;Registrant,&#8221; &#8220;we,&#8221;
&#8220;us&#8221; and &#8220;our&#8221; in this prospectus refer to Kalera Public Limited Company, and where appropriate, our wholly-owned
subsidiaries.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera
is a leading vertical farming company. We utilize proprietary technology and plant and seed science to sustainably grow local, delicious,
nutrient-rich, pesticide-free, non-GMO leafy greens year-round. In contrast to produce that requires costly and extended long-haul supply
chains, our leafy greens are delivered within hours of harvesting, always fresh, and maintain a longer shelf life. Our high-yield, automated,
data-driven hydroponic production facilities have been designed for rapid roll-out with attractive unit economics to grow leafy greens
faster, cleaner and in a manner that is better for the environment than traditional farming. Given our cost-efficient production process
from seed to harvest and capital discipline, we are able to sell our &#8220;better than organic&#8221; produce at competitive prices.
With our mission to serve humanity, wherever we are, fresh, safe, sustainable and affordable nourishment, we aim to become a global leader
in controlled-environment agriculture (<b>&#8220;CEA&#8221;</b>) for leafy greens addressing an expanding $50 billion addressable market
opportunity for vertical farming products.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera
was incorporated under the laws of the Republic of Ireland as a private limited company, for purposes of a business combination. Kalera
was re-registered as an Irish public limited company on March 29, 2022 and changed its name to &#8220;Kalera Public Limited Company&#8221;
on April 4, 2022. Kalera owns no material assets and does not operate any businesses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
mailing address of Kalera&#8217;s principal executive offices are 7455 Emerald Dunes Dr., Suite 2100, Orlando Florida 32822, and its
phone number is. +1 (407) 574-8204. Kalera&#8217;s corporate website address is https://www.kalera.com. Kalera&#8217;s website and the
information contained on, or that can be accessed through, the website is not deemed to be incorporated by reference in, and is not considered
part of, this prospectus.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera
announces material information to the public through a variety of means, including filings with the Securities and Exchange Commission,
press releases, public conference calls, Kalera&#8217;s website (https://www.kalera.com/), and its investor relations website (https://investors.kalera.com/).
Kalera uses these channels, as well as social media, including its LinkedIn account (https://www.linkedin.com/company/kalera) to communicate
with investors and the public news and developments about Kalera and other matters. Therefore, Kalera encourages investors, the media,
and others interested in the Company to review the information it makes public in these locations, as such information could be deemed
to be material information.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Stock
Exchange Listing</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera
Ordinary Shares and Kalera Warrants are currently listed on Nasdaq under the symbols KAL and KALWW, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p>

</div>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Summary
of Risk Factors</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
business is subject to numerous risks and uncertainties, including those highlighted in the section title &#8220;Risk Factors.&#8221;
Such risks include, but are not limited to:</span></p>

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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Substantial
    doubt regarding Kalera&#8217;s ability to continue as a going concern or maintain adequate liquidity to fund its operations;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera
    is in an early commercial phase, and is highly dependent on a successful roll-out and commercialization of its products;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera
    lacks useful financial information for the accurate estimation of its future capital expenditures and unit economics;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera
    is an early stage company with a history of losses and expects to continue to incur losses going forward;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera
    may be unable to successfully integrate &amp;ever in order to realize the anticipated benefits;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera&#8217;s
    growth plans depend on deploying new production facilities, which will require significant expenditures;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inflation
    and increases in operating costs could materially and adversely impact Kalera;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera&#8217;s
    success, competitive position and future revenues will depend in part on its ability to further develop and protect its intellectual
    property and know-how;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera&#8217;s
    commercial success is dependent on its ability to enter into produce distribution agreements and other agreements with third parties;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera
    uses a limited number of distributors for the substantial majority of its sales;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidation
    of customers or the loss of a significant customer could negatively impact Kalera&#8217;s sales and profitability;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera
    may face difficulties as it expands its operations into geographical locations in which it has no prior operating experience;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera
    may not be able to identify suitable acquisition candidates or consummate acquisitions on acceptable terms;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    failure of suppliers to perform their obligations, Kalera&#8217;s inability to replace or renew supply agreements, or disruptions
    in the supply chain;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Estimates
    of market opportunity and forecasts of market growth may prove to be inaccurate or not materialize;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Failure
    to retain and motivate Kalera&#8217;s senior management may adversely affect its operations and growth prospects;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera
    is reliant on key personnel and the ability to attract new, qualified personnel;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ingredient,
    packaging and energy costs are volatile and may rise significantly;</span></td></tr>
</table>

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<p style="margin: 0">&#160;</p>

<p style="margin: 0"></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera
    relies on information technology systems and any inadequacy, failure, interruption or security breaches of those systems, including
    a cybersecurity incident or other technology disruptions, may harm its ability to effectively operate its business;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    recent development of the coronavirus (COVID-19) pandemic and its multiple variants;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Conducting
    business internationally, and international geopolitical events and economic factors, create operational, financial and tax risks
    for Kalera&#8217;s business;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera&#8217;s
    management has limited experience in operating a U.S. public company;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Potential
    dilutive impact, restrictions or other terms in Kalera&#8217;s financing arrangements;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
    of Kalera and Agrico has identified a material weakness in its internal control over financial reporting and Kalera may be unable
    to establish and maintain effective internal control over financial reporting;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nasdaq
    may delist Kalera&#8217;s securities on its exchange;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    market price of Kalera&#8217;s securities may be volatile and fluctuate substantially, which could result in substantial losses for
    investors and may subject Kalera to securities litigation suits;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera&#8217;s
    ability to utilize its federal net operating loss and tax credit carryforwards may be limited under applicable laws;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    grant and future exercise of registration rights;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sales
    or perceived sales of a substantial number of Kalera&#8217;s securities could adversely affect the market price of such securities
    and impact Kalera&#8217;s ability to raise additional capital in the future;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    issuance of the CVR Shares could materially dilute Kalera Shareholders;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera
    may be a passive foreign investment company, which could result in adverse U.S. federal income tax consequences to U.S. investors;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera
    may be considered a U.S. corporation for U.S. federal income tax purposes, which could result in adverse U.S. federal tax consequences
    to Kalera and its investors; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera&#8217;s
    operations are subject to FDA, USDA, EPA and OSHA governmental regulation and state regulation and Kalera is exposed to risks related
    to regulatory processes and changes in regulatory environment.</span></td></tr>
  </table>

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</div>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<div style="border: Black 1.5pt solid; padding: 0.1in"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ss_004"></span>THE
OFFERING</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 49%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
    offered by us hereunder</span></td>
    <td style="width: 2%">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 49%"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Up
                                            to 15,748,031</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">
                                            Units on a best efforts basis, at an assumed public offering price of $1.27 per Kalera
                                            Ordinary Shares with no additional consideration payable for the Class A Warrant. Each Unit
                                            consists of one Kalera Ordinary Share and one Class A Warrant.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are also offering to each purchaser, with respect to the purchase of Units that would otherwise result in the purchaser&#8217;s beneficial
ownership exceeding 4.99% of our outstanding Ordinary Shares immediately following the consummation of this offering, the opportunity
to acquire one pre-funded warrant in lieu of one Kalera Ordinary Share. A holder of pre-funded warrants will not have the right to exercise
any portion of its pre-funded warrant if the holder, together with its affiliates, would beneficially own in excess of 4.99% (or, at
the election of the holder, such limit may be increased to up to 9.99%) of the number of Kalera Ordinary Shares outstanding immediately
after giving effect to such exercise. Each pre-funded warrant will be exercisable for one Kalera Ordinary Share. The pre-funded exercise
price payable per pre-funded warrant will be equal to the price per Kalera Ordinary Share, minus $0.0001, and the non pre-funded exercise
price of each pre-funded warrant will equal $0.0001 per share. The pre-funded warrants will be immediately exercisable (subject to the
beneficial ownership cap) and may be exercised at any time in perpetuity until all of the pre-funded warrants are exercised in full.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Units will not be certificated or issued in stand-alone form. The Kalera Ordinary Shares and/or pre-funded warrants and the Class A Warrants
comprising the Units are immediately separable upon issuance and will be issued separately in this offering.</span></p>

</td></tr>
</table>

<p style="margin: 0"></p>

<p style="text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

</div>

<p style="margin: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

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<p style="margin: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

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<p style="margin: 0">&#160;</p>

<p style="margin: 0"></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top; width: 49%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description
    of the Class A Warrants</span></td>
    <td style="width: 2%">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: bottom; width: 49%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
                                            Class A Warrant will have an exercise price of $&#160;&#160;&#160;&#160; per share (which shall be equal
                                            to 100% of the public offering price of each unit sold in this offering, and in any
                                            event, not less than the nominal value of such share, being $0.0001 per share as at the date
                                            hereof), will be exercisable upon issuance and will expire five years from issuance.
                                            Each Class A Warrant is exercisable for Kalera Ordinary Share, subject to adjustment in the
                                            event of stock dividends, stock splits, adjustments, stock combinations, reclassifications,
                                            reorganizations or similar events affecting our Ordinary Shares as described herein.
                                            This prospectus also relates to the offering of the Kalera Ordinary Shares issuable upon
                                            exercise of the Class A Warrants. For more information regarding the Class A Warrants, you
                                            should carefully read the section titled &#8220;<i>Description of Securities</i>&#8221; in
                                            this prospectus.</span></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Public
    Offering Price</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$&#160;&#160;&#160;&#160;
    per Unit.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera
    Ordinary Shares outstanding prior to this offering</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23,877,828
    Kalera Ordinary Shares.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera
    Ordinary Shares to be outstanding after this offering</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Up
                                            to 15,748,031 shares</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">
                                            at an assumed public offering price of $1.27 per Kalera Ordinary Share, equal to the
                                            closing price of our Ordinary Shares on Nasdaq on October 6, 2022, or pre-funded
                                            exercise price of $&#160;&#160;&#160;&#160; per pre-funded warrant.</span></p></td></tr>
</table>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<p style="margin: 0"></p>

<p style="margin: 0"></p>

</div>

<p style="margin: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

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<p style="margin: 0"></p>

<p style="margin: 0">&#160;</p>

<p style="margin: 0"></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 49%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Use
    of Proceeds</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 49%"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                            estimate that our</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">
                                            net proceeds from the maximum offering amount of the sale of Units in this offering will
                                            be approximately $&#160;&#160;&#160;&#160; million, after deducting placement agent fees and estimated offering
                                            expenses payable by us, based on an assumed offering price of $1.27 per Kalera Ordinary
                                            Share, equal to the closing price of the Kalera Ordinary Shares on Nasdaq on October 6,
                                            2022, or pre-funded exercise price of $9 per pre-funded warrant.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
intend to use the net proceeds of this offering for general corporate purposes. Ultimately, our management will have discretion and flexibility
in applying the net proceeds of this offering. We may use the proceeds of this offering for purposes with which you do not agree. See
&#8220;<i>Risk Factors-Risks Relating to the Offering-Since we have broad discretion in how we use the proceeds from this offering, we
may use the proceeds in ways with which you disagree.</i>&#8221; See the section titled &#8220;<i>Use of Proceeds</i>&#8221; appearing
elsewhere in this prospectus for more information.</span></p>

</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Listing</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera
    Ordinary Shares are listed on Nasdaq and began trading on Nasdaq on June 29, 2022 under the symbol KAL. We do not intend to list
    the Class A Warrants or pre-funded warrants offered hereunder on any stock exchange. There are no established public trading markets
    for the Class A Warrants or the pre-funded warrants, and we do not expect such markets to develop. Without an active trading market,
    the liquidity of the Class A Warrants and the pre-funded warrants will be limited.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risk
    Factors</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
    the section titled &#8220;<i>Risk Factors</i>&#8221; and other information included in this prospectus for a discussion of factors
    that you should consider carefully before deciding to invest in our securities.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup></sup>Lock-Up
    Restrictions</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    and each of our directors and officers</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> are subject
    to certain lock-up restrictions as identified in the section titled &#8220;<i>Plan of Distribution-Lock-Up Agreements</i>.&#8221;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
number of Kalera Ordinary Shares shown above to be outstanding after this offering is based on the Kalera Ordinary Shares outstanding
as of October 6, 2022 and excludes:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">904,505
    Kalera Ordinary Shares issuable under our 2022 Plan;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">364,000
    Kalera Ordinary Shares issuable in relation to the Kalera Options;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">607,446
    Kalera Ordinary Shares issuable in relation to the New Restricted Stock Units;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">14,437,500
    Kalera Ordinary Shares issuable upon exercise of the Kalera Warrants;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,000,000
    Kalera Ordinary Shares issuable upon exercise of the Armistice Warrants;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,000,000
    Kalera Ordinary Shares issuable upon the conversion of the Second Amended and Restated Secured Convertible Bridge Promissory Note;
    and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera
    Ordinary Shares issuable pursuant to the CVRs upon the satisfaction of certain conditions under the CVR Agreement.</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
as otherwise noted, all information in this prospectus reflects and assumes (i) no sale of pre-funded warrants in this offering, which,
if sold, would reduce the number of Kalera Ordinary Shares that we are offering on a one-for-one basis and (ii) no exercise of Class
A Warrants issued in this offering.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>For
additional information concerning the offering, see the section titled &#8220;Plan of Distribution&#8221; beginning on page <span style="text-decoration: underline">128</span>
of this prospectus</i>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"></p>

</div>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ss_005"></span>RISK
FACTORS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>An
investment in our securities involves a high degree of risk. You should carefully consider the risks described below before making an
investment decision. The value of your investment in Kalera will be subject to significant risks affecting Kalera and inherent in the
industry in which Kalera operates. If any of the events described below occur, the business and financial results could be adversely
affected in a material way. This could cause the trading price of Kalera Ordinary Shares to decline, perhaps significantly,
and you therefore may lose all or part of your investment. Please see the section titled &#8220;Where You Can Find Additional Information&#8221;
in this prospectus. The risks set out below are not exhaustive and do not comprise all of the risks associated with an investment in
Kalera. Additional risks and uncertainties not currently known to Kalera or which Kalera currently deems immaterial may also have a material
adverse effect on Kalera&#8217;s business, financial condition, results of operations, prospects and/or its share price.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Relating to Kalera&#8217;s Business and the Industry in Which it Operates</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>There
is substantial doubt about Kalera&#8217;s ability to continue as a going concern, and Kalera will need to raise additional capital in
the future in order to execute its roll-out and commercialization strategy or for other purposes, which may not be available on favorable
terms, or at all.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera&#8217;s
operating losses and accumulated deficits raise substantial doubt about its ability to continue as a going concern. Kalera will need
to raise additional capital in order to execute and complete its roll-out and commercialization strategy, and to fund its operations.
</span>While the exact timing and amount of our future funding plans depend on many factors, we are exploring various funding and
liquidity opportunities, including further issuances of equity and/or equity-linked securities, the incurrence of additional debt, the restructuring of our existing debt,
the potential for strategic investments by private investors and asset sales.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
is a risk that adequate sources of funds may not be available at all, or not available at acceptable terms and conditions, when needed.
Kalera may need to seek additional funds through public or private equity or debt financings or other sources, such as strategic collaborations.
If Kalera raises additional funds by issuing additional equity securities, or through instruments convertible into equity securities,
the existing shareholders may be significantly diluted. Further, equity or debt financings may result in issuance of securities with
priority as to liquidation and dividend and other rights more favorable than shares, imposition of debt covenants and repayment obligations,
or other restrictions that may adversely affect Kalera&#8217;s business. If funding is insufficient at any time in the future, Kalera
may be unable to fund its current and ongoing roll-out and commercialization strategy and lose business opportunities and thereby risk
failing to respond to competitive pressures. Failure to obtain the necessary capital when needed could force Kalera to delay, limit,
reduce or terminate its product development or commercialization efforts.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, Kalera may seek additional capital due to favorable market conditions or strategic considerations even if Kalera believes that
it has sufficient funds for current or future operating plans. There can be no assurance that financing will be available to Kalera on
favorable terms, or at all. If Kalera for any reason does not obtain additional funding as needed in the future, this could have a material
adverse effect on its revenues, profitability, liquidity, cash flow, financial position and/or prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Kalera
is in an early commercial phase, and is highly dependent on a successful roll-out and commercialization of its products.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera
is in an early commercial phase, and is highly dependent on succeeding with its roll-out and commercialization strategy in order to deliver
future operating profits. In 2020, Kalera started to execute a strategy for rapid capacity expansion based on installing and operating
large-scale production facilities allowing it to target and expand its customer base to large US regional and national accounts such
as grocery chains, distributors and contract food service companies. Kalera has until recently solely been present in the US produce
market, with a roll-out and commercialization plan for establishing its business throughout the US, by building new large-scale production
facilities in US cities and areas that it currently is not present in and that provide attractive markets. Through the acquisition (the
&#8220;<b>&amp;ever Acquisition</b>&#8221;) of the vertical farming company &amp;ever GmbH (&#8220;&amp;ever&#8221;) in October 2021,
and the purchase of NOX Culinary General Trading Company LLC&#8217;s 50% remaining interest in &amp;ever Middle East Holding Ltd. (&#8220;<b>&amp;ever
ME</b>&#8221;) to own 100% of &amp;ever ME, Kalera has also added operations in Germany, Kuwait and Singapore. Going forward, Kalera
is seeking to further expand its US and international operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera&#8217;s
failure to execute its roll-out and commercialization strategy or to manage its growth effectively could adversely affect its business,
financial condition, results of operations, cash flow and/or prospects. In addition, there can be no guarantee that even if Kalera successfully
implements its strategy, it would result in Kalera achieving its business and financial objectives, taking advantage of market opportunities,
satisfying customer requirements or securing additional customer commitments, any of which could adversely affect Kalera&#8217;s business,
financial condition and results of operations. Indeed, as vertical farming itself is a relatively new concept, the industry and Kalera&#8217;s
markets may fail to grow or grow more slowly than expected. Kalera&#8217;s management team will review and evaluate the business strategy
with the board of directors on a regular basis, and Kalera may decide to alter or discontinue elements of its business strategy and may
adopt alternative or additional strategies in response to the operating environment or competitive situation or other factors or events
beyond its control.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Kalera
lacks useful financial information for the accurate estimation of its future capital expenditures and unit economics.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a result of Kalera being in an early commercial phase, there is a lack of useful financial information for the accurate estimation of
future capital expenditures and unit economics. This applies in particular to Kalera&#8217;s Orlando, Atlanta, Houston, Denver, and Kuwait
facilities, which commenced operations in February 2020, September 2021 (post electrical component upgrades), October 2021, April 2022
and March 2020 respectively, and on which its estimates of capital expenditure and unit economics for new facilities are based. Any failure
by Kalera to estimate its capital expenditure and unit economics accurately could limit its ability to implement its roll-out and commercial
strategy and to accurately forecast future cash flow needs. In addition, the economics for new facilities can also be subject to adverse
changes or developments affecting any new facilities and that could impair Kalera&#8217;s ability to produce the business results and
prospects as expected. Such adverse changes and developments include, but are not limited to, natural disasters, fire, power interruptions,
disease outbreaks or pandemics (such as COVID-19), or changes in customer demand.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Kalera
is an early stage company with a history of losses and expects to continue to incur losses going forward.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera
is an early stage company and has incurred significant operating losses since its incorporation. Historically, Kalera has financed its
operations mainly through the sale of equity securities and in part through diverse financing arrangements. Going forward, Kalera expects
to continue to incur operating losses for the foreseeable future and no assurances can be given on when, or if at all, Kalera will achieve
profitability from its operations. The extent of Kalera&#8217;s losses going forward will depend, in part, on its future expenses and
its ability to generate revenue. Achieving profitability is dependent on a number of factors, amongst others, Kalera succeeding with
its roll-out and commercialization strategy, but also the operating environment, the competitive environment and other factors or events
beyond its control.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera
expects the rate at which it will incur losses to be significantly higher in future periods as it:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">expands
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">completes
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">identifies
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">integrates
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">increases
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">increases
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">incurs
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
abovementioned efforts may be more expensive than Kalera currently estimates or such investments may not result in additional or commensurately
higher revenue, which would further increase its losses. In addition, its revenue growth may slow or decline for a number of other reasons,
including reduced demand for its products, increased competition, a decrease in the growth or reduction in size of its overall market,
the impacts to its business from the COVID-19 pandemic, or if Kalera cannot capitalize on growth opportunities. Kalera may never succeed
in becoming profitable and, even if it does, it may never generate revenue or sustainable income that is significant enough to maintain
profitability. Should any of these risks materialize, it could have a material and adverse effect on its business, financial condition,
results of operations, cash flows, time to market and prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Kalera&#8217;s
business may suffer if it does not achieve the anticipated benefits of the &amp;ever Acquisition.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera
expects to achieve certain benefits as a result of the &amp;ever Acquisition. There can be no assurances that Kalera will realize the
expected benefits currently anticipated from the &amp;ever Acquisition or that &amp;ever will perform according to Kalera&#8217;s projections
following the &amp;ever Acquisition. A failure to achieve any of the anticipated benefits of the &amp;ever Acquisition or a failure of
&amp;ever to perform according to Kalera&#8217;s projections could adversely affect Kalera&#8217;s business, financial condition and
results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Kalera
may be unable to successfully integrate &amp;ever in order to realize the anticipated benefits of the &amp;ever Acquisition or do so
within the intended time frame.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera
has and will be required to devote significant management attention and resources to integrating the business practices and operations
of &amp;ever with Kalera. This integration may prove to be more difficult, costly and time-consuming than expected, which could cause
us not to realize some or all of the anticipated benefits from the &amp;ever Acquisition. Potential difficulties we may encounter as
part of the integration process include the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
    delay in the integration of management teams, strategies, operations, products and services;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">diversion
    of the attention of management of Kalera or &amp;ever as a result of the &amp;ever Acquisition;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">differences
    in business backgrounds, corporate cultures and management philosophies that may delay successful integration;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    ability to retain key employees;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">potential
    unknown liabilities and unforeseen increased expenses or delays associated with the &amp;ever Acquisition, including costs to integrate
    &amp;ever beyond current estimates; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    disruption of, or the loss of momentum in, either Kalera&#8217;s or &amp;ever&#8217;s ongoing operations or inconsistencies in standards,
    controls, procedures and policies.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
of these factors could adversely affect &amp;ever&#8217;s ability to maintain relationships with customers, suppliers, employees and
other constituencies or Kalera&#8217;s ability to achieve the anticipated benefits of the &amp;ever Acquisition or could reduce earnings
or otherwise adversely affect Kalera&#8217;s business, financial condition and results of operations after the &amp;ever Acquisition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Kalera&#8217;s
growth plans depend on deploying new production facilities, which will require significant expenditures and may be subject to delays
in construction and unexpected costs due to governmental approvals and permitting requirements, reliance on third parties for construction,
delays relating to material delivery and supply chains, and fluctuating material prices.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera&#8217;s
build-out of new production facilities will be dependent on a number of key inputs and their related costs including materials such as
steel, aluminum, plastic materials, electronic components, horticultural lights, and other supplies, as well as access to electricity,
internet, and other local utilities. Any significant interruption or negative change in the availability or economics of the supply chain
for key inputs for new facility build-out could materially impact Kalera&#8217;s business, financial condition and operating results.
Kalera plans to rely on local contractors for the building of its production facilities. If Kalera or its contractors encounter unexpected
costs, delays or other problems in building any production facility, Kalera&#8217;s financial position and ability to execute on its
growth strategy could be negatively affected. Any inability to secure required materials and services to build out such facility, or
to do so on appropriate terms, could have a materially adverse impact on Kalera&#8217;s business, financial condition and operating results.
Kalera may also face unexpected delays in obtaining the required governmental permits and approvals in connection with the build-out
of its planned facilities which could require significant time and financial resources and delay its ability to operate these facilities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
costs to procure such materials and services to build new facilities may fluctuate widely based on the impact of numerous factors beyond
the Kalera&#8217;s control including, international, economic and political trends, foreign currency fluctuations, inflation, global
or regional consumptive patterns, speculative activities and increased or improved production and distribution methods.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">COVID-19
continues to impact worldwide economic activity, and the governments of many countries, states, cities and other geographic regions have
taken preventative or protective actions, which are creating disruption in global supply chains such as closures or other restrictions
on the conduct of business operations of manufacturers, suppliers and vendors. The recovery from COVID-19 also may have risks in that
increased economic activity globally or regionally may result in high demand for, and constrained access to, materials and services required
for Kalera to construct and commission new facilities, which may lead to increased costs or delays that could materially and adversely
affect Kalera&#8217;s business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Global
demand on shipping and transport services may cause delays in key input supply, which could impact Kalera&#8217;s ability to obtain materials
or build its production facilities in a timely manner. These factors could otherwise disrupt the Group&#8217;s operations and could negatively
impact its business, financial condition and results of operations. Logistical problems, unexpected costs, and delays in production facility
construction, whether or not caused by the COVID-19 pandemic, which cannot be directly controlled by Kalera, may cause prolonged disruption
to or increased costs of third-party transportation services used to ship materials, which could negatively affect the Kalera&#8217;s
facility building schedule, and more generally its business, financial condition, results of operations and prospects. If Kalera experiences
significant unexpected delays in construction, it may have to delay or limit its growth depending on the timing and extent of the delays,
which could harm Kalera&#8217;s business, financial condition and results of operation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Inflation
and increases in operating costs could materially and adversely impact Kalera&#8217;s business, financial position, results of operations,
and cash flows. </i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
cost of producing and supplying Kalera&#8217;s products is affected by many factors, some of which can be volatile and some of which
may be challenging. The cost of producing and supplying Kalera&#8217;s products could be impacted by significant inflation in labor,
raw materials, energy and other items necessary to produce and supply our products. Kalera may not be able to increase prices to pass
through all cost inflation or to improve its productivity sufficiently to nullify such impact of cost inflation, which could have a material
adverse impact on Kalera&#8217;s business, financial condition, results of operations, and cash flows.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>A
delay in the completion of, or cost overruns in relation to, the construction of new facilities may affect Kalera&#8217;s ability to
achieve its operational plan and full schedule of production, thereby adversely impacting Kalera&#8217;s business and results of operations.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the date of this prospectus, Kalera has three large-scale facilities under construction, which are expected to be completed during
2022 and 2023. For the large-scale facilities, Kalera leases buildings but bears the cost associated with customizing the buildings for
its vertical farming operations. For customizing the buildings, Kalera relies on third party constructors and other service providers.
Any delay by such third parties in the completion of construction may result in a decrease in revenues expected to be received by Kalera
from operations as a result of the commencement of full-scale operations on a date later than originally expected, thereby adversely
impacting Kalera&#8217;s business and results of operations, especially if completion of construction is delayed on several large-scale
production facilities at the same time. The construction of new facilities is also subject to other risks that may cause delays or cost
overruns, including issues tied to material delivery, supply chains, fluctuating material prices, transportation services, electricity
and other local utilities. These risks may in turn cause disruptions to operations and the need to implement changes in production to
adapt to such delays, including the commissioning of systems before final completion, all of which could have a material adverse effect
on production and Kalera&#8217;s business, results of operations, cash flows, financial condition and/or prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Production
ramp-up time is dependent on a number of factors, all of which may affect full schedule of production and yields achieved</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera
currently has five large-scale facilities in operation, all in production ramp-up phase. The estimated time it takes to ramp-up the production
and the production yields achieved are subject to several factors, some of which are beyond Kalera&#8217;s control. For example, COVID-19,
which significantly impacted the foodservice industry in Central Florida and beyond, resulted in lower production needs. As a consequence,
Kalera may have to slow down the ramp-up of its production from a large-scale facility and Kalera may also need to alter the proportion
or production that is planned for either the retail market or the food service industry.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Obtaining
good production yields, is dependent on a number of factors, where the most important is achieving good environmental conditions at the
facilities, hereunder temperature, humidity and sufficient airflow. Additional factors include supplying adequate light to the crops,
water, and fertilizers. Climate control, air flow, lighting, water treatment, irrigation, and nutrient dosage equipment may break down
due to several possible causes, some of which are beyond Kalera&#8217;s control. Returning down equipment back to operation after a breakdown
event may be delayed due to slow response time by manufacturers, suppliers, dealers, or repair service providers and/or by delayed availability
of replacement parts.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ramping
up and maintaining strong production yields is also dependent on availability and development of a trained work force. Lack of a trained
work force may negatively affect production ramp-up plans and yields achieved.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Should
the production ramp-up phase take longer than projected at one or several facilities or if Kalera does not succeed in obtaining strong
production yields, this could have a material adverse effect on production and Kalera&#8217;s business, results of operations, cash flows,
financial condition and/or prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
industry in which Kalera operates is highly competitive and Kalera may not be able to compete successfully in such industry.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera
competes in an industry still under establishment that is increasingly competitive. The competition is comprised of both traditional
farming and companies in CEA. Kalera expects to continue to experience competition from both existing and new competitors, some of which
are more established and who may have (i) greater capital and/or commercial, marketing and technical resources, (ii) longer operating
histories and/or (iii) superior brand recognition. Kalera&#8217;s competitors may be able to adapt more quickly to new or emerging technologies,
changes in customer requirements and changes in the regulatory environment. In addition, current and potential competitors have established
or may establish financial or strategic relationships among themselves or with existing or potential customers or other third parties.
Accordingly, new competitors or alliances among competitors could emerge and rapidly acquire significant market share. Kalera&#8217;s
competitors may also improve their relative competitive position by successfully introducing new products or products that can be substituted
for Kalera&#8217;s products, improving their production processes, or expanding their capacity or production capabilities. This could
put pressure on Kalera to reduce its prices, resulting in lower profitability or, in the alternative, cause Kalera to lose market share
if Kalera fails to reduce prices. If Kalera is unable to keep pace with its competitors&#8217; product and manufacturing process innovations
or cost position, it could harm Kalera&#8217;s results of operations, financial condition and cash flows.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Further,
Kalera believes that competitive pressure will likely increase as early entrants into the market start to show revenue growth and profitability.
If Kalera is unable to remain competitive, this could have a material adverse effect on its revenues, profitability, liquidity, cash
flow, financial positions and/or prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
Kalera fails to develop and maintain its brand, its business could suffer.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera&#8217;s
continuing mission is to build an iconic vertical farming brand that is focused on sustainable and technology driven agriculture. Kalera&#8217;s
success depends on its ability to maintain and grow the value of the Kalera brand. Maintaining, promoting and positioning Kalera&#8217;s
brand and reputation will depend on, among other factors, the success of Kalera&#8217;s product offerings, food safety, quality assurance,
marketing and merchandising efforts, Kalera&#8217;s continued focus on the environment and sustainability and Kalera&#8217;s ability
to provide a consistent, high-quality consumer and customer experience. If Kalera is unable to promote its brand successfully or if its
competitors&#8217; marketing efforts are more effective, Kalera could fail to capture market share. In addition, any negative publicity,
regardless of its accuracy, could impair Kalera&#8217;s business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
can be no assurance that Kalera&#8217;s products will always comply with the standards set for its products. In addition, Kalera has
no control over its products once purchased by consumers. Accordingly, consumers may use Kalera&#8217;s products in a manner that is
inconsistent with Kalera&#8217;s directions or store Kalera&#8217;s products for long periods of time, which may adversely affect the
quality and safety of Kalera&#8217;s products. If consumers do not perceive Kalera&#8217;s products to be safe or of high quality, then
the value of Kalera&#8217;s brand would be diminished, and its business, results of operations and financial condition would be adversely
affected. Real or perceived quality or food safety concerns or failures to comply with applicable food regulations and requirements,
whether or not ultimately based on fact and whether or not involving Kalera (such as incidents involving Kalera&#8217;s competitors)
may have a substantial and adverse effect on Kalera&#8217;s brand, reputation and operating results.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Further,
the growing use of social and digital media by Kalera, Kalera&#8217;s customers and third parties increases the speed and extent that
information or misinformation and opinions can be shared. Negative publicity about Kalera, Kalera&#8217;s partners, any person associated
with Kalera, including board members and key employees and/or Kalera&#8217;s products on social or digital media, or in general, could
seriously damage Kalera&#8217;s brand and reputation. Brand value is based on perceptions of subjective qualities, and any incident that
erodes the trust and loyalty of Kalera&#8217;s consumers, customers or distributors, including adverse publicity or a governmental investigation,
litigation or regulatory enforcement action, could significantly reduce the value of Kalera&#8217;s brand and significantly damage its
business. If Kalera does not achieve and maintain a favorable perception of its brand, its business, financial condition and results
of operations could be adversely affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Kalera&#8217;s
success, competitive position and future revenues will depend in part on its ability to further develop and protect its intellectual
property and know-how.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera&#8217;s
intellectual property mainly relates to production processes and methods, plant nutrient mixture formulas, custom hardware, software
code, and its trademarks. Our intellectual property forms the foundation of Kalera and drives the key elements of the business strategy.
Any failure by Kalera in protecting its intellectual property rights adequately could result in its competitors offering similar products,
potentially resulting in the loss of some of its competitive advantage and a decrease in its revenue which would adversely affect its
business, prospects, financial condition, operating results and/or prospects. Kalera&#8217;s success depends, at least in part, on its
ability to further develop and protect its intellectual property. Kalera relies on a combination of patents, trade secrets, including
know-how, limiting access to key information, confidentiality provisions in agreements, confidentiality procedures and IT security to
protect its intellectual property rights. Kalera cannot give any assurance that the measures implemented to protect intellectual property
rights will give satisfactory protection, that its intellectual property rights can be successfully defended and asserted in the future
or that third parties will not infringe upon or misappropriate any such rights. Adequate remedies may not be available in the event of
an unauthorized use or disclosure of its production expertise or proprietary plant science. Intellectual property disputes and proceedings
and infringement claims could be burdensome and may result in a significant distraction for management and significant expense. Whether
or not measures to secure the intellectual property and other confidential information are successful, such information may still become
known to existing or new competitors or be independently developed.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera&#8217;s
failure to process, obtain or maintain adequate protection of its intellectual property rights for any reason, may have a material adverse
effect on Kalera&#8217;s business, results of operations, financial condition and/or prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Where
Kalera believes patent protection is not appropriate or obtainable, Kalera relies on trade secrets to protect some of its technology
and proprietary information. However, trade secrets can be difficult to protect. The misappropriation or other activities that may compromise
Kalera&#8217;s trade secrets may lead to a reduction or loss of its competitive advantages resulting from such trade secrets. Further,
litigating a claim that a third party had misappropriated Kalera&#8217;s trade secrets would be expensive and time consuming, and the
outcome may be unpredictable. Moreover, if Kalera&#8217;s competitors independently develop similar knowledge, methods and know-how,
it will be difficult for Kalera to enforce its rights and its business could be harmed.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Further,
Kalera may be required to make significant capital investments into the research and development of production methods, plant nutrient
mixture formulas, custom hardware and software codes and other intellectual property as Kalera develops, improves and scales its processes,
technologies and products, and failure to fund and make these investments, or underperformance of the technology funded by these investments,
could severely impact Kalera&#8217;s business, financial condition, results of operations and prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Kalera
currently relies on a limited number of facilities for all of its operations.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the date of this prospectus, Kalera has five large-scale facilities in operation. Adverse changes or developments affecting any of
these facilities could impair its ability to produce its products and fulfill its contractual obligations. Any shutdown or period of
reduced production at a single facility, which may be caused by regulatory noncompliance or other issues, as well as other factors beyond
its control, such as severe weather conditions, natural disaster, fire, power interruption, work stoppage, disease outbreaks or pandemics
(such as COVID-19), equipment failure or delay in supply delivery, would significantly disrupt its ability to grow and deliver its produce
in a timely manner, meet its contractual obligations and operate its business. As an example, Kalera&#8217;s Atlanta facility experienced
intermittent faults on electrical components that drive the grow lights. The intermittent outages forced delays in shipments to new customers,
which negatively impacted revenues in May, June, and July 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
equipment in Kalera&#8217;s facilities is costly to replace or repair, and its equipment supply chains may be disrupted in connection
with pandemics, such as COVID-19, trade wars or other factors. If any material amount of its machinery were damaged, it would be unable
to predict when, if at all, Kalera could replace or repair such machinery or find suitable alternative machinery, which could adversely
affect its business, financial condition, results of operations and prospects. Any insurance coverage that Kalera has acquired may not
be sufficient to cover all of its potential losses and may not continue to be available to it on acceptable terms, or at all.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Kalera&#8217;s
commercial success is dependent on its ability to enter into produce distribution agreements and other agreements with third parties.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera&#8217;s
large-scale production facilities generally serve customers within a 300-mile radius of the relevant facility. As Kalera continues its
roll-out plan by building new facilities, Kalera may be dependent on entering into new produce distribution agreements with new customers
located within the target radius or renegotiating existing produce distribution agreements to also cover such new areas. Should Kalera
be unsuccessful in entering into new produce distribution agreements, this could in turn have a material adverse effect on its business,
results of operations, financial condition and/or prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Kalera
uses a limited number of distributors and large retailers for the substantial majority of its sales, and if it experiences the loss of
one or more of its distributors or large retailers and cannot replace them in a timely manner, Kalera&#8217;s results of operations may
be adversely affected.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Many
customers purchase Kalera&#8217;s products through food distributors which purchase, store, sell, and deliver its products to food service
providers or retailers. Alternatively, some large retail customers may purchase products directly from Kalera. For the six months ended
June 30, 2022, Kalera&#8217;s largest customers in terms of their respective percentage of sales included the following: Publix (26%),
H-E-B Grocery (16%), Kroger (10%), Sysco (9%), Harvill&#8217;s Produce Co. (9%) and US Foods (5%). For the foreseeable future,
Kalera expects that most of its sales will be made through a core number of distributors or directly to a core number of large retailers.
Kalera does not have short-term or long-term commitments or minimum purchase volumes in its contracts with the distributors or large
retailers that ensure future sales of its products. If Kalera loses one or more of its significant distributors or large retailers and
cannot replace the distributor or large retailer or do so in a timely manner, its business, results of operation and financial condition
may be materially adversely affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Consolidation
of customers or the loss of a significant customer could negatively impact Kalera&#8217;s sales and profitability.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Supermarkets
in North America continue to consolidate. This consolidation has produced larger, more sophisticated organizations with increased negotiating
and buying power that are able to resist price increases, as well as operate with lower inventories, decrease the number of brands that
they carry and increase their emphasis on private label products, all of which could negatively impact Kalera&#8217;s business. The consolidation
of retail customers also increases the risk that a significant adverse impact on their business could have a corresponding material adverse
impact on Kalera&#8217;s business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
loss of any large customer, the reduction of purchasing levels or the cancellation of any business from a large customer for an extended
length of time could negatively impact Kalera&#8217;s sales and profitability. Furthermore, as retailers consolidate, they may reduce
the number of branded products they offer in order to accommodate private label products and generate more competitive terms from branded
suppliers. Consequently, Kalera&#8217;s financial results may fluctuate significantly from period to period based on the actions of one
or more significant retailers. A retailer may take actions that affect Kalera for reasons that it cannot always anticipate or control,
such as their financial condition, changes in their business strategy or operations, the introduction of competing products or the perceived
quality of its products. Despite operating in different channels, Kalera&#8217;s retailers sometimes compete for the same consumers.
Because of actual or perceived conflicts resulting from this competition, retailers may take actions that negatively affect Kalera.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Kalera
may face difficulties as it expands its operations into geographical locations in which it has no prior operating experience.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera&#8217;s
growth strategy includes developing new vertical farming facilities and the expansion of its product lines.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera&#8217;s
newest facilities include those in Atlanta, Georgia, which began operations in March 2021, Houston, Texas, which began operations in
October 2021, and Denver, which began operations in April 2022. Internationally, Kalera&#8217;s newest facility is in Kuwait, acquired
through the &amp;ever Acquisition, which began operations in March 2020 and continued ramp-up in October 2021 after Kuwait&#8217;s COVID-19
related international travel ban had been lifted. Any substantial delay in bringing these facilities up to full production on our current
schedule may hinder Kalera&#8217;s ability to produce all of the estimated produce and/or achieve its expected financial performance.
Even if Kalera&#8217;s new facilities are brought up to full production according to our current schedule, they may not provide all of
the operational and financial benefits Kalera expects to receive.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Identifying,
planning, developing, constructing and finishing new large-scale vertical farming facilities has required and will continue to require
substantial time, efforts and resources. Kalera may be unsuccessful in identifying available sites that are conducive to its planned
projects, and even if identified, Kalera may ultimately be unable to lease or purchase the land for any number of reasons. Additionally,
if Kalera overestimates market demand and expands into new locations too quickly, Kalera may have significantly underutilized assets
and may experience reduced profitability. If Kalera does not accurately align capacity at its facilities with demand, its business, financial
condition and results of operations could be adversely affected. Kalera intends to further expand its footprint in order to enter into
new markets, including new international locations. It may be difficult for Kalera to understand and accurately predict taste preferences
and purchasing habits of consumers in these new geographic markets. It is costly to establish, develop and maintain wide ranging operations
and develop and promote its brand in multiple markets. As Kalera expands its business into new locations, Kalera may encounter regulatory,
legal, personnel, technological and other difficulties that increase its expenses and/or delay its ability to become profitable in such
locations, which may have a material adverse effect on its business and brand.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
continued rollout of Kalera&#8217;s in-store grow towers and grow boxes is dependent on Kalera being able to reach agreements with new
supermarket chains. Further, Kalera may spend time and resources developing facilities at the expense of other appropriate facilities,
which may ultimately have been a better selection or more profitable location, or the project start date for new facilities may have
to be postponed due to existing facilities and/or other operations and projects requiring more resources than originally estimated.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
key element of Kalera&#8217;s growth strategy depends on Kalera&#8217;s ability to develop, produce and market new products and improvements
to its existing products that meet its standards for quality and appeal to consumer preferences. The success of Kalera&#8217;s innovation
and product development efforts is affected by its ability to anticipate changes in consumer preferences, the technical capability of
its innovation staff in developing and testing product prototypes, including complying with applicable governmental regulations, and
the success of its management and sales and marketing teams in introducing and marketing new products. Failure to develop, produce and
market new products that appeal to consumers may lead to a decrease in Kalera&#8217;s growth, sales and profitability. The development
and introduction of new products requires substantial research, development and marketing expenditures, which Kalera may be unable to
recoup if the new products do not gain widespread market acceptance. Kalera may invest in product opportunities that are not ultimately
successful or profitable. If Kalera is unsuccessful in meeting its objectives with respect to new or improved products, its business
could be harmed.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera&#8217;s
sales and operating results will be adversely affected if it fails to implement our growth strategy successfully or if it invests resources
in a growth strategy that ultimately proves unsuccessful as Kalera expands its operations into new geographical locations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Kalera
may not be able to identify suitable acquisition candidates or consummate acquisitions on acceptable terms, and as Kalera acquires companies
or technologies in the future, they could prove difficult to integrate, disrupt Kalera&#8217;s core business, dilute stockholder value
and adversely impact Kalera&#8217;s business and operating results and the value of your investment.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
part of Kalera&#8217;s business strategy, it regularly evaluates investments in, or acquisitions of, complementary businesses, joint
ventures, services, products and technologies. Kalera acquired Vindara, Inc. (&#8220;<b>Vindara</b>&#8221;) and &amp;ever in 2021. Kalera
intends to continue to pursue complementary acquisitions in the future, expand its customer base and provide access to new markets and
increase benefits of scale. Acquisitions involve certain known and unknown risks that could cause actual growth or operating results
to differ from expectations. For example:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera
                                            may not be able to identify suitable acquisition candidates or to consummate acquisitions
                                            on acceptable terms;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera
                                            may pursue additional international acquisitions, which could pose more risks than domestic
                                            acquisitions;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera
                                            competes with others to acquire complementary products, technologies and businesses, which
                                            may result in decreased availability of, or increased price for, suitable acquisition candidates;</span></td></tr></table>

<p style="margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"></p>

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<p style="margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera
                                            may not be able to obtain the necessary financing, on favorable terms or at all, to finance
                                            any or all of its potential acquisitions;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera
                                            may ultimately fail to consummate an acquisition even if Kalera announces that it plans to
                                            acquire a technology, product or business; and</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">acquired
                                            technologies, products or businesses may not perform as Kalera expects and Kalera may fail
                                            to realize anticipated revenue and profits.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, Kalera&#8217;s acquisition strategy may divert management&#8217;s attention away from Kalera&#8217;s existing business, resulting
in the loss of key customers or employees, and expose Kalera to unanticipated problems or legal liabilities, including responsibility
as a successor for undisclosed or contingent liabilities of acquired businesses or assets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
Kalera fails to conduct due diligence on its potential targets effectively, Kalera may, for example, not identify problems at target
companies or fail to recognize incompatibilities or other obstacles to successful integration. Kalera&#8217;s inability to successfully
integrate future acquisitions could impede Kalera from realizing all of the benefits of those acquisitions and could severely weaken
its business operations. The integration process may disrupt Kalera&#8217;s business and, if new technologies, products or businesses
are not implemented effectively, may preclude the realization of the full benefits expected by Kalera, which could harm its results of
operations. In addition, the overall integration of new technologies, products or businesses may result in unanticipated challenges,
expenses, liabilities and competitive responses. The difficulties integrating an acquisition include, among other things:</span></p>

<p style="margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">issues
                                            in integrating the target company&#8217;s technologies, products or businesses with ours;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">incompatibility
                                            of marketing and administration methods;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">maintaining
                                            employee morale and retaining key employees;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">integrating
                                            the cultures of both companies;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">preserving
                                            important strategic customer relationships;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">consolidating
                                            corporate and administrative infrastructures and eliminating duplicative operations; and</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">coordinating
                                            and integrating geographically separate organizations.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, even if the operations of an acquisition are integrated successfully, Kalera may not realize the full benefits of the acquisition,
including the synergies, cost savings or growth opportunities that Kalera expects. These benefits may not be achieved within the anticipated
time frame, or at all. Further, acquisitions may cause Kalera to:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">issue
                                            consideration shares or carry out share issues to fund the purchase price for the acquisition,
                                            both of which could dilute shareholders&#8217; ownership percentages;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">use
                                            a substantial portion of available cash resources;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">increase
                                            its interest expense, leverage and debt service requirements if Kalera incurs additional
                                            debt to pay for an acquisition;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">assume
                                            liabilities for which it does not have indemnification from the former owners; further, indemnification
                                            obligations may be subject to dispute or concerns regarding the creditworthiness of the former
                                            owners;</span></td></tr></table>

<p style="margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"></p>

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<p style="margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">record
                                            goodwill and non-amortizable intangible assets that are subject to impairment testing and
                                            potential impairment charges;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">experience
                                            volatility in earnings due to changes in contingent consideration related to acquisition
                                            earn-out liability estimates;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">incur
                                            amortization expenses related to certain intangible assets;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">lose
                                            existing or potential contracts as a result of conflict of interest issues;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">become
                                            subject to adverse tax consequences or deferred compensation charges;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">incur
                                            large and immediate write-offs; or</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">become
                                            subject to litigation.</span></td></tr></table>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Consumer
satisfaction is important to Kalera&#8217;s success, and the lack thereof, may have a material effect on its financial performance.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
market in which Kalera operates is subject to changes in consumer preference, perception and spending habits. Kalera&#8217;s products
are ultimately sold to consumers which may have different product criteria and expectations with regard to leafy greens, such as, but
not limited to, cleanness, pesticide-free, non-GMO, locally grown, nutrient rich, quality in general and price. Failing to meet one or
more of such criteria can reduce consumer satisfaction for Kalera&#8217;s products, and result in consumers not buying them. Unsatisfied
consumers may further generate negative publicity and affect our reputation. Even if Kalera meets one or more of the aforementioned criteria,
other factors could result in the consumers not buying our products, amongst others, consumer income and spending habits among consumers,
concerns regarding vertical farming as opposed to traditional farming, consumers not being able to differentiate the quality of Kalera&#8217;s
products from those of its competitors, competitors being able to market and advertise their products towards consumers better, Kalera
not being successful in identifying trends in consumer preferences and growing or developing products that respond to such trends in
a timely manner, shifts in the perceived value for Kalera products relative to alternatives or consumer confidence in and perception
of the safety and quality of our products. Should consumers, for any reason, not buy Kalera&#8217;s products, this may impact the willingness
of Kalera&#8217;s customers, which are predominantly distributors to the foodservice market segment and retailers, to continue to do
business with Kalera, which in turn would have a material adverse effect on our business, results of operations, financial condition
and/or prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
failure of suppliers to perform their obligations, Kalera&#8217;s inability to replace or renew supply agreements when they expire, or
disruptions in the supply chain could increase Kalera&#8217;s cost of goods sold, interrupt production, result in a loss of customers
or damage to Kalera&#8217;s reputation, or otherwise adversely affect Kalera&#8217;s results of operations.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Aside
from the raw materials used in our production process, Kalera&#8217;s facilities require certain other materials, such as LED grow lights
and racks to be supplied on time and in the correct quantities in order to function properly. If Kalera is unable to secure agreements
for the necessary amount of such supplies, if the terms of such agreements are not honored or if a supplier terminates an agreement,
Kalera will be required to obtain alternate sources for the relevant materials. Kalera may not be able to obtain these materials in sufficient
quantities, on economic terms, or in a timely manner, and Kalera may not be able to enter into long-term supply agreements on terms as
favorable to it, if at all. A lack of availability of any such materials could limit Kalera&#8217;s production capabilities and prevent
Kalera from fulfilling customer orders, and therefore harm its reputation as well as our business, results of operations, financial condition
and/or prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
example, Kalera has an arrangement with Signify pursuant to which Signify is the exclusive supplier for LED grow lights for Kalera&#8217;s
farms. Any inability to maintain or renew this relationship on favorable terms, or at all, could have a material adverse effect on Kalera&#8217;s
financial condition and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, Kalera screens suppliers for quality, if those suppliers are unable to fulfill orders on a timely basis or choose to terminate
or otherwise breach contractual arrangements, Kalera may not be able to obtain products from alternate sources or in a timely manner.
The loss of one or more significant suppliers or a supplier of certain key products, or a significant change in the business strategies
of Kalera&#8217;s suppliers, could interrupt production.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Estimates
of market opportunity and forecasts of market growth may prove to be inaccurate or not materialize, and even if the market in which Kalera
competes achieves the forecasted growth, its business could fail to grow at similar rates, if at all.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">According
to IndexBox, the global market for lettuce and chicory has seen stable growth with a CAGR of 1.2% from 2007 to 2017, and is projected
to continue its stable development, resulting in an increased market volume in the years to come. Projections, market opportunity estimates
and estimates on future market growth, including those included in this prospectus are subject to significant uncertainty and are based
on assumptions and estimates that may not prove to be accurate, particularly in light of the ongoing COVID-19 pandemic and the related
economic impact. The variables that go into the calculation of expected market opportunity are subject to change over time, and there
is no guarantee that any particular number or percentage of customers covered by these market opportunity estimates will purchase our
products at all or generate any particular level of revenue for us. Any expansion in Kalera&#8217;s market depends on a number of factors,
including the cost and perceived value associated with our products and those of Kalera&#8217;s competitors. Even if the market in which
Kalera competes meets the size estimates and growth forecast, Kalera&#8217;s business could fail to grow at the rate anticipated, if
at all. Kalera&#8217;s growth is subject to many factors, including success in implementing its business strategy, which is subject to
many risks and uncertainties.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Failure
to retain and motivate Kalera&#8217;s senior management may adversely affect its operations and growth prospects.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera&#8217;s
success relies upon the continued service of certain members of its senior management, particularly those with specialist scientific
knowledge such as Dr. Cristian Toma, our Chief Science Officer and Co-Founder, and Dr. Jade Stinson, President and Co-Founder of Vindara.
Such executives have been primarily responsible for determining the strategic direction of Kalera&#8217;s business and for executing
its growth strategy and are integral to its brand, culture and the reputation Kalera enjoys with suppliers, distributors, customers and
consumers. The loss of the services of any executives could have a material adverse effect on its business and prospects, as Kalera may
not be able to find suitable individuals to replace them on a timely basis, if at all. In addition, any such departure could be viewed
in a negative light by investors and analysts, which may cause the price of Kalera&#8217;s common stock to decline.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Kalera
is reliant on key personnel and the ability to attract new, qualified personnel.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera
is highly dependent upon having a highly qualified team and is therefore reliant on key personnel and the ability to retain and attract
new, qualified personnel, particularly those with experience in plant science and genetics. The loss of a key person might impede the
achievement of Kalera&#8217;s development and commercial objectives. Competition for key personnel with the required competences and
experience is intense, and the competition for such personnel is expected to continue to increase. Many of the companies that Kalera
competes with for experienced employees have greater resources than Kalera and may be able to offer more attractive terms of employment.
There is no assurance that Kalera will be able to recruit the required new key personnel in the future. Any failure to retain or attract
such personnel could result in Kalera not being able to successfully implement its strategy, which could have a material and adverse
effect on Kalera&#8217;s business, financial condition, results of operations, cash flows and/or prospects.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Ingredient,
packaging and energy costs are volatile and may rise significantly, which may negatively impact the profitability of Kalera&#8217;s business.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera
purchases large quantities of raw materials, including seeds, nutrients and growing media. In addition, Kalera purchases and uses significant
quantities of cardboard, film and plastic to package its products. Costs of ingredients and packaging are volatile and can fluctuate
due to conditions that are difficult to predict, including global competition for resources, weather conditions, consumer demand and
changes in governmental trade and agricultural programs. Volatility in the prices of raw materials and other supplies that Kalera purchases
could increase its cost of sales and reduce our profitability. In addition, energy costs are one of the most significant elements in
Kalera&#8217;s cost of goods sold because of the LED grow lights are used in its facilities, making Kalera vulnerable to any spikes in
price and also to power outages. Without an energy supply our facilities can keep plants alive for a maximum of four (4) days, meaning
that a prolonged disruption in the supply of energy would be devastating for Kalera&#8217;s produce. Kalera may not be able to implement
price increases for its products to cover any increased costs, and any price increases Kalera does implement may result in lower sales
volumes. If Kalera is not successful in managing its ingredient, packaging and energy costs, if Kalera is unable to increase our prices
to cover increased costs or if such price increases reduce its sales volumes, then such increases in costs will adversely affect its
business, financial condition, results of operations, cash flow and/or prospects.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Kalera
faces risks inherent in the agriculture business, including the risks of diseases and pests.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera
produces lettuce and leafy greens inside controlled environment growing facilities. As such, Kalera is subject to the risks inherent
in an agricultural business, such as insects, plant and seed diseases and similar agricultural risks, which may include crop losses.
Although its grocery is grown in climate-controlled circumstances, there can be no assurance that natural elements will not have an effect
on production. In particular, plant diseases, such as root rot, virus, or pest infestations, can destroy all or a significant portion
of its produce and could eliminate or significantly reduce production at a growing facility.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
Kalera uses cleanroom technologies and procedures to reduce the risks of diseases and pests, such risks may not be totally eliminated.
In addition, diseases and pests can make their way into facilities from outside sources over which Kalera has limited or no control.
Diseases and pests can be inadvertently brought in by employees, from seeds and vendors and from the trucks that transport supplies to
the facilities. Once a disease or pest is introduced, Kalera will need to quickly identify the problem and take remedial action in order
to preserve the growing season. Failure to identify and remediate any diseases or pests in a timely manner could cause the loss of all
or a portion of Kalera&#8217;s crop and result in substantial time and resources to resume operations. Crop losses as a result of these
agricultural risks could negatively impact Kalera&#8217;s business, prospects, financial condition, results of operations and cash flows.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
outbreak of COVID-19 may have significant negative effects on Kalera&#8217;s business.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera&#8217;s
performance is affected by the global economic conditions in the market in which it operates. The global economy has been experiencing
a period of uncertainty since the outbreak of COVID-19, which was recognized as a pandemic by the World Health Organization in March
2020. The global outbreak of COVID-19, and the extraordinary health measures and restrictions on a local and global basis imposed by
authorities across the world has, and may continue to cause, disruptions in Kalera&#8217;s value chain. Moreover, as a result of COVID-19,
national authorities adopted several laws and regulations with immediate effect and which provide a legal basis for the government to
implement measures in order to limit the contagion and the consequences of COVID-19. Companies have also taken precautions, such as requiring
employees to work remotely, imposing travel restrictions and temporarily closing businesses. To the extent that these restrictions remain
in place, or are re-imposed, additional prevention and mitigation measures are implemented in the future, or there is uncertainty about
the effectiveness of these or any other measures to contain or treat COVID-19, there is likely to be an adverse impact on global economic
conditions and consumer confidence and spending, which could materially and adversely affect Kalera&#8217;s operations and demand for
its products. There may also be significant reductions or volatility in consumer demand for Kalera&#8217;s products due to the temporary
inability of consumers to purchase these products due to illness, quarantine or financial hardship, shifts in demand away from one or
more of our products, decreased pantry-loading activity, any of which may negatively impact Kalera&#8217;s results, including as a result
of an increased difficulty in planning for operations and future growing seasons.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Some
of the consequences for Kalera, more specifically, have been:</span></p>

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Some
                                            of Kalera&#8217;s key customers, such as US Foods, FreshPoint and Levy, are predominantly
                                            distributors to the foodservice industry customers, and sales through these channels have
                                            been negatively impacted by temporary shutdowns due to COVID-19. This reduced demand for
                                            Kalera&#8217;s products from these customers as the hospitality industry was forced to close
                                            for months and was not able to receive orders.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">COVID-19
                                            has significantly impacted the foodservice industry in Central Florida and beyond resulting
                                            in lower production needs. As a consequence, Kalera had to slow down the ramp-up of its production
                                            from the large-scale facility in Orlando and reconfigure the facility to service the retail
                                            market. Since January 2021, sales from the Orlando facility have rapidly increased particularly
                                            driven by the recovery in Orlando&#8217;s food service market as the economy reopened after
                                            the COVID-19 shutdown.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera&#8217;s
                                            on-site HyCube installation supplying Marriott&#8217;s Orlando World Center resort has been
                                            affected due to a slow-down of hotel activities.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">While
Kalera is currently working on scaling up its operations, the COVID-19 crisis is continuously changing, and new laws and regulations
that could directly, or indirectly, affect its operations may enter into force. The effects of the COVID-19 pandemic could in turn negatively
affect its revenue and operations going forward, where the severity of the COVID-19 pandemic and the exact impacts for it are highly
uncertain. The extent of COVID-19&#8217;s effect on Kalera&#8217;s operational and financial performance will depend on future developments,
including the duration, spread and intensity of the pandemic, all of which are uncertain and difficult to predict considering the rapidly
evolving landscape. As a result, it is not currently possible to ascertain the overall impact of COVID-19 on Kalera&#8217;s business.
However, if the pandemic continues to persist as a severe worldwide health crisis, the disease could negatively impact Kalera&#8217;s
business, financial condition results of operations and cash flows, and may also have the effect of heightening many of the other risks
described in this &#8220;Risk Factors&#8221; section. In addition, similar risks to those described for COVID-19 may occur in case of
a future outbreak of another pandemic or a similar global health threat.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Kalera
relies on information technology systems and any inadequacy, failure, interruption or security breaches of those systems, including a
cybersecurity incident or other technology disruptions, may harm its ability to effectively operate its business.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera
uses computers, software and technology in almost all critical parts of our business operations. Such use gives rise to cybersecurity
risks, including security breaches, espionage, system disruption, theft and inadvertent release of information. Cybersecurity incidents
are increasing in their frequency, sophistication and intensity, with third-party phishing and social engineering attacks in particular
increasing in connection with the COVID-19 pandemic. Kalera&#8217;s business involves sensitive information and intellectual property,
including technological know-how, private information about employees and financial and strategic information about it and its current
and targeted business partners.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera
is dependent on various information technology systems, including, but not limited to, networks, applications and outsourced services
in connection with the current and planned operation of its business. A failure of these information technology systems to perform as
anticipated could cause Kalera&#8217;s business to suffer. For example, Kalera uses Cloud-based and IoT-based automation and &#8220;big
data&#8221; analytics and AI for precise control of air and water quality, temperature and humidity, light, and nutrients in our operations.
If this software does not perform as anticipated, Kalera&#8217;s equipment used in production may receive inadequate or erroneous information
about the condition of the vegetables being grown, which may result in increased mitigation expenses, waste, additional labor expenses
and partial or full loss of the produce.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">While
Kalera has implemented and updates its measures to prevent security breaches and cyber incidents, Kalera has experienced certain cyber
incidents in the past and its preventative measures and incident response efforts are not a guarantee that cyber incidents or breaches
will not occur in the future. The theft, destruction, loss, misappropriation or release of sensitive information or intellectual property,
or interference with Kalera&#8217;s information technology systems or the technology systems of third parties on which Kalera relies,
could result in business disruption, negative publicity, brand damage, violation of privacy laws, loss of customers and distributors,
potential liability and competitive disadvantage all of which could negatively impact Kalera&#8217;s business, financial condition, results
of operations and/or prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, Kalera&#8217;s information technology systems may be vulnerable to damage or interruption from circumstances beyond our control,
including fire, natural disasters, systems failures, viruses and security breaches. Any such damage or interruption could negatively
impact Kalera&#8217;s business, financial condition, results of operations, cash flows, and/or prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Conducting
business internationally, and international geopolitical events and economic factors, create operational, financial and tax risks for
Kalera&#8217;s business.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera&#8217;s
business plan includes operations in international markets, including North America, Europe the Middle East and South-East Asia, and
the eventual expansion into other international markets. Conducting and launching operations on an international scale requires close
coordination of activities across multiple jurisdictions and time zones and consumes significant management resources. If Kalera fails
to coordinate and manage these activities effectively, its business, financial condition, prospects or results of operations could be
adversely affected. International sales entail a variety of risks, including currency exchange fluctuations, challenges in staffing and
managing foreign operations, tariffs and other trade barriers, unexpected changes in legislative or regulatory requirements of foreign
countries into which Kalera sells its products and services, difficulties in obtaining export licenses or in overcoming other trade barriers,
laws and business practices favoring local companies, political and economic instability, difficulties protecting or procuring intellectual
property rights, and restrictions resulting in delivery delays and significant taxes or other burdens of complying with a variety of
foreign laws.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Further,
global geopolitical events and international conflicts, including the ongoing military conflict between Russia and Ukraine, as well as
the economic sanctions implemented by the United States and other countries against Russia in response thereto, may negatively impact
markets, increase energy and transportation costs, and cause weaker macro-economic conditions. Although the length and impact of the
ongoing military conflict is highly unpredictable, the conflict between Russia and Ukraine could lead to market disruptions, including
significant volatility in commodity prices, credit and capital markets, as well as supply chain interruptions, all of which could impact
Kalera&#8217;s business, financial condition and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the corporate structure of Kalera and its subsidiaries have entities in several jurisdictions such as Luxembourg, Ireland and
the Cayman Islands. Conducting operations in international markets as described above, subject to tax risk. The expected tax treatment
of Kalera and its subsidiaries relies on current tax laws and regulations, as well as certain tax treaties between the aforementioned
different jurisdictions. As such, unexpected changes, interpretation, application or enforcement practice in respect of legislative or
regulatory requirements of such tax laws in foreign countries in which Kalera or any of its subsidiaries is incorporated, tax resident
and/or conducting operations and sales in, including but not limited to, changes in treatment of sales and results of operations earned
in foreign and offshore jurisdictions, value added tax, cessation of tax treaties and recognition of tax law principles in other jurisdictions,
as well as other changes in corporate tax law, may adversely affect Kalera&#8217;s business, financial conditions, prospects or result
of operations.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Kalera&#8217;s
management has limited experience in operating a public company and the requirements of being a public company may strain Kalera&#8217;s
resources, divert management&#8217;s attention and affect the ability to attract and retain qualified board members and officers.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera&#8217;s
executive officers have limited experience in the management of a publicly traded company. Kalera&#8217;s management team may not successfully
or effectively manage its transition to a U.S. public company that will be subject to significant regulatory oversight and reporting
obligations under U.S. federal securities laws. Their limited experience in dealing with the increasingly complex laws pertaining to
public companies could be a significant disadvantage in that it is likely that an increasing amount of their time may be devoted to these
activities which will result in less time being devoted to the management and growth of the combined company, which could harm Kalera&#8217;s
business, prospects and results of operations. Kalera may not have adequate personnel with the appropriate level of knowledge, experience,
and training in the accounting policies, practices or internal controls over financial reporting required of public companies in the
United States. The development and implementation of the standards and controls necessary for the combined company to achieve the level
of accounting standards required of a public company in the United States may require costs greater than expected. It is possible that
the combined company will be required to expand its employee base and hire additional employees to support its operations as a public
company, which will increase its operating costs in future periods. Compliance with these rules and regulations will increase Kalera&#8217;s
legal and financial compliance costs, make some activities more difficult, time-consuming or costly and increase demand on Kalera&#8217;s
systems and resources.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Relating to Financing and Market Risk</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Fluctuations
in currency exchange rates and changes to international trade agreements, tariffs, import and excise duties, taxes or other governmental
rules and regulations may impact Kalera&#8217;s capital expenses and operational income.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Through
the acquisition of &amp;ever, Kalera expanded its operations to beyond the United States to also include Germany, Kuwait and Singapore
(large-scale facility under construction), and Kalera may also establish operations in additional countries. Hence, Kalera will earn
revenues, pay expenses, own assets and incur liabilities in currencies other than the U.S. Dollar. Kalera&#8217;s consolidated financial
statements are presented in U.S. Dollars, hence revenues, income and expenses, as well as assets and liabilities arising from any international
operations must be converted into U.S. Dollars at exchange rates in effect during or at the end of each reporting period. Increases or
decreases in the value of the U.S. Dollar against other currencies and changes to international trade agreements, tariffs, import and
excise duties, taxes or other governmental rules and regulations will accordingly affect Kalera&#8217;s operating revenues, operating
income and the value of balance sheet items.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Farm Credit Loan and Security Agreement imposes significant operating and financial restrictions, which may have a material adverse effect
on Kalera&#8217;s business.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
loan and security agreement dated April 14, 2022, by and among Kalera, Inc., (a wholly owned subsidiary of Kalera SA), as borrower, the
guarantors party thereto from time to time, and Farm Credit of Central Florida, ACA, as lender (the &#8220;<b>Farm Credit Loan and Security
Agreement</b>&#8221;), imposes significant operating and financial restrictions, including, but not limited to:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">incurring
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<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">making
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<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">merging,
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                                            disposing of all or substantially all of our assets;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">making
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<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">entering
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<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">selling,
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<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">engaging
                                            in any material line of business substantially different from those lines of business conducted
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<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">agreeing
                                            to certain restrictions on the ability of subsidiaries to make payments to our company, to
                                            transfer property to our company, to guarantee our indebtedness or to become a loan party
                                            under the Farm Credit Loan and Security Agreement;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">agreeing
                                            to certain restrictions on the ability to create liens; and</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">creating
                                            liens or using assets as security in other transactions.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a result of such agreement, Kalera is limited as to how it may conduct business and accordingly, such agreement may result in a material
adverse effect on Kalera&#8217;s financial condition and results of operations. Kalera or its subsidiaries may enter into additional
agreements which may include similar restrictions as those referenced above. The terms of any future indebtedness could include more
restrictive covenants. There can be no assurance that Kalera will be able to maintain compliance with these covenants or the debt service
obligations associated with its indebtedness, and, if it fails to do so, there can be no assurances that it will be able to obtain waivers
from the applicable lenders or investors and/or amend any of these arrangements. Moreover, the obligations under the Farm Credit Loan
and Security Agreement are secured and the lender thereunder will have a claim against the assets securing the related debt obligations
of Kalera, Inc. that will have priority to claims of Kalera equity securityholders generally. Additionally, the Farm Credit Loan and
Security Agreement is required to be guaranteed by certain subsidiaries of Kalera (excluding Kalera Real Estate Holdings, LLC), effectively
providing for claims against such subsidiaries which are structurally senior to Kalera equity securityholders generally. Future financing
arrangements will likely have similar guarantee, collateral and other restrictive terms that may have a material adverse impact on the
value of Kalera&#8217;s securities.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>For
more information see &#8220;Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations-Liquidity and
Capital Resources-Farm Credit Loan and Security Agreement.&#8221;</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
terms of the Secured Convertible Bridge Promissory Note may have a negative impact on Kalera&#8217;s business and the value of Kalera&#8217;s
securities and may result in substantial dilution to Kalera&#8217;s equity securityholders.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 4, 2022, Kalera SA entered into the Secured Convertible Bridge Promissory Note. The agreement provides for certain terms which
may have a negative impact on Kalera&#8217;s business. Obligations under such agreement mature within one year of the applicable drawdown
date and carry a 10% pre-payment premium, if the pre-payment is effected prior to the consummation of the Business Combination. The Secured
Convertible Bridge Promissory Note was amended and replaced by the Amended and Restated Secured Convertible Bridge Promissory Note on
August 22, 2022, which was in turn amended and replaced by the Second Amended and Restated Secured Convertible Bridge Promissory Note
on September 19, 2022.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
obligations under the Secured Convertible Bridge Promissory Note are secured and the creditors thereunder will have a claim against the
assets securing the related debt obligations that will have priority to claims of Kalera equity securityholders generally. Additionally,
the Secured Convertible Bridge Promissory Note is guaranteed by a subsidiary of Kalera, effectively providing for claims against such
subsidiary which are structurally senior to Kalera equity securityholders generally.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Secured Convertible Bridge Promissory Note is convertible into Kalera Ordinary Shares, subject to certain terms and conditions, which
may result in dilution to Kalera equity securityholders.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
more information, please see &#8220;<i>Certain Relationships, Related Party and Other Transactions&#8212;Related Person Transactions&#8212;Secured
Convertible Bridge Promissory Note</i>&#8221; for more information.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Relating to Finance and Accounting</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Agrico
has identified a material weakness in its internal control over financial reporting. This material weakness could continue to adversely
affect Agrico&#8217;s and/or Kalera&#8217;s ability to report results of operations and financial condition accurately and in a timely
manner.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agrico
is responsible for establishing and maintaining adequate internal control over financial reporting designed to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with
accounting principles generally accepted in the United States of America. Agrico&#8217;s management is likewise required to disclose
any changes and material weaknesses identified through such evaluation in those internal controls. A material weakness is a deficiency,
or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material
misstatement of annual or interim financial statements will not be prevented or detected on a timely basis.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 15, 2021, the audit committee of the board of directors of Agrico concluded, after discussion with Agrico&#8217;s management,
that Agrico&#8217;s audited balance sheet as of July 12, 2021 filed as Exhibit 99.1 to the Agrico&#8217;s Current Report on Form 8-K
filed with the SEC on July 21, 2021, should no longer be relied upon due to the restatement of Agrico Class A ordinary shares as temporary
equity.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agrico&#8217;s
Chief Executive Officer and Chief Financial Officer carried out an evaluation of the effectiveness of the design and operation of Agrico&#8217;s
disclosure controls and procedures. Based upon their re-evaluation, Agrico&#8217;s Chief Executive Officer and Chief Financial Officer
concluded that Agrico&#8217;s disclosure controls and procedures were not effective during the period of time the error described above
persisted, due to a material weakness in internal controls over financial reporting in analyzing complex financial instruments. In light
of this material weakness, Agrico performed additional analysis as deemed necessary to ensure that Agrico&#8217;s unaudited interim financial
statements were prepared in accordance with U.S. generally accepted accounting principles. Agrico reflected the restatements in Note
2 of the financial statements included in Agrico&#8217;s Quarterly Report on Form 10-Q for the period ended September 30, 2021, filed
with the SEC on November 15, 2021.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
failure to maintain internal controls could adversely impact Agrico&#8217;s and/or Kalera&#8217;s ability to report its financial position
and results of operations on a timely and accurate basis. If Agrico&#8217;s and/or Kalera&#8217;s financial statements are not accurate,
investors may not have a complete understanding of its operations. Likewise, if Agrico&#8217;s and/or Kalera&#8217;s financial statements
are not filed on a timely basis, Agrico and/or Kalera could be subject to sanctions or investigations by the stock exchange on which
its securities are listed, the SEC or other regulatory authorities. In either case, there could result a material adverse effect on Agrico&#8217;s
and/or Kalera&#8217;s business. Ineffective internal controls could also cause investors to lose confidence in reported financial information,
which could have a negative effect on the trading price of Agrico and/or Kalera&#8217;s securities.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
can be no assurance that the measures Agrico has taken and plans to take in the future will remediate the material weakness identified
or that any additional material weaknesses or restatements of financial results will not arise in the future due to a failure to implement
and maintain adequate internal control over financial reporting or circumvention of these controls. In addition, even if Agrico and/or
Kalera is successful in strengthening its controls and procedures, in the future those controls and procedures may not be adequate to
prevent or identify irregularities or errors or to facilitate the fair presentation of financial statements.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Kalera
has identified a material weakness in its internal control over financial reporting and may identify additional material weaknesses in
the future or fail to maintain an effective system of internal control over financial reporting, which may result in material misstatements
of the Kalera consolidated financial statements or cause Kalera to fail to meet its periodic reporting obligations.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a private limited liability company incorporated in Norway, Kalera has not been required to document and test its internal controls over
financial reporting, nor has management been required to certify the effectiveness of its internal controls, and its auditors have not
been required to opine on the effectiveness of its internal control over financial reporting. Similarly, Kalera has not been subject
to the SEC&#8217;s internal control reporting requirements. Kalera is subject to the requirement for management to certify the effectiveness
of its internal controls and, in due course, will become subject to the requirement with respect to auditor attestation on internal control
effectiveness.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with the audit of Kalera&#8217;s consolidated financial statements as of and for the year ended December 31, 2021, Kalera
and its independent registered public accounting firm identified a material weakness in Kalera&#8217;s internal control over financial
reporting. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting such that
there is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or
detected on a timely basis.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
material weakness that Kalera and its independent registered public accounting firm identified, occurred because Kalera did not have
sufficient resources with the adequate technical skills to identify and evaluate significant accounting positions, estimates and conclusions
and relied upon third party experts for the annual calculation of its tax provisions due to global acquisitions with complex tax structures.
Due to inadequate procedures resulting from the loss of key accounting personnel at year end, timely reviews were not completed to ensure
an appropriate level of precision in such calculations and overall financial statement presentation disclosures.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management,
with oversight from the Audit Committee and Board of Directors is in the process of implementing a remediation plan for this material
weakness, including, among other things, hiring additional tax accounting and financial reporting personnel and implementing process
level and management review controls to ensure the income tax provision calculations and overall financial statement presentation disclosures
are complete and accurate and to identify and address emerging risks.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
can be no assurance that Kalera&#8217;s efforts will remediate this deficiency in internal control over financial reporting or that additional
material weaknesses in Kalera&#8217;s internal control over financial reporting will not be identified in the future. Kalera&#8217;s
failure to implement and maintain effective internal control over financial reporting could result in errors in its or Kalera&#8217;s
consolidated financial statements that could result in a restatement of Kalera and/or Kalera&#8217;s financial statements, may subject
Kalera and/or Kalera to litigation and investigations, and could cause Kalera and/or Kalera to fail to meet our reporting obligations,
any of which could diminish investor confidence in Kalera and/or Kalera, cause a decline in the price of Kalera&#8217;s common stock
and limit Kalera&#8217;s ability to access capital markets.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
Kalera discovers a material weakness in its internal control over financial reporting or otherwise fails to maintain effective internal
control over financial reporting, Kalera&#8217;s ability to report its financial results on a timely and accurate basis and the market
price of its ordinary shares may be adversely affected.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sarbanes-Oxley Act of 2002 (the &#8220;<b>Sarbanes-Oxley Act</b>&#8221;) requires, among other things that Kalera evaluate the effectiveness
of its internal control over financial reporting and disclosure controls and procedures. Prior to the completion of the Business Combination,
Kalera was a company not subject to the Sarbanes-Oxley Act and did not have the necessary business processes and related internal controls
formally designed and implemented, coupled with the appropriate resources with the appropriate level of experience and technical expertise,
to oversee Kalera&#8217;s business processes and controls. To comply with the Sarbanes-Oxley Act, Kalera may incur substantial cost,
expend significant management time on compliance-related issues and hire additional accounting, financial and internal audit staff with
appropriate public company experience and technical accounting knowledge. Moreover, if Kalera is not able to comply with the requirements
of the Sarbanes-Oxley Act in a timely manner or if Kalera or its independent registered public accounting firm identify deficiencies
in Kalera&#8217;s internal control over financial reporting that are deemed to be material weaknesses, Kalera could be subject to sanctions
or investigations by the stock exchange on which its securities are listed, the SEC or other regulatory authorities, which would require
additional financial and management resources. Any failure to maintain effective disclosure controls and procedures or internal control
over financial reporting could have a material adverse effect on Kalera&#8217;s business, prospects and operating results, and cause
a decline in the price of Kalera&#8217;s securities.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
Kalera is unable to establish and maintain an effective internal control environment, and build its finance infrastructure, investors
may lose confidence in the accuracy of Kalera&#8217;s financial reports.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a U.S. public company, Kalera will operate in an increasingly demanding regulatory environment, which requires it to comply with the
Sarbanes-Oxley Act, the regulations of Nasdaq, the rules and regulations of the SEC, expanded disclosure requirements, accelerated reporting
requirements and more complex accounting rules. Company responsibilities required by the Sarbanes-Oxley Act include establishing corporate
oversight and adequate internal control over financial reporting and disclosure controls and procedures. Effective internal controls
are necessary for Kalera to produce reliable financial reports and are important to help prevent financial fraud. Commencing with its
fiscal year ending the year in which the Business Combination was completed, Kalera must perform system and process evaluation and testing
of its internal controls over financial reporting to allow management to report on the effectiveness of its internal controls over financial
reporting in its Form 10-K filing for that year, as required by Section 404 of the Sarbanes-Oxley Act. Prior to Closing of the Business
Combination, Kalera had never been required to test its internal controls within a specified period and, as a result, it may experience
difficulty in meeting these reporting requirements in a timely manner.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera
anticipates that the process of building its accounting and financial functions and infrastructure will require significant additional
professional fees, internal costs and management efforts. Kalera expects that it will need to implement a new internal system to combine
and streamline the management of its financial, accounting, human resources and other functions. However, such a system would likely
require Kalera to complete many processes and procedures for the effective use of the system or to run its business using the system,
which may result in substantial costs. Any disruptions or difficulties in implementing or using such a system could adversely affect
Kalera&#8217;s controls and harm its business. Moreover, such disruption or difficulties could result in unanticipated costs and diversion
of management&#8217;s attention. In addition, Kalera may discover additional weaknesses in its system of internal financial and accounting
controls and procedures that could result in a material misstatement of its financial statements. A control system, no matter how well
designed and operated, can provide only reasonable, not absolute, assurance that the control system&#8217;s objectives will be met. Because
of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that misstatements due to
error or fraud will not occur or that all control issues and instances of fraud will be detected.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera
may fail to establish and maintain effective internal control over financial reporting, in which case Kalera&#8217;s internal control
over financial reporting may not prevent or detect all errors and all fraud. Kalera also may not be able to detect errors and fraud on
a timely basis and its financial statements may be materially misstated. Although, the process of identifying the resources that Kalera
will need to ensure the establishment and maintenance of effective internal controls for its current business has begun, there is no
guarantee that such assessment will be accurate and post-Closing of the Business Combination, the complexity of Kalera&#8217;s business
is likely to increase as it implements its business strategy and its business grows, and such increase in complexity will increase the
difficulty of maintaining effective internal controls. If Kalera fails to establish and maintain effective internal control over financial
reporting, its business and results of operations could be harmed, and investors may lose confidence in the accuracy and completeness
of its financial reports, which could cause the price of its securities to decline. In addition, Kalera could become subject to investigations
by Nasdaq, the SEC or other regulatory authorities, which could require additional management attention and which could adversely affect
Kalera&#8217;s business.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
market price of Kalera&#8217;s securities has been and may continue to be volatile and fluctuate substantially, which could result in
substantial losses for Kalera&#8217;s investors and may subject Kalera to securities litigation suits.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
price of the Kalera Ordinary Shares and Kalera Warrants has been and may continue to be volatile. From June 29, 2022, the date Kalera
securities began trading on Nasdaq, through October 6, 2022, the price of the Kalera Ordinary Shares fluctuated from low of $1.06
to a high of $13.30, and the price of the Kalera Warrants fluctuated from a low $0.068 to a high $0.489.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fluctuations
in the price of Kalera&#8217;s securities could contribute to the loss of all or part of your investment. The trading price of Kalera&#8217;s
securities could continue to be volatile and subject to wide fluctuations in response to various factors, some of which are beyond Kalera&#8217;s
control. Any of the factors listed below could have a material adverse effect on your investment in Kalera&#8217;s securities and Kalera&#8217;s
securities may trade at prices significantly below the price you paid for them. In such circumstances, the trading price of Kalera&#8217;s
securities may not recover and may experience a further decline.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to the other risks described in this &#8220;Risk Factors&#8221; section, the following factors could also cause Kalera&#8217;s
financial condition and results of operations to fluctuate on a quarterly basis:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">actual
                                            or anticipated fluctuations in Kalera&#8217;s quarterly financial results or the quarterly
                                            financial results of companies perceived to be similar to it;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes
                                            in the market&#8217;s expectations about Kalera&#8217;s operating results;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">success
                                            of competitors;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera&#8217;s
                                            operating results failing to meet the expectation of securities analysts or investors in
                                            a particular period;</span></td></tr></table>

<p style="margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"></p>

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<p style="margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes
                                            in financial estimates and recommendations by securities analysts concerning Kalera or the
                                            vertical farming or agriculture industry in general;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">operating
                                            and share price performance of other companies that investors deem comparable to Kalera;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera&#8217;s
                                            ability to bring its products and technologies to market on a timely basis, or at all;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes
                                            in laws and regulations affecting Kalera&#8217;s business;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera&#8217;s
                                            ability to meet compliance requirements;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">commencement
                                            of, or involvement in, litigation involving Kalera;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes
                                            in Kalera&#8217;s capital structure, such as future issuances of securities or the incurrence
                                            of additional debt;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            volume of Kalera&#8217;s shares available for public sale, including the significant percentage
                                            of securities being offered for resale pursuant to this prospectus;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
                                            major change in the Kalera board of directors or management;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">amounts
                                            of Kalera&#8217;s shares by Kalera&#8217;s directors, executive officers or significant shareholders
                                            or the perception that such sales could occur; and</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">general
                                            economic and political conditions such as recessions, interest rates, fuel prices, international
                                            currency fluctuations, pandemic such as COVID-19 and acts of war or terrorism.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fluctuations
in Kalera&#8217;s operating results and cash flow could, among other things, give rise to short-term liquidity issues. In addition, its
revenue, key operating metrics and other operating results in future quarters may fall short of the expectations of investors and financial
analysts, which could have an adverse effect on the price of Kalera&#8217;s securities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Kalera&#8217;s
ability to utilize its U.S. federal net operating loss and tax credit carryforwards may be limited under Sections 382 and 383 of the
Code</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
limitations apply if a corporation undergoes an &#8220;ownership change,&#8221; which is generally defined as a greater than 50 percentage
point change (by value) in its equity ownership by certain stockholders over a three-year period. If Kalera has experienced an ownership
change at any time since its incorporation, it may already be subject to limitations on its ability to utilize its existing U.S. federal
income tax net operating losses and other tax attributes to offset taxable income. In addition, future changes in Kalera&#8217;s stock
ownership, which may be outside of its control, may trigger an ownership change and, consequently, Section 382 and 383 limitations. Similar
provisions of state tax law may also apply to limit Kalera&#8217;s use of accumulated state tax attributes. As a result, if we earn net
taxable income, Kalera&#8217;s ability to use its pre-change net operating loss carryforwards and other tax attributes to offset such
taxable income may be subject to limitations, which could potentially result in increased future income tax liability to Kalera.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Relating to the Offering</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
best efforts structure of this offering may have an adverse effect on our business plan.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Placement Agent is offering the Units in this offering on a best efforts basis. The Placement Agent is not required to purchase any securities,
but will use their best efforts to sell the securities offered. As a &#8220;best efforts&#8221; offering, there can be no
assurance that the offering contemplated hereby will ultimately
be consummated or will result in any proceeds being made available to us. The success of this offering will impact our ability to use
the proceeds to execute our business plan.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Since
we have broad discretion in how we use the proceeds from this offering, we may use the proceeds in ways with which you disagree.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 21.3pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 21.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
intend to use the net proceeds of this offering for general corporate purposes. Our management will have significant flexibility in applying
the net proceeds of this offering. You will be relying on the judgment of our management with regard to the use of these net proceeds,
and you will not have the opportunity, as part of your investment decision, to assess whether the proceeds are being used appropriately.
It is possible that the net proceeds will be invested in a way that does not yield a favorable, or any, return for us. The failure of
our management to use such funds effectively could have a material adverse effect on our business, financial condition, prospects, financial
condition, operating results and cash flow.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Class A Warrants and pre-funded warrants are speculative in nature.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 14.2pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 14.2pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Class A Warrants and pre-funded warrants offered hereby do not confer any rights of share ownership on their holders, such as voting
rights or the right to receive dividends, but rather merely represent the right to acquire Kalera Ordinary Shares at a fixed price. Specifically,
commencing on the date of issuance, holders of the pre-funded warrants may acquire the Kalera Ordinary Shares issuable upon exercise
of such warrants at an exercise price of $0.0001 per share and holders of the Class A Warrants may acquire the Kalera Ordinary Shares
issuable upon the exercise of such warrants at a non pre-funded exercise price of $0.0001 per share (not less than the nominal
value of such share, being $0.0001 per share as at the date hereof). Moreover, following this offering, the market value of the Class
A Warrants and pre-funded warrants is uncertain and there can be no assurance that the market value of the Class A Warrants and pre-funded
warrants will equal or exceed their public offering price.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>There
is no public market for the Class A Warrants or pre-funded warrants being offered in this offering and we do not expect one to develop.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 14.2pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 14.2pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
is presently no established public trading market for the Class A Warrants or pre-funded warrants being offered in this offering and
we do not expect a market to develop. In addition, we do not intend to apply to list the Class A Warrants or pre-funded warrants on any
securities exchange or nationally recognized trading system, including Nasdaq. Without an active market, the liquidity of the Class A
Warrants and pre-funded warrants will be limited.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Relating to Share Ownership</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Sales
or perceived sales of a substantial number of Kalera&#8217;s securities could adversely affect the market price of such securities and
impact Kalera&#8217;s ability to raise additional capital in the future.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
order for us to meet our existing operating and capital expenditure requirements and to be able to successfully pursue our business
plan, we require additional equity and/or debt funding in the short term. While the exact timing and amount of our future funding
plans depend on many factors, we are exploring various funding and liquidity opportunities, including further issuances of equity
and/or equity-linked securities, the incurrence of additional debt, the restructuring of our existing debt, the potential for
strategic investments by private investors and asset sales. In addition, we are in discussions for a sale leaseback transaction with
a third-party lender, and additional equipment financing that could bring up to $22 million for future capital expenditures. Despite
these ongoing efforts, we may be unable to obtain any such additional financing on reasonable terms or at all.In addition, our
ability to raise additional capital through the sale of equity or convertible debt securities could be significantly impacted by the
sales of a substantial number of our securities in the public market or otherwise, or the perception or anticipation that such sales
could occur.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are currently (i) up to 14,437,500 Kalera Ordinary Shares issuable upon exercise of Kalera Warrants, (ii) up to 4,000,000 Kalera Ordinary
Shares issuable upon the conversion of the Second Amended and Restated Secured Convertible Bridge Promissory Note and (iii) up to 5,000,000
Kalera Ordinary Shares issuable upon exercise of private warrants held by Armistice as of July 11, 2022. Kalera Warrants are immediately
exercisable at an exercise price of $11.50 per Kalera Warrant. The Second Amended and Restated Secured Convertible Bridge Promissory
Note is immediately convertible, at a conversion price of $3.50 per share. The warrants held by Armistice will become exercisable on
January 11, 2023 at an exercise price of $4.41 per warrant. Issuance and a subsequent sale of a significant number of these securities
in the public market, or the perception that such issuance and sale could occur, could significantly reduce the market price of Kalera&#8217;s
securities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, 1,796,875 Kalera Ordinary Shares and 6,171,875 Kalera Warrants held by the Sponsor are subject to a lock up restriction beginning
on the First Closing Date. After the lock-up period expires, these securities will become eligible for sale in the public market. Sales
of a significant number of these securities in the public market, or the perception that such sales could occur, could also reduce the
market price of Kalera&#8217;s securities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
above-described sales, or the possibility that such sales could occur, and any resulting reduction in the market price of Kalera&#8217;s
securities, could make it more difficult for Kalera to sell equity securities and raise capital in the future at a time and at a price
that it deems appropriate. See &#8220;<i>Management&#8217;s Discussion and Analysis of Financial Condition And Results Of Operations-Liquidity
and Capital Resources.</i>&#8221;.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
issuance of the CVR Shares could materially dilute Kalera Shareholders</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
additional consideration for the Second Merger and the Company Capital Reduction certain Kalera security holders received the CVRs. Each
CVR represents a contingent right to receive additional Kalera Ordinary Shares, issuable upon the achievement of certain milestones,
including: (i) Kalera Ordinary Shares trading at or over a market price of $12.50; and (ii) Kalera Ordinary Shares trading at or over
a market price of $15.00, in each case, for 20 trading days within a 30 trading-day period, based on volume-weighted average trading
prices. The amount of shares issuable to each CVR holder for the achievement of each milestone is, in each case, a pro rata portion of
an amount of Kalera Ordinary Shares equivalent to approximately 5% of the amount of Kalera SA Shares outstanding as of immediately following
the Kalera Capital Reduction on a fully diluted basis. If the CVR Shares are issued, the ownership of Kalera Shareholders will be diluted.
The foregoing description of the CVRs is not complete and is qualified in its entirety by reference to the Business Combination Agreement
and the form of CVR Agreement annexed thereto.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
price of Kalera&#8217;s securities in the public market may fluctuate significantly and could result in investors&#8217; losing all or
a part of their investment.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
trading volume and price of Kalera&#8217;s securities may fluctuate significantly in response to a number of factors beyond Kalera&#8217;s
control, including but not limited to:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">actual
                                            or anticipated fluctuations in Kalera&#8217;s revenue, financial condition and operating
                                            results, including fluctuations in Kalera&#8217;s quarterly and annual results;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">announcements
                                            of innovations by Kalera or Kalera&#8217;s competitors;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">overall
                                            conditions in Kalera&#8217;s industry and the markets in which Kalera operates;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">market
                                            conditions or trends in the food sales industry or in the economy as a whole;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">addition
                                            or loss of significant customers or other developments with respect to significant customers;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">adverse
                                            developments concerning Kalera&#8217;s suppliers;</span></td></tr></table>

<p style="margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"></p>

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<p style="margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes
                                            in laws or regulations applicable to Kalera&#8217;s products and changes in the regulatory
                                            environment in which Kalera operates;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera&#8217;s
                                            ability to effectively manage its growth;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">announcements
                                            by Kalera or Kalera&#8217;s competitors of significant acquisitions, strategic partnerships,
                                            joint ventures or capital commitments;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes
                                            in management and additions or departures of key personnel;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">negative
                                            publicity or announcements, including those relating to any of Kalera&#8217;s substantial
                                            shareholders or key personnel, whether or not justifiable, including involvement in insolvency
                                            proceedings and failed attempts in takeovers or joint ventures;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">competition
                                            from existing products or new products that may emerge;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">fluctuations
                                            in the valuation of companies perceived by investors to be comparable to Kalera;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">litigation
                                            or regulatory matters;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes
                                            in tax laws;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">announcement
                                            or expectation of additional financing efforts;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera&#8217;s
                                            cash position;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">share
                                            price and volume fluctuations attributable to inconsistent trading volume levels of the shares;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            expiration of contractual lock-up agreements with directors and certain members of management;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes
                                            in accounting practices;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">effectiveness
                                            of Kalera&#8217;s internal controls; and</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">other
                                            events or factors, many of which are beyond Kalera&#8217;s control and other unforeseen events
                                            and liabilities.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
stock markets experience price fluctuations that affect market prices of equity securities of many companies, including early stage growth
companies. These fluctuations may or may not be related to the direct operating performance of those companies. These broad market and
industry fluctuations, as well as general economic, political and market conditions such as recessions, interest rate changes, tariffs
or international currency fluctuations, may negatively impact the market price of Kalera&#8217;s securities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
assurance can be given that an active and liquid trading market for Kalera&#8217;s securities will develop or be maintained. The market
value of Kalera&#8217;s securities could be substantially affected by the extent to which a strong secondary market develops for Kalera&#8217;s
securities.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Kalera
may be a passive foreign investment company, or &#8220;PFIC,&#8221; which could result in adverse U.S. federal income tax consequences
to U.S. investors.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
Kalera is a PFIC for any taxable year (or portion thereof) that is included in the holding period of a U.S. Holder (as defined in the
section of this registration statement captioned &#8220;Certain Material U.S. Tax Consequences&#8221;) of Kalera securities, the U.S.
Holder may be subject to adverse U.S. federal income tax consequences and may be subject to additional reporting requirements. Based
on the current and anticipated composition of the income, assets and operations of Kalera and its subsidiaries, it is not expected that
Kalera will be a PFIC for U.S. federal income tax purposes for the current taxable year or in foreseeable future taxable years. However,
this is a factual determination that depends on, among other things, the composition of Kalera&#8217;s income and assets, and the market
value of its shares and assets, including the composition of income and assets and the market value of shares and assets of its subsidiaries,
from time to time. Kalera&#8217;s actual PFIC status for its current taxable year or any future taxable year will not be determinable
until after the end of such taxable year. Accordingly, there can be no assurances with respect to Kalera&#8217;s status as a PFIC for
its current taxable year or any subsequent taxable year. U.S. Holders are urged to consult their own tax advisors regarding the possible
application of the PFIC rules to holders of Kalera securities. For a more detailed explanation of the tax consequences of PFIC classification
to U.S. Holders, see &#8220;<i>Certain Material U.S. Tax Consequences-U.S. Federal Income Tax Considerations of Owning Kalera Ordinary
Shares and Warrants-Passive Foreign Investment Company Considerations.</i>&#8221;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
IRS may not agree that Kalera should be treated as a non-U.S. corporation for U.S. federal income tax purposes.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
current U.S. federal income tax law, a corporation generally will be considered to be a U.S. corporation for U.S. federal income tax
purposes if it is created or organized in the United States or under the law of the United States or of any State. Accordingly, under
generally applicable U.S. federal income tax rules, Kalera, which is incorporated and treated as a tax resident in Ireland, would generally
be classified as a non-U.S. corporation for U.S. federal income tax purposes. Section 7874 of Code and the Treasury regulations promulgated
thereunder, however, contain specific rules that may cause a non-U.S. corporation to be treated as a U.S. corporation for U.S. federal
income tax purposes. If it were determined that Kalera is treated as a U.S. corporation for U.S. federal income tax purposes under Section
7874 of the Code and the Treasury regulations promulgated thereunder, Kalera would be liable for U.S. federal income tax on its income
in the same manner as any other U.S. corporation and certain distributions made by Kalera to holders of Kalera Ordinary Shares who are
not U.S. Holders may be subject to U.S. withholding tax.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
on the terms of the Business Combination and certain factual assumptions, Kalera does not currently expect that it should be treated
as a U.S. corporation for U.S. federal income tax purposes under Section 7874 of the Code after the Business Combination. However, the
application of Section 7874 of the Code is complex, subject to detailed regulations (the application of which is uncertain in various
respects and would be impacted by changes in such U.S. Treasury regulations with possible retroactive effect) and subject to certain
factual uncertainties Accordingly, there can be no assurance that the IRS will not challenge the status of Kalera as a non-U.S. corporation
for U.S. federal income tax purposes under Section 7874 of the Code or that such challenge would not be sustained by a court.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the IRS were to successfully challenge under Section 7874 of the Code Kalera&#8217;s status as a non U.S. corporation for U.S. federal
income tax purposes, Kalera and certain Kalera shareholders may be subject to significant adverse tax consequences, including a higher
effective corporate income tax rate on Kalera and the application of U.S. withholding taxes on dividends paid on Kalera shares to non-U.S.
shareholders, subject to reduction under an applicable income tax treaty.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investors
should consult their own tax advisors regarding the application of Section 7874 of the Code to the Business Combination and the tax consequences
to Kalera and its shareholders if the classification of Kalera as a non-U.S. corporation is not respected.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Concentration
of ownership among Kalera&#8217;s existing executive officers, directors and their affiliates may prevent new investors from influencing
significant corporate decisions.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera&#8217;s
directors and executive officers and their affiliates as a group own approximately 28.8% of Kalera outstanding ordinary shares. As a
result, these shareholders are able to exercise a significant level of influence over all matters requiring shareholder approval, including
the election of directors, any amendment of the amended and restated articles of association and approval of significant corporate transactions.
This influence could have the effect of delaying or preventing a change of control or changes in management and will make the approval
of certain transactions difficult or impossible without the support of these shareholders.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Kalera
qualifies as an &#8220;emerging growth company&#8221; and benefits from reduced disclosure requirements. Kalera cannot be certain if
such reduced disclosure requirements will make its ordinary shares less attractive to investors and make it more difficult to compare
Kalera&#8217;s performance with other public companies.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera
qualifies as an &#8220;emerging growth company,&#8221; as defined in the JOBS Act, and intends to take advantage of certain exemptions
from various reporting requirements that are applicable to other public companies that are not &#8220;emerging growth companies,&#8221;
including not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure
obligations regarding executive compensation in its periodic reports and proxy statements and exemptions from the requirements of holding
a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.
Kalera may take advantage of these exemptions for so long as it is an &#8220;emerging growth company,&#8221; which is until the earliest
of (i) the last day of the fiscal year in which the market value of Kalera Ordinary Shares that are held by non-affiliates equals or
exceeds $700 million as of June 30 of that fiscal year, (ii) the last day of the fiscal year in which it has total annual gross revenue
of $1.07 billion or more during such fiscal year (as indexed for inflation), (iii) the date on which it has issued more than $1 billion
in non-convertible debt in the prior three-year period or (iv) the last day of the fiscal year following the fifth anniversary of the
date of the first sale of Agrico&#8217;s Units in the Agrico IPO. Kalera cannot predict if investors will find its ordinary shares less
attractive because it will rely on these exemptions. If some investors find Kalera Ordinary Shares less attractive as a result, there
may be a less active trading market for Kalera Ordinary Shares and its stock price may be more volatile.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
an &#8220;emerging growth company&#8221;, Kalera will elect to use the extended transition period for complying with new or revised accounting
standards under Section 102(b)(2) of the JOBS Act, that allows Kalera to delay the adoption of new or revised accounting standards that
have different effective dates for public and private companies until those standards apply to private companies. As a result of this
election, Kalera&#8217;s financial statements may not be comparable to companies that comply with public company effective dates.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Kalera
does not expect to declare any dividends in the foreseeable future.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera
does not anticipate declaring any cash dividends to holders of its common equity in the foreseeable future. Consequently, investors may
need to rely on sales of their shares after price appreciation, which may never occur, as the only way to realize any future economic
gains on their investment.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>There
is no guarantee that Kalera Warrants will be in-the-money at the time they become exercisable, and they may expire worthless.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
exercise price for the Kalera Warrants is $11.50 per Kalera Ordinary Share. There is no guarantee that any of the Kalera Warrants will
be in-the-money following the time they become exercisable and prior to their expiration, and as such, the Kalera Warrants may expire
worthless.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Kalera
may redeem the unexpired warrants prior to their exercise at a time that is disadvantageous to warrant holders, thereby making their
warrants worthless, and exercise of a significant number of the warrants could adversely affect the market price of Kalera Ordinary Shares.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera
will have the ability to redeem outstanding Kalera Warrants at any time after they become exercisable and prior to their expiration,
at a price of $0.01 per warrant, provided that the last reported sales price of Kalera Ordinary Shares equals or exceeds $18.00 per share
(as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) on each of twenty (20) trading days
within any thirty (30) trading day period commencing after the Kalera Warrants become exercisable and ending on the third (3rd) trading
day prior to the date on which notice of redemption is given and provided that there is an effective registration statement covering
Kalera Ordinary Shares issuable upon exercise of the Kalera Warrants. If and when the warrants become redeemable by Kalera, Kalera may
not exercise the redemption right if the issuance of the Kalera Ordinary Shares upon exercise of the warrants is not exempt from registration
or qualification under applicable state blue sky laws or Kalera is unable to effect such registration or qualification. Redemption of
the outstanding Kalera Warrants could force you to: (i) exercise your Kalera Warrants and pay the exercise price therefor at a time when
it may be disadvantageous for you to do so, (ii) sell your Kalera Warrants at the then-current market price when you might otherwise
wish to hold your Kalera Warrants or (iii) accept the nominal Redemption Price which, at the time the outstanding Kalera Warrants are
called for redemption, is likely to be substantially less than the market value of your Kalera Warrants. Additionally, if a significant
number of Kalera Warrant holders exercise their Kalera Warrants instead of accepting the nominal Redemption Price, the issuance of these
shares would dilute other equity holders, which could reduce the market price of the Kalera Ordinary Shares. Because the $18.00 trading
price referred to above substantially exceeds the current trading price of $1.27 of the Kalera Ordinary Shares and Kalera has
registered for resale a substantial number of Kalera Ordinary Shares, the sale of which could cause the price of the Kalera Ordinary
Shares to decrease, Kalera may be unable to redeem the Kalera Warrants and such warrants may expire worthless.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Relating to Legal and Regulatory Compliance</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Kalera&#8217;s
operations are subject to FDA, FTC, USDA, EPA and OSHA governmental regulation and state regulation and Kalera is exposed to risks related
to regulatory processes and changes in regulatory environment, including, but not limited to the Produce Safety Rule, GMPs and the Preventative
Controls Rule.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
manufacture and marketing of food products is highly regulated in the United States, and Kalera is subject to a variety of laws and regulations.
These laws and regulations apply to many aspects of its business, including the manufacture, packaging, labeling, distribution, advertising,
sale, quality, and safety of its products, as well as the health and safety of its employees and the protection of the environment. Following
the acquisition of &amp;ever, Kalera is also subject to laws and regulations in international jurisdictions, including, but not necessarily
limited to, Germany, Kuwait and Singapore.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the United States, Kalera is subject to regulation by various government agencies, including the U.S. Food and Drug Administration (&#8220;<b>FDA</b>&#8221;),
the Federal Trade Commission (&#8220;<b>FTC</b>&#8221;), the Occupational Safety and Health Administration (&#8220;<b>OSHA</b>&#8221;),
the Environmental Protection Agency (&#8220;<b>EPA</b>&#8221;), and U.S. Department of Agriculture (&#8220;<b>USDA</b>&#8221;), as well
as various state and local agencies. Further, regulations outside the United States, Germany, Kuwait and Singapore by various international
regulatory bodies could also apply in the future as Kalera, under its current roll-out plan, is seeking to establish its business internationally.
In addition, Kalera could be adversely affected by violations of the U.S. Foreign Corrupt Practices Act, or FCPA, and similar worldwide
anti-bribery laws, which generally prohibit companies and their intermediaries from making improper payments to non-U.S. officials or
other third parties for the purpose of obtaining or retaining business. While Kalera has policies that mandate compliance with these
anti-bribery laws, its internal control policies and procedures may not protect it from reckless or criminal acts committed by its employees
or agents. Violations of these laws, or allegations of such violations, could disrupt its business and result in a material adverse effect
on our results of operations, cash flows and financial condition.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, depending on customer specification, Kalera may be subject to certain voluntary, third-party standards, such as Global Food
Safety Initiative, or GFSI, standards and review by voluntary organizations, such as the Council of Better Business Bureaus&#8217; National
Advertising Division. Kalera could incur costs, including fines, penalties and third-party claims, because of any violations of, or liabilities
under, such requirements, including any competitor or consumer challenges relating to compliance with such requirements. The loss of
third-party accreditation could result in lost sales and customers, and may adversely affect Kalera&#8217;s business, results of operation,
and financial condition. In connection with the marketing and advertisement of our products, Kalera could be the target of claims relating
to false or deceptive advertising, including under the auspices of the FTC and the consumer protection statutes of some states.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
regulatory environment in which we operate could change significantly and adversely in the future. Any change in manufacturing, labeling
or packaging requirements for our products may lead to an increase in costs or interruptions in production, either of which could adversely
affect our operations and financial condition. New or revised government laws and regulations could result in additional compliance costs,
mandate significant and costly changes to the way Kalera implements its products, and threaten its ability to serve certain markets,
and, in the event of non-compliance, civil remedies, including fines, injunctions, withdrawals, recalls, or seizures and confiscations,
warning letters, restrictions on the marketing or manufacturing of products, or refusals to permit the import or export of products,
as well as potential criminal sanctions, any of which may adversely affect its business, results of operations, cash flows, financial
condition, operating revenue, profitability and/or prospects.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Food
safety and foodborne illness incidents or advertising or product mislabeling may materially adversely affect Kalera&#8217;s business
by exposing it to lawsuits, product recalls, or regulatory enforcement actions, increasing its operating costs and reducing demand for
Kalera&#8217;s product offerings.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selling
food for human consumption involves inherent legal and other risks, and there is increasing governmental scrutiny of and public awareness
regarding food safety. Unexpected side effects, illness, injury or death related to allergens, foodborne illnesses or other food safety
incidents caused by products that Kalera sells could result in the discontinuance of sales of these products, or otherwise result in
increased operating costs, regulatory enforcement actions, or harm to its reputation. Shipment of adulterated or misbranded products,
even if inadvertent, can result in criminal or civil liability. Such incidents could also expose Kalera to product liability, negligence,
or other lawsuits, including consumer class action lawsuits. Any claims brought against Kalera may exceed or be outside the scope of
our existing or future insurance policy coverage or limits. Any judgment against Kalera that is more than its policy limits or not covered
by its policies or not subject to insurance would have to be paid from its cash reserves, which would reduce its capital resources.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
occurrence of foodborne illnesses or other food safety incidents could also adversely affect the price and availability of affected raw
materials, resulting in higher costs, disruptions in supply and a reduction in sales. Furthermore, any instances of food contamination
or regulatory noncompliance, whether or not caused by its actions, could compel Kalera or its customers, depending on the circumstances,
to conduct a recall in accordance with FDA regulations, and comparable state laws. Food recalls could result in significant losses due
to their costs, the destruction of product inventory, lost sales due to the unavailability of the product for a period of time and potential
loss of existing distributors or customers and a potential negative impact on our ability to attract new customers due to negative consumer
experiences or because of an adverse impact on our brand and reputation. The costs of a recall could be outside the scope of its existing
or future insurance policy coverage or limits.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, food companies have been subject to targeted, large-scale tampering as well as to opportunistic, individual product tampering,
and we, like any food company, could be a target for product tampering. Forms of tampering could include the introduction of foreign
material, chemical contaminants, and pathogenic organisms into consumer products as well as product substitution. FDA regulations require
businesses like ours to analyze, prepare, and implement mitigation strategies specifically to address tampering designed to inflict widespread
public health harm. If Kalera does not adequately address the possibility, or any actual instance, of product tampering, Kalera could
face possible seizure or recall of its products, suspension of its facilities&#8217; registrations, and/or the imposition of civil or
criminal sanctions, which could materially adversely affect its business, financial condition, cash flows, operating results and/or prospects.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Litigation
or legal proceedings could expose Kalera to significant liabilities and have a negative impact on its reputation or business.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera
may become subject to claims, litigation, disputes and other legal proceedings from time to time. Kalera evaluates these claims, litigation,
disputes and other legal proceedings to assess the likelihood of unfavorable outcomes and to estimate, if possible, the amount of potential
losses. Based on these assessments and estimates, Kalera may establish reserves, as appropriate. These assessments and estimates are
based on the information available to management at the time and involve a significant amount of management judgment. Actual outcomes
or losses may differ materially from our assessments and estimates.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the terms of the engagement letter executed between BofA Securities and Kalera, Kalera agreed to indemnify and hold harmless BofA Securities
and its officers, directors, employees and agents from and against any losses and claims arising in any manner out of or in connection
with the services that BofA Securities provided to Kalera thereunder. Accordingly, if any claims, litigation, disputes or other legal
proceedings are brought by third parties against BofA Securities in relation to the services it provided to Kalera, Kalera will be liable
to pay for or reimburse BofA Securities for the losses and costs it incurs unless the losses and costs are finally judicially determined
to have resulted from the gross negligence or willful misconduct of BofA or its officers, directors, employees and agents.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Even
when not merited or whether or not Kalera ultimately prevails, the defense of these lawsuits may divert management&#8217;s attention,
and Kalera may incur significant expenses in defending these lawsuits. The results of litigation and other legal proceedings are inherently
uncertain, and adverse judgments or settlements in some of these legal disputes may result in adverse monetary damages, penalties or
injunctive relief against Kalera, which could negatively impact its financial position, cash flows or results of operations. An unfavorable
outcome of any legal dispute could imply that Kalera becomes liable for damages or will have to modify its business model. Further, any
product liability or negligence claim against Kalera in US courts may, if successful, result in damages being awarded that contain punitive
elements and therefore may significantly exceed the loss or damage suffered by the successful claimant. Any claims or litigation, even
if fully indemnified or insured, could damage our reputation and make it more difficult to compete effectively or to obtain adequate
insurance in the future. A settlement or an unfavorable outcome in a legal dispute could have an adverse effect on Kalera&#8217;s business,
financial condition, results of operations, cash flows, time to market and/or prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
while Kalera maintains insurance for certain potential liabilities, such insurance does not cover all types and amounts of potential
liabilities and is subject to various exclusions as well as caps on amounts recoverable. Even if Kalera believes a claim is covered by
insurance, insurers may dispute its entitlement to recovery for a variety of potential reasons, which may affect the timing and, if the
insurers prevail, the amount of our recovery.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Kalera
is subject to stringent environmental regulation and could therefore become subject to environmental litigation, proceedings, and investigations.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera&#8217;s
past and present business operations and ownership/leasing and operation of real property are subject to stringent federal, state, and
local environmental laws and regulations pertaining to the discharge of materials into the environment, and the handling and disposition
of wastes (including solid and hazardous wastes) or otherwise relating to protection of the environment. Compliance with these laws and
regulations, and the ability to comply with any modifications to these laws and regulations, is material to Kalera&#8217;s business.
New matters or sites may be identified in the future that will require additional investigation, assessment, or expenditures. Future
discovery of contamination of property underlying or in the vicinity of our present properties or facilities could require us to incur
additional expenses. The occurrence of any of these events, the implementation of new laws and regulations, or stricter interpretation
of existing laws or regulations, could adversely affect its business, financial condition, results of operations, cash flows, time to
market and/or prospects.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Changes
in tax laws may materially adversely affect Kalera&#8217;s or any of its subsidiaries&#8217; business, prospects, financial condition
and operating results.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">New
income, sales, use or other tax laws, statutes, rules, regulations or ordinances could be enacted at any time, which could adversely
affect our business, prospects, financial condition and operating results. Further, existing tax laws, statutes, rules, regulations or
ordinances could be interpreted, changed, modified or applied adversely to Kalera or any of its subsidiaries. For example, U.S. federal
tax legislation enacted in 2017, informally titled the Tax Cuts and Jobs Act, enacted many significant changes to the U.S. tax laws.
Additional tax legislation is currently pending in the United States Congress. We are unable to predict what tax proposals may be proposed
or enacted in the future or what effect such changes would have on Kalera&#8217;s business, but such changes, to tax legislation, regulations,
policies or practices, could affect Kalera&#8217;s financial position and overall or effective tax rates in the future in countries where
we have operations and where Kalera is organized or a resident of for tax purposes, and increase the complexity, burden and cost of tax
compliance. We urge investors to consult with their legal and tax advisers regarding the implication of potential changes in tax laws
on an investment in Kalera&#8217;s securities.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Relating to Irish Law</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Kalera
is incorporated in Ireland; Irish law differs from the laws in effect in the United States and may afford less protection to our shareholders.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera
is an Irish incorporated public limited company. There is some uncertainty as to whether the courts of Ireland would recognize or enforce
judgments of U.S. courts obtained against us or our directors or officers based on the civil liabilities provisions of the U.S. federal
or state securities laws or hear actions against us or those persons based on those laws. The U.S. and Ireland do not currently have
a treaty providing for the reciprocal recognition and enforcement of judgments (other than arbitration awards) in civil and commercial
matters, and, accordingly, common law rules apply in determining whether a judgment obtained in a U.S. court is enforceable in Ireland.
Although there are processes under Irish law for enforcing a judgment of a U.S. court, including by seeking summary judgment in a new
action in Ireland, those processes are subject to certain established principles and conditions, and there can be no assurance that an
Irish court would enforce a judgment of a U.S. court in this way and thereby impose civil liberty on us or our directors or officers.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
an Irish company, we are governed by the Irish Companies Act and the common law of Ireland, which differs in some material respects from
laws generally applicable to U.S. corporations and shareholders, including, among others, differences relating to interested director
and officer transactions and shareholder lawsuits. Likewise, the duties of directors and officers of an Irish company generally are owed
to the company only. Shareholders of Irish companies generally do not have a personal right of action against directors or officers of
the company and may exercise such rights of action on behalf of the company only in limited circumstances. Accordingly, holders of our
securities may have more difficulty protecting their interests than would holders of securities of a corporation incorporated in a jurisdiction
of the U.S.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Transfers
of Class A Warrants or pre-funded warrants may be subject to Irish stamp duty.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt; text-indent: 21.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
transfer of your Class A Warrants and/or pre-funded warrants could be subject to Irish stamp duty (currently at the rate of 1% of the
higher of the price paid or the market value of the warrants transferred). Payment of Irish stamp duty is generally a legal obligation
of the transferee. The potential for Irish stamp duty could adversely affect the price of your Class A Warrants and/or pre-funded warrants.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>In
certain limited circumstances, dividends paid by Kalera may be subject to Irish dividend withholding tax.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera
does not intend to pay dividends on Kalera Ordinary Shares in the foreseeable future. If Kalera were to declare and pay dividends, in
certain limited circumstances, Irish dividend withholding tax (currently at a rate of 25%) may arise in respect of dividends paid on
the Kalera Ordinary Shares. A number of exemptions from dividend withholding tax exist such that shareholders resident in the U.S. and
other exempt countries may be entitled to exemptions from dividend withholding tax.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Submission
will be made to the Irish Revenue Commissioners to confirm that shareholders resident in the U.S. that hold their Kalera Ordinary Shares
through DTC will not be subject to dividend withholding tax, provided the addressees of the beneficial owners of such Kalera Ordinary
Shares in the records of the brokers holding such Kalera Ordinary Shares are recorded as being in the U.S. (and such brokers have further
transmitted the relevant information to a qualifying intermediary appointed by Kalera). It is expected that this confirmation should
be granted. However, other holders of Kalera Ordinary Shares may be subject to dividend withholding tax, which could adversely affect
the price of their Kalera Ordinary Shares.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>After
the transactions, dividends received by Irish residents and certain other shareholders may be subject to Irish income tax.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholders
entitled to an exemption from Irish dividend withholding tax on dividends received from Kalera will not be subject to Irish income tax
in respect of those dividends unless they have some connection with Ireland other than their shareholding in Kalera (for example, they
are resident in Ireland). Shareholders who receive dividends subject to Irish dividend withholding tax will generally have no further
liability to Irish income tax on those dividends.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Kalera
Ordinary Shares or Kalera Warrants or other securities issued by Kalera received by means of a gift or inheritance could be subject
to Irish capital acquisitions tax.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">Irish capital acquisitions
tax (&#8220;<b>CAT</b>&#8221;) could apply to a gift or inheritance of Kalera Ordinary Shares or Kalera Warrants or other securities
issued by Kalera irrespective of the place of residence, ordinary residence or domicile of the parties. This is because Kalera Ordinary
Shares and Kalera Warrants or other securities issued by Kalera should be regarded as property situated in Ireland. The person who receives
the gift or inheritance has primary liability for CAT. Gifts and inheritances passing between spouses are exempt from CAT. Children have
a tax-free threshold of &#8364;335,000 in respect of taxable gifts or inheritances received from their parents.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
is recommended that each shareholder consult his or her own tax advisor as to the tax consequences of holding Kalera Ordinary Shares
and Kalera Warrants or other securities issued by Kalera in, and receiving distributions from, Kalera.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Provisions
in the Kalera Articles and under Irish law could make an acquisition of Kalera more difficult, may limit attempts by Kalera shareholders
to replace or remove Kalera&#8217;s management, may limit shareholders&#8217; ability to obtain a favorable judicial forum for disputes
with Kalera or Kalera&#8217;s directors, officers, or employees, and may limit the market price of the Kalera Ordinary Shares and/or
Kalera Warrants.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Provisions
in the Kalera Articles may have the effect of delaying or preventing a change of control or changes in Kalera&#8217;s management. The
Kalera Articles include provisions that:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">require
                                            that Kalera&#8217;s board of directors is classified into three classes of directors with
                                            staggered three-year terms;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">permit
                                            the board of directors to establish the number of directors and fill any vacancies and newly
                                            created directorships; and</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">prohibit
                                            shareholder action by written consent without unanimous approval of all holders of Kalera
                                            Ordinary Shares.</span></td></tr></table>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Kalera Articles contain exclusive forum provisions for certain claims, which could limit Kalera&#8217;s shareholders&#8217; ability to
obtain a favorable judicial forum for disputes with Kalera or Kalera&#8217;s directors, officers or employees.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Kalera Articles provide that unless Kalera consents in writing to the selection of an alternative forum, the federal district courts
of the United States of America shall, to the fullest extent permitted by law, be the exclusive forum for the resolution of any complaint
asserting a cause of action arising under the Exchange Act or the Securities Act (the &#8220;<b>Federal Forum Provision</b>&#8221;).
Moreover, Section 22 of the Securities Act creates concurrent jurisdiction for federal and state courts over all claims brought to enforce
any duty or liability created by the Securities Act or the rules and regulations thereunder. Kalera&#8217;s decision to adopt the Federal
Forum Provision followed a decision by the Supreme Court of the State of Delaware holding that such provisions are facially valid under
Delaware law. While there can be no assurance that federal or state courts will follow the holding of the Delaware Supreme Court or determine
that the Federal Forum Provision should be enforced in a particular case, application of the Federal Forum Provision means that suits
brought by Kalera&#8217;s shareholders to enforce any duty or liability created by the Securities Act must be brought in federal court
and cannot be brought in state court.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
27 of the Exchange Act creates exclusive federal jurisdiction over all claims brought to enforce any duty or liability created by the
Exchange Act or the rules and regulations thereunder and the Kalera Articles confirm that the federal district courts of the United States
of America will be the exclusive forum for resolving any complaint asserting a cause of action arising under the Exchange Act. Accordingly,
actions by Kalera&#8217;s shareholders to enforce any duty or liability created by the Exchange Act or the rules and regulations thereunder
must be brought in federal court.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
person or entity purchasing or otherwise acquiring or holding any interest in any of Kalera&#8217;s securities shall be deemed to have
notice of and consented to Kalera&#8217;s exclusive forum provisions, including the Federal Forum Provision. Additionally, Kalera&#8217;s
shareholders cannot waive compliance with the federal securities laws and the rules and regulations thereunder. These provisions may
lead to Kalera&#8217;s shareholders incurring increased costs if they were to bring a claim against Kalera, and may limit Kalera&#8217;s
shareholders&#8217; ability to bring a claim in a judicial forum they find favorable for disputes with Kalera or Kalera&#8217;s directors,
officers, or other employees, which may discourage lawsuits against Kalera and Kalera&#8217;s directors, officers, and other employees
and agents. Alternatively, if a court were to find the choice of forum provision contained in the Kalera Articles to be inapplicable
or unenforceable in an action, Kalera may incur additional costs associated with resolving such action in other jurisdictions, which
may have an adverse effect on Kalera&#8217;s business, financial condition and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a matter of Irish law, Kalera&#8217;s shareholders are bound by the provisions of the Kalera Articles. An Irish court would be expected
to recognize the exclusive jurisdiction of the federal district courts of the United States of America in respect of causes of action
arising under the Exchange Act or the Securities Act.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>As
an Irish public limited company, certain capital structure decisions regarding Kalera will require the approval of the shareholders of
Kalera, which may limit Kalera&#8217;s flexibility to manage its capital structure.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Irish
law generally provides that a board of directors may allot and issue shares (or rights to subscribe for or convert into shares) if authorized
to do so by a company&#8217;s constitution or by an ordinary resolution. Such authorization may be granted for up to the maximum of a
company&#8217;s authorized but unissued share capital and for a maximum period of five years, at which point it must be renewed by another
ordinary resolution. The Kalera Articles authorizes the board of directors of Kalera to allot shares up to the maximum of Kalera&#8217;s
authorized but unissued share capital for a period of five years from the date of adoption of such articles. This authorization will
need to be renewed by ordinary resolution upon its expiration and at periodic intervals thereafter. Under Irish law, an allotment authority
may be given for up to five years at each renewal, but governance considerations may result in renewals for shorter periods or for less
than the maximum permitted number of shares being sought or approved.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">While
Irish law also generally provides shareholders with pre-emptive rights when new shares are issued for cash, it is possible for the Kalera
Articles, or for shareholders of Kalera in a general meeting, to exclude such pre-emptive rights. The Kalera Articles exclude pre-emptive
rights for a period of five years from the date of adoption of such articles. This exclusion will need to be renewed by special resolution
upon its expiration and at periodic intervals thereafter. Under Irish law, a disapplication of pre-emption rights may be authorized for
up to five years at each renewal, but governance considerations may result in renewals for shorter periods or for less than the maximum
permitted number of unissued shares being sought or approved.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Irish
law requires Kalera to have available &#8220;distributable profits&#8221; to pay dividends to shareholders and generally to make share
repurchases and redemptions.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
Irish law, Kalera may only pay dividends and make other distributions (and, generally, make share repurchases and redemptions) only out
of distributable reserves. Distributable reserves, broadly means, the accumulated realized profits of Kalera, so far as not previously
utilized in a distribution or capitalization less accumulated realized losses, so far as not previously written off in a reduction or
reorganization of capital, and include reserves created by way of a reduction of capital. In addition, no dividend may be paid or other
distribution, share repurchase or redemption made by Kalera unless the net assets of Kalera are equal to, or exceed, the aggregate of
Kalera&#8217;s called up share capital plus its un-distributable reserves and the dividend or other distribution, share repurchase or
redemption does not reduce Kalera&#8217;s net assets below such aggregate. Un-distributable reserves include the un-denominated capital,
the capital redemption reserve fund and the amount by which Kalera accumulated unrealized profits, so far as not previously utilized
by any capitalization exceed Kalera&#8217;s accumulated unrealized losses, so far as not previously written off in a reduction or reorganization
of capital and any other reserve that Kalera is prohibited from distributing by applicable law.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
determination as to whether or not Kalera has sufficient distributable reserves to fund a dividend must be made by reference to the &#8220;relevant
financial statements&#8221; of Kalera. The &#8220;relevant financial statements&#8221; are either the last set of unconsolidated annual
audited financial statements or unaudited financial statements properly prepared in accordance with the Irish Companies Act, which give
a &#8220;true and fair view&#8221; of Kalera&#8217;s unconsolidated financial position in accordance with accepted accounting practice
in Ireland. The &#8220;relevant financial statements&#8221; must be filed in the Companies Registration Office (the official public registry
for companies in Ireland) prior to the making of the distribution.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera,
as a new parent company with no operational history, has no distributable profits of its own. Accordingly, in order to pay dividends
or make other distributions, share repurchases or redemptions, Kalera will need to generate distributable profits from its business activities
or otherwise create distributable profits by alternative means, including a reduction of capital.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Creation
of distributable reserves requires the approval of Kalera shareholders by special resolution passed at a general meeting of shareholders,
together with the sanction of the High Court of Ireland. Although the creation of distributable reserves in this manner is an established
mechanism, the sanction of the High Court of Ireland is discretionary and there is no guarantee it will be granted.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event that distributable reserves of Kalera are not, for whatever reason, generated from its business activities or created by alternative
means, no dividends may be paid or other distributions, share repurchases or redemptions made by Kalera. Kalera does not anticipate paying
any dividends for the foreseeable future. There can be no assurances that Kalera will ever pay any dividend or other distribution to
shareholders, regardless of whether Kalera has sufficient distributable reserves.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Attempted
takeovers of Kalera are subject to the Irish Takeover Rules and will be under the supervisory jurisdiction of the Irish Takeover Panel.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera
is subject to the Irish Takeover Rules, which regulate the conduct of takeovers of, and certain other relevant transactions affecting,
Irish incorporated public limited companies listed on certain stock exchanges, including Nasdaq. The Irish Takeover Rules are administered
by the Irish Takeover Panel, which has supervisory jurisdiction over such transactions. Among other matters, the Irish Takeover Rules
operate to ensure that no offer is frustrated or unfairly prejudiced and, in situations involving multiple bidders, that there is a level
playing field. For example, pursuant to the Irish Takeover Rules, the Kalera board will not be permitted, without shareholder approval,
to take certain actions which might frustrate an offer for Kalera shares once the Kalera board has received an approach that might lead
to an offer or has reason to believe that an offer is, or may be, imminent.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Under
the Irish Takeover Rules, a person, or persons acting in concert, who acquire(s), or consolidate(s), control of Kalera may be required
to make a mandatory cash offer for the remaining shares of Kalera.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Irish Takeover Rules, in certain circumstances, a person, or persons acting in concert, who acquire(s), or consolidate(s), control
of Kalera may be required to make a mandatory cash offer for the remaining shares of Kalera at a price not less than the highest price
paid for the shares by that person or its concert parties during the previous 12 months. Save with the consent of the Irish Takeover
Panel, this mandatory offer requirement is triggered: (i) if an acquisition of shares would result in a person or persons acting in concert
holding shares representing 30% or more of the voting rights of Kalera and (ii) where a person, or persons acting in concert, already
hold(s) shares representing between 30% and 50% of the voting rights of Kalera, if an acquisition of shares would result in the percentage
of the voting rights of Kalera held by such person, or persons acting in concert, increasing by more than 0.05% within a 12-month period.
In the case of an issuance of new shares, the Irish Takeover Panel will typically waive the mandatory offer requirement in circumstances
where the issuance has been approved in advance by simple majority vote given at a general meeting of independent Kalera shareholders
convened in accordance with the requirements (including as to disclosure) of the Irish Takeover Rules. The mandatory offer requirements
do not apply to a single holder, holding shares representing more than 50% of the voting rights of Kalera.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Anti-takeover
provisions in the Kalera constitution could make an acquisition of Kalera ordinary shares more difficult.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Kalera Articles contain provisions that may delay or prevent a change of control, discourage bids at a premium over the market price
of Kalera ordinary shares, adversely affect the market price of Kalera ordinary shares, and adversely affect the voting and other rights
of holders of Kalera ordinary shares. These provisions include: (i) permitting the Kalera board of directors to issue preference shares
without the approval of holders of Kalera ordinary shares, with such rights, preferences and privileges as they may designate and (ii)
allowing the Kalera board of directors to adopt a shareholder rights&#8217; plan upon such terms and conditions as it deems expedient
in the interests of Kalera.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span id="ba_001"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>UNAUDITED
PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Defined
terms included below shall have the same meaning as terms defined and included elsewhere in this prospectus.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Introduction</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
Closing, Kalera SA (f/k/a Kalera AS), a <i>soci&#233;t&#233; anonyme</i> existing under the laws of the Grand Duchy of Luxembourg,
having its registered office at 15, boulevard Franklin D. Roosevelt, L-2450 Luxembourg, Grand Duchy of Luxembourg, registered with the
Luxembourg Trade and Companies Register (<i>Registre de Commerce et des Soci&#233;t&#233;s, Luxembourg</i>) under number B256011
incorporated pursuant to a deed on 11 June 2021, consummated the Business Combination pursuant to that certain Business Combination Agreement,
dated January 30, 2022, by and among (i) Agrico, (ii) Kalera, (iii) Cayman Merger Sub, (iv) Lux Merger Sub and (v) Kalera AS, a Norwegian
private limited liability company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Merger Subs were formed solely as vehicles for consummating the Business Combination, and the Merger Subs were direct wholly owned subsidiaries
of Kalera. As of Closing, the Merger Subs ceased to have a separate legal existence and Kalera SA became a wholly owned subsidiary of
Kalera. As soon as reasonably practicable after Closing, Agrico will elect to be treated as a &#8220;disregarded entity&#8221; for U.S.
federal income tax purposes, and its process of liquidation will start. Pursuant to the Business Combination Agreement:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
                                            June 27, 2022, Cayman Merger Sub merged with and into Agrico, with Agrico continuing as the
                                            surviving entity and as a wholly owned subsidiary of Kalera (the &#8220;First Merger&#8221;).
                                            Agrico issued Agrico Class A ordinary shares to Kalera (the &#8220;Agrico Share Issuance&#8221;),
                                            and, in each case as consideration for the First Merger and the Agrico Share Issuance:</span></td></tr></table>

<p style="margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">i.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agrico
                                            Shareholders received shares in the capital of Kalera, and</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            holders of Agrico Warrants (as defined below) had their Agrico Warrants assumed by Kalera
                                            and automatically adjusted to become exercisable for shares in the capital of Kalera.</span></td></tr></table>

<p style="margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
                                            June 28, 2022, by way of the Kalera Capital Reduction pursuant to the Luxembourg Companies
                                            Act, and in each case as consideration for the ordinary shares of Kalera SA and the Kalera
                                            SA options being cancelled and ceasing to exist or being assumed (as applicable) upon completion
                                            of the Second Merger:</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">c.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera
                                            SA shareholders (except Kalera) received shares in the capital of Kalera,</span></td></tr></table>

<p style="margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">i.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            holders of in-the-money Kalera SA options received options in the capital of Kalera, and</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera
                                            SA options that were out-of-the money were cancelled.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">iii.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Immediately
                                            following the Kalera Capital Reduction, on June 28, 2022, Lux Merger Sub merged with and
                                            into Kalera SA, with Kalera SA as the surviving entity of the Second Merger. Kalera SA issued
                                            shares to Kalera.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Accounting
for the Business Combination</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Business Combination is accounted for as a reverse recapitalization, with no goodwill or other intangible assets recorded, in accordance
with United States (&#8220;U.S.&#8221;) generally accepted accounting principles (&#8220;GAAP&#8221;). Under this method of accounting,
Agrico is treated as the &#8220;acquired&#8221; company for financial reporting purposes. Accordingly, for accounting purposes, the Business
Combination is treated as the equivalent of the Company issuing stock for the net assets of Agrico, accompanied by a recapitalization.
The net assets of Agrico are stated at historical cost, with no goodwill or other intangible assets recorded. Operations prior to the
Business Combination are those of the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has been determined to be the accounting acquirer based on evaluation of the following facts and circumstances:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Members
                                            of Kalera&#8217;s senior management and Board of Directors will comprise all key management
                                            positions and more than 90% of the Board of Directors of the combined company;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera
                                            will have the majority voting interest in the combined company</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera
                                            will have the ability to appoint the majority of the new Board and elect those directors
                                            through its majority voting power;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            Company&#8217;s subsidiaries will comprise the ongoing operations of the combined company;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            Company is larger in relative size to that of Agrico; and</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            combined company will continue to operate under the Kalera trade name.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Basis
of Pro Forma Presentation</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
adjustments presented on the unaudited pro forma condensed statements of operations and comprehensive loss for the six months ended June
30, 2022 and year ended December 31, 2021, have been identified and presented to provide relevant information necessary for an accurate
understanding of the combined company upon consummation of the Business Combination. The unaudited pro forma condensed combined statement
of operations and comprehensive loss for the six months ended June 30, 2022 combines the historical unaudited consolidated statement
of operations of Kalera for the six months ended June 30, 2022 and the historical unaudited statement of operations of Agrico for the
period ended June 28, 2022 and has been prepared to reflect the Business Combination as if it occurred on January 1, 2021. The unaudited
pro forma combined statement of operations and comprehensive loss for the year ended December 31, 2021 combines the historical audited
consolidated statement of operations of Kalera for the year ended December 31, 2021 and the historical audited statement of operations
of Agrico for the year ended December 31, 2021 and has been prepared to reflect the Business Combination as if it occurred on January
1, 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
unaudited pro forma adjustments are based on information currently available. Assumptions and estimates underlying the unaudited pro
forma adjustments are described in the accompanying notes. Actual results may differ materially from the assumptions used to present
the accompanying unaudited pro forma condensed combined financial information.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
unaudited pro forma condensed combined statements of operations do not necessarily reflect what the combined Company&#8217;s results
of operations would have been had the Business Combination occurred on the date indicated. The unaudited pro forma condensed combined
statements of operations also may not be useful in predicting the future results of operations of the combined company. The actual financial
results of operations may differ significantly from the pro forma amounts reflected herein due to a variety of factors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
unaudited pro forma condensed combined financial information should be read in conjunction with the accompanying notes. See <i>Note 1,
Basis of Presentation</i>, to the Unaudited Pro Forma Condensed Combined Financial Information for information about the sources used
to derive the unaudited pro forma financial information. In addition, the unaudited pro forma condensed combined financial information
was based on and should be read in conjunction with the following historical financial statements and the accompanying notes, which are
included in this proxy statement:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">historical
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<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">historical
                                            audited combined financial statements of Kalera Public Limited Company as of and for
                                            the year ended December 31, 2021</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">historical
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<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">historical
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                                            six months ended June 30, 2022</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Further,
unaudited pro forma condensed combined financial information should be read in conjunction with the sections of this proxy statement
entitled &#8220;Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations&#8221; and &#8220;The Company&#8217;s
Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations.&#8221; The unaudited pro forma condensed
combined financial information may have footing differences resulting from decimal numbers not presented herein.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>


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    <div style="margin-right: 0pt; break-before: page; margin-top: 0pt; margin-bottom: 0pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">&#160;</td></tr></table></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>UNAUDITED
PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FOR
THE SIX MONTHS ENDED JUNE 30, 2022</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(in
thousands, except share and per share data)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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<p style="margin: 0">(Historical)</p>

</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td>&#160;</td><td>&#160;</td>
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    <td>&#160;</td></tr>
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  <tr style="vertical-align: bottom; background-color: White">
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<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 55; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->46<!-- Field: /Sequence --></td></tr></table></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>UNAUDITED
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<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FOR
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<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(in
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<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1. Basis
of Presentation</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
unaudited pro forma condensed combined financial information has been prepared in accordance with Article 11 of Regulation S-X as amended
by the final rule, Release No. 33-10786 &#8220;Amendments to Financial Disclosures about Acquired and Disposed Businesses.&#8221; Release
No. 33-10786 replaces the existing pro forma adjustment criteria with simplified requirements to depict the accounting for the transaction
(&#8220;Transaction Accounting Adjustments&#8221;) and present the reasonably estimable synergies and other transaction effects that
have occurred or are reasonably expected to occur (&#8220;Management&#8217;s Adjustments&#8221;) in the notes to the Unaudited Pro Forma
Condensed Combined Financial Information. Kalera Public Limited Company (&#8220;Kalera&#8221; or &#8220;Successor&#8221;) has
elected not to present Management&#8217;s Adjustments and is only presenting Transaction Accounting Adjustments in the unaudited pro
forma condensed combined financial information.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management
has made significant estimates and assumptions in its determination of the pro forma adjustments. As the pro forma combined financial
information has been prepared based on these preliminary estimates and assumptions, the final amounts recorded may differ materially
from the information presented.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
unaudited pro forma condensed combined statement of operations for the six months ended June 30, 2022 and year ended December 31, 2021,
presents pro forma effects to the Business Combination as if they had been completed on January 1, 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
unaudited pro forma condensed combined statement of operations for the six months ended June 30, 2022 and the audited statement of operations
for the year ended December 31, 2021, have been prepared using and should be read in conjunction with the following, which are included
in this proxy statement:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agrico&#8217;s
                                            unaudited condensed statement of operations for the three months ended March 31, 2022, and
                                            the related notes;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera&#8217;s
                                            unaudited consolidated statement of operations for the six months ended June 30, 2022, and
                                            the related notes;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agrico&#8217;s
                                            historical audited statement of operations for the year ended December 31, 2021, and the
                                            related notes;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera&#8217;s
                                            historical audited combined statement of operations for the year ended December 31, 2021,
                                            and the related notes;</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
unaudited pro forma condensed combined financial information has been prepared to give effect to the redemption for cash of 14,347,974
or 99.81% shares of Agrico Common Stock for an aggregate redemption payment of $146,349,335.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
unaudited pro forma condensed combined financial information does not give effect to any anticipated synergies, operating efficiencies,
tax savings, or cost savings that may be associated with the Business Combination. The combined company will incur additional costs after
the Business Combination in order to satisfy its obligations as a reporting public company with the Securities Exchange Commission (&#8220;SEC&#8221;).
No adjustment to the unaudited pro forma condensed combined statement of operations has been made for these items as the amounts are
not yet known.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
pro forma adjustments reflecting the consummation of the Business Combination are based on certain currently available information at
the Closing of the transaction and certain assumptions and methodologies that Kalera believes are reasonable under the circumstances.
The unaudited condensed pro forma adjustments, which are described in the accompanying notes, may be revised as additional information
becomes available and is evaluated. Therefore, it is likely that the actual adjustments will differ from the pro forma adjustments, and
it is possible the differences may be material. Kalera believes that its assumptions and methodologies provide a reasonable basis for
presenting all of the significant effects of the Business Combination contemplated based on information available to management at the
time and that the pro forma adjustments give appropriate effect to those assumptions and are properly applied in the unaudited pro forma
condensed combined financial information.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
unaudited pro forma condensed combined financial information is not necessarily indicative of what the actual results of operations and
financial position would have been had the Business Combination taken place on the date indicated, nor are they indicative of the future
consolidated results of operations or financial position of the combined company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2. Accounting
Policies</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since
Agrico had substantially no business operations as a blank check company, its limited accounting policies were not in conflict with those
of Kalera. Accordingly, the combined company uses the accounting policies of Kalera as described in Note 2 to Kalera&#8217;s audited
consolidated financial statements as of December 31, 2021, and for the year ended December 31, 2021, included by reference in this filing.
As a result, the unaudited pro forma condensed combined financial information does not assume any differences in accounting policies.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Adjustments
to Unaudited Pro Forma Condensed Combined Statements of Operations</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
unaudited pro forma condensed combined statements of operations have been prepared for informational purposes only.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
pro forma condensed combined provision for income taxes does not necessarily reflect the amounts that would have resulted had the combined
company filed consolidated income tax returns during the periods presented.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management
has made significant estimates and assumptions in its determination of the pro forma adjustments. As the unaudited pro forma condensed
combined financial information has been prepared based on these preliminary estimates, the final amounts recorded may differ materially
from the information presented.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
pro forma basic and diluted earnings (loss) per share amounts presented in the unaudited pro forma condensed combined statements of operations
are based upon the number of the combined company&#8217;s weighted average shares outstanding, assuming the Business Combination had
occurred on January 1, 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Business Combination pro forma Transaction Accounting Adjustments included in the unaudited pro forma condensed combined statement of
operations for the six months ended June 30, 2022, are as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Adjustment
                                            to remove interest income on cash and cash equivalents held in Trust Account.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">One-time,
                                            non-recurring transaction cost related to acquisition previously included in selling, general,
                                            and administrative expenses.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Business Combination pro forma Transaction Accounting Adjustments included in the unaudited pro forma condensed combined statement of
operations for the year ended December 31, 2021 are as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">c)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Adjustment
                                            to remove interest income on cash and cash equivalents held in Trust Account.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">d)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Adjustment
                                            for income taxes, applying a statutory tax rate of 15.83% for the year ended December 31,
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3. Net
Loss per Share</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Represents
the unaudited loss per share calculated based on the recapitalization resulting from the Business Combination, assuming the shares were
outstanding since January 1, 2021. As the Business Combination is being reflected as if it had occurred at the beginning of the periods
presented, the calculation of weighted average shares outstanding for basic and diluted net earnings (loss) per share assumes that the
shares issuable relating to the Business Combination have been outstanding for the entire periods presented. The following tables set
forth the computation of pro forma basic and diluted earnings (loss) per share for the six months ended June 30, 2022 and for the year
ended December 31, 2021; amounts are stated in thousands of U.S. Dollars, except for share and per share amounts.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

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  <tr style="vertical-align: bottom">
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    <td style="text-align: center">&#160;</td><td style="text-align: center; font-weight: bold">&#160;</td>
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    <td style="text-align: center">&#160;</td><td style="text-align: center; font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: White">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Basic and diluted</td><td>&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span id="ba_002"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>USE
OF PROCEEDS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">We estimate that
our net proceeds from the maximum offering amount of the sale of the Units in this offering will be approximately $&#160;&#160;&#160;&#160; million,
after deducting placement agent fees and estimated offering expenses payable by us, based on an assumed offering price of $1.27
per Kalera Ordinary Share, equal to the closing price of Kalera Ordinary Shares on Nasdaq on October 6, 2022, or pre-funded exercise
price of $9 per pre-funded warrant.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
intend to use the net proceeds of this offering for general corporate purposes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
management will have discretion and flexibility in applying the net proceeds of this offering. We may use the proceeds of this offering
for purposes with which you do not agree. See &#8220;<i>Risk Factors-Risks Relating to the Offering-Since we have broad discretion in
how we use the proceeds from this offering, we may use the proceeds in ways with which you disagree.</i>&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt -20pt; text-align: center"><span id="ba_003"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MARKET
PRICE OF AND DIVIDENDS ON THE REGISTRANT&#8217;S SECURITIES AND</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>RELATED
STOCKHOLDER MATTERS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Market
Information and Holders</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera
Ordinary Shares are currently listed on Nasdaq under the symbol KAL.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 6, there were 3 holders of record of Kalera Ordinary Shares and 3 holders of record of Kalera Warrants.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 40pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
outstanding Kalera Ordinary Shares as of October 6, 2022, are as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23,877,828
                                            Kalera Ordinary Shares prior to any exercise of outstanding Kalera Warrants, Kalera
                                            Options, New Kalera Options, New Restricted Stock Units or Armistice Warrants.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">49,191,279
                                            Kalera</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">
                                            Ordinary Shares after giving effect to the exercise of all outstanding Kalera Warrants, Kalera
                                            Options, New Kalera Options, New Restricted Stock Units and Armistice Warrants.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Dividend
Policy</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have never declared or paid any cash dividends on our ordinary shares, and we do not currently intend to pay any cash dividends on our
ordinary shares in the foreseeable future. We currently intend to retain all available funds and any future earnings to support operations
and to finance the growth and development of our business. Any future determination to pay dividends will be made at the discretion of
our board of directors subject to applicable laws and will depend upon, among other factors, our operating results, financial condition,
contractual restrictions and capital requirements. Our future ability to pay cash dividends on our capital stock may be limited by any
future debt instruments or preferred securities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span id="ba_004"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CAPITALIZATION<sup></sup></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth our capitalization and indebtedness as of June 30, 2022:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">on
                                            an actual basis;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">on
                                            an as adjusted basis, to give effect to the Farm Credit Loan and Security Agreement, the
                                            Secured Convertible Bridge Promissory Note, as amended, and the Securities Purchase Agreement; and</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt">on
                                            an as further adjusted basis, to give effect to (i) the issuance and sale of up to 15,748,031
                                            Units consisting of one Kalera Ordinary Share and one Class A Warrant to subscribe
                                            for one Kalera Ordinary Share at an assumed public offering price of $1.27 per
                                            Kalera Ordinary Share at the maximum offering amount (with no additional consideration payable
                                            for the Class A Warrant), and (ii) total expenses of each offering amount, which include
                                            registration, filing and listing fees, printing fees and legal and accounting expenses amounting
                                            to $&#160;&#160;&#160; and the Placement Agent fee of 7% of the public offering price.</p></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-style: italic">(All figures in thousands of U.S. dollars, except for share amounts)</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
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    <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">3,335</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold">Debt</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">32,859</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">42,359</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Non-current operating lease liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">63,647</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">63,647</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">96,506</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">106,006</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">2</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Additional paid in capital</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">305,826</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(12,068</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(12,068</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Accumulated deficit</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(157,579</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(157,579</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">Total shareholders&#8217; equity</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">136,181</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">136,181</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left">Total capitalization</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">275,057</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">275,057</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#160;</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span id="ba_005"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>DILUTION<sup></sup></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 20pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
you invest in our securities in this offering, your ownership interest will be diluted immediately to the extent of the difference between
the public offering price per share of the Kalera Ordinary Shares and pre-funded warrants and the as adjusted net tangible book value
per share of Kalera Ordinary Shares after this offering.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
historical net tangible book value of Kalera Ordinary Shares as of June 30, 2022 was $136,181 thousand or $6.37 per share. Historical
net tangible book per share represents the amount of our total tangible assets less total liabilities, divided by the number of Kalera
Ordinary Shares outstanding as of June 30, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
adjusted to give effect to the Secured Convertible Bridge Promissory Note, as amended, and the Securities Purchase Agreement,
the pro forma net tangible book value of Kalera Ordinary Shares as of June 30, 2022 was $&#160;&#160;&#160;
thousand or $&#160;&#160;&#160;&#160; per share. Pro forma net tangible book was determined by dividing the net
tangible book value of the contributed assets and liabilities by the Kalera Ordinary Shares issued or issuable by us
in exchange for such contributions in the Secured Convertible Bridge Promissory Note, as amended, and the Securities Purchase
Agreement respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 20pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Dilution
to New Investors if the Maximum Offering Amount is sold </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 20pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
adjusted to give effect to the sale by us of up to &#160;&#160;&#160;&#160;&#160; Units, each consisting of one of Kalera
Ordinary Share or one pre-funded warrant and one Class A Warrant, offered by this prospectus at the public offering price of
$&#160;&#160;&#160;&#160; per Kalera Ordinary Share or pre-funded exercise price of $&#160;&#160;&#160;&#160; per pre-funded
warrant, and after deducting the estimated placement agent fees and commissions and estimated offering expenses payable
by us, our adjusted pro forma net tangible book value as of June 30, 2022 would have been $&#160;&#160;&#160;&#160; million, or $&#160;&#160;&#160;
per share. This represents an immediate decrease in net tangible book value per share of $&#160;&#160;&#160;&#160; to existing stockholders and
immediate dilution of approximately $&#160;&#160;&#160;&#160;&#160; per share to new investors purchasing Kalera Ordinary Shares in this offering.
Dilution per share to new investors is determined by subtracting as adjusted pro forma net tangible book value per share
after this offering from the public offering price per share paid by new investors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 20.15pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 20.15pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table illustrates this calculation on a per share basis:</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 20pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 60%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Public
    offering price per Unit</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Historical
    net tangible book value per share as of June 30, 2022</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.37</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pro
    forma net tangible book value per share as of June 30, 2022</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Decrease
    in net tangible book value per share attributable to new investors in this offering</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As-adjusted
                                            pro forma net tangible book value per share as of June 30, 2022, after giving effect
                                            to this offering</span></p></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dilution
    per share to new investors in this offering</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
number of Kalera Ordinary Shares shown above to be outstanding after this offering is based on the Kalera Ordinary Shares outstanding
as of &#160;&#160;&#160;&#160;&#160;, 2022 and excludes:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">904,505
    Kalera Ordinary Shares issuable under our 2022 Plan;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">364,000
    Kalera Ordinary Shares issuable in relation to the Kalera Options;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">607,446
    Kalera Ordinary Shares issuable in relation to the New Restricted Stock Units;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">14,437,500
    Kalera Ordinary Shares issuable upon exercise of the Kalera Warrants; and</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera
    Ordinary Shares issuable pursuant to the CVRs upon the satisfaction of certain conditions under the CVR Agreement.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 56pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
also assumes (i) no sale of pre-funded warrants in this offering, which, if sold, would reduce the number of Kalera Ordinary Shares that
we are offering on a one-for-one basis and (ii) no exercise of the Class A Warrants issued in this offering.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 20pt"></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span id="ba_006"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>INDUSTRY
OVERVIEW</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>This
section provides an overview of the industry in which Pubco currently operates. References in this section to &#8220;we,&#8221; &#8220;us&#8221;
or &#8220;Kalera&#8221; refer to Kalera and its consolidated subsidiaries.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
United Nations forecasts that global food production will need to increase at least 70% by 2050 to feed the growing global population,
far outstripping the growth in arable land given that 80% of arable land is already in use today and stretching the planet&#8217;s water
resources even further. Climate change is redistributing water resources around the world, and traditional farming areas are being displaced.
By producing products in tailored production facilities, vertical farming uses less water, grows plants faster, is not affected by seasonality,
and yields significantly more crops per square foot than traditional farming methods. This benefits the environment - with lower water
usage, no reliance on arable land, and lower carbon emissions as a result of growing crops closer to where they are consumed rather than
having them transported - and also our health. The availability of clean water is shrinking due to a combination of environmental, industrial,
political, and social factors. A big part of our growing water imbalance comes from traditional farming methods - it is estimated that
70% of the world&#8217;s total water withdrawals come from agriculture, and this increases up to 90% for developing nations. Our recirculated
irrigation system consumes on average 95% less water than traditional field farming, helping to enable a more water sustainable future
for food.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Vertical
Farming Landscape</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
mainly operate in the lettuce and chicory market. According to IndexBox, the global market volume for lettuce and chicory was around
27 million tons in 2017, exhibiting a stable average annual rate of increase of 1.2% between 2007 and 2017. The lettuce and chicory market
is projected to continue its stable development, growing at over 1% per annum from 2019 to 2025, resulting in an estimated market volume
of 29 million tons in 2025. The global lettuce and chicory market, excluding logistics costs, retail marketing costs and margins, amounted
to over $30 billion in 2017, representing an increase of 16% against the preceding year.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
according to Research Nester, the United States microgreens market is projected to register a CAGR of 10.1% from 2020 to 2025. According
to Research Nester, in terms of value, the U.S. microgreens market of $185 million forecasted in 2020 is projected to grow to $307 million
by 2025. By sales channel, the restaurant market segment dominates the market owing to the fact that microgreens are likely to influence
produce shopping requirements in the near future. Microgreens are increasingly being treated as a culinary trend across the country&#8217;s
cuisines. The ongoing culinary trend for microgreen preference across United States cuisines together with the increasing supply to the
hospitality market segment is likely to enhance the sale of microgreens in the future.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe that we are well positioned to take advantage of these macro- and micro-trends by building high-tech sustainable lettuce, microgreens
and herb production capacity in the United States and internationally. We seek to expand in certain markets and communities that do not
have accessibility to local and fresh produce. We believe that our revenue growth will allow us to capture an increased share of the
broader U.S. lettuce and chicory and microgreens categories. This is supported by a number of key drivers, including the growing mainstream
acceptance of our products, heightened consumer awareness of the role that food and nutrition play in long-term health and wellness,
and increasing awareness of the reduced negative impact that vertical farming has on the environment as compared to traditional farming.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Geographically,
we primarily operate in the US, which is the world&#8217;s second largest producer of lettuce with approximately 8.6 billion heads of
lettuce produced in 2020 according to the United States Department of Agriculture (USDA). The US lettuce production is concentrated around
Arizona and California. Hence, supply to many of the largest US cities implies transportation, often by trucks, which increases costs
and results in average spoilage of over 20%, according to the USDA. Today, shipping to the East Coast of the US translates to a $6-8/case
transportation cost for California and Arizona-sourced produce. Depending on variety and packaging, transportation costs can average
between $0.3-0.6/lbs. By deploying our production facilities close to our markets, we can significantly reduce transportation costs.
In addition, earlier store arrival of our products adds approximately ten to 14 days longer shelf life than traditional farmed products,
providing significant potential to reduce costs from waste.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
focus our product varieties on the leafy and romaine lettuce market and not traditional head (Iceberg) lettuce. According to the USDA,
in 2020, leafy and romaine lettuce production totaled approximately 4.6 billion heads - approximately the same as traditional head (Iceberg)
lettuce volume. Produce attributes, such as higher nutrition and more prominent taste, as well as consumer awareness, has resulted in
leafy and romaine lettuce steadily taking market share from traditional head lettuce.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span id="ba_007"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>INFORMATION
ABOUT KALERA</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Shareholders
should read this section in conjunction with the more detailed information about Kalera contained in this prospectus, including Kalera&#8217;s
audited and unaudited financial statements and the other information appearing in the section titled &#8220;Management&#8217;s Discussion
&amp; Analysis of Financial Condition and Results of Operations.&#8221; In this section, references to &#8220;we,&#8221; &#8220;us,&#8221;
&#8220;Kalera&#8221; and &#8220;our&#8221; are intended to refer to Kalera and its consolidated subsidiaries.</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Overview</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera
is a leading vertical farming company. We utilize proprietary technology and plant and seed science to sustainably grow local, delicious,
nutrient-rich, pesticide-free, non-GMO leafy greens year-round. In contrast to produce that requires costly and extended long-haul supply
chains, our leafy greens are delivered within hours of harvesting, always fresh, and maintain a longer shelf life. Our high-yield, automated,
data-driven hydroponic production facilities have been designed for rapid roll-out with attractive unit economics to grow leafy greens
faster, cleaner and in a manner that is better for the environment than traditional farming. Given our cost-efficient production process
from seed to harvest and capital discipline, we are able to sell our &#8220;better than organic&#8221; produce at competitive prices.
With our mission to serve humanity, wherever we are, fresh, safe, sustainable and affordable nourishment, we aim to become a global leader
in controlled-environment agriculture (&#8220;CEA&#8221;) for leafy greens addressing an estimated $50 billion addressable market opportunity
for vertical farming products. As of December 31, 2021, Kalera&#8217;s market share was estimated at about 0.01%. For more information,
see &#8220;<i>Risks Relating to Kalera&#8217;s Business and the Industry in Which it Operates-Kalera lacks useful financial information
for the accurate estimation of its future capital expenditures and unit economics</i>&#8221; and &#8220;<i>Risks Relating to Kalera&#8217;s
Business and the Industry in Which it Operates-Kalera is an early stage company with a history of losses and expects to continue to incur
losses going forward</i>&#8221; for more information.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
currently have four large-scale facilities operating in the US in Orlando, Atlanta, Houston and Denver, and one in Kuwait through our
October 2021 acquisition of vertical farming company &amp;ever. Additionally, we have five farms in development in Seattle, Honolulu,
St. Paul, Columbus and Singapore. As of September 2022, farm openings have been reprioritized: our focus is on the development of the
St.Paul, Seattle and Singapore facilities, while construction of the Honolulu and Colombus facilities has been temporarily paused.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
indoor production facilities are strategically located proximate to population and distribution centers, including markets isolated from
farmland that have traditionally struggled to secure local and reliable sources of food. Given our expanding facility footprint, we expect
to be the first truly pan-US vertical farming company able to serve both regional and national accounts. In addition, our acquisition
of &amp;ever has allowed us to establish beachheads in attractive international markets for vertical farming. Our sustainably grown and
locally sourced high quality leafy greens, marketed under our Kalera brand, appeal to a broad range of customers across the foodservice,
grocery, resort, hospitality, cruise line, airline and restaurant industries. Our key customers include US Foods, Gordon Food Service,
Harvill&#8217;s Produce, Marriott, Levy, FreshPoint (a Sysco company), Publix, Kroger, H-E-B, Trader Joe&#8217;s, Lowe&#8217;s, Safeway,
King Soopers, Fred Meyer, Disney and Universal Studios.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
facilities are designed to achieve strong unit economics driven by our proprietary technology to optimize yields and our cost and investment
discipline. Our vertically integrated platform and innovative production methods facilitate precise control of seed development, nutrients
and environmental variables to accelerate grow cycles and generate high yields of leafy greens per square foot. We use certain standardized
equipment to avoid costly over-engineering, adhering to an ROI-driven approach to automation that instills discipline with respect to
capital investment. We prioritize utilizing existing warehouses that we retrofit and lease or purchase and our highly customizable growing
layouts, modular and replicable structural designs minimize costs while affording us rapid scaling capabilities. As a consequence, we
believe we are one of the leaders in vertical farming in terms of yield and capital expenditures per square foot and the first and only
one to be vertically integrated from seed to harvest. Underpinning our innovative production process are our proprietary plant and seed
science, production system automation, and our Internet of Things (&#8220;<b>IoT</b>&#8221;), big data and AI capabilities that we have
perfected through over 12 years of research and development and have been complemented by the acquisitions of Vindara and &amp;ever.
Our technology allows us to optimize nutrient mixtures, light recipes, temperature and humidity, resulting in nutrient- dense greens
with consistent high quality year-round. Our clean room technology includes advanced air and water filtration and decontamination adapted
from semiconductor and biomedical industries. We also utilize cultivation methods that avoid contamination of hardware, seeds, and media.
As a result, we are able to eliminate the use of harmful chemicals and pesticides from our production process to generate consistent,
high yields of pristine, crisp, flavorful, and nutritious produce.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By
the nature of our business, we have a strong ESG profile. We are at the forefront of CEA, which is transforming produce farming, addressing
mounting global challenges with regard to water stress, arable land erosion, fresh produce availability, quality and safety, and the
climate impact of traditional, long-distance perishable food supply chains. Our hydroponic facilities produce several hundred times more
output per square foot than traditional farming, use 99% less land and without seasonal and regional limitations. In addition, our advanced
recirculated irrigation systems consume on average 95% less water than traditional field farming and with significantly reduced risk
of environmentally harmful runoffs. Our advanced plant and seed science and cleanroom technology ensure that our produce is free of contamination
and bacteria, including human pathogens, without the use of harmful chemicals and pesticides. We are committed to developing ESG indicator
tracking and reporting processes and systems, in accordance to accepted reporting standards. As our expanding list of production facilities
becomes fully operational, data collection will expand in support of ESG KPI reporting. We believe that vertical farming will be a major
contributor towards a more sustainable future and we aim to be a global leader in that endeavor.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
first large-scale operating facility in Orlando has a production capacity of approximately 0.8 million lbs. per year, our other large-scale
operating facilities in Atlanta and Houston each have a production capacity of approximately 2.6 and 3.3 million lbs. per year, respectively,
and our large-scale operating facility in Denver has a production capacity of approximately 2.9 million lbs. of leafy greens and 50 thousand
lbs. of microgreens per year. Going forward, we intend to continue to invest in the construction of new facilities, plant and seed science,
operational improvements and technology for CEA as we believe demand for our products will continue to accelerate across our distribution
channels.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Kalera
Hydroponics</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hydroponics
is a soil-less method of growing plants using mineral nutrients dissolved in water. If a plant is given exactly what it needs, when it
needs it, and in the amount that it needs, the plant should be as healthy as is genetically possible and can be grown in a very efficient
way. There are several benefits of our use of hydroponics compared to traditional farming, with a high degree of sustainability and resource
efficiency, summarized as follows:</span></p>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 1.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Clean
    and safe</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.2in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Free
                                            of contamination and bacteria: E-coli outbreaks have been linked to traditional romaine lettuce
                                            growers</span></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
    harmful chemicals, hormones, additives, pesticides, fungicides or insecticides</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-GMO
    seeds</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Healthy</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consistent
                                            quality, rich in minerals, vitamins and antioxidants</span></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Avoids
    the loss of nutritional value found with traditional (US West Coast grown) fresh produce, which can be significant for certain nutritive
    elements</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Sustainable</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Produced
                                            locally and safe, reducing transportation emissions and extending shelf-life ten to 14 days</span></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Approximately
    95% reduction in water consumption and 99% less land</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>No
    seasons</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reducing
    unpredictability from changing climates, product becomes available 365 days a year</span>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Product
    categories by choice, not by market availability or seasonality</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Space
    efficient</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Significantly
                                            better yields due to growth environment and vertical distribution</span></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Several
    hundred times more output per square foot than traditional farming</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Branding
    potential</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Product
    seen by us as &#8220;better than organic&#8221; which increases our ability to develop strong customer engagement</span></td></tr>
  </table>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
notable advantage of hydroponics compared to field grown produce is the isolation of the crop from the soil, which often introduces problems
such as diseases, pests, salinity, poor structure and/or drainage. Furthermore, all our hydroponic systems are enclosed to provide temperature
control, reduce evaporative water loss, and to reduce disease and pest infestations.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Industry
and Market Opportunity</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
United Nations forecasts that global food production will need to increase at least 70% by 2050 to feed the growing global population,
far outstripping the growth in arable land given that 80% of arable land is already in use today and stretching the planet&#8217;s water
resources even further. Climate change is redistributing water resources around the world, and traditional farming areas are being displaced.
By producing products in tailored production facilities, vertical farming uses less water, grows plants faster, is not affected by seasonality,
and yields significantly more crops per square foot than traditional farming methods. This benefits the environment - with lower water
usage, no reliance on arable land, and lower carbon emissions as a result of growing crops closer to where they are consumed rather than
having them transported - and also our health. The availability of clean water is shrinking due to a combination of environmental, industrial,
political, and social factors. A big part of our growing water imbalance comes from traditional farming methods - it is estimated that
70% of the world&#8217;s total water withdrawals come from agriculture, and this increases up to 90% for developing nations. Our recirculated
irrigation system consumes on average 95% less water than traditional field farming, helping to enable a more water sustainable future
for food.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
mainly operate in the lettuce and chicory market. According to IndexBox, the global market volume for lettuce and chicory was around
27 million tons in 2017, exhibiting a stable average annual rate of increase of 1.2% between 2007 and 2017. The lettuce and chicory market
is projected to continue its stable development, growing at over 1% per annum from 2019 to 2025, resulting in an estimated market volume
of 29 million tons in 2025. The global lettuce and chicory market, excluding logistics costs, retail marketing costs and margins, amounted
to over $30 billion in 2017, representing an increase of 16% against the preceding year.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
according to Research Nester, the United States microgreens market is projected to register a CAGR of 10.1% from 2020 to 2025, and, in
terms of value, the U.S. microgreens market of $185 million forecasted in 2020 is projected to grow to $307 million by 2025. By sales
channel, the restaurant market segment dominates the market because microgreens are likely to influence produce shopping requirements
in the near future. Microgreens are increasingly being treated as a culinary trend across the country&#8217;s cuisines. The ongoing culinary
trend for microgreen preference across United States cuisines together with the increasing supply to the hospitality market segment is
likely to enhance the sale of microgreens in the future.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe that we are well positioned to take advantage of these macro- and micro-trends by building high-tech sustainable lettuce, microgreens
and herb production capacity in the United States and internationally. We seek to expand in certain markets and communities that do not
have accessibility to local and fresh produce. We believe that our revenue growth will allow us to capture an increased share of the
broader U.S. lettuce and chicory and microgreens categories. This is supported by a number of key drivers, including the growing mainstream
acceptance of our products, heightened consumer awareness of the role that food and nutrition play in long-term health and wellness,
and increasing awareness of the reduced negative impact that vertical farming has on the environment as compared to traditional farming.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Geographically,
we primarily operate in the US, which is the world&#8217;s second largest producer of lettuce with approximately 8.6 billion heads of
lettuce produced in 2020 according to the United States Department of Agriculture (USDA). United States lettuce production is concentrated
around Arizona and California. Hence, supply to many of the largest US cities implies transportation, often by trucks, which increases
costs and results in average spoilage of over 20%, according to the USDA. Today, shipping to the East Coast of the US translates to a
$6-8/case transportation cost for California and Arizona-sourced produce. Depending on variety and packaging, transportation costs can
average between $0.3-0.6/lbs. By deploying our production facilities close to our markets, we can significantly reduce transportation
costs. In addition, earlier store arrival of our products adds approximately ten to 14 days longer shelf life than traditional farmed
products, providing significant potential to reduce costs from waste.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
focus our product varieties on the leafy and romaine lettuce market and not traditional head (Iceberg) lettuce. According to the USDA,
in 2020, leafy and romaine lettuce production totaled approximately 4.6 billion heads - approximately the same as traditional head (Iceberg)
lettuce volume. Produce attributes, such as higher nutrition and more prominent taste, as well as consumer awareness, has resulted in
leafy and romaine lettuce steadily taking market share from traditional head lettuce.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
Strengths and Competitive Advantages</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe that the following strengths and competitive advantages position us to generate significant growth and pursue our objective to
become the leader in CEA for leafy greens.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Portfolio
of Fresh, Great-tasting, Healthy and Sustainable Products Supported by a Leading Technology Stack</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
sustainably grow premium, fresh, clean, nutrient-rich leafy greens that are sold at competitive prices. We produce various types of lettuces,
baby leaves, microgreens, and other leafy greens and herbs that are grown from non-GMO seeds and are marketed as &#8220;better than organic&#8221;
as some organic produce may use small amounts of pesticides. Due to our meticulous and clean approach to growing, our product is safer,
tastier, richer in minerals, vitamins and other beneficial nutrients than conventionally farmed produce. For example, our unique &#8220;Local
Living Lettuce&#8221; is harvested with its root ball intact and remains alive until the buyer twists off its roots resulting in a great
tasting and nutrient dense product. Important from a sustainability standpoint, our products have a longer shelf life than traditional
farmed produce, and combined with earlier store arrival, this provides significant potential to reduce the cost and environmental damage
generated from food waste.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="forms-1_001.jpg" alt="" style="height: 273px; width: 624px" /></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Underpinning
our ability to produce high quality greens in a sustainable manner is our proprietary plant and seed science, production process automation,
clean room technology adapted from semiconductor and biomedical industries, and our IoT, big data and AI capabilities that we have perfected
through over 12 years of research and development. The acquisitions of Vindara and &amp;ever have further bolstered our technology stack
from seed to harvest. Our technology allows us to optimize seed development, nutrient mixtures, light recipes, and temperature and humidity
controls resulting in accelerated grow cycles and highly nutritious greens with consistent high quality year-round. We currently have
custom optimized recipes for over 150 produce varieties. Our plant and seed science and engineering know-how are protected or in process
thereof by a portfolio of 43 granted, 10 published and 38 pending patents.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Scalable
Business Model Accessing Local Markets with a Global Footprint</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have a proven approach to rolling out new large-scale vertical farming facilities in retrofitted, leased or purchased warehouses with
an expected construction time of under one year. With established supply chains for key technology and equipment, modular designs based
on components that can be reused in various configurations and pre-tested software, we can efficiently replicate facility design and
processes. This gives us visibility with respect to expected capital expenditures and timing involved for a new facility roll-out.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
indoor production facilities are strategically situated close to our target markets which allow us to significantly reduce the length
of time and costs inherent in the conventional produce value chain. This enables our produce to be sold to the consumer within hours
of harvest, as opposed to over two weeks that is typical of conventionally farmed products that may need to travel thousands of miles
before arriving in the hands of the final consumer. With our expanding facility footprint, we expect to be the first truly pan-US vertical
farming company able to serve both regional and national accounts. In addition, our acquisition of &amp;ever has allowed us to establish
beachheads in attractive global markets like Kuwait and Singapore. Our largest and most recently opened production facilities in Atlanta
and Houston continue to operate reliably and are on track to meet production capacity targets and throughput yields.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Large
and Actionable Pipeline of New Facilities</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
intention is to have seven large-scale operating facilities in operation by the end of 2022 under a well-defined roll-out schedule. We
intend to place our facilities in locations that are close to population and distribution centers, including areas isolated from farmland
(such as islands) so that communities without access to local, fresh produce will be able to enjoy a stable year-round supply of leafy
greens. In addition to plans to unlock additional capacity domestically, we aim to open facilities outside the US, including our large-scale
Singapore facility which is currently under construction and expected to open in the second half of 2022, to enable us to supply regional,
national and global customers. As we continue to open our facilities, expand our footprint and bolster our customer relationships, we
expect to be able to decrease the duration of a facility&#8217;s full sales ramp.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Compelling
Economic Profile</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
facilities are designed to achieve strong unit economics driven by our proprietary technology to optimize yields and our cost and capital
expenditure discipline. Our innovative production methods facilitate precise control of nutrients and environmental variables to generate
higher yields of leafy greens per square foot. We have carefully standardized the specifications of key equipment to avoid costly over-engineering.
We prioritize utilization of existing warehouses that we retrofit and lease and our highly customizable growing layouts, modular and
replicable structural designs minimize costs while affording us rapid scaling capabilities. We adhere to an ROI-driven approach to automation
that focuses on automating the most-labor intensive operations first and only after a careful cost-benefit analysis, while still leveraging
our existing technology to the fullest extent. As a consequence, we believe we are one of the leaders in vertical farming in terms of
yield (lbs. of production output per square foot) and capital expenditures per lb. of annual output.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
we expect the acquisitions of Vindara and &amp;ever to be accretive to our unit economics beginning in 2022 by significantly increasing
the output from our current and future facilities by reducing the grow cycle and increasing yields, in addition to additional revenue
streams from the sale of customized seeds and baby leaf products. While we already have advanced operating systems in place, the acquisition
of Vindara allows us to improve our products and capabilities, not through complex technical changes but through the input-the seeds.
Vindara&#8217;s seeds are better suited to our growing environments and generate substantially better results with amplified appearance,
nutrition, flavor, and increased yields.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>World
Class Leadership Team Fully Committed to the Highest ESG Standards</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are led by a proven and experienced executive management team with global experience that are poised to accelerate US and international
growth at Kalera in the coming years. Our highly experienced corporate and facility management team has more than 175 years of combined
management experience. This includes 20 years of combined senior level experience managing supply chains, sales, marketing and operations
in the food industry, and 12 years of sustainable agriculture experience. We have also assembled a world-class CEA operations team that
is complemented by our experienced executives. The team&#8217;s experience, focus and enthusiasm for our mission is the foundation for
the growth and success of the Company.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sound
environmental and sustainability practices are core to who we are at Kalera. We believe that vertical farming will be a major contributor
towards a more sustainable future and we aim to be a global leader in that endeavor. We are committed to developing ESG indicator tracking
and reporting processes and systems, in accordance to accepted reporting standards. As our expanding list of production facilities becomes
fully operational, data collection will expand in support of ESG KPI reporting.</span></p>

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Strategies</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
intend to achieve our growth plan and build sustainable competitive advantages through the following strategies:</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Roll-out
of New Production Facilities in the United States and Internationally</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are committed to prioritizing investment in our infrastructure and capabilities in order to support our strategic expansion plans so
we can capture as much of the $30 billion total global addressable market opportunity for lettuce and chicory as possible. After the
success of the Orlando, Atlanta, and Houston large-scale facilities, we opened a new large-scale facility in Denver in April 2022, and
we plan to open two additional large-scale facilities across the US, in St. Paul in 2022 and Seattle during early 2023, and one large-scale
facility internationally in Singapore. Our intention is to have seven large-scale operating facilities in operation globally by the end
of 2022 and we expect our network of facilities to become more dense as demand for our products grows.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Staying
at the Forefront of Plant and Seed Science and Technology</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
spent more than 12 years perfecting our plant and seed science so that our produce is great tasting, healthy and sustainable. As of the
date of this prospectus, we believe that we are one of the most advanced CEA companies. We believe that our focus on continuous improvement
to further enhance our nutrient management algorithms, light recipes, product varieties, and expertise will allow us to continue to maintain
competitive advantages in the sector. In addition, we believe inorganic initiatives, such as acquisitions, will provide further opportunities
to bolster our capabilities. For example, in March 2021 Kalera completed the acquisition of Vindara, which was the first company to develop
seeds specifically designed for use in vertical indoor farm environments as well as other CEA farming methods. Vindara seeds offer growers
the opportunity to capitalize on significantly higher yield potential, production efficiencies and product customization in a fraction
of the time through reducing the grow cycle. Vindara&#8217;s breeding process shortens development time from the usual five to seven
years to just one to one-and-a-half years and shaves several days off of the plant grow cycle, resulting in increased output and optimizing
yield and profitability. As a result, we expect Kalera&#8217;s growth rates, yields and seed costs will improve as Vindara&#8217;s seed
technology is implemented.</span></p>

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of Product Lines</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
intend to strengthen our product offerings by improving the formulations of our existing portfolio of products and by creating new products
that expand our portfolio. We are continuously refining our products to improve their color, texture, flavor, firmness and nutritional
value and testing new produce varieties and recipes to enhance all the benefits of our products. In addition, we believe we can further
differentiate ourselves in the sector by growing custom plants that are unique to each customer.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
acquisition of Vindara is also expected to accelerate our product development both within our existing market segment as well as in other
lettuce and leafy greens varieties including high yield basil and spinach, and in entirely new categories such as strawberries. Vindara
has already demonstrated substantial yield improvements in indoor-grown Romaine, with more varieties and crops in the pipeline. The acquisition
of Vindara also gives us the option of generating value through the development of custom seed for the indoor farming industry at large,
eliminating the limitations of traditional seeds and providing customers greater control over their produce. In addition, our acquisition
of vertical farming company &amp;ever will allow us to develop our baby leaf products including spinach, arugula, kale, pak choi, mesclun
and mustard, among others. Combined with Vindara seed technology, we believe we are a worldwide leader in the vertical farming industry
with global reach and an international brand.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Partnerships
and Acquisitions</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are constantly reviewing opportunities for partnerships and acquisitions. Driven by the successful transaction with Vindara to accelerate
development of seeds internally and for the Agtech industry, and our acquisition of &amp;ever, we continue to evaluate opportunities
to acquire companies with unique technologies to improve our portfolio of precision agriculture products and capabilities.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have spent years perfecting and fine-tuning our technology to position the Company as one of the industry leaders in CEA and development
of advanced technology for food production. Driven by all internal research initiatives, we also collaborate with leading academic and
research institutions in plant science for specific niche projects within advanced agriculture techniques. As we accelerate our growth
over the next few years, we will seek continue to develop such strategic relationships and projects related to enhancing and expanding
our capabilities and development of technologies for indoor farming.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Our
Products</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
produce various types of lettuces, baby leaves, microgreens, and other leafy greens and herbs. These products are grown from non-GMO
seeds and are marketed as &#8220;better than organic&#8221; as traditional organic produce may use small amounts of pesticides. Our flagship
product is Kalera Krunch, and we also sell other kinds of lettuce such as Butter Lettuce, Red Oak Leaf, Baby Romaine, and Fris&#233;e.
Our products are excellent sources of several beneficial minerals such as potassium, calcium, phosphorous, and magnesium and are packed
with vitamins A, C, and K, folates, phenols, and antioxidants. We also grow specialized microgreens from non-GMO seeds. These microgreens
are delicate, colorful, and tasty, and include, cilantro, red sorrel, pea shoots and basil.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="forms-1_003.jpg" alt="" style="height: 57px; width: 624px" /></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Our
Facilities</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
2021, we expanded our operations through our acquisition of &amp;ever and our announcements of additional production facilities from
our existing operating facilities in Orlando (Florida), Atlanta (Georgia) and Houston (Texas), with our expansion to Denver (Colorado)
in April 2022, and planned expansion to St Paul (Minnesota), Seattle (Washington), Columbus (Ohio), and Honolulu (Hawaii). These facilities
will make us the first pan-US vertical farming company with an ability to serve customers at the regional and national level. Other than
the HyCube facility, which we own (except for the land on which it is located), all of the buildings for the current and new production
facilities are leased pursuant to long-term lease agreements with an average of ten years with an option to extend these up to an additional
ten years. Through our acquisition of &amp;ever, we also operate a farm in Kuwait and have one farm under construction in Singapore.
Our production facilities in operation and under construction are depicted below:</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="forms-1_004.jpg" alt="" style="height: 300px; width: 624px" /></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Orlando
Facility</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Driven
by the success of the HyCube system discussed below, we started construction of our first large-scale facility by retrofitting an existing
warehouse in Orlando in July 2019. The Orlando facility was completed in early 2020 and started farming operations in February 2020.
This was the first time a vertical farm was completed in less than nine months while having a total production capacity of approximately
0.8 million lbs. per year, which was a record for the vertical farming industry. The Orlando facility has received much attention from
both local and national dignitaries, including a visit from U.S. Secretary of Agriculture, Sonny Perdue in June 2020.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Atlanta
Facility</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Having
successfully opened the Orlando facility in February 2020, we announced in April 2020 that we would open a new state-of-the-art farming
facility in Atlanta, Georgia. The Atlanta facility complements our domestic and international expansion plan focused on growing an abundance
of leafy greens in close proximity to our consumers. We began construction in 2020 and the facility began farming operations in March
2021 with total capacity of approximately 2.6 million lbs. per year. Atlanta is our third largest operating facility as of the date of
this prospectus.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Houston
Facility</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Construction
began on our Houston facility in July 2020 and was completed in the third quarter of 2021. Houston is currently our largest facility
with a total capacity of 3.3 million lbs. per year. The Houston facility is focused on production and growing enhancements, including
latest generation of lighting, improved airflow, and increased automation of the production lines meant to increase yield and efficiency.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Denver
Facility</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
announced our plan to open a facility in Denver, Colorado in October 2020. Construction on the nearly 90,000-square-foot facility was
completed and the facility officially started operations in April 2022. The Denver facility, with the addition of microgreens, allows
us to expand our portfolio beyond full head and cut leaf to better serve our customers with clean, nutrition-dense leafy greens. This
large-scale facility uses cutting edge technology and has a production capacity of approximately 2.9 million lbs. of leafy greens and
50 thousand lbs. of microgreens per year. This facility will generate more than 60 employment opportunities for the local community.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Kuwait
City Facility</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
facility located in Kuwait City, Kuwait, which was acquired as part of the &amp;ever acquisition, was a partnership with NOX Management,
an investment arm of IFA Group which owns food markets, restaurant chains, retail chains, and food distributors. The Kuwait City facility
started operations in March 2020, with ramp-up resuming in October 2021 after Kuwait&#8217;s international travel ban had been lifted,
and has a total capacity of approximately 280 thousand lbs. of baby leaf products per year. As part of the &amp;ever acquisition agreement,
the Company was granted an option to acquire 100% of the joint venture in the future, and the Company exercised that option on October
13, 2021.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Orlando
Headquarters and R&amp;D Center</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
corporate headquarters and R&amp;D center are located at 7455 Emerald Dunes Drive, Suite 2100, Orlando FL 32822, where we occupy a newly
retrofitted space of approximately 19,000 square feet of office, laboratory, and warehouse. The R&amp;D center includes multiple climate
controlled research grow rooms, laboratories and other additional dedicated areas.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>HyCube
at Orlando World Center Marriott</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
decided in 2016 to expand into commercial operations by partnering with Marriott Hotels at their Orlando World Center Marriott, a hotel
and convention center near Orlando and which it is now the largest Marriott in the world with 2,008 rooms, 28-story building, houses
Hawk&#8217;s Landing Golf Center and the Marriott Vacation Club resorts of Marriott&#8217;s Sabal Palms, Marriott&#8217;s Royal Palms,
and Marriott&#8217;s Imperial Palm Villages. The 200-acre resort property is home to our HyCube, a small-scale hydroponic farming facility
that can produce up to 90,000 lbs. per year which are sold to Marriott which then serves them in the resorts&#8217; restaurants. We continue
to operate this facility and it has become an icon for our marketing efforts due to its modern visual appearance in addition to its value
proposition of supplying guests with fresh, on-site grown greens that are served within hours of harvesting.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>New
Facilities</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">New
facilities that will open in 2022 and 2024 will allow us to continue extending our geographic footprint in order to serve regional and
national customers. These include Seattle (Washington), , St Paul (Minnesota), Columbus (Ohio), Honolulu (Hawaii) and Singapore.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Our
Proprietary Technology Platform</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
hydroponic production systems and processes have been developed over 12 years in several areas: advanced plant and seed science, clean
room technologies and procedures, and precision hydroponics through data science and distributed control systems.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Over
the years we have developed and continue to perfect optimized hydroponic nutrient solution formulations and methods for controlling their
balance throughout the growing cycle. In a closed irrigation and fertilization system like ours, the perfect balance of nutrients in
an optimized formulation degrades progressively throughout the grow cycle due to differing rates of nutrient uptake for the various essential
elements present in the liquid. As a consequence, many closed-system hydroponics operators simply dump the unbalanced nutrient solution
and start with a fresh solution for each batch. This traditional approach has two major drawbacks: first, the nutrient solution is perfectly
balanced only at the beginning of the grow cycle, leading to lower marketable yields; and second, it has a greater environmental impact
from both higher water usage and from nutrient-rich effluents ending up in the water table. By contrast, our approach overcomes these
drawbacks by implementing an element-specific monitoring program in which the concentration of fourteen individual essential elements
is tracked during the grow cycle using ion-specific measurements, followed by adjustments of individual element concentrations in order
to maintain an optimal nutrient balance at all times. Using this approach, we avoid runoffs of nutrient rich liquid to the water table,
while maintaining optimal control of the nutrient solution balance. We have also designed proprietary nutrient distribution systems,
certain aspects of which are protected by one US patent.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
additional objective of our plant and seed science work is the enhancement of the nutritive value of our produce for the benefit of the
consumer. For example, we have conducted research in collaboration with University of Florida resulting in optimized light recipes leading
to significantly higher levels of antioxidants in red leaf lettuce, and anthocyanins, compounds in plants that may offer health-promoting
benefits by protecting cells from free radicals.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
the recent acquisition of Vindara, we have added the ability to develop seeds optimized for CEA, without the use of genetic editing or
modification. Vindara&#8217;s big data analytics and machine learning approach allows for the accelerated development of plant varieties
optimized not only for yield, but also targeting certain taste, color, shape and texture characteristics demanded by the market. With
Vindara, we have the ability to create customer-defined varieties. This capability is currently unique in CEA, and we are at the leading
edge of addressing the plant genetics optimization aspects of precision agriculture without the use of gene editing or genetic modification.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
with the recent acquisition of &amp;ever, we have expanded our technology base, patents and IP - especially in advanced production process
automation and optimized grow media, management team, and customer base. This acquisition also allows Kalera to offer a broad range of
products in the industry, including: whole head, teen and baby leaf, cut leaf, and microgreens.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have selected and adapted clean room technologies and procedures from the semiconductor and biomedical industries for use in vertical
farming, including air and water filtration and decontamination, surface sanitation, and cleaning in place of irrigation piping. We use
nanofiltration and advanced oxidization technologies, and residual free sanitation to achieve these goals. Access to production, harvest
and post-harvest areas is highly controlled: personnel must wear protective clothing, hair covers, beard nets, and gloves and sanitized
shoes. Incoming materials and supplies are sanitized prior to being introduced to the protected environment. By relying on this multi-faceted
approach, we are able to eliminate the use of pesticides, as well as eliminate sources of human pathogen contamination such as E-Coli.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have developed the HyCubeOS, an advanced distributed automation and process data collection system based on a hybrid Cloud architecture,
and on IoT sensors. Essential plant growing variables (temperature, humidity, carbon dioxide levels, lights, nutrients, and maintenance
events) are under strict control and monitored around the clock over the internet. Compared to most existing commercial systems that
cannot meet precise vertical farming parameters, our system integrates large arrays of IoT sensors (as opposed to a few centralized sensors),
uses adaptive ion-specific nutrient dosing controls (as opposed to traditional controls using global measures of nutrient concentrations),
and is deployed via a distributed, resilient and scalable cluster-based hybrid Cloud architecture (as opposed to traditional centralized
process control systems). Unlike most IoT-based sensing applications, which tend to send the sensor data directly to the Cloud for further
processing, we have implemented an IoT architecture that leverages edge computers as well as the Cloud. Our approach sidesteps the latency
issues specific to device-to-Cloud communications and is more robust with respect to data security. We have designed our own IoT sensors
for collecting climate and carbon dioxide level data and our own edge computers, together with the software that controls them, such
that we do not need to rely on external suppliers of such systems.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are integrating the HyCubeOS with our Enterprise Resource Planning (&#8220;ERP&#8221;) system via a data warehouse. While the HyCubeOS
records and controls production process inputs, the ERP system tracks process, the ERP system tracks process outputs, i.e., production
yields. By integrating the HyCubeOS with the ERP system, we are creating a Machine Learning platform for predictive analytics, outlier
detection, and complex data visualization.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="forms-1_005.jpg" alt="" style="height: 237px; width: 532px" /></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Regulatory
Environment</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are subject to extensive laws and regulations in the US administered by various federal, state and local government agencies in the United
States, such as the FDA, the Federal Trade Commission (the &#8220;<b>FTC</b>&#8221;), the Environmental Protection Agency (the &#8220;<b>EPA</b>&#8221;),
the Occupational Safety and Health Administration (&#8220;<b>OSHA</b>&#8221;), and the U.S. Department of Agriculture. These laws and
regulations apply to the processing, packaging, distribution, sale, marketing, labeling, quality, safety, and transportation of our products,
as well as our occupational safety and health practices. Under various federal statutes and implementing regulations, these agencies,
among other things, prescribe the requirements and establish the standards for quality and safety and regulate our products and the manufacturing,
labeling, marketing, promotion, and advertising thereof.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Among
other regulatory requirements, the facilities in which our products are grown, packed or processed may be required to register with the
FDA (depending on specific growing, packing, and processing operations), comply with regulatory schemes including Standards for the Growing,
Harvesting, Packing, and Holding of Produce for Human Consumption (the &#8220;<b>Produce Safety Rule</b>&#8221;), Current Good Manufacturing
Practices (&#8220;<b>GMPs</b>&#8221;), Hazard Analysis, and Risk-Based Preventive Controls for Human Food (the &#8220;<b>Preventive Controls
Rule</b>&#8221;) and FDA and USDA labeling and marketing requirements, as amended by the Food Safety Modernization Act of 2011 (&#8220;<b>FSMA</b>&#8221;),
the Organic Food Production Act, among other laws and regulations implemented by the FDA, the USDA, and other regulators. FSMA regulations
are still being developed and implemented, including product traceability requirements recently proposed, which would be directly applicable
to our products. The FDA and the USDA have the authority to inspect facilities depending on the type of product and operations involved.
The FDA and the USDA also require that certain nutrition and product information appear on product labels and, more generally, that labels
and labeling be truthful and non-misleading. Similarly, the FTC requires that our marketing and advertising be truthful, non-misleading,
not deceptive to consumers, and not otherwise an unfair means of competition. We are also restricted by FDA and USDA from making certain
types of claims about our products, including nutrient content claims, health claims, organic claims, and claims regarding the effects
of our products on any structure or function of the body, whether express or implied, unless we satisfy certain regulatory requirements.
We are also subject to parallel state and local food safety regulation, including registration and licensing requirements for our facilities,
enforcement of standards for our products and facilities by state and local health agencies, and regulation of our trade practices in
connection with selling our products.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to federal regulatory requirements in the United States, certain states impose their own manufacturing and labeling requirements.
For example, every state in which our products are manufactured requires facility registration with the relevant state food safety agency,
and those facilities are subject to state inspection as well as federal inspection. Further, states can impose state-specific labeling
requirements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are also subject to labor and employment laws, laws governing advertising, privacy laws, safety regulations and other laws, including
consumer protection regulations that regulate retailers or govern the promotion and sale of merchandise. Our operations, and those of
our distributors and suppliers, are subject to various laws and regulations relating to environmental protection and worker health and
safety matters. Further, when we start operating or selling internationally, we will be subject to the regulatory agencies and requirements
of the relevant countries.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Competitive
Landscape</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
operate in the highly competitive organic and natural foods market segment. Our competition includes large-scale conventional operations
both domestically and internationally. In this market, competitive positioning is based on, among other things, product quality, brand
recognition and loyalty, product variety, taste, product packaging and package design, shelf space, reputation, price, promotion and
nutritional claims.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are able to compete successfully with imported goods, including from Canada and Mexico with high quality produce that addresses U.S.
consumer preferences for higher quality, improved product safety, year-round availability, and product innovation at reasonable prices.
We also face competition from domestic and international greenhouse operators, as well as from other emerging high-tech agricultural
startups such as vertical farms. Vertical farming has received increased interest in recent years with several competitors emerging.
Some of our key competitors include, but are not limited to, AeroFarms, Bowery Farming, Infarm, Plenty, and Spread.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Employees</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2021, we had approximately 438 full-time employees. We have never experienced a labor-related work stoppage. We consider
our relations with our employees to be very strong. Moving forward, we expect to employ approximately 60 employees for each new standard
facility that we put in operation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a technology-driven company, but people will always remain at the heart of our purpose and practices. Our culture is based on empowering
people to play a key role in accelerating innovation and cooperation in the work environment. Our model is built on entrusting our teams
at each facility and location to shape a worldwide organization. Our core values are: &#8220;Do the Right Thing, Always!&#8221;, &#8220;Own
it, All of It!&#8221;, and &#8220;Grow the Future!&#8221;. We implemented these core values to help foster an ownership and responsibility
oriented culture. We also implemented a number of policies including diversity, equality, cooperation, and dignity in the work place.
With the hiring of our Head of Human Resources, we implemented these core values during 2020 so that every employee embraces our culture
and values at the time of joining Kalera.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Intellectual
Property Rights</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
intellectual property mainly relates to production processes and methods, plant nutrient mixture formulas, custom hardware and software
code as well as our trademarks and is an inherent part of our business strategy. The U.S. Patents and Trademark Office issued a patent
on November 24, 2020 for our application &#8220;Hydroponics Apparatus, System and Method&#8221;. The German Patent and Trademark Office
issued a patent on January 18, 2018 to &amp;ever GmbH (f/k/a Farmers Cut GmbH) titled &#8220;Climatically Sealed Climate Cell for Cultivating
Plants Indoors&#8221;. Kalera (including through its acquisition of &amp;ever GmbH) and Vindara currently have applications for 16 patent
families. Our main trademarks are &#8220;Kalera&#8221;, &#8220;HyCube&#8221;, &#8220;HyTaste&#8221; and &#8220;Pick-to-Plate&#8221;.
We believe our success depends, at least in part, on our ability to further develop and protect our intellectual property and we rely
on a combination of patents, trade secrets and know-how which are protected through limiting access to key information, confidentiality
provisions in agreements, confidentiality procedures and IT security. We have 43 granted patents throughout the United States, Europe,
Turkey, Hong Kong and Australia. These granted patents will expire between 2036 and 2038. We also have 10 published patents in the United
States, Europe, Canada, China and the Republic of Korea. Further, we have 38 pending patent applications throughout Europe and Asia.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Research
and Development</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
perform internal R&amp;D activities to perfect our nutrient, light, and environment recipes for all varieties growing in our system.
We also have research initiatives for trialing plant varieties suitable or optimized for our We are also subject to labor and employment
laws, laws governing advertising, privacy laws, safety regulations and other laws, including consumer protection regulations that regulate
retailers or govern the promotion and sale of merchandise. Our operations, and those of our distributors and suppliers, are subject to
various laws and regulations relating to environmental protection and worker health and safety matters. Further, when we start operating
or selling internationally, we will be subject to the regulatory agencies and requirements of the relevant countries.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Competitive
Landscape</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
operate in the highly competitive organic and natural foods market segment. Our competition includes large-scale conventional operations
both domestically and internationally. In this market, competitive positioning is based on, among other things, product quality, brand
recognition and loyalty, product variety, taste, product packaging and package design, shelf space, reputation, price, promotion and
nutritional claims.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are able to compete successfully with imported goods, including from Canada and Mexico with high quality produce that addresses U.S.
consumer preferences for higher quality, improved product safety, year-round availability, and product innovation at reasonable prices.
We also face competition from domestic and international greenhouse operators, as well as from other emerging high-tech agricultural
startups such as vertical farms. Vertical farming has received increased interest in recent years with several competitors emerging.
Some of our key competitors include, but are not limited to, AeroFarms, Bowery Farming, Infarm, Plenty, and Spread.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Intellectual
Property Rights</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
intellectual property mainly relates to production processes and methods, plant nutrient mixture formulas, custom hardware and software
code as well as our trademarks and is an inherent part of our business strategy. The U.S. Patents and Trademark Office issued a patent
on November 24, 2020 for our application &#8220;Hydroponics Apparatus, System and Method&#8221;. The German Patent and Trademark Office
issued a patent on January 18, 2018 to &amp;ever GmbH (f/k/a Farmers Cut GmbH) titled &#8220;Climatically Sealed Climate Cell for Cultivating
Plants Indoors&#8221;. Kalera (including through its acquisition of &amp;ever GmbH) and Vindara currently have applications for 16 patent
families. Our main trademarks are &#8220;Kalera&#8221;, &#8220;HyCube&#8221;, &#8220;HyTaste&#8221; and &#8220;Pick-to-Plate&#8221;.
We believe our success depends, at least in part, on our ability to further develop and protect our intellectual property and we rely
on a combination of patents, trade secrets and know-how which are protected through limiting access to key information, confidentiality
provisions in agreements, confidentiality procedures and IT security. We have 43 granted patents throughout the United States, Europe,
Turkey, Hong Kong and Australia. These granted patents will expire between 2036 and 2038. We also have 10 published patents in the United
States, Europe, Canada, China and the Republic of Korea. Further, we have 38 pending patent applications throughout Europe and Asia.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Research
and Development</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
perform internal R&amp;D activities to perfect our nutrient, light, and environment recipes for all varieties growing in our system.
We also have research initiatives for trialing plant varieties suitable or optimized for our growing systems. We are developing advanced
plant nutrient management algorithms and procedures, as well as data analytics and Machine Learning methods for advanced plant production
process control on an ongoing basis.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Legal
Proceedings</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From
time to time, we may become involved in litigation, disputes and other legal proceedings arising in the course of our business. As at
the date of this prospectus, we are not, nor have we been during the course of the preceding 12 months, involved in any legal, governmental
or arbitration proceedings which may have or have had a material adverse effect on our business, financial condition, results of operations
or cash flows.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Corporate
Information and History</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera
S.A. is a public limited company (soci&#233;t&#233; anonyme) organized under the laws of Luxembourg which has was incorporated on
June 11, 2021. Kalera AS is a private limited liability company organized under the laws of Norway, which was incorporated on March 6,
2013. Kalera PLC is a public limited company organized under the laws of Ireland, which was incorporated on June 19, 2017 as Figgreen
Limited, a private limited company. Kalera PLC was reregistered as an Irish public limited company on March 29, 2022 and changed its
name from &#8220;Figgreen Public Limited Company&#8221; to &#8220;Kalera Public Limited Company&#8221; on April 4, 2022. Kalera, Inc.
is a US private C-corp company and is the operating entity for Kalera&#8217;s business. Kalera, Inc. was incorporated in 2010 in the
state of Delaware. Kalera has entered into all customer and lease agreements pertaining to Kalera&#8217;s vertical farming business.
The company&#8217;s offices are located in Orlando, Florida.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The
Business Combination</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the Business Combination Agreement, dated January 30, 2022 (the &#8220;Business Combination Agreement&#8221;), on June 28, 2022 Kalera
SA and Lux Merger Sub on one hand and Agrico and Cayman Merger Sub on the other hand consummated the mergers and the Kalera Capital Reduction,
as a result of which the holders of Agrico Ordinary Shares received shares in the capital of Kalera, holders of Agrico Warrants had their
Agrico Warrants assumed by Kalera and automatically adjusted to become exercisable for shares in the capital of Kalera, Kalera SA Shareholders
(except Kalera) received shares in the capital of Kalera, the holders of the Kalera SA Options received options in the capital of Kalera,
and Kalera SA became a wholly owned subsidiary of Kalera (the transactions contemplated by the Business Combination Agreement collectively,
the &#8220;Business Combination&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Organizational
Structure</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following chart depicts our organizational structure prior to giving effect to the Business Combination and the related transactions.
The subsidiaries identified below as owned by Kalera AS in the pre-Business Combination organizational chart remained owned by Kalera
S.A. following the Business Combination.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="forms-1_006.jpg" alt="" style="height: 264px; width: 624px" /></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following chart depicts our organizational structure after giving effect to the Business Combination and the related transactions <sup>(3)</sup>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<img src="forms-1_007.jpg" alt="" /></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Does
                                            not include Kalera ordinary shares expected to be issuable to former warrant holders of Agrico
                                            pursuant to warrants to be issued or assumed by Kalera in connection with the Business Combination.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Does
                                            not include Kalera ordinary shares expected to be issuable to optionholders of Kalera pursuant
                                            to options assumed by Kalera in connection with the Business Combination. As of October
                                            6, 2022, there was an aggregate of 364,000 Kalera employee stock options assumed by
                                            Kalera in connection with the Business Combination outstanding.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
                                            closing of the Business Combination, Agrico became be a wholly owned subsidiary of Kalera.
                                            The voluntary winding-up of Agrico is expected to commence, and voluntary liquidators are
                                            expected to be appointed, by the passing of a special shareholder resolution. Upon the appointment
                                            of a voluntary liquidator, the powers of the directors are expected to cease and the business
                                            of Agrico is expected to be discontinued except to the extent necessary to facilitate the
                                            winding-up. During the winding-up process, liabilities of Agrico are expected to be assumed
                                            by Kalera. The liquidator is expected to notify the Cayman Islands Registrar of Companies
                                            of the commencement of the winding-up and publish a notice in the Cayman Islands Government
                                            Gazette informing creditors of the same. Notice must be published in the Cayman Islands Government
                                            Gazette prior to the final general meeting of Agrico at which the accounts of the liquidation
                                            and the conduct of the liquidation will be presented for shareholder approval. This notice
                                            must be published at least 21 days in advance of the meeting. Notice of the final meeting
                                            must also be given to all shareholders. Following such notice, final general meeting of Agrico
                                            is expected to be held, following which, the liquidator is expected to make a final return
                                            to the Cayman Islands Registrar of Companies. Three months later, Agrico is expected to be
                                            deemed formally dissolved.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera
has limited activity other than being the ultimate holding company. In addition to Kalera, Inc., Kalera has four other wholly owned subsidiaries:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Iveron
    Materials Inc.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vindara,
    Inc.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera
    Real Estate Holdings LLC</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Iveron
Materials Inc.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Iveron
Materials Inc. is a US private C-corp company established for our geopolymer concrete business (which is conducted separately from our
vertical farming business). As of the date of this prospectus, Iveron Materials Inc. holds a license to patented technology related to
geopolymer concrete, however no revenue generating activities are carried out. Iveron Materials Inc.&#8217;s offices are located in Orlando,
Florida.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Vindara,
Inc.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 10, 2021 we acquired Vindara, the first company to deliver genetic seed varieties bred exclusively for use in fast growing, high-tech
indoor farming and other types of CEA operations. CEA farms no longer have to utilize standard outdoor seeds that have been bred for
resistance to disease and pests at the expense, in many cases, of rich flavor, texture, and high nutritional content. Founded in 2018
and originally based in the North Carolina Research Triangle, the company utilizes machine learning to breed tailor-made seeds in a compressed
timeframe of only 12 to 18 months rather than traditional breeding methods that need five to seven years to achieve similar results.
Vindara breeds the seeds entirely through analytics rather than gene-editing or GMOs. This acquisition by Kalera represents what we believe
to be the first instance of a combination between a leading vertical farming platform and the scientific leader in indoor seed development.
Vindara is operating out of our headquarters in Orlando and Vindara&#8217;s Co-Founder and President, Dr. Jade Stinson, has joined our
senior management team in Orlando as part of the transaction. We expect this acquisition to bring significant improvements to our operations
and a new revenue stream through the selling of customized seeds to other farming companies to complement our precision agriculture portfolio
of products.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Kalera
Real Estate Holdings, LLC</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 11, 2021, we incorporated Kalera Real Estate Holdings, LLC in the state of Delaware as the main legal entity to consolidate
all real estate operations. On March 12, 2021, Kalera Real Estate Holdings, LLC completed the acquisition of a property in St. Paul,
Minnesota to be converted into a vertical farm. Kalera Real Estate Holdings, LLC will manage all real estate operations separately from
our leafy greens production operations. By developing or purchasing select real estate facilities through low-cost real estate financing
structures, we expect to reduce our operating expenses and improve our unit economics.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="margin-right: 0pt; break-before: page; margin-top: 0pt; margin-bottom: 0pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">&#160;</td></tr></table></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Kalera
GmbH (formerly &amp;ever GmbH)</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 1, 2021, we acquired all of the shares in &amp;ever, a global leader in baby leaf indoor farming, for a total consideration reflecting
an enterprise value for &amp;ever GmbH of EUR 130 million on a cash and debt free basis as of July 1, 2021. Prior to the acquisition,
&amp;ever was a vertical farm company headquartered in Germany with operations in the Middle East, Asia and Europe. Founded in 2015,
&amp;ever focuses on the highly automated production of baby leaf products including spinach, arugula and cilantro using proprietary
technology and operations, enabling output of various scale from in-store grow-towers to mega-farms.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe this transformational acquisition not only accelerates Kalera&#8217;s geographical footprint with a farm operating in Kuwait
and one under construction in Singapore, but expands our technology base, patents and IP, management team, and customer base. It also
allows Kalera to offer a broad range of products in the industry, including: whole head, teen and baby leaf, cut leaf, and microgreens.
Combined with Vindara seed technology from our previous Vindara acquisition, we believe Kalera is now a worldwide leader in the vertical
farming industry with a truly global reach and international brand.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
table below shows our key milestones and important events from our incorporation and to the date of this prospectus:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Event</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2010</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Established
    Kalera, Inc.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2014</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tradeport
    R&amp;D facility became operational.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2017</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Started
    construction of Orlando World Center Marriott (HyCube) facility.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2018</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Commenced
    operations at the Orlando World Center Marriott (HyCube) facility.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2019</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Started
    construction for the first large-scale facility by retrofitting an existing warehouse in Orlando.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2020</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    large-scale facility in Orlando was completed and started to operate.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2020</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Started
    construction of three new large-scale facilities in Atlanta, Houston and Denver.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2020</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registered
    and traded on the NOTC-list in Norway.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2020</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Completed
    several private placements raising net proceeds over $145 million.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2020</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Announced
    expansion to three new locations: Honolulu, Seattle and Columbus.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Acquired
    Vindara, Inc. a seed development company for indoor farms.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporated
    Kalera Real Estate Holdings, LLC and acquired a property in St Paul, Minnesota that will be converted into a vertical farm.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    large-scale facilities in Atlanta and Houston were completed and started to operate.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional
    blue chip customers added, including Kroger, Disney, Walmart and H-E-B.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Acquired
    &amp;ever GmbH.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    large-scale facility in Denver was completed and started to operate.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Business Combination with Agrico was completed.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera
    Ordinary Shares started trading on Nasdaq.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="S1_001"></span>MANAGEMENT&#8217;S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The
following &#8220;Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operation&#8221; should be read in
conjunction with the &#8220;Information about Kalera&#8221; section and the consolidated financial statements of Kalera Public
Limited Company which are included elsewhere in this prospectus. The financial information contained herein is taken or derived from
such consolidated financial statements, unless otherwise indicated. The following discussion and analysis set forth below contains forward-looking
statements. Kalera&#8217;s actual results could differ materially from those that are discussed in these forward-looking statements as
a result of many factors. The factors that could cause or contribute to such differences include those discussed below and elsewhere
in this prospectus, particularly under &#8220;Risk Factors&#8221; and &#8220;Cautionary Note Regarding Forward-Looking Statements&#8221;.
Amounts presented in &#8220;Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations&#8221; are presented
in thousands of U.S. dollars, except per share, percentage and ratio figures. Unless the context otherwise requires, all references in
this section to &#8220;Kalera&#8221; refer to Kalera SA prior to the Closing and to Kalera following the Closing of the Business Combination.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Overview</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a hydroponics company combining plant science, clean room technology, and big data analytics. We grow clean, high quality, nutrient
rich greens in a cost efficient and sustainable way near the point of consumption.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
produce, sell, and distribute a diverse portfolio of leafy green vegetables, microgreens and herbs under the global Kalera brand. We
sell our products to foodservice companies, resorts, hospitality, cruise lines, airlines, grocery chains and restaurant chains. The product
is beneficial for customers, retailers, foodservices and chefs, as it is healthy and fresh. It has a longer shelf life than conventional
farmed produce, consistent quality, and is available at an affordable price.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
utilize unique growing methods that combine optimized nutrients and light recipes, clean room standards and precise environmental controls
to produce our safe, nutrient rich, clean, pesticide free, non-GMO products with consistent high quality throughout the entire year.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
of our controlled environment, and vertical growing methodology, we are able to produce 300 times more volumes per square feet than conventional
farming. In addition, we produce our leafy greens all year round, regardless of outdoor growing seasons.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
indoor facilities situated right where the demand is, we are able to supply an abundance of product locally, eliminating the need to
travel long distances when shipping perishable products and ensuring the highest quality and freshness.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Our
Assets and Operations</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
currently have announced seven large-scale indoor hydroponic facilities in the US, including our Orlando, Atlanta, Houston and Denver
facilities which have commenced operations in 2020, 2021 and 2022. Internationally, we have announced two large-scale indoor hydroponic
facilities, including our Kuwait facility which has commenced operations, and our Singapore facility which is under construction. Our
indoor production facilities are strategically located proximate to population and distribution centers, including markets isolated from
farmland. In contrast to produce that requires costly and extended long-haul supply chains, our leafy greens are delivered within hours
of harvesting, always fresh, and maintain a longer shelf life. Given our expanding facility footprint, we expect to be the first truly
pan-US vertical farming company able to serve both regional and national accounts.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
sustainably grown and locally sourced high-quality leafy greens, currently marketed under our Kalera brand, appeal to a broad range of
customers across the foodservice, grocery, resort, hospitality, cruise line, airline and restaurant industries. Some of our key customers
include US Foods, Gordon Food Service, Harvill&#8217;s Produce, Marriott, Levy, FreshPoint (a Sysco company), Publix, Kroger, H-E-B,
King Soopers, Disney and Universal Studios.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Overall
Trends and Outlook</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Business
Trends</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
revenue for the three and six months ended June 30, 2022 were $1,289 thousand and $2,766 thousand, respectively, compared to $489 thousand
and $828 thousand for the comparable prior year periods. We have generated losses since inception. Our net loss in the three and six
months ended June 30, 2022 were approximately $(78,655) thousand and $(94,973) thousand, respectively, compared to $(7,676) thousand
and $(12,580) thousand for the comparable prior year periods as we invested in key talent acquisition and operating expenses during each
of the periods ended June 30, 2022 and 2021 as we continue to expand our facility footprint. As of June 30, 2022, Kalera has five operation
large-scale facilities in Orlando, Atlanta, Houston, Denver and Kuwait with aggregate production capacity of approximately 9.9 million
lbs. and 50 thousand lbs. of microgreens per year. Going forward, we intend to continue to invest in the construction of new facilities,
plant and seed science, operational improvements and technology for Controlled Environment (&#8220;CEA&#8221;) as we believe demand for
our products will continue to accelerate across our distribution channels.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Strategy</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe that we are well positioned to take advantage of macro- and micro-trends by building high-tech sustainable lettuce, microgreens
and herb production capacity in the United States and internationally. We seek to expand in certain markets and communities that do not
have accessibility to local and fresh produce. We believe that our revenue growth will allow us to capture an increased share of the
broader U.S. lettuce and chicory and microgreens categories. This is supported by a number of key drivers, including the growing mainstream
acceptance of our products, heightened consumer awareness of the role that food and nutrition play in long-term health and wellness,
and increasing awareness of the reduced negative impact that vertical farming has on the environment as compared to traditional farming.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera
seeks to achieve its growth plan through five main avenues, namely:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Roll-out
    in additional US cities:</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#9679;</td>
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    growth;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expansion
    of business line;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expansion
    of product line; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">M&amp;A
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
2020 and 2021, Kalera opened seven new facilities in the U.S. (certain of which are currently under construction):</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Atlanta,
    Georgia</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Houston,
    Texas</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Denver,
    Colorado</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Columbus,
    Ohio</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Honolulu,
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#9679;</td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#9679;</td>
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
2021, Kalera had opened two new international facilities following the acquisition of Kalera GmbH <i>(formerly &amp;ever GmbH)</i>:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kuwait</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Singapore
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera
aims to continue its growth plan in domestic markets, as well as in new, international markets. As of June 30, 2022, Kalera has five
large-scale facilities in operation and announced five additional large-scale facilities. In connection with its expansion plans, the
Company has a strong pipeline of new potential locations over the next 18 months. In addition, Kalera seeks to continue investing in
its organization, to support the increased production footprint.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
address this sustained expansion plan, Kalera has developed rapid roll-out capabilities related to design, buildout and installation,
centered around the following key aspects:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Established
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Replicable
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    proven ability to manage multiple construction projects at a time;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Using
    general contractors and sub-contractors to provide supervision, manpower and materials to cover construction project workloads as
    needed;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Modular
    designs &#8211; based on components that can be reused in various configurations; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Standardization
    &#8211; shorten lead times and internal review by design teams to create streamlined franchise style builds.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have a proven approach to rolling out new vertical farming facilities in retrofitted, leased warehouses with an expected construction
time of under one year for facilities up to approximately 75,000 square feet. With established supply chains for key technology and equipment,
modular designs based on components that can be reused in various configurations and pre-tested software, we can efficiently replicate
facility design and processes. This gives us visibility with respect to expected capital expenditures and timing involved for a new facility
roll-out. In addition, three facilities are currently under construction and incorporate multiple design improvements over our first
large-scale facility in Orlando and are expected to deliver unit cost savings of around 5% comparatively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to the roll-out plan, Kalera also has a keen focus on capital productivity and unit economics, aiming to deliver strong return
on capital.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
growth strategy includes the expansion of our product line. We intend to strengthen our product offerings by improving the formulations
for our existing portfolio of products and by creating new products that expand our portfolio. We are continuously refining our products
to improve their color, texture, flavor, firmness and nutritional value. In addition, we are continually testing new varieties and recipes
to enhance all the benefits of our products in addition to bringing a differentiation factor to the sector by growing custom plants that
are unique to each customer.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Demand</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
mainly operate in the lettuce and chicory market. The global market volume for lettuce and chicory was around 27 million tons in 2017.
This market has seen relatively stable growth with a CAGR of 1.2% from 2007 to 2017 according to IndexBox. This market is projected to
continue its stable development, growing at over 1% per annum from 2019 to 2025 , resulting in an estimated market volume of 29 million
tons in 2025. The global lettuce and chicory market, excluding logistics costs, retail marketing costs and margins, amounted to over
$30 billion in 2017, representing an increase of 16% against the preceding year.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
according to Research Nester, the United States microgreens market is projected to register a CAGR of 10.1% from 2020 to 2025. According
to Research Nester, in terms of value, the U.S. microgreens market is projected to grow to $307 million by 2025. By sales channel, the
restaurant market segment dominates the market owing to the fact that microgreens are likely to influence produce shopping requirements
in the near future. Microgreens are increasingly being treated as a culinary trend across the country&#8217;s cuisines. The ongoing culinary
trend for microgreen preference across United States cuisines together with the increasing supply to the hospitality market segment is
likely to enhance the sale of microgreens in the future.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Pricing</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Foodservice
and retail pricing remains firm and in-line with expectations. We continue to price our products competitively compared to competing
organic products and other CEA produce based on our retail surveys and buyer conversations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Acquisitions</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Vindara</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 10, 2021 Kalera acquired a leading indoor seed developer, Vindara. Founded in 2018 in the North Carolina Research Triangle, Vindara
is the first company to deliver seed varieties bred explicitly for use in fast growing, high-tech indoor farming operations and for other
types of CEA operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
transaction provided Kalera with a vertically integrated structure by combining a scientific leader in indoor seed development with a
leading vertical farming platform.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
expect this deal to be accretive to our unit economics starting in 2022 by:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Significantly
    increasing the output from Kalera&#8217;s current and future facilities by reducing the grow cycle and providing Kalera benefits
    of higher yields;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lowering
    cost of goods sold by reducing seed costs and improving energy efficiency/automation;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Significantly
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Further
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accelerating
    and expanding Vindara&#8217;s seed research and development programs focused on the indoor farming sectors to support overall CEA
    market share growth;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Developing
    a strong product pipeline beyond leafy greens to include high yield basil, spinach, and strawberries;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accelerating
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    seed for the indoor farming industry at large;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Providing
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vindara
has already demonstrated substantial yield improvements in indoor-grown romaine, with more varieties and crops in the pipeline.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
acquisition will accelerate Kalera&#8217;s product development both within its existing market segment to other lettuce varieties and
leafy greens including basil and spinach, and to entirely new categories such as strawberries.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Kalera
GmbH (formerly &amp;ever GmbH)</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 1, 2021, Kalera acquired 100% of the shares of &amp;ever for a total of $33,610 thousand in cash and 27,856,081 Kalera shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Founded
    in 2015, &amp;ever focuses on the highly automated production of baby leaf products including spinach, arugula and cilantro using
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 13, 2021, Kalera completed the acquisition of the remaining 50% of &amp;ever ME for a total of $1,899 thousand in cash and 2,724,499
shares of Kalera common stock.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera
operating expenses increased during the six and three months ended June 30, 2022, compared to prior year periods due to a higher research
and development expenses related to the acquired seed varieties for indoor farming and automated production technologies.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Update
Regarding Impact and Expected Future Impact of COVID-19 on Our Company</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
spread of the COVID-19 pandemic drove the decision to modify our business strategy to meet the demand for our products in the retail
sector. The foodservice sector, our core target market, was closed or operating at less than normal capacity for example, less than 25%
capacity in Central Florida during 2020. During 2021, the foodservices industry gradually recovered with large venues such as convention
centers and entertainment centers re-opening during the third quarter of year-ending December 31, 2021. This affected our ability to
increase sales.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
we seek to continue to rapidly grow our net revenues, we face several challenges. The extent of COVID-19&#8217;s effect on our operational
and financial performance will depend on future developments, including the duration, spread and intensity of COVID-19 (including any
resurgences), impact of the new COVID-19 variants and the rollout and uptake of COVID-19 vaccines, and the level of social and economic
restrictions imposed in the United States and abroad in an effort to curb the spread of the virus, all of which are uncertain and difficult
to predict considering the rapidly evolving landscape.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>How
We Generate Revenue</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera
recognizes revenue through the sale of various varieties of lettuce and micro-greens which are sold to food retail and distribution customers.
Kalera recognizes revenue for the sale of the product upon shipment or delivery to the customer based on terms of the sale. Revenue is
measured as the amount of consideration Kalera expects to receive in exchange for delivering products. In the six months ended June 30,
2022, our largest customers in terms of their respective percentage of our sales included the following: Publix (26%), H-E-B Grocery
(16%), Kroger (10%), Sysco (9%), Harvill&#8217;s Produce Co. (6%), and US Foods (5%). We expect that most of our sales will be made through
a core number of distributors and large retailers for the foreseeable future. We do not have short-term or long-term commitments or minimum
purchase volumes in our contracts with them that ensure future sales of our products.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>How
We Evaluate Our Operations</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Net
Loss</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
measure performance based on our overall return to shareholders based on consolidated net income or net loss. We do not review a measure
of operating result at a lower level than the consolidated company and we only have one reportable segment.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>EBITDA
and Adjusted EBITDA</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
view EBITDA as an important indicator of performance. We define EBITDA as net income/(loss) plus net interest expense, income taxes,
depreciation and amortization. We define Adjusted EBITDA as EBITDA further adjusted for any foreign exchange gains/(losses), share-based
compensation expense and non-recurring items if identified. EBITDA and Adjusted EBITDA are supplemental measure utilized by our management
and other users of our financial statements such as investors, research analysts and others, to assess the financial performance of our
assets without regard to financing methods, capital structure or historical cost basis. Adjusted EBITDA is a key performance measure
that our management uses to assess our operating performance. It facilitates internal comparisons of our operating performance on a more
consistent basis. We use these performance measure for business planning purposes and forecasting. We believe that EBITDA and Adjusted
EBITDA enhances an investor&#8217;s understanding of our financial performance as they are useful in assessing our operating performance
from period-to-period by excluding certain items that we believe are not representative of our core business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
Regarding Non-GAAP Financial Measures</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EBITDA
and Adjusted EBITDA are not financial measures presented in accordance with accounting principles generally accepted in the United States
of America (&#8220;GAAP&#8221;). We believe that the presentation of these non-GAAP financial measures will provide useful information
to investors in assessing our financial condition and results of operations. Net loss is the GAAP measure most directly comparable to
EBITDA and Adjusted EBITDA. Our non-GAAP financial measures should not be considered as alternatives to the most directly comparable
GAAP financial measure. Each of these non-GAAP financial measures has important limitations as analytical tools because they exclude
some but not all items that affect the most directly comparable GAAP financial measures. You should not consider EBITDA or Adjusted EBITDA
in isolation or as substitutes for analysis of our results as reported under GAAP. Because EBITDA and Adjusted EBITDA may be defined
differently by other companies in our industry, our definitions of these non-GAAP financial measures may not be comparable to similarly
titled measures of other companies, thereby diminishing their utility.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risk
Factors Affecting Operating Results</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are subject to a number of challenges that may adversely affect our businesses. These challenges are discussed under the headings &#8220;<i>Risk
Factors&#8221; </i>and &#8220;<i>Cautionary Note Regarding Forward-Looking Statements.</i>&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Factors
Impacting Comparability of Our Financial Results</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
2021 and the six months ended June 30, 2022 we opened Atlanta, Houston and Denver large-scale facilities that increased our production
capacity by a total of 8.8 million lbs. of lettuce per year and 50 thousands lbs. of microgreens. This represents an increase in total
production capacity of 1,000% when compared to our Orlando facility which was the only fully operating large scale facility during the
six months ended June 30, 2021 following by the Atlanta facility that opened in May 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
2021, we also completed three acquisitions in the plant science and seed sectors including Vindara, a developer of seeds that are specifically
designed for indoor farms; &amp;ever GmbH, a developer of technology and vertical farms based out of Germany with operations in Kuwait
and Singapore. Driven by the three acquisitions Kalera&#8217;s operating expenses increased during the three and six months ended June
30, 2022, compared to the prior year periods.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 28, 2022, Kalera completed the business combination with Agrico which increased the operating expenses during the three months ended
June 30, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Results
of Operations</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Comparison
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth our historical operating results for the periods indicated:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In
thousands, except percentages)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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    <td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(24,612</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(5,947</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(18,665</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(35,012</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(10,234</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(24,778</td><td style="text-align: left">)</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(607</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(2,356</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(5,516</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(775</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(4,741</td><td style="text-align: left">)</td></tr>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(96,809</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(7,767</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(89,042</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(113,293</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(12,826</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(100,467</td><td style="text-align: left">)</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(588</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">11</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(599</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(817</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">166</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(983</td><td style="text-align: left">)</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">17,250</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(79,165</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(7,676</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(71,489</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(96,213</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(12,580</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(100,883</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(78,632</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(7,676</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(70,956</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(94,925</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(12,580</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(99,595</td><td style="text-align: left">)</td></tr>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">23</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">48</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following sections discuss and analyze the changes in the significant line items in our unaudited condensed consolidated statements of
operations for the comparison period identified.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Reconciliation
of GAAP to Non-GAAP</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table presents a reconciliation of net loss, the most directly comparable financial measure calculated and presented in accordance
with GAAP, to Adjusted EBITDA:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom; background-color: White">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Net
Sales</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
sales for the three and six months ended June 30, 2022 were $1,289 thousand and $2,766 thousand, respectively, compared to $489 thousand
and $828 thousand for the comparable prior year periods. The net sales increase is reflective of the opening of new farming facilities
in 2022 in addition to facilities opened in the second half of 2021 that were fully operational in the first six months of 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cost
of Goods Sold (exclusive of depreciation and amortization)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cost
of goods sold for the three and six months ended June 30, 2022 increased 268.4% and 326.4% to $(6,271) thousand and $(11,279) thousand,
respectively, compared to $(1,702) thousand and $(2,645) thousand for the comparable prior year periods. This includes all fixed (roughly
86%) and variable costs (roughly 14%) for the Orlando, Atlanta, Houston, Denver, and Kuwait farms. Inventory costs include the costs
of producing our products which include direct material costs such as seeds and nutrients, salaries and wages of the employees directly
involved in farming production, farming facility costs including utility costs, insurance, maintenance, and other costs directly attributed
to the vertical farming process and facilities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Selling,
General &amp; Administrative Expense</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

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general and administrative expenses, for the three and six months ended June 30, 2022 increased 313.9% and 242.1% to $(24,612) thousand
and $(35,012) thousand, respectively, compared to $(5,947) thousand and $(10,234) thousand for the comparable prior year periods. The
increase in selling, general and administrative expenses was primarily due to increases in the number of corporate employees and related
employee expenses required to manage the growing business and also expenses related to three acquisitions during 2021. The increase in
the three months ended June 30, 2022 was driven mainly by approximately $7,500 thousand legal and accounting expenses related to the
business combination that closed on June 28, 2022 and stock based compensation expenses of $7,200 thousand for the three and six months
ended June 30, 2022 to reflect the unrecognized fair market value of the cancelled options under the Business Combination Agreement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Depreciation
&amp; Amortization Expense</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depreciation
and amortization expense for the three and six months ended June 30, 2022 increased 388.1% and 611.7% to $(2,963) thousand and $(5,516)
thousand, respectively, compared to $(607) thousand and $(775) thousand for the comparable prior year periods. The increase in depreciation
and amortization expense was due to the increase in property, plant, and equipment primarily put into service in order to operate the
new farming facilities and amortization expense of intangible assets acquired during the three acquisitions in 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Impairment
loss</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
of the June 30, 2022 stock price decrease, reporting of losses and decline in current market valuation of companies in our industry,
management concluded that impairment indicators were present and thus performed a detailed quantitative analysis of our long-lived assets
and goodwill. Based on the difference between the Company&#8217;s market capitalization versus the Company computed value on June 30,
2022, the Company recognized a goodwill impairment loss of $(64,252) thousand for the three and six months ended June 30, 2022 compared
to $0 thousand in the comparable prior year periods.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Net
Interest Expense</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
expense, net consists of expenses related farm credit debt and convertible debt less income received as interest on our cash deposits.
Net interest expense for the three and six months ended June 30, 2022 were $(588) thousand and $(817) thousand, respectively, compared
to net interest income of $11 thousand and $166 thousand for the comparable prior year periods. The change in net interest expense was
due to the interest incurred on finance obligation related to our failed sale-leaseback transaction that included building and equipment
for failed sale-leaseback transaction, interest incurred on our convertible debt arrangement that we entered into in March 2022 and interest
incurred on our farm credit facility we entered into in April 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Change
in fair market value</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
gain of $17,250 thousand was recorded in the three months and six months ended June 30, 2022 for the change in the fair market value
of the earnout liability compared to $0 thousand in the comparable prior year periods.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Other
Income</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
income for the three and six months ended June 30, 2022 were $982 thousand and $647 thousand, respectively, compared to $80 thousand
and $80 thousand for the comparable prior year periods. The change in other income was due to insurance reimbursement received in June
2022 off set by other expenses related our failed sale-leaseback transaction.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Income
Taxes</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
income tax benefit of $533 thousand and $1,288 thousand were recorded during the three and six months ended June 30, 2022, respectively,
due to the recognition of deferred tax benefits for intangible asset amortization associated with our acquired businesses. No income
tax benefit or expense was recorded for the three and six months ended June 30, 2021. A valuation allowance was recorded as of June 30,
2022 and 2021, on substantially all of our domestic and foreign deferred tax assets. Management does not anticipate that the benefits
from these deferred tax assets will be realized in the near term.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Net
Loss</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a result of the foregoing, net losses for the three and six months ended June 30, 2022 was $(78,655) thousand and $(94,973) thousand,
respectively, compared to net losses of $(7,676) thousand and $(12,580) thousand for the comparable prior year periods.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>



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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Comparison
of Years Ended December 31, 2021 and December 31, 2020</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Net
Sales</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

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    <td style="width: 60%; text-align: left">Net sales</td><td style="width: 2%">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
sales increased to $2,855 thousand in 2021, from $887 thousand in 2020. The net sales increase is reflective of the opening of new farming
facilities in 2021 and an increase in sales from existing facilities, as net sales in 2020 were generated primarily from sales from our
Orlando facility which began operations in March 2020, in addition to sales from our smaller HyCube facility.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cost
of Goods Sold (exclusive of depreciation and amortization)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold">Fiscal Year</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="width: 60%; text-align: left">Cost of goods sold (exclusive of depreciation and amortization)</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">9,634</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cost
of goods sold increased 398% to $9,634 thousand in 2021, from $1,935 thousand in 2020. Inventory costs include the costs of producing
our products which include direct material costs such as seeds and nutrients, salaries and wages of the employees directly involved in
farming production, farming facility costs including utility costs, insurance, maintenance, and other costs directly attributed to the
vertical farming process and facilities. During 2021, we experienced increased sales which resulted in additional costs of goods sold.
During 2021 and 2020, our facilities operated at higher capacity than was required to meet demand in order to test and condition the
systems in new production facilities. As a result, cost of goods sold was in excess of net sales and included costs of leafy greens produced
but not sold totaling $6,475 thousand and $1,828 thousand for the years ended December 31, 2021 and 2020 respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
2020, the Orlando facility was operated at a higher capacity than was required to meet demand in order to test all our farming production
systems as Orlando was the first large-scale hydroponic farming facility of its kind. Similarly, we operated the Atlanta and Houston
facilities at a higher capacity than was required to meet demand in order to test all our farming production systems in these two farms
that incorporated new technologies and were Kalera&#8217;s second generation of farms compared to the Orlando farm. Driven by salaries
and wages, utility costs, maintenance and raw materials in excess of demand, our cost of goods sold which include costs of products produced
but not sold prior to spoilage, were higher than our net sales.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Selling,
General &amp; Administrative Expense</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
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    <td style="width: 60%; text-align: left">Selling, general and administrative expenses</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">28,621</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selling,
general and administrative expenses, which include primarily the corporate functions expenses and are expenses not directly associated
with production, were at $28,621 thousand for fiscal 2021, compared to $6,467 thousand for fiscal 2020. The increase in selling, general
and administrative expenses was primarily due to increases in the number of corporate employees and related employee expenses required
to manage the growing business and also expenses related to three acquisitions during 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Depreciation
&amp; Amortization Expense</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depreciation
and amortization expense which included depreciation on property, plant and equipment, net and amortization of operating lease right-of-use
assets was at $4,009 thousand for fiscal 2021, compared to $967 thousand for fiscal 2020. The increase in depreciation and amortization
expense was due to the increase in property, plant, and equipment primarily put into service in order to operate the new farming facilities
which opened in 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Net
Interest Expense</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="width: 60%; text-align: left">Interest expense, net</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">(1,634</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
expense, net consists of expenses related to payments for outstanding lease liabilities and debt during 2021 and 2020 less income received
as interest on our cash deposits. Net interest expense in fiscal 2021 was at $1,634 thousand, compared to $503 thousand in fiscal 2020.
The change in net interest expense was due to the interest paid on lease liabilities that included new farms that opened during 2021
and that opened or will open during 2022. In addition, during 2021 Kalera raised debt from DNB Bank for a total of $34,000 thousand that
was fully repaid during the fourth quarter of 2021. Interest for this credit facility accounted for $279 thousand in interest expense
during 2021. .</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Gain
on Forgiveness of Debt</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gain
on forgiveness of debt in fiscal year 2020 was the result of forgiveness of the loan received under the U.S. Government sponsored Payment
Protection Program stimulus package for small and medium-sized enterprises following the COVID-19 pandemic outbreak. There was no forgiveness
of debt during fiscal year 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Net
Loss</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a result of the foregoing, net loss was at $40,057 thousand for fiscal 2021, compared to a loss of $8,657 thousand for fiscal 2020.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Income
Taxes</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
income tax benefit was recorded during the year ended December 31, 2021, due to the recognition of deferred tax benefits for intangible
asset amortization associated with our acquired businesses. No income tax benefit or expense was recorded for the year ended December
31, 2020. A valuation allowance was recorded as of December 31, 2021 and 2020, on substantially all of our domestic and foreign deferred
tax assets. Management does not anticipate that the benefits from these deferred tax assets will be realized in the near term.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Liquidity
and Capital Resources</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
large-scale high-tech CEA business is capital-intensive, and we expect to continue to expend significant resources related to our expansion
plans. These expenditures are expected to include working capital, costs associated with planting and harvesting, such as the purchase
of seeds and growing supplies, and the cost of attracting and retaining a skilled labor force. Financial projections for the year ended
December 31, 2022 provided by us to Agrico on December 21, 2021 were premised on certain assumptions that relied on trading conditions
during Q3 2021, which no longer apply. In light of the net loss incurred in H1 2022 as well as current trading conditions, including
increases in inflation and interest rates, volatility in financial and credit markets, the ongoing COVID-19 pandemic, the ongoing military
conflict involving Russia and Ukraine, and the impact thereof on the global supply chain and the global economy, revenue and therefore
cash flows from operating activities for 2022 are expected to be less than what had been projected and provided to the board of Agrico
on December 21, 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with the Business Combination, approximately 14.4 million Agrico Class A Shares were redeemed which represented a significant
portion of the publicly traded shares outstanding immediately prior to the Business Combination and resulted in only $276,058 of cash
from the Agrico trust account becoming available to us in connection with the Closing of the Business Combination. In addition, the Business
Combination produced liabilities that had previously been incurred by Agrico and which have become payable by us. The above have resulted
in the deterioration of our liquidity position in the short term. In considering our capital requirements and sources of liquidity, we
have not relied on the receipt of proceeds from the exercise of Kalera Warrants and, since the exercise price of Kalera Warrants exceeds
the recent trading prices for Kalera Ordinary Shares, it is unlikely that we will receive significant proceeds, if any, from the exercise
of Kalera Warrants in the near future. As a result of the above, we expect further issuances of debt and/or equity to meet our expected
capital requirements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
primary liquidity requirements are for operating expenses, working capital, and capital expenditures to support the growth in our business.
Historically, we have funded our operations and growth through debt and equity raises. In 2021, we received $61,696 thousand in net proceeds
from our capital raises. <span style="background-color: white">In the first half of 2022 we have received total of $30,000 thousand in
new debt by $10,000 thousand convertible debt and $20,000 thousand farm credit loan. </span>In July 2022, we received $9,250 thousand
in net proceeds as consideration for the issuance and sale of 2,300,000 Kalera Ordinary Shares, 200,000 Pre-Funded Warrants, 2,500,000
Series A Warrants and 2,500,000 Series B Warrants to Armistice. In the third quarter of 2022, we received $4,000 <span style="background-color: white">thousand
</span>convertible debt and $6,000 <span style="background-color: white">thousand farm credit loan. There was no conversion of
loans to equity through September 30, 2022. </span>In the fourth quarter of 2022 we expect further issuances of debt and/or equity to
meet our expected liquidity needs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
order for us to meet our existing operating and capital expenditure requirements and to be able to successfully pursue our business plan,
we require additional equity and/or debt funding in the short term. While the exact timing and amount of our future funding plans depend
on many factors, we are exploring various funding and liquidity opportunities, including further issuances of equity and/or equity-linked
securities, the incurrence of additional debt, the restructuring of our existing debt, the potential for strategic investments by private
investors and asset sales. In addition, we are in discussions for a sale leaseback transaction with a third-party lender, and additional
equipment financing that could bring up to $22 million for future capital expenditures. Despite these ongoing efforts, we may be unable
to obtain any such additional financing on reasonable terms or at all.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
ability to raise additional capital through the sale of equity or convertible debt securities could be significantly impacted by the
sales of a substantial number of our securities in the public market or otherwise, or the perception or anticipation that such sales
could occur. There are currently (i) up to 14,437,500 Kalera Ordinary Shares issuable upon exercise of Kalera Warrants, (ii) up to 4,000,000
Kalera Ordinary Shares issuable upon the conversion of the Second Amended and Restated Secured Convertible Bridge Promissory Note and
(iii) up to 5,000,000 Kalera Ordinary Shares issuable upon exercise of Series A Warrants and Series B Warrants. Kalera Warrants are immediately
exercisable at an exercise price of $11.50 per Kalera Warrant. The Second Amended and Restated Secured Convertible Bridge Promissory
Note is immediately convertible, at a conversion price of $3.50 per share. Series A Warrants and Series B Warrants will become exercisable
on January 11, 2023 at an exercise price of $4.41 per warrant. Issuance and a subsequent sale of a significant number of these securities
in the public market, or the perception that such issuance and sale could occur, could significantly reduce the market price of Kalera&#8217;s
securities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, 1,796,875 Kalera Ordinary Shares and 6,171,875 Kalera Warrants held by the Sponsor are subject to a lock up restriction beginning
on the First Closing Date. After the lock-up period expires, these securities will become eligible for sale in the public market. Sales
of a significant number of these securities in the public market, or the perception that such sales could occur, could also reduce the
market price of Kalera&#8217;s securities. The above-described sales, or the possibility that such sales could occur, and any resulting
reduction in the market price of our securities, could make it more difficult for us to sell equity securities and raise capital in the
future at a time and at a price that we deem appropriate. See &#8220;<i>Risk Factors-Sales or perceived sales of a substantial number
of Kalera&#8217;s securities could adversely affect the market price of such securities and impact Kalera&#8217;s ability to raise additional
capital in the future</i>.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
could potentially use our available financial resources sooner than we currently expect and may incur additional indebtedness to meet
future financing needs. Adequate additional funding may not be available to use on acceptable terms or at all. In addition, although
we anticipate being able to obtain additional financing through non-dilutive means, we may be unable to do so. Our failure to raise capital
as and when needed could have significant negative consequences for our business, financial condition and results of consolidated operations.
Our future capital requirements and the adequacy of available funds will depend on many factors, including those set forth in &#8220;<i>Risk
Factors-Sales or perceived sales of a substantial number of Kalera&#8217;s securities could adversely affect the market price of such
securities and impact Kalera&#8217;s ability to raise additional capital in the future</i>.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Summary
of Cash Flows</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
summary of our cash flows from operating, investing and financing activities is presented in the following table:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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  <tr style="vertical-align: bottom">
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    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Net
Cash Used by Operating Activities. </i>Net cash used by operating activities was at $(32,432) thousand for the six months ended June
30, 2022, compared to $(6,992) thousand for the six months ended June 30, 2021. The increase in cash used in operating activities was
primarily due to expenses from new facilities that opened in the second half of 2021 and during 2022 and the expenses related to the
closing of Business Combination on June 28, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Net
Cash Used in Investing Activities. </i>Net cash used in investing activities was at $(20,921) thousand for the six months ended June
30, 2022, compared to $(51,236) thousand for the six months ended June 30, 2021. Net cash used in investing activities for the six months
ended June 30, 2022, was primarily driven by investments in the Denver, Seattle and St. Paul farming production facilities. Net cash
in investing activities for the six months ended June 30, 2021, was primarily driven by investments in the Atlanta, Houston, Denver,
and Seattle farming production facilities in addition to the acquisition of Vindara.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Net
Cash Provided by Financing Activities. </i>Net cash provided by financing activities was at $39,641 thousand for the six months ended
June 30, 2022, compared to $29,158 thousand for the six months ended June 30, 2021. The change was primarily driven by issuance of convertible
debt, sale of property, plant and equipment for failed sale-leaseback and farm credit loan during the six months ended June 30, 2022
compared to private placements to finance the cash consideration of the Vindara acquisition during the six months ended June 30, 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Secured
Convertible Bridge Promissory Note</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 4, 2022, Kalera entered into the Secured Convertible Bridge Promissory Note, which was amended and restated in August 22, 2022
(the &#8220;Amended and Restated Secured Convertible Bridge Promissory Note&#8221;) and September 19, 2022 (the &#8220;Second Amended
and Restated Secured Convertible Bridge Promissory Note&#8221;) . For more information, please see <i>&#8220;Certain Relationships, Related
Party and Other Transactions&#8212;Related Person Transactions&#8212;Secured Convertible Bridge Promissory Note&#8221;</i> for more information.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Farm
Credit Loan and Security Agreement</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 14, 2022, Kalera, Inc. (a wholly owned subsidiary of Kalera AS), as borrower, entered into the Farm Credit Loan and Security Agreement
with Farm Credit of Central Florida, ACA (&#8220;<b>Farm Credit</b>&#8221;), under which Farm Credit agreed to make (i) revolving loans
in an aggregate principal amount up to $10 million and (ii) one or more term loans in an aggregate principal amount up to $20 million.
As of September 19, 2022, the aggregate principal amount outstanding under the Farm Credit Loan and Security Agreement is $26 million.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Farm
Credit Eligibility/Farm Credit Equity.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Farm Credit Loan and Security Agreement requires that the borrower maintain its status as an entity eligible to borrow from a federally
chartered farm credit system lending institution organized under the Farm Credit Act of 1971, as the same may be amended or supplemented
from time to time.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Farm Credit Loan and Security Agreement also requires that the borrower acquire equity in the lender in such amounts and at such times
as the lender may require in accordance with its bylaws and capital plan (as each may be amended or otherwise modified from time to time),
except that the maximum amount of equity that the borrower may be required to purchase in the lender in connection with the loans made
by the lender may not exceed the maximum amount permitted by the bylaws and capital plan of the lender on the closing date of the agreement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Maturity.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
revolving facility under the Farm Credit Loan and Security Agreement matures on the second anniversary of the date of the agreement,
unless commitments thereunder are terminated earlier in accordance with the terms of the agreement. The term loan facility may be drawn
upon within the first 24 months of the Farm Credit Loan and Security Agreement and matures on the tenth anniversary of such agreement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Interest.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
revolving loan will bear interest at an annual rate equal to the prime rate plus 0.625% and each term loan will bear interest at an annual
rate equal to the prime rate plus 0.75%.</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Guarantees
and Security.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
obligations under the Farm Credit Loan and Security Agreement are required to be guaranteed by all existing and future subsidiaries of
the borrower other than Kalera Real Estate Holdings LLC.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
obligations under the Farm Credit Loan and Security Agreement are secured by a continuing security interest and lien in substantially
all of assets and property of the loan parties, as more fully described in the Farm Credit Loan and Security Agreement, except for any
Excluded Assets (as defined in the Farm Credit Loan and Security Agreement). Excluded Assets include, among others, as specified in the
agreement, the loan parties&#8217; real property, and any &#8220;intent-to-use&#8221; application for registration of a trademark.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Farm Credit Loan and Security Agreement contains customary affirmative and negative covenants, including, among other things, restrictions
on indebtedness, liens, investments, mergers, dispositions, and dividends and other distributions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Farm Credit Loan and Security Agreement requires compliance with certain financial covenants. These financial covenants include (a) a
minimum Liquidity (as defined in the Farm Credit Loan and Security Agreement), (ii) a maximum Consolidated Funded Debt to Capital Ratio
(as defined in the Farm Credit Loan and Security Agreement), and (iii) a maximum Consolidated Funded Debt to EBITDA Ratio (as defined
in the Farm Credit Loan and Security Agreement). So long as any term loans are outstanding under the agreement, commencing with the fiscal
quarter ending June 30, 2022, on a quarterly basis, the borrower would be required to maintain a minimum Liquidity equal to the projected
scheduled aggregate principal and interest payments with respect to the term loan for the three-year period immediately following such
fiscal quarter end. On a yearly basis, commencing with the fiscal year ending December 31, 2022, the borrower would be required, as of
the end of each fiscal year, to maintain a maximum Consolidated Funded Debt to Capital Ratio of forty-five percent (45%). On a yearly
basis, commencing with the fiscal year ending December 31, 2024, the borrower would be required, as of the end of each fiscal year, to
maintain a maximum Consolidated Funded Debt to EBITDA Ratio of 3.25 to 1.00. On June 30, 2022, the Company is in compliance with the
debt covenants, except the quarterly liquidity requirement, where the company had a covenant technical violation. Farm Credit provided
a waiver for this violation for the quarter ended June 30, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Farm Credit Loan and Security Agreement also includes customary events of default, including failure to pay principal, interest or certain
other amounts when due, violation of covenants, material inaccuracy of representations and warranties, certain bankruptcy and insolvency
events, certain undischarged judgments, invalidity of guarantees or grant of security interest (except with respect to immaterial assets),
breach of certain material contractual obligations, uninsured loss of any collateral, and change of control, in certain cases subject
to certain thresholds and grace periods. If any event of default occurs and continues, Farm Credit may terminate its commitment to make
loans, declare all of the obligations under the Farm Credit Loan and Security Agreement to be immediately due and payable, without presentment,
demand, protest or other notice of any kind, and exercise all rights and remedies available to it under the Farm Credit Loan and Security
Agreement or applicable law.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Related
Party Transactions</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
than the convertible loan arrangement and the Secured Convertible Bridge Promissory Note mentioned above and the service contract entered
into with the Chairman of the Board of Directors as further described in Note 7 of our 2021 annual Financial Statements, the Company
has not had any related party transactions for the periods covered by the historical financial information included in this report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Future
Capital Needs</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
ability to generate sufficient cash to fund our operations depends generally on our results of operations and the availability of future
financing or the ability to issue equity and debt.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Commitments
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
contractual obligations and commitments principally include obligations associated with our operating leases and finance obligation as
set forth in the following table as of June 30, 2022:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold">In thousands</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">283</td><td style="width: 1%; text-align: left">&#160;</td></tr>
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    <td style="text-align: left">2023</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">5,259</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">640</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">2025</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">5,346</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">656</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">2026</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">5,425</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">673</td><td style="text-align: left">&#160;</td></tr>
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    <td style="padding-bottom: 1.5pt">Thereafter</td><td style="padding-bottom: 1.5pt">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Off-balance
Sheet Arrangements</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of June 30, 2022, we did not have any off-balance sheet arrangements as defined in Item 303(a)(4)(ii) of Regulation S-K.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Emerging
Growth Company Status and Smaller Reporting Company Status</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are an &#8220;emerging growth company&#8221; as defined in Section 2(a) of the Securities Act and have elected to take advantage of the
benefits of the extended transition period for new or revised financial accounting standards, although we may decide to early adopt such
new or revised accounting standards to the extent permitted by such standards. We expect to use this extended transition period for complying
with new or revised accounting standards that have different effective dates for public and non-public companies until the earlier of
the date we (i) are no longer an emerging growth company or (ii) affirmatively and irrevocably opt out of the extended transition period
provided in the JOBS Act. This may make it difficult or impossible to compare our financial results with the financial results of another
public company that is either not an emerging growth company or is an emerging growth company that has chosen not to take advantage of
the extended transition period exemptions because of the potential differences in accounting standards used.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, we intend to rely on the other exemptions and reduced reporting requirements provided by the JOBS Act. Subject to certain conditions
set forth in the JOBS Act, if, as an emerging growth company, we intend to rely on such exemptions, we are not required to, among other
things: (a) provide an auditor&#8217;s attestation report on Kalera&#8217;s system of internal control over financial reporting pursuant
to Section 404(b) on the Sarbanes-Oxley Act; (b) provide all of the compensation disclosure that may be required of non-emerging growth
public companies under the Dodd-Frank Wall Street Reform and Consumer Protection Act; (c) comply with any requirement that may be adopted
by the Public Company Accounting Oversight Board, including supplement to the auditor&#8217;s report providing additional information
about the audit and the consolidated financial statements (critical audit matters); and (d) disclose certain executive compensation-related
items such as the correlation between executive compensation and performance and comparisons of the Chief Executive Officers compensation
to median employee compensation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
we are a &#8220;smaller reporting company&#8221; as defined in Rule 10(f)(1) of Regulation S-K. Smaller reporting companies may take
advantage of certain reduced disclosure obligations, including, among other things, providing only two years of audited financial statements.
We will remain a smaller reporting company until the last day of any fiscal year for so long as either (1) the market value of our ordinary
shares held by non-affiliates did not exceed $250 million as of the prior June 30, or (2) our annual revenues did not exceed $100 million
during such completed fiscal year and the market value of our ordinary shares held by non-affiliates did not exceed $700 million as of
the prior June 30. To the extent we take advantage of such reduced disclosure obligations, it may also make comparison of our financial
statements with other public companies difficult or impossible.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Recent
Accounting Pronouncements</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
Note 2 of the Company&#8217;s Notes to Consolidated Financial Statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Critical
Accounting Policies and Estimates</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preparation
of the Company&#8217;s financial statements involves judgments and estimates due to uncertainties affecting the application of accounting
policies, and the likelihood that different amounts would be reported under different conditions or using different assumptions. The
Company bases its estimates on historical experience and other assumptions, as discussed herein, that it believes are reasonable. If
actual amounts are ultimately different from previous estimates, the revisions are included in the Company&#8217;s results of operations
for the period in which the actual amounts become known. The Company&#8217;s significant accounting policies are discussed in Note 2
in the Company&#8217;s Notes to Consolidated Financial Statements. Following is a summary and discussion of the more significant accounting
policies and estimates which management believes to have a significant impact on the Company&#8217;s operating results, financial position,
cash flows and footnote disclosure.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Leases</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company identifies leases by evaluating our contracts to determine if the contract conveys the right to use an identified asset for a
stated period of time in exchange for consideration. The Company considers whether it can control the underlying asset and has the right
to obtain substantially all of the economic benefits or outputs from the asset. Leases with terms greater than 12 months are classified
as either operating or finance leases at the commencement date. For these leases, the Company capitalized the present value of the minimum
lease payments over the lease terms as a right-of-use asset with an offsetting lease liability. The discount rate used to calculate the
present value of the minimum lease payments is based on an incremental borrowing rate that approximates the rate of interest the Company
would have to pay to borrow on a collateralized basis over a similar term. The lease term includes any noncancelable period for which
the Company has the right to use the asset. Currently, all capitalized leases are classified as operating leases and the Company records
lease expense on a straight-line basis over the term of the lease.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
January 2022, the Company entered into an $8,100 thousand sale and leaseback transaction pursuant to which the Company agreed to sell
the approximately 79,000-square-foot property and equipment in St. Paul, Minnesota to Modiv Inc. and then enter into a new, 20-year net
lease.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Revenue
recognition</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
fully discussed in Note 2 to our consolidated financial statements per the joint proxy statement/prospectus (Form S-4), the Company recognizes
revenue through the sale of various varieties of lettuce and micro-greens, which are sold to food retail and distribution customers generally
with standard shipping terms. The Company&#8217;s revenue results from the delivery of our products as the single performance obligation
transferred at an agreed upon price per unit. The Company recognizes revenue for the sale of the product at the point in time when our
performance obligation has been satisfied, which is when control of the product has transferred to the customer, which generally occurs
upon shipment or delivery to the customer based on terms of the sale. Revenue is measured as the amount of consideration the Company
expects to receive in exchange for delivering products. The amount of revenue recognized is reduced for estimated returns and other customer
credits. No significant element of financing is deemed present as the sales are made with a credit term of thirty (30) days, which is
consistent with market practice. A trade receivable is recognized when the goods are delivered as this is the point in time that the
consideration is unconditional because only the passage of time is required before the payment is due.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Business
Combinations</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company accounts for business combinations by recognizing from goodwill separately from the identifiable assets acquired, liabilities
assumed, and any noncontrolling interest in the acquiree, and to measure these items generally at their acquisition date fair values.
Goodwill is recorded as the residual amount by which the purchase price exceeds the fair value of the net assets acquired. If the initial
accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, we are required
to report provisional amounts in the financial statements for the items for which the accounting is incomplete. Adjustments to provisional
amounts initially recorded that are identified during the measurement period are recognized in the reporting period in which the adjustment
amounts are determined. During the measurement period, we are also required to recognize additional assets or liabilities if new information
is obtained about facts and circumstances that existed as of the acquisition date that, if known, would have resulted in the recognition
of those assets and liabilities as of that date. The measurement period ends the sooner of one year from the acquisition date or when
we receive the information we were seeking about facts and circumstances that existed as of the acquisition date or learn that more information
is not obtainable. Contingent consideration liabilities or receivables recorded in connection with business acquisitions must also be
adjusted for changes in fair value until settled.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Valuation
of long-lived assets</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Long-lived
assets, primarily property, plant and equipment, are reviewed for impairment as events or changes in business circumstances occur indicating
that the carrying value of the asset may not be recoverable. The estimated cash flows produced by assets or asset groups, are compared
to the asset carrying value to determine whether impairment exists. Such estimates involve considerable management judgment and are based
upon assumptions about expected future operating performance. As a result, actual cash flows could differ from management&#8217;s estimates
due to changes in business conditions, operating performance, and economic and competitive conditions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Goodwill
Impairment</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

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of the June 30, 2022 stock price decrease, reporting of losses and decline in current market valuation of companies in our industry,
management concluded that impairment indicators were present and thus performed a detailed quantitative analysis of our long-lived assets
and goodwill. Based on the difference between the Company&#8217;s market capitalization versus the Company computed value on June 30,
2022, the Company recognized a goodwill impairment loss of $(64,252) thousand for the three and six months ended June 30, 2022 compared
to $0 thousand in the comparable prior year periods.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Asset
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
fair value of a liability for an asset retirement obligation is recorded in the period in which it is incurred if a reasonable estimate
of fair value can be made. The Company&#8217;s asset retirement obligations are generally a result of operating lease agreements for
locations which we have built-out farming production facilities. The lease agreements often include provisions requiring the Company
to return the leased space to its original state prior to the build out of the Company&#8217;s farming production facility. These provisions
result in costs to remove farming production equipment and repair the leased space prior to vacating the space. In periods subsequent
to initial measurement, the Company recognizes period-to-period changes in the asset retirement obligation liability resulting from the
passage of time and revisions to either the timing or the amount of the original estimate. The increase in the carrying value of the
associated long-lived asset is depreciated over the corresponding estimated economic life.</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Income
taxes</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
income taxes are recorded and recognized for future tax effects of temporary differences between financial and income tax reporting.
The Company records valuation allowances in situations where the realization of deferred tax assets is not more-likely-than-not. The
Company periodically reviews assumptions and estimates of the Company&#8217;s probable tax obligations and effects on its liability for
any uncertain tax positions, using informed judgment which may include the use of third-party consultants, advisors and legal counsel,
as well as historical experience.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Earnout
Liabilities</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Earnout
liabilities are recorded related to future contingent equity shares utilizing the Monte Carlo model to measure the fair value of these
liabilities. Subsequent changes in the respective fair values are recognized in earnings at each reporting date.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Other
matters</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the opinion of management, other than contracts for raw materials, including outstanding purchase orders for packaging, ingredients,
supplies, and operational services, operating lease agreements which were all entered into in the ordinary course of business, the Company
has one significant procurement agreement with Signify to buy LED lamps used in Kalera&#8217;s production facilities for a total amount
of $14,700 thousand as of June 30, 2022. Excluding the Signify agreement, Kalera does not have any other significant contractual obligations
or future commitments.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Financial
Risk and Capital Management</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Financial
Risk</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s activities expose it to a variety of financial risks, including market and liquidity risks. The Company seeks to minimize
potential adverse effects of such risks to the Company&#8217;s financial performance.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Market
Risk</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Foreign
Currency Risk</i> - We are exposed to fluctuations in currency exchange rates because of our investments and operations in countries
other than the U.S. For the six months ended June 30, 2022, movements in currency exchange rates and the related impact on the translation
of the balance sheets resulted in $(10,521) thousand in the currency translation and other category of accumulated other comprehensive
loss. For the six months ended June 30, 2021 there were no movements in currency exchange rates that impacted the translation of the
balance sheet.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Interest
Risk </i>- The Company is currently not exposed to significant interest rate risk in relation to interest rates on borrowings. The Company
has entered into several significant lease agreements in connection with production facilities expected to open in 2022 and 2023, which
bear an inherent interest rate risk. In the event of re-financing of the Company&#8217;s current lease agreements, the market interest
rates could constitute a risk for the Company. In addition, the Company expects to continue to open several additional production facilities
in future years, consistent with its growth strategy. As such, the Company&#8217;s future agreements will bear the risk of changes in
the interest rate environment at the time of agreement. The Company is currently not exposed to any variable interest rate borrowings.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Liquidity
Risk </i>- Cash flow forecasting is performed by the Company. The Company monitors rolling forecasts of its liquidity requirements to
ensure it has sufficient cash to meet operational and strategic growth plans. As of June 30, 2022, the Company had $3,335 thousand in
cash-on-hand. During 2022 the Company secured additional funds in the amount of $8,100 thousand from a sale and leaseback transaction
during January 2022; a commitment for up to $20,000 thousand in a bridge loan facility by existing Kalera shareholders during March 2022
out of which, $10,000 thousand was funded during March 2022; a $30,000 thousand farm credit facility during April 2022 and a $10,000
thousand private placement in July 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Credit
Risk </i>- Credit risk arises from cash and cash equivalents and deposits with banks and financial institutions. However, we believe
this risk is remote, as deposits are with an established financial institution. Credit risk also arises from exposures to wholesale and
retail customers, including outstanding receivables. These are currently not significant to the Company, and the majority are not overdue.
During the six months ended June 30, 2022, there were no significant receivables that were overdue. Similarly, and as of June 30, 2021,
no significant receivables are overdue. Trade receivables include the sale of leafy greens associated with our core operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Capital
Management</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s primary objectives in managing capital are to safeguard the Company&#8217;s ability to continue as a going concern by
executing the Company&#8217;s growth strategy to provide returns for shareholders while maintaining an optimal capital structure and
reducing the cost of capital. As such, the Company may continue to adjust its capital structure through additional share issuances, borrowings,
leases, or other strategic financing mechanisms to meet operational and strategic needs, as appropriate. Total capital is calculated
as total equity as shown in the consolidated balance sheet plus net debt.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="S1_002"></span>MANAGEMENT</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
the context otherwise requires, all references in this section to &#8220;Kalera&#8221; refer to Kalera SA prior to the Closing and to
Kalera following the Closing of the Business Combination.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following sets forth certain information as of October 6, 2022 concerning the persons who are serving as Kalera&#8217;s directors
and executive officers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 30%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 7%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Age</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 59%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Position</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Curtis
    McWilliams<sup>(3)</sup> </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">67</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chairman
    of the Board</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jim
    Leighton </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">66</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">President
    and Chief Executive Officer &amp; Board Director</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Austin
    Martin </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">39</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Operating Officer</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dr.
    Jade Stinson </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Innovation Officer (Kalera) and President and Co-founder of Vindara</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fernando
    Cornejo </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">49</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Financial Officer</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dr.
    Cristian Toma </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">58</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Science Officer, Co-Founder and Board Director</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dr.
    Henner Schwarz </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">45</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="margin: 0">President Kalera International</p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Aric
    Nissen </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Marketing Officer</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Robert
    Arnall<sup>(1)</sup> </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">63</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Board
    Director</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Umur
    Hursever<sup>(1)(2)</sup> </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">47</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Board
    Director</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maria
    Sastre<sup>(1)(2)</sup> </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">66</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Board
    Director</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sonny
    Perdue<sup>(3)</sup> </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Board
    Director</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Faisal
    AlMeshal<sup>(1)</sup> </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">35</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Board
    Director</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Brent
    de Jong<sup>(2)(3)</sup> </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">47</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Board
    Director</span></td></tr>
  </table>
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<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Member
                                            of the audit committee</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Member
                                            of the talent and compensation committee</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Member
                                            of the nominating and corporate governance committee</span></td></tr></table>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Biographical
information concerning the individuals listed above is set forth below.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Executive
Officers and Directors</i></b></span></p>

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Officers</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Curtis
McWilliams - Chairman of the Board</span></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
McWilliams has served as Chairman of the Board since May 2022. From December 2021 to May 2022 he served as Interim Chief Executive Officer.
Mr. McWilliams has over 35 years of experience in finance and real estate, including 13 years of experience in investment banking at
Merrill Lynch &amp; Co. Mr. McWilliams has served as the non-executive Chairman of the Board of Directors of Ardmore Shipping Corporation
since January 2019 and as a Director since January 2016. He also currently serves as a Board Director of Modiv Inc. Mr. McWilliams was
the Lead Director of Braemar Hotels &amp; Resorts Inc. from November 2013 until July 2019 and continued as a member of the Board of Directors
and chair of the Audit Committee until his term expired in May 2022. He also previously served as a Director for Campus Crest Communities,
CNL Bank and Trustreet Properties Inc., as President and Chief Executive Officer of CNL Real Estate Advisors, Inc. (from 2007 to 2010)
and as President and Chief Executive Officer of Trustreet Properties (from 1997 to 2007). Mr. McWilliams holds an MBA with a concentration
in finance from the University of Chicago and a BSE in Chemical Engineering from Princeton University. We believe that Mr. McWilliams&#8217;
extensive corporate governance, management and finance experience makes him well-qualified to serve as Chairman of the Board.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Jim
Leighton - President and Chief Executive Officer &amp; Board Director</span></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Leighton was appointed as President and Chief Executive Officer, and as Board Director, in May of 2022. Mr. Leighton, age 66, previously
served as Chief Executive Officer and Managing Director of Ingham&#8217;s Group Limited, the largest poultry producer in Australia, from
2018 until 2021. Prior to assuming his role at Ingham&#8217;s, Mr. Leighton served as President of 40 North Foods from 2016 until 2018.
Since 2018, Mr. Leighton has served as a board director for 1908 Brands, Inc. Previously, he served as a director for Boulder Brands
(2010 to 2016), Aryzta (2017 to 2020) and Inghams Group Limited (2018 to 2021). Mr. Leighton is an accomplished executive with a strong
reputation within the consumer-packaged goods and food industries. Mr. Leighton holds a Master&#8217;s in Business Administration from
Keller Graduate School of Management and a B.A. in Business Administration and Industrial Relations from the University of Iowa. As a
veteran executive with well over 20 years of leadership roles in CPG and food industries, Mr. Leighton provides Kalera with strong leadership
as the company continues to pursue its strategic growth vision.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Austin
Martin - Chief Operating Officer</span></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Martin has served as Kalera&#8217;s Chief Operating Officer since May 2020. Mr. Martin has nearly 20 years of executive experience in
the food and downstream energy industries, both with large public and private companies, including Target, Aldi, and Delek US/Mapco.
Prior to joining Kalera (from April 2017 to May 2020), Mr. Martin was as a Vice President for Shamrock Foods (the largest independent
foodservice distributor in the west and dairy manufacturer), leading the Category Management, Coffee Roasting, and Procurement functional
areas. As an executive of Fortune 500 Companies, Mr. Martin has successfully built and led high performing teams to scale businesses
and return shareholder value. Mr. Martin has extensive experience in all functional aspects of the food industry, from food production
to purchasing and supply chain management, to sales and marketing, in the food services and retail market segments. Mr. Martin holds
a B.A. in World Business and German Language from the University of Tennessee and a Master&#8217;s in Business Administration from Vanderbilt
University.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Fernando
Cornejo - Chief Financial Officer</span></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fernando
has served as Kalera&#8217;s Chief Financial Officer since July 2020. Mr. Cornejo has been working in finance for more than 25 years,
working on Wall Street for 15 years as banker for M&amp;A and capital raising transactions at Credit Suisse (2004 to 2006), Bear, Stearns
&amp; Co. (2006 to 2008), BBVA (2008 to 2009) and Citibank (2010 to 2011). From 2012 to 2016, he worked as a Segment Chief Financial
Officer for Argo Group. After Argo, Fernando became Chief Financial Officer for EXIN Group, a financial services company, where he worked
from 2017 to 2019. Fernando has a B.Sc. in Industrial Engineering from ITESM and a Master&#8217;s in Business Administration from Georgetown
University.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Dr.
Cristian Toma, PhD - Chief Science Officer, Co-Founder and Board Director</span></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dr.
Toma founded Kalera in 2010, and he brings to the company over 30 years of R&amp;D experience. He has served as Kalera&#8217;s Chief
Science Officer and Co-Founder since then. He currently serves as a Board Director of Kalera. Prior to founding Kalera, Dr. Toma had
worked in the biomedical and telecom industries with Fortune 500 companies such as Becton Dickinson and Lucent Technologies and with
several biomedical device start-ups, in various technology development and R&amp;D management positions. Dr. Toma is also the Sole Director
of Kalera, Inc., a wholly owned subsidiary of Kalera AS. Dr. Toma has a Ph.D. in Electronical Engineering from the Polytechnic University
of Bucharest and a Professional Doctorate in Software Technology from Eindhoven University of Technology, has several patents and patent
applications, has lectured advanced courses in signal and image processing, and has co-authored several peer-reviewed scientific articles.
We believe that Dr. Toma is well qualified to serve as a Board Director based on his extensive scientific expertise and experience, and
familiarity with Kalera&#8217;s business as a founder of the company.</span></p>

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Jade Stinson - Chief Innovation Officer (Kalera) and President and Co-founder of Vindara</span></span></p>

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Stinson has served as Chief Innovation Officer of Kalera and President and Co-founder of Vindara since March 2021. Prior to the acquisition
of Vindara by Kalera, Dr. Stinson served as the Co-Founder, President, Chief Scientific Officer and Director of Vindara from July 2018
to March 2021. Dr. Stinson was the former Chief Scientific Officer of the venture development group, AgTech Accelerator (from September
2017 to April 2019) and former Head of Global Operations for BASF&#8217;s Professional and Specialty Solutions business (from November
2016 to September 2017). Dr. Stinson has a Ph.D in Analytical Chemistry, an MBA, an MS in Instrumentation and Analytical Science, and
BS in Biomedical Science.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="text-decoration: underline">Dr.
Henner Schwarz - President Kalera International</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dr.
Schwarz served as Kalera&#8217;s Chief Commercial Officer and the Managing Director of EMEA and Asia since 2021, and is currently serving as President Kalera International. Dr. Schwarz was
the Chief Executive Officer of &amp;ever GmbH from 2020 until its acquisition by Kalera in 2021. He served as the Chief Financial Officer
and Chief Operating Officer at Planet Sports GmbH since 2011 and 21sportsgroup GmbH (E-Commerce) from 2016 to 2019. He started his career
as a strategy consultant at Bain &amp; Company from 2004 to 2010. Dr. Schwarz holds a Dr. iur. (juris doctor) from Humboldt University
of Berlin and a Master&#8217;s in Business Administration from Northwestern University&#8217;s Kellogg School of Management.</span></p>

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Nissen - Chief Marketing Officer</span></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Nissen has served as the Chief Marketing Officer of Kalera since August 2021. Mr. Nissen has over 20 years of senior leadership experience
and award-winning expertise engaging customers and building brands. Prior to this position, he served as the Chief Marketing Officer
for Restaurant Technologies Inc. from 2020 to 2021, the Vice President of Revenue Optimization for Subway&#174; from 2019 to 2020 and
as a Management Consulting Executive for Accenture Digital from 2015 to 2019.</span></p>

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Directors</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Robert
Arnall - Board Director</span></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Arnall became a Board Director of Kalera upon the consummation of the Business Combination. Mr. Arnall has 40 years of experience in
accounting, consulting and risk management. Since July 2017, Mr. Arnall has been self-employed providing technical accounting, auditing
and executive coaching services. From May 2002 through June 2017, he served as an assurance partner at EY. In his role at EY, he served
as the lead audit partner for large international public companies as well as venture capital and private equity firms. Prior to his
time at EY, Mr. Arnall worked at Arthur Andersen for nearly 20 years. Mr. Arnall holds a B.S. in Accounting from Virginia Tech.
He is also a member of the American Institute of Certified Public Accountants (AICPA) and the Virginia Society of Certified Public Accountants
(VSCPA). We believe that Mr. Arnall is well qualified to be a Board Director because of his significant experience in financial accounting,
internal controls, ESG and capital markets.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Umur
Hursever - Board Director</span></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Hursever has served as a Board Director of Kalera since August 2018. Mr. Hursever is a Partner, leading growth equity investments for
Lightrock LLP, UK, and is an Investment Committee Member of and an Advisor to Lightrock Growth Fund I S.A. Mr. Hursever has more than
20 years of experience in private equity including leveraged buyouts and private growth equity investments. Prior to joining Lightrock
(f/k/a Lightstone) in 2018, he worked for Capital Group with a focus on direct private equity investments since 2010. Prior to that,
Mr. Hursever spent a decade with CCMP Capital (f/k/a JPMorgan Partners) focusing on growth equity and buyout investments in Europe. He
started his career in the mergers &amp; acquisitions group of Salomon Brothers in New York in 1997. He currently also serves as a Director
for CMR Surgical Limited, UK and Satispay SpA, Italy. He holds a BA in Economics and Mathematics. We believe that Mr. Hursever&#8217;s
extensive investment and advisory experience and his experience serving on boards of directors make him well qualified to be a Board
Director.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Maria
Sastre - Board Director</span></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ms.
Sastre has served as a Board Director of Kalera since February 2021. Ms. Sastre has served as a Board Director for General Mills since
2018, O&#8217;Reilly Auto Parts since 2020, Guidewell/Florida Blue since 2016, Miramar Services, Inc. since 2019 and Helios Education
Foundation since 2011. Ms. Sastre also served on the Board of Directors of Darden Restaurants for 16 years, and on the Board of Directors
of Publix Supermarkets for 11 years. Ms. Sastre served as the President and Chief Operating Officer of Signature Flight Support from
2010 to 2018. She has more than 20 years of experience in mergers and integrations of businesses. Ms. Sastre holds a Master of Business
Administration. We believe that Ms. Sastre is well qualified to serve as a Board Director based on her extensive experience in management,
corporate governance, operations, talent and compensation, and business integration.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Sonny
Perdue - Board Director</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Perdue has served as a Board Director of Kalera since April 2021. Mr. Perdue is the founder and sole member of AgrowStar, LLC, a grain
trading company with locations in Georgia and the Carolinas and the founder and sole stockholder of Perdue, Inc., a transportation firm
in Georgia. He is currently engaged in the management of AgrowStar, LLC and Perdue, Inc. As of April 2022, Mr. Perdue is also serving
as Chancellor of the University System of Georgia, comprised of the 26 public higher education institutions in Georgia. Mr. Perdue served
as the United States Secretary of Agriculture from 2017 to 2021, as the Governor of Georgia from 2003 to 2011 and as a Georgia State
Senator from 1991-2002. He holds a Doctor of Veterinary Medicine (DVM) from the University of Georgia College of Veterinary Medicine.
We believe that Mr. Perdue&#8217;s business experience, and his extensive and distinguished experience in government service and the
agricultural sector make him well-qualified to serve on the Board of Directors.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Faisal
AlMeshal - Board Director</span></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
AlMeshal served as an observer to the Board of Directors of Kalera since August 2021 and became a Board Director of Kalera in May 2022.
Mr. AlMeshal has over 10 years of strategy consulting and investing experience, and, as of August 1, 2022, is serving as Chief Executive
Officer of MyFatoorah, a Middle East fintech company. Mr. AlMeshal previously served as Director of Strategy at NOX Management in Kuwait,
from 2016 to July 2022. He formerly served as the Marketing Director at Xcite, the largest electronics retailer in Kuwait, which is part
of Alghanim Industries. Mr. AlMeshal was a Director of &amp;ever from 2018 until its acquisition by Kalera in 2021. Mr. AlMeshal holds
a Masters of Business Administration with highest distinction from Harvard Business School. We believe that Mr. AlMeshal&#8217;s extensive
experience in investing, marketing and strategy make him well-qualified to serve as a Board Director.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Brent
de Jong - Board Director</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
de Jong currently serves as a director of Kalera. Brent de Jong served as a member of the Board of Directors of Agrico from July 2020
until June 2022 as well as the Chief Executive Officer. Since December 2011, Mr. de Jong has been the managing partner of De Jong Capital
LLC, a family office that is focused on emerging markets and special situations. He is the Chairman and Chief Executive Officer of Qenta
Inc., a technology and financial services business where he has worked (including at its predecessors) since November 2019. Mr. de Jong
has over 20 years of experience leading successful business transformations and transitions. Mr. de Jong also has broad expertise investing
in technology, infrastructure, financial services, and emerging markets. From October 2016 to November 2019 served as Chairman of Itafos,
a vertically integrated phosphate Fertilizer business that is listed on TSX.V. From April 2016 until November 2019, Mr. de Jong served
as a partner at Castlelake LP, leading Special Situations investments. From September 2013 to November 2019, Mr. de Jong was a board
member and advised RA Holdco, a Middle Eastern investment manager (f/k/a Arcapita) with holdings throughout Asia, the Middle East, Europe,
and the United States. RA Holdco was the first Shariah compliant bankruptcy completed in the US. From May 2002 to July 2011, Mr. de Jong
served as an investment professional at Ashmore Investment Management Ltd, an emerging market fund manager, leading Special Situations
and as member of the firm&#8217;s investment committee. While at Ashmore, Mr. De Jong was seconded to Ashmore Energy International (&#8220;AEI&#8221;)
in 2006, where he served as chief executive officer and vice chairman of the board of directors until 2009. Mr. De Jong led the consortium
of shareholders that founded AEI in 2005, from Enron International, and negotiated the break-up and sale of AEI&#8217;s assets in 2011
for an aggregate price of $4.8 billion. Prior to Ashmore, from July 1997 to May 2002, Mr. de Jong worked at JPMorgan in its financial
institutions group in London, where he focused on mergers and acquisitions in the emerging markets of Europe, the Middle East and Africa,
and in the structured finance group in New York. Mr. de Jong earned a bachelor&#8217;s degree in Economics from Georgetown University.
We believe that Mr. De Jong is qualified to serve as a Board Director based on his extensive finance, management and investment experience.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Director
Independence</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
common stock is listed on Nasdaq. Under the rules of Nasdaq, independent directors must comprise a majority of a listed company&#8217;s
board of directors within one year of the completion of its initial public offering. In addition, the rules of Nasdaq require that, subject
to specified exceptions, each member of a listed company&#8217;s audit, compensation and corporate governance and nominating committees
be independent. Audit committee members and compensation committee members must also satisfy the independence criteria set forth in Rule
10A-3 and Rule 10C-1, respectively, under the Exchange Act. Under the rules of Nasdaq, a director will only qualify as an &#8220;independent
director&#8221; if, in the opinion of that company&#8217;s board of directors, that person does not have a relationship that would interfere
with the exercise of independent judgment in carrying out the responsibilities of a director with that listed company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
board of directors undertook a review of its composition, the composition of its committees and the independence of our directors and
considered whether any director has a material relationship with us that could compromise his or her ability to exercise independent
judgment in carrying out his or her responsibilities. Based upon information requested from and provided by each director concerning
his or her background, employment and affiliations, including family relationships, our board of directors has determined that each director
does not have relationships that would interfere with the exercise of independent judgment in carrying out the responsibilities of a
director and that each of these directors is &#8220;independent&#8221; as that term is defined under the applicable rules of the SEC
and the listing standards of Nasdaq; provided that Jim Leighton and Dr. Cristian Toma are not independent under Nasdaq&#8217;s independence
standards following the consummation of the Business Combination. Nasdaq&#8217;s independence definition includes a series of objective
tests, including that the director is not, and has not been for at least three years, one of our employees and that neither the director
nor any of his or her family members has engaged in various types of business dealings with us.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
making these determinations, our board of directors considered the current and prior relationships that each non-employee director has
with our company and all other facts and circumstances our board of directors deemed relevant in determining their independence, including
the beneficial ownership of our capital stock by each non-employee director, and the transactions involving them described in the section
titled &#8220;<i>Certain Relationships, Related Party and Other Transactions</i>.&#8221; There are no family relationships among any
of our directors or executive officers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Board
Leadership Structure</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
board of directors is led by Chairman Curtis McWilliams. Our board of directors recognizes that it is important to determine an optimal
board leadership structure to ensure the independent oversight of management as the company continues to grow. Jim Leighton, our Chief
Executive Officer, is responsible for setting the strategic direction for our company and the day-to-day leadership and performance of
our company, while the chairman of the board of directors provides guidance to the Chief Executive Officer and presides over meetings
of the full board of directors. We believe that this separation of responsibilities provides a balanced approach to managing the board
of directors and overseeing our company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
board of directors has concluded that our current leadership structure is appropriate at this time. However, our board of directors will
continue to periodically review our leadership structure and may make such changes in the future as it deems appropriate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Role
of Board in Risk Oversight Process</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
board of directors has responsibility for the oversight of our risk management processes and, either as a whole or through its committees,
regularly discusses with management our major risk exposures, their potential impact on our business and the steps we take to manage
them. The risk oversight process includes receiving regular reports from board committees and members of senior management to enable
our board of directors to understand our risk identification, risk management and risk mitigation strategies with respect to areas of
potential material risk, including operations, finance, legal, regulatory, strategic and reputational risk.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Board
Committees and Independence</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Board of Directors established an Audit Committee, a Talent and Compensation Committee and a Nominating and Corporate Governance Committee,
as discussed below.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Chief Executive Officer and other executive officers regularly report to the non-executive directors and the Audit Committee, the Talent
and Compensation Committee and the Nominating and Corporate Governance Committee to ensure effective and efficient oversight of our activities
and to assist in proper risk management and the ongoing evaluation of management controls.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Audit
Committee</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
members of our Audit Committee are Robert Arnall (Chairman), Umur Hursever, Faisal AlMeshal and Maria Sastre. Our Board of Directors
has determined that each of Robert Arnall, Umur Hursever, Faisal AlMeshal and Maria Sastre qualifies as an independent director under
the corporate governance standards of Nasdaq and the independence requirements of Rule 10A-3 of the Exchange Act and as an &#8220;audit
committee financial expert&#8221; as such term is defined in Item 407(d)(5) of Regulation S-K.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
purpose of the Audit Committee is to prepare the audit committee report required by the SEC to be included in our proxy statement and
to assist our Board of Directors in overseeing and monitoring (1) the quality and integrity of our financial statements, (2) our compliance
with legal and regulatory requirements, (3) our independent registered public accounting firm&#8217;s qualifications and independence,
(4) the performance of our internal audit function and (5) the performance of our independent registered public accounting firm.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
written charter for the Audit Committee is available on our website. The information contained on or accessible through our corporate
website or any other website that we may maintain is not part of this prospectus or the registration statement of which this prospectus
is a part.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Talent
and Compensation Committee</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
members of our Talent and Compensation Committee are Maria Sastre (Chairman), Umur Hursever, Brent de Jong.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
purpose of the Talent and Compensation Committee is to assist our Board of Directors in discharging its responsibilities relating to
(1) setting our compensation program and compensation of our executive officers and directors, (2) monitoring our incentive and equity-based
compensation plans and (3) preparing the talent and compensation committee report required to be included in our proxy statement under
the rules and regulations of the SEC.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
written charter for the Talent and Compensation Committee is available on our website. The information contained on or accessible through
our corporate website or any other website that we may maintain is not part of this prospectus or the registration statement of which
this prospectus is a part.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Nominating
and Corporate Governance Committee</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
members of our Nominating and Corporate Governance Committee are Sonny Perdue, Curtis McWilliams (Interim Chairman) and Brent de Jong.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
purpose of our Nominating and Corporate Governance Committee is to assist our Board of Directors in discharging its responsibilities
relating to (1) identifying individuals qualified to become new board members, consistent with criteria approved by our Board of Directors,
(2) reviewing the qualifications of incumbent directors to determine whether to recommend them for reelection and selecting, or recommending
that our Board of Directors select, the director nominees for the next annual meeting of stockholders, (3) identifying board members
qualified to fill vacancies on any board committee and recommending that our Board of Directors appoint the identified member or members
to the applicable committee, (4) reviewing and recommending to our Board of Directors corporate governance guidelines applicable to us,
(5) overseeing the evaluation of our Board of Directors and management and (6) handling such other matters that are specifically delegated
to the committee by our Board of Directors from time to time.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
written charter for the Nominating and Corporate Governance Committee is available on our website. The information contained on or accessible
through our corporate website or any other website that we may maintain is not part of this prospectus or the registration statement
of which this prospectus is a part.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Compensation
Committee Interlocks and Inside Participation</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None
of the members of our compensation committee is currently, or has at any time been, one of our officers or employees. None of our executive
officers currently serves, or has served during the past fiscal year, as a member of the board of directors or compensation committee
of any entity that has one or more executive officers serving as a member of our board of directors or compensation committee.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Board
Diversity</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe that Board composition should reflect a diversity of experience, gender, race, ethnicity and age. Accordingly, the Audit Committee,
Talent and Compensation Committee and the Nominating and Corporate Governance Committee includes diverse candidates (including experience,
gender, race, ethnicity and age) in each director search.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Code
of Conduct and Ethics</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have adopted a written code of business conduct and ethics that applies to our directors, officers and employees, including our principal
executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions. In
connection with the effectiveness of the registration statement of which this prospectus forms a part, our code of business conduct and
ethics is posted on our principal corporate website or any other website that we may maintain and is not part of this prospectus or the
registration statement of which this prospectus is a part.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="S1_003"></span>EXECUTIVE
COMPENSATION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
the context otherwise requires, all references in this section to &#8220;Kalera&#8221; refer to Kalera SA prior to the Closing and to
Kalera following the Closing of the Business Combination.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
section discusses the material components of the executive compensation program for Kalera&#8217;s named executive officers for the year
ended December 31, 2021. Pursuant to applicable SEC rules, Kalera&#8217;s named executive officers for the fiscal year ended December
31, 2021 consisted of Daniel Malechuk, Kalera&#8217;s former Chief Executive Officer, Curtis McWilliams, Kalera&#8217;s interim Chief
Executive Officer and Kalera&#8217;s two most highly compensated executive officers serving as of December 31, 2021 (other than Kalera&#8217;s
Chief Executive Officers), as set forth below:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Curtis
    McWilliams, Kalera&#8217;s interim Chief Executive Officer as of December 31, 2021;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#9679;</td>
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 13, 2021, Mr. Malechuk stepped down as Chief Executive Officer and Mr. McWilliams was appointed as interim Chief Executive Officer
effective as of December 14, 2021. On May 12, 2022, we announced the appointment of James Leighton as President and Chief Executive Officer.
Mr. Leighton also serves as a Board Director. Mr. Cornejo and Mr. Martin continue to serve in their roles as Chief Financial Officer
and Chief Operating Officer, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
an emerging growth company, Kalera is permitted to include scaled disclosure with respect to certain executive compensation information
otherwise required by Item 402 of Regulation S-K. The discussion that follows below reflects Kalera&#8217;s historic compensation practices.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Compensation
Philosophy</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera
has historically had the ability to individualize its executive compensation arrangements to fit the unique roles and responsibilities
of each of its executives. Historically, Kalera&#8217;s compensation philosophy and goals have focused on the following principal objectives:
(i) setting compensation at levels designed to attract and retain key talent in Kalera&#8217;s industry, (ii) implementing pay structures
that are designed to align pay outcomes with the achievement of business objectives and individual or operational performance milestones,
and (iii) balance incentives to address both short-term and long-term strategies. As a newly public company, the compensation committee
will continue to develop and refine its compensation philosophy with these objectives in mind.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Summary
Compensation Table</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table provides information regarding the compensation awarded to, earned by or paid to each of Kalera&#8217;s named executive
officers for the year ended December 31, 2021:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">301,303</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; font-style: italic; text-align: left">Chief Operating Officer</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Daniel Malechuk</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">411,027</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">497,791</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">908,818</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; font-style: italic; text-align: left">Former President and Chief Executive Officer</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Represents
                                            base salary paid in respect of the applicable fiscal year. Mr. McWilliams does not receive
                                            a base salary for his role as interim Chief Executive Officer.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            amounts reported for option awards represent the aggregate grant date fair value of option
                                            awards calculated in accordance with ASC Topic 718. The assumptions related to these awards
                                            are described in &#8220;<i>Note 2: Summary of Significant Accounting Policies&#8212;Stock
                                            Based Compensation</i>&#8221; in the notes to Kalera&#8217;s consolidated financial statements
                                            included elsewhere in this prospectus.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
                                            Mr. Malechuk, this includes severance that became payable to him as a result of his separation
                                            of employment.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
titles in the chart above reflect the titles held as of December 31, 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Narrative
to Summary Compensation Table</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Base
Salaries</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera
uses base salaries to recognize the experience, skills, knowledge and responsibilities required of all its employees, including its named
executive officers. Base salaries are reviewed annually, typically in connection with Kalera&#8217;s annual performance review process,
and may be impacted by certain operational milestones tied to the performance of Kalera&#8217;s business. The current base salaries of
Kalera&#8217;s named executive officers are set forth below:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold">Name and Principal Position</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021 Salary</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Curtis McWilliams</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; font-style: italic; text-align: left">President and Chief Executive Officer</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="width: 82%; text-align: left">Fernando Cornejo</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">258,996</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; font-style: italic; text-align: left">Chief Financial Officer</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Austin Martin</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">301,303</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; font-style: italic; text-align: left">Chief Operating Officer</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Cash
Bonuses</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera&#8217;s
named executive officers are eligible to receive incentive and performance bonuses based on the achievement of certain corporate or strategic
performance goals, including projects tied to Kalera&#8217;s business plan and/or other operational milestones, which may be further
modified by assessment of individual performance. Kalera believes such bonuses properly incentivize its named executive officers and
allows it to remain competitive within the marketplace, while focusing on metrics that are critical to its growth. From time to time,
Kalera also provides sign-on bonuses in connection with executive hires, including for its named executive officers, as set forth in
their respective employment agreements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with his role as interim Chief Executive Officer, Mr. McWilliams was entitled to receive a transition payment of $300,000
upon the appointment of a permanent chief executive officer and successful completion of such individual&#8217;s transition into such
role, payable upon the later of (i) the start date of the permanent chief executive officer, or (ii) Kalera&#8217;s listing and trading
on Nasdaq. Mr. McWilliams does not otherwise receive any cash bonus consideration for his role as interim Chief Executive Officer.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Equity
Compensation</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with the consummation of the Business Combination, Kalera adopted the 2022 Long-Term Stock Incentive Plan (the &#8220;2022
Plan&#8221;) under which Kalera may grant cash and equity incentive awards to eligible service providers in order to attract, motivate
and retain the talent for which Kalera competes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employees,
consultants and directors of Kalera, and employees and consultants of its subsidiaries, are eligible to receive awards under the 2022
Plan. The 2022 Plan is administered by Kalera&#8217;s board of directors, which may delegate its duties and responsibilities to one or
more committees of the Company&#8217;s directors and/or officers (referred to collectively as the &#8220;plan administrator&#8221;),
subject to the limitations imposed under the 2022 Plan, Section 16 of the Securities Exchange Act of 1934, as amended, stock exchange
rules and other applicable laws. The plan administrator has the authority to take all actions and make all determinations under the 2022
Plan, to interpret the 2022 Plan and award agreements and to adopt, amend and repeal rules for the administration of the 2022 Plan as
it deems advisable. The plan administrator also has the authority to determine which eligible service providers receive awards, grant
awards and set the terms and conditions of all awards under the 2022 Plan, including any vesting and vesting acceleration provisions,
subject to the conditions and limitations in the 2022 Plan.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
initial aggregate of 2,788,449 shares of Kalera common stock are available for issuance under the 2022 Plan and the maximum number of
shares of Kalera common stock that may be issued pursuant to the exercise of incentive stock options granted under the 2022 Plan is 2,788,449.
The aggregate share limit under the 2022 Plan will be subject to an annual increase on the first day of each calendar year beginning
January 1, 2023 and ending on and including January 1, 2032 by a number of shares equal to the lesser of (i) a number equal to 2% of
the aggregate number of shares of Kalera common stock outstanding on the final day of the immediately preceding calendar year and (ii)
such smaller number of shares of Kalera common stock as is determined by the Kalera board of directors. The 2022 Plan provides that the
maximum amount of compensation that may be paid to any single non-employee member of the Kalera board of directors in respect of any
single fiscal year (including awards under the 2022 Plan, determined based on the fair market value of such award as of the grant date,
as well as any retainer fees, but excluding any amounts paid in respect of a director&#8217;s first year of service with Kalera, and
excluding any special committee fees) may not exceed $750,000.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the terms of the Business Combination Agreement, upon the Closing, all stock options to purchase shares of Kalera AS previously granted
under the Kalera AS 2018 Stock Option Plan (the &#8220;Legacy Kalera Stock Options&#8221;) that were &#8220;out of the money&#8221; at
the time of Closing were cancelled and terminated. Any Legacy Kalera Stock Options that were &#8220;in the money&#8221; at the time of
Closing were converted and adjusted into stock options to subscribe for Kalera Ordinary Shares, based on the exchange ratio.
This resulted in an aggregate of 4,000,000 in-the-money Legacy Kalera Stock Options being exchanged for 364,000 Kalera stock options;
all other outstanding Legacy Kalera Stock Options were out-of-the-money at Closing and were cancelled and terminated upon the Closing.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Equity
Grants under the 2022 Plan</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 22, 2022, the Board of Directors approved new grants of stock options and restricted stock units awards under the 2022 Plan.
The exercise price per share for each stock option was $2.42, which was the closing price of a Kalera Ordinary Share on the grant
date. The stock options and RSU grants to executive officers and employees generally vest over four years, subject to continued employment.
In order to account for service provided by the participants prior to the Business Combination, certain executive officers and employees
received stock options that were partially vested as of the grant date; however, in order to enhance the retentive nature of these stock
option grants, the award agreements provide that no shares acquired upon exercise of the new 2022 stock options can be sold prior to
the first anniversary of the closing of the Business Combination.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Austin
Martin received 145,600 stock options, 50% of which were vested as of the grant date. The unvested portion will vest in equal installments
on May 4, 2023 and May 4, 2024, subject to Mr. Martin&#8217;s continued employment with the Company. Fernando Cornejo received 100,100
stock options, 50% of which were vested as of the grant date. The unvested portion will vest in equal installments on July 20, 2023 and
July 20, 2024, subject to Mr. Cornejo&#8217;s continued employment with the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jim
Leighton received 181,000 restricted stock units pursuant to the terms of his employment agreement, as described in more detail below.
The restricted stock units vest on each of the first four anniversaries of May 16, 2022, which was Mr. Leighton&#8217;s start date with
the company, subject to his continued employment with the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
grants made to Curtis McWilliams are described below under &#8220;<i>Director Compensation</i>&#8221;.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">As of October 6,
2022, an aggregate of 904,505 stock options were outstanding under the 2022 Plan (the &#8220;New Kalera Options&#8221;)
and an aggregate of 607,446 restricted stock units were outstanding under the 2022 Plan ( the &#8220;New Restricted Stock Units&#8221;).</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Employment
Agreement with President and Chief Executive Officer</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 12, 2022, we announced the appointment of James Leighton as President and Chief Executive Officer. Mr. Leighton has entered into
an employment agreement pursuant to which he commenced employment with us as President and Chief Executive Officer on May 16, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Leighton&#8217;s employment agreement provides for a term of employment commencing on May 16, 2022 and ending on the third anniversary
of such date, subject to automatic annual extensions for each year thereafter unless either party provides 90 days&#8217; notice of non-renewal.
Mr. Leighton&#8217;s employment agreement provides for an annual base salary of $600,000 and a target annual bonus opportunity equal
to 100% of base salary. The employment agreement provides that Mr. Leighton will be eligible to participate in any long-term incentive
compensation programs established by Kalera for its senior executives generally, with an annual target opportunity equal to 100% of base
salary. Long-term compensation awards will be provided 60% in stock options and 40% in restricted stock units. Mr. Leighton also received
a sign-on bonus of $100,000 and, as discussed above, received a sign-on grant consisting of 181,000 restricted stock units.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event Mr. Leighton&#8217;s employment is terminated by Kalera without &#8220;cause&#8221; (as defined in the employment agreement)
or if Mr. Leighton resigns his employment for &#8220;good reason&#8221; (as defined in the employment agreement), Mr. Leighton would
receive 12 months of continued base salary payments and 12 months of additional vesting on his stock options and restricted stock units.
These severance payments will be subject to Mr. Leighton&#8217;s execution of an effective release of claims.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the employment agreement, &#8220;good reason&#8221; generally means the following: (i) a material reduction in Mr. Leighton&#8217;s base
salary, other than a general reduction in base salary that affects all similarly situated executives in substantially the same proportions;
(ii) a relocation of Mr. Leighton&#8217;s principal place of employment by more than 100 miles; (iii) any material breach by Kalera of
any material provision of the employment agreement or any material provision of any other agreement between Mr. Leighton and Kalera;
(iv) Kalera&#8217; s failure to obtain an agreement from any successor to Kalera to assume and agree to perform the employment agreement
in the same manner and to the same extent that Kalera would be required to perform if no succession had taken place, except where such
assumption occurs by operation of law; (v) a material, adverse change in Mr. Leighton&#8217;s title, authority, duties, or responsibilities
(other than temporarily while he is physically or mentally incapacitated or as required by applicable law); (vi) a material reduction
in Mr. Leighton&#8217;s compensation; (vii) a change in control of Kalera; or (viii) a material adverse change in the reporting structure
applicable to Mr. Leighton.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
employment agreement provides that Mr. Leighton will be subject to a 24-month post-termination non-compete and non-solicitation covenant.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Employment
Agreements with Kalera&#8217;s Named Executive Officers</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera
is currently party to employment agreements with Messrs. Cornejo and Martin. Kalera has also entered into a Separation Agreement with
Mr. Malechuk. The material terms of these agreements are summarized below.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Fernando
Cornejo</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera
entered into an employment agreement with Mr. Cornejo on July 8, 2020, with an initial one-year term with automatic one-year renewal
periods thereafter, subject to earlier termination by either party in accordance with the terms of the agreement. Mr. Cornejo&#8217;s
employment agreement provides for his annual base salary, incentive bonus opportunities and other terms and conditions of his employment.
Pursuant to the employment agreement, Mr. Cornejo received a sign-on bonus of $25,000. Mr. Cornejo also receives a reasonable cell phone
and automobile allowance.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event that Mr. Cornejo&#8217;s employment is terminated by Kalera without &#8220;cause&#8221; (as defined in the employment agreement)
(and other than due to disability), or Kalera determines not to renew the employment agreement, Mr. Cornejo will be entitled to receive,
in addition to any earned but unpaid incentive bonus, severance benefits equal to base salary continuation for three months following
the termination date. In order to receive this severance benefit, Mr. Cornejo must first execute an effective release of claims and will
be required to continue to comply with the restrictive covenants set forth in the employment agreement. The employment agreement provides
for non-compete, non-solicit and non-disparagement provisions during the period of Mr. Cornejo&#8217;s employment and for a period of
two years thereafter, as well as standard confidentiality provisions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Austin
Martin</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera
entered into an employment agreement with Mr. Austin on May 4, 2020, with an initial one-year term with automatic one-year renewal periods
thereafter, subject to earlier termination by either party in accordance with the terms of the agreement. Mr. Austin&#8217;s employment
agreement provides for his annual base salary, incentive bonus opportunities and other terms and conditions of his employment. Pursuant
to the employment agreement, Mr. Austin received approximately $70,000 in relocation-related benefits, and a sign-on bonus of $10,000.
Mr. Austin also receives a reasonable cell phone and automobile allowance.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event that Mr. Austin&#8217;s employment is terminated by Kalera without &#8220;cause&#8221; (as defined in the employment agreement)
(and other than due to disability), or Kalera determines not to renew the employment agreement, Mr. Austin will be entitled to receive,
in addition to any earned but unpaid incentive bonus, severance benefits equal to base salary continuation for three months following
the termination date. In order to receive this severance benefit, Mr. Austin must first execute an effective release of claims and will
be required to continue to comply with the restrictive covenants set forth in the employment agreement. The employment agreement provides
for non-compete, non-solicit and non-disparagement provisions during the period of Mr. Austin&#8217;s employment and for a period of
two years thereafter, as well as standard confidentiality provisions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Outstanding
Equity Awards as of December 31, 2021</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table provides information concerning outstanding equity awards held by each of Kalera&#8217;s named executive officers as
of December 31, 2021:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold">Name</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Grant Date</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Number of Securities Underlying Unexercised Options (#) Exercisable</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Number of Securities Underlying Unexercised Options (#) Unexercisable</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Option Exercise Price ($)</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Option Expiration Date</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 35%; text-align: left">Curtis McWilliams</td><td style="width: 2%">&#160;</td>
    <td style="width: 11%; text-align: center">12/13/2021</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">&#160;</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">550,000</td><td style="width: 1%; text-align: left"><sup>(1)</sup></td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1.64</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 11%; text-align: center">12/13/2026</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Fernando Cornejo</td><td>&#160;</td>
    <td style="text-align: center">7/20/2020</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">275,000</td><td style="text-align: left"><sup>(2)</sup></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">825,000</td><td style="text-align: left"><sup>(2)</sup></td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">1.50</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">7/20/2025</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Austin Martin</td><td>&#160;</td>
    <td style="text-align: center">5/4/2020</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">400,000</td><td style="text-align: left"><sup>(3)</sup></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,200,000</td><td style="text-align: left"><sup>(3)</sup></td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">1.00</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">5/4/2025</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Daniel Malechuk**</td><td>&#160;</td>
    <td style="text-align: center">8/22/2019</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">3,000,000</td><td style="text-align: left"><sup>(4)</sup></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">0.75</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">8/22/2024</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*
The number of stock options and exercise prices in the table do not reflect adjustments for the exchange ratio.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">**
Kalera&#8217;s former President and Chief Executive Officer.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)
Stock options vest 1/4th on December 13, 2022, December 13, 2023, December 13, 2024 and December 13, 2025.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)
Stock options vest 1/4th on each of July 20, 2021, July 20, 2022, July 20, 2023 and July 20, 2024.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)
Stock options vest 1/4th on each of May 4, 2021, May 4, 2022, May 4, 2023 and May 4, 2024.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)
Stock options fully vested on August 21, 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Payments
Upon Termination of Employment</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the employment agreements described above, the Messrs. Cornejo and Austin are entitled to receive certain severance benefits in connection
with a severance-qualifying termination of employment. If the named executive officer had experienced a severance-qualifying termination
under his applicable employment agreement as of December 31, 2021, the following severance benefits would have become payable:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$59,250
    for Mr. Cornejo, consisting of continued base salary for three months.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$68,250
    for Mr. Austin, consisting of continued base salary for three months.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
McWilliams is not party to an employment agreement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with Mr. Malechuk&#8217;s termination of employment, the Company and Mr. Malechuk entered into a Confidential Separation Agreement
and General Release (the &#8220;Separation Agreement&#8221;). The Separation Agreement provides for the following severance benefits:
(i) a severance payment of approximately $143,791, to be paid over approximately three months following Mr. Malechuk&#8217;s termination
date, (ii) continued coverage under the Company&#8217;s medical plans for approximately three months following his termination date,
and (iii) extension of the period during which Mr. Malechuk may exercise his vested stock options by no more than 24 months following
his termination date. Mr. Malechuk will continue to be subject to the confidentiality, non-competition and non-solicitation covenants
set forth in his employment agreement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Director
Compensation</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None
of the Kalera directors who are expected to serve as directors of Kalera following the Business Combination received cash compensation
from Kalera in respect of their service on the Kalera Board of Directors during fiscal year 2021. Maria Sastre and Sonny Perdue each
received 250,000 stock options in April 2021 for their service on the Kalera Board of Directors, which were cancelled upon the Closing.
Given his role as interim Chief Executive Officer during 2021, Mr. McWilliams&#8217; compensation is included in the Summary Compensation
Table.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold">Name</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Fees earned or paid in cash ($)</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Stock awards ($)</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Option awards ($)<sup>(1)</sup></b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">All other compensation ($)</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 35%; text-align: left">Maria Sastre</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">&#160;&#160;&#160;&#160;&#160;&#8212;</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">&#160;&#160;&#160;&#160;&#160;&#8212;</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">495,000</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#8212;</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">495,000</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Sonny Perdue</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">495,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">495,000</td><td style="text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<!-- Field: Rule-Page --><div style="margin-top: 0pt; width: 25%; margin-right: 0pt; margin-bottom: 0pt"><div style="border-top: Black 1.5pt solid; margin-top: 0pt; font-size: 1pt; margin-right: 0pt; margin-bottom: 0pt">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
  <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
  <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The amounts reported for option awards represent the aggregate
grant date fair value of option awards calculated in accordance with ASC Topic 718. The assumptions related to these awards are described
in &#8220;Note 2: Summary of Significant Accounting Policies - Stock Based Compensation&#8221; in the notes to Kalera&#8217;s consolidated
financial statements included elsewhere in this registration statement. These stock options vest 25% on each of the first four anniversaries
of the grant date.</span></td></tr>
</table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Post-Closing
Director Compensation Program</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with the Business Combination, the board of directors of Kalera approved a non-employee director compensation program consisting
of annual retainer fees and long-term equity awards for certain of Kalera&#8217;s non-employee directors. The general terms of that program
are described below.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Annual
    Cash Retainer: $25,000 ($150,000 for the Chairman)</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Annual
    Equity Retainer: Grant date value of $100,000</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vehicle:
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vesting
    restriction: 1 year cliff vesting, subject to continued service</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incremental
Pay for Committee Chairs (cash):</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Audit
    Chair: $18,000</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Talent
    and Compensation Chair: $14,000</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Governance
    and Nominating Chair: $10,000</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
McWilliams also received 1,000,000 stock options upon the completion of the Norwegian Merger, which were cancelled in connection with
the Closing.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
August 2022, the Talent and Compensation Committee recommended to the full Board of Directors that the cash fees described above instead
be paid in the form of restricted stock units for 2022. As a result, on August 22, 2022, each of the non-employee directors received
grants of restricted stock units as follows, representing the cash fees and annual equity retainer:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 49%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-Employee
    Director</span></td>
    <td style="width: 2%">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 49%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Number
    of Restricted Stock Units Granted</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
    McWilliams</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">51,653</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
    Purdue</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">59,091</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ms.
    Sastre</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">57,438</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
    Faisal</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">51,653</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
    de Jong</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">51,653</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ms.
    Weiss</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">55,785*</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
    Hursever</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">51,653</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
restricted stock units will cliff vest on the first anniversary of the grant date, subject to continued service with the company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*
Ms. Weiss&#8217; restricted stock units were cancelled and forfeited upon the effective date of her resignation from the Board of Directors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
described above under &#8220;Equity Compensation&#8221;, all out-of-the-money Legacy Kalera Stock Options that were held by non-employee
directors as of the Closing were cancelled and terminated upon the Closing. Mr. McWilliams, Ms. Sastre and Mr. Purdue each received new
grants of stock options on August 22, 2022 in respect of their service prior to the Closing. Specifically, Mr. McWilliams received 141,050
stock options and Ms. Sastre and Mr. Purdue each received 22,750 stock options (25% of which were vested as of the grant date).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Limitations
of Liability and Indemnification Matters</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera
and Kalera Inc. have entered into indemnification deeds with each post-Business Combination director and executive officer of Kalera.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span id="fff_06"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CERTAIN
RELATIONSHIPS, RELATED PARTY AND OTHER TRANSACTIONS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Related
Party Transactions</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
the context otherwise requires, all references in this section to &#8220;Kalera&#8221; refer to Kalera SA prior to the Closing and to
Kalera following the Closing of the Business Combination.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Related
Party Loan</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the year ended December 31, 2019, Kalera obtained a related party loan from LGT Global Invest Limited in the amount of $3,000,000 which
included a mandatory conversion feature upon a qualifying equity raise by Kalera. The conversion feature specified a conversion rate
for the balance of the loan into Kalera Ordinary Shares less a specified discount. In the year-ended December 31, 2020, Kalera
had a qualifying equity raise which triggered a conversion of the loan into 6,265,762 shares of Kalera&#8217;s common stock.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Secured
Convertible Bridge Promissory Note</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 4, 2022, Kalera entered into a secured convertible bridge promissory note (the &#8220;<b>Secured Convertible Bridge Promissory
Note</b>&#8221;) for up to $20 million. The lenders initially included certain shareholders of Kalera, including LGT, Canica AS, and
NOX Management, which have collectively committed to lend Kalera $10 million under the facility. The Secured Convertible Bridge Promissory
Note was amended on August 22, 2022 and September 19, 2022. The lenders now also include the Sponsor and Macama AS who, collectively
with LGT and Canica AS, committed to lend Kalera an additional $4 million.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
facility, which matures one year from the drawdown date, bears PIK interest at 8%, carries a pre-payment premium of 10% of the principal
amount repaid if the pre-payment is effected prior to the consummation of the Business Combination and, subject to required corporate
approvals, is convertible by the holders into shares at any time following the Business Combination and the Nasdaq listing at a conversion
price of $3.50 per share in the merged entity.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Secured Convertible Bridge Promissory Note is secured by equity pledges of Kalera&#8217;s subsidiaries, including Kalera, Inc., Vindara,
Inc. and Kalera GmbH, and is also secured by all of the assets of Kalera GmbH. The obligations under the Secured Convertible Bridge Promissory
Note are guaranteed by Kalera GmbH.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Secured Convertible Bridge Promissory Note contains customary events of default and related remedies.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
foregoing description is not complete and is qualified in its entirety by reference to the full text of such agreement, which is filed
as an exhibit to the registration statement of which this prospectus forms a part.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Kalera
Policy Regarding Transactions with Related Persons</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera
adopted a formal, written policy, which became effective on the date of the consummation of the Business Combination, that Kalera is
not permitted to enter into a related-person transaction with its executive officers, directors (including director nominees), holders
of more than 5% of any class of our voting securities and any member of the immediate family of or any entities affiliated with any of
the foregoing persons, without the prior approval or, in the case of pending or ongoing related-person transactions, ratification of
the audit committee. The policy covers any transaction, arrangement or relationship, or any series of similar transactions, arrangements
or relationships, in which Kalera was or is to be a participant, the amount involved exceeds $120,000 and a related person had or will
have a direct or indirect material interest.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
purposes of Kalera&#8217;s policy, a related-person transaction is a transaction, arrangement or relationship where Kalera was, is or
will be involved and in which a related-person had, has or will have a direct or indirect material interest.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
transactions with related persons, however, are exempted from pre-approval including, but not limited to:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">compensation
    of Kalera&#8217;s executive officers and directors that is otherwise disclosed in Kalera&#8217;s public filings with the SEC;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">compensation,
    benefits and other transactions available to all of Kalera&#8217;s employees generally;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">transactions
    where a related-person&#8217;s interest derives solely from his or her service as a director of another entity that is a party to
    the transaction;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">transactions
    where a related-person&#8217;s interest derives solely from his or her ownership of less than 10% of the equity interest in another
    entity that is a party to the transaction; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">transactions
    where a related-person&#8217;s interest derives solely from his or her ownership of a class of Kalera&#8217;s equity securities and
    all holders of that class received the same benefit on a pro rata basis.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
member of the audit committee may participate in any review, consideration or approval of any related-person transaction where such member
or any of his or her immediate family members is the related-person. In approving or rejecting the proposed agreement, our audit committee
shall consider the relevant facts and circumstances available and deemed relevant to the audit committee, including, but not limited
to:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    benefits and perceived benefits to Kalera;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    materiality and character of the related-person&#8217;s direct and indirect interest;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    availability of other sources for comparable products or services;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    terms of the transaction; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    terms available to unrelated third parties under the same or similar circumstances.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Transactions
Related to the Business Combination</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Registration
Rights Agreement with Maxim</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera
entered into a registration rights agreement with Maxim Partners LLC (&#8220;Maxim&#8221;). Pursuant to this agreement, Kalera has agreed
to, within 30 days of Closing, register for resale, pursuant to Rule 415 under the Securities Act of 1933, as amended (the &#8220;<b>Securities
Act</b>&#8221;), certain Kalera Ordinary Shares that are held by the parties thereto from time to time. This registration rights agreement
also provides for certain demand rights and &#8220;piggy-back&#8221; registration rights in favor of the security holders, subject to
customary underwriter cutbacks. Kalera has agreed to pay certain fees and expenses relating to registrations pursuant to this registration
rights agreement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Registration
Rights Agreement with Agrico&#8217;s sponsor and certain Kalera shareholders</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
Closing, Kalera entered into an </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">amended and restated
registration rights agreement with certain of its shareholders, including Agrico&#8217;s sponsor, <span>certain
Kalera shareholders and certain other shareholders</span>. The shareholders party thereto <span>are entitled,
under certain circumstances, to make up to four demands, excluding short form demands, that the Company register their securities under
the Securities Act. In addition, the holders have certain &#8220;piggy-back&#8221; registration rights with respect to certain registrations
of securities that Kalera undertakes. The registration of these securities will permit the public resale of such securities. Kalera intends
to file and maintain an effective registration statement under the Securities Act covering such securities. The Company will bear the
expenses incurred in connection with the filing of any such registration statements.</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Indemnification
Deeds</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with the Business Combination, on the date of the Second Merger, the Company and Kalera, Inc. (together, the &#8220;Indemnitors&#8221;)
and all the directors and officers of Kalera (each, an &#8220;Indemnitee&#8221;) entered into certain indemnification deeds (the &#8220;Indemnification
Deeds&#8221;). Pursuant to the Indemnification Deeds, the Indemnitors will indemnify and advance expenses on behalf of each Indemnitee,
as permitted by applicable law. Subject to certain exclusions, an Indemnitee is entitled to indemnification under the Indemnification
Deeds in three circumstances: (1) if Indemnitee is, or is threatened to be made, a party to or witness or other participant in any Proceeding
relating in whole or in part to an Indemnifiable Event (each, as defined in the Indemnification Deeds); (2) if Indemnitee is, or is threatened
to be made, a party to or a witness or other participant in any Proceeding relating in whole or in part to an Indemnifiable Event by
or in the right of the Indemnitors to procure a judgment in its favor; and (3) in circumstances where indemnification is not available
under (1) or (2) but Indemnitee is a party to, and is successful (on the merits or otherwise) in defense of, any Proceeding or claim,
issue or matter therein relating in whole or in part to an Indemnifiable Event. The Indemnification Deeds are valid until the later of
(a) five years after the date that Indemnitee shall have ceased to serve as a director or officer of the Indemnitors or (b) one year
after the final termination of any Proceeding. The Indemnification Deeds are governed by the laws of Ireland.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Other
Transactions</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Securities
Purchase Agreement</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 7, 2022, Kalera entered into a securities purchase agreement with Armistice Capital Master Fund Ltd. (the &#8220;Securities Purchase
Agreement&#8221;). Under the Securities Purchase Agreement, the Company agreed to issue and allot, and Armistice agreed to subscribe
for, up to an aggregate of $10,000,000 of Kalera Ordinary Shares at a purchase price of $4.00 per share, as well as private warrants
of the Company, exercisable for one Ordinary Share each (the &#8220;Armistice Warrants&#8221;). Pursuant to the Securities Purchase Agreement,
2,300,000 Kalera Ordinary Shares, 200,000 Pre-Funded Warrants, 2,500,000 Series A Warrants and 2,500,000 Series B Warrants were issued
to the Armistice on July 11, 2022. The Pre-Funded Warrants were immediately exercisable and were exercised on September 8,
2022 (the &#8220;Pre-Funded Warrants&#8221;). The Series A Warrants will be exercisable six months from the Closing Date at an exercise
price of $4.41 per share and will expire two (2) years from the Closing Date (the &#8220;Series A Warrants&#8221;). The Series B Warrants
will be exercisable six months from the Closing Date at an exercise price of $4.41 per share and will expire five and a half (5.5) years
from the Closing Date. For the avoidance of doubt, the Armistice Warrants are not part of the Kalera Warrants, and are not, and
will not be, listed on Nasdaq under the symbol KALWW.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Registration
Rights Agreement with Armistice</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with the Securities Purchase Agreement, on July 7, 2022, the Company and Armistice also entered into a registration rights
agreement. Pursuant to this registration rights agreement, Kalera agreed to, within fifteen (15) calendar days, file with the SEC a registration
statement in order to register for resale, pursuant to Rule 415 under the Securities Act, the Kalera Ordinary Shares issued, and the
Kalera Ordinary Shares issuable upon exercise of the Armistice Warrants pursuant to the Securities Purchase Agreement. Kalera paid certain
fees and expenses relating to registrations pursuant to this registration rights agreement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="fff_07"></span><b>PRINCIPAL
SECURITYHOLDERS<sup></sup></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth information regarding the beneficial ownership of Kalera&#8217;s outstanding common equity as of October 6,
2022, based on information obtained from the persons named below:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">each
    person known by Kalera to be the beneficial owner of more than 5% of the outstanding Kalera Ordinary Shares;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">each
    of Kalera&#8217;s named executive officers and director designees; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">all
    Kalera executive officers and director designees as a group.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the table below, percentage of beneficial ownership is based on 23,877,828 Kalera Ordinary Shares outstanding as of the Ownership Date.
Beneficial ownership includes shares for which a person, directly or indirectly, has or shares voting or investment power, or both, and
also includes shares that each such person has the right to acquire within 60 days following the Ownership Date, including upon the exercise
of options. Where applicable, we calculate the beneficial ownership percentage of a person by including the number of shares deemed to
be beneficially owned by that person (by reason of the right to acquire such shares within 60 days following the Ownership Date) in both
the numerator and the denominator that are used for such calculation. All Kalera Warrants beneficially owned are immediately exercisable
for Kalera Ordinary Shares and the Kalera Ordinary Shares underlying such Kalera Warrants are deemed outstanding for purposes of computing
the ownership percentage of the holder thereof (but not any other person). Unless otherwise indicated, Kalera believes that all persons
named in the table have sole voting and investment power with respect to all Kalera Ordinary Shares beneficially owned by them.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><p style="margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt">Number of Shares</p>
                                                                                <p style="margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt">beneficially owned before offering</p></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Percentage of Outstanding Shares
    beneficially owned before offering</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Number of Shares beneficially
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 44%; font-weight: bold; font-style: italic; text-align: left">Directors and Named Executive Officers:</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 10%; text-align: right">&#160;</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 10%; text-align: right">&#160;</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 10%; text-align: right">&#160;</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 10%; text-align: right">&#160;&#160;&#160;&#160;&#160;</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Daniel Malechuk<sup>(2)</sup></span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">271,500</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1.1</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">271,500</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Curtis McWilliams</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">16,728</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">16,728</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fernando Cornejo<sup>(3)</sup></span></td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Austin Martin<sup>(4)</sup></span></td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Umur Hursever<sup>(5)</sup></span></td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maria Sastre<sup>(6)</sup></span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">7,360</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sonny Perdue<sup>(7)</sup></span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">5,688</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Cristian Toma</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">485,613</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Faisal AlMeshal</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Brent de Jong<sup>(8)</sup></span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">7,968,750</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">26.5</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">7,968,750</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Jim Leighton</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">28.5</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">9,002,951</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; font-style: italic">5% Holders:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DJCAAC, LLC<sup>(8) </sup></span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">7,968,750</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">26.5</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">7,968,750</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">LGT Bank AG<sup>(9)</sup></span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">3,391,343</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">13.4</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">3,391,343</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Armistice Capital Master Fund Ltd</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2,500,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">10.5</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2,500,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<!-- Field: Rule-Page --><div style="margin-top: 0pt; width: 25%; margin-right: 0pt; margin-bottom: 0pt"><div style="border-top: Black 1.5pt solid; margin-top: 0pt; font-size: 1pt; margin-right: 0pt; margin-bottom: 0pt">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Represents beneficial
ownership of less than 1%</span></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: left">(1)</td><td style="text-align: justify"><p style="margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt">Gives
                                            pro forma effect to the sale of up to &#160;&#160;&#160;&#160; Kalera Ordinary Shares offered hereby.</p>
</td></tr>
                                                                                                                                        <tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr. Malechuk is
Kalera&#8217;s former President and Chief Executive Officer. The amount of shares beneficially owned includes 271,500 Kalera stock options
issued in connection with the Business Combination in exchange for Kalera SA stock options.</span></td>
</tr><tr style="vertical-align: top; text-align: justify">
<td style="text-align: left">(3)</td><td style="text-align: justify">The amount of shares beneficially owned includes 50,050 Kalera stock options issued pursuant to the 2022 Plan.</td></tr>
     <tr style="vertical-align: top; text-align: justify">
<td style="text-align: left">(4)</td><td style="text-align: justify">The amount of shares beneficially owned includes 72,800 Kalera stock options issued pursuant to the 2022 Plan.</td></tr>
     </table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The amount of shares
beneficially owned are shares held by LGT Bank AG as custodian.</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: left; width: 0.25in">(6)</td><td style="text-align: justify">The amount of shares beneficially owned includes 5,688 Kalera stock options issued pursuant to the 2022 Plan.</td></tr>
     <tr style="vertical-align: top; text-align: justify">
<td style="text-align: left">(7)</td><td style="text-align: justify">The amount of shares beneficially owned includes 5,688 Kalera stock options issued pursuant to the 2022 Plan.</td></tr>
     <tr style="vertical-align: top; text-align: justify">
<td style="text-align: left">(8)</td><td style="text-align: justify">The amount of shares
beneficially owned includes 6,171,875 shares underlying Kalera Warrants beneficially owned by such holder.</td></tr>
     </table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(9)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The amount of shares beneficially owned includes 1,428,571 shares to be issued
to Lightrock Growth Fund I S.A., SICAV-RAIF in relation to the Second Amended and Restated Secured Convertible Bridge Promissory Note.</span></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span id="fff_08"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>DESCRIPTION
OF SECURITIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following is a summary of some of the terms of the Kalera ordinary shares, based on the Kalera Articles. In this section, &#8220;articles
of association&#8221; refers to the Amended and Restated Memorandum and Articles of Association of Kalera which are in effect as of the
closing of the Business Combination.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Share
Capital</i></b> The authorized share capital of Kalera consists of US$100,000,000 divided into 800,000,000,000 ordinary shares with a
nominal value of US$0.0001 each and 200,000,000,000 preferred shares with a nominal value of US$0.0001 each and &#8364;25,000 divided
into 25,000 deferred ordinary shares with a nominal value of &#8364;1.00 each.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of March 8, 2022, Kalera had 25,000 euro shares in issue in order to satisfy statutory capitalization requirements for all Irish public
limited companies. As of October 6, 2022 Kalera&#8217;s issued and outstanding share capital consists of 23,877,828 ordinary shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
authorized share capital may be increased or reduced (but not below the number of issued ordinary shares, deferred shares or preferred
shares, as applicable) by a resolution approved by a simple majority of the votes of Kalera shareholders cast at a general meeting (unless
otherwise determined by the directors).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Kalera
Articles</i></b> Kalera&#8217;s affairs are governed by the Amended and Restated Memorandum and Articles of Association of Kalera, the
Irish Companies Act and the laws of Ireland.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Issuance
of Kalera ordinary shares</i></b> Kalera may issue shares subject to the maximum authorized share capital contained in the Kalera Articles
(please see the section titled &#8220;<i>Share Capital</i>&#8221; above). The Kalera Articles authorize the directors to issue ordinary
shares (subject to the maximum authorized but unissued share capital) for a period of five years from the date of adoption of the Kalera
Articles. The directors&#8217; authority to issue shares must be renewed by ordinary resolution upon its expiration and at periodic intervals
thereafter (for a maximum period of five years at each renewal).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Preemptive
Rights</i></b> While the Irish Companies Act generally provides shareholders with pre-emptive rights when new shares are issued for cash,
it is possible for Kalera Articles, or for the shareholders of Kalera in a general meeting (through the passing of a special resolution),
to exclude such pre-emptive rights for a maximum period of five years. Kalera Articles excludes pre-emptive rights for a period of five
years from the date of adoption of the Kalera Articles. This exclusion will need to be renewed by special resolution of Kalera&#8217;s
shareholders upon its expiration and at periodic intervals thereafter (for a maximum of five years at each renewal).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Repurchase
of Kalera ordinary shares</i></b> Any share in Kalera shall be deemed to be a redeemable share as and from the time of existence of an
agreement or transaction between Kalera and any person pursuant to which Kalera will acquire a share or shares. Any acquisition by Kalera
of shares in Kalera other than a surrender for nil value shall constitute a redemption. No resolution (whether special or otherwise)
is required to be passed to deem any share in the capital of the Company a redeemable share.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
Irish company law, any redemption must be funded out of Kalera&#8217;s distributable reserves or from the proceeds of a fresh issue of
shares. Repurchased and redeemed shares may be cancelled or held as treasury shares. The nominal value of treasury shares held by Kalera
at any time must not exceed 10% of the nominal value of Kalera&#8217;s issued share capital. Kalera may not exercise any voting rights
in respect of any shares held as treasury shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Form
and Transfer of Kalera ordinary shares</i></b> Subject to the Irish Companies Act and to the Business Combination Agreement, any member
may transfer all or any of his shares (of any class) by an instrument of transfer in the usual common form or in any other form which
the Board may from time to time approve.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Liquidation
Rights and Dissolution</i></b> On a return of capital on winding-up or otherwise (other than on conversion, redemption or purchase of
ordinary shares), assets available for distribution among the holders of Kalera ordinary shares shall be distributed among the holders
thereof on a pro rata basis. If Kalera&#8217;s assets available for distribution are insufficient to repay all of the paid-up capital,
the assets will be distributed so that the losses are borne by Kalera&#8217;s shareholders proportionately.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Merger
and De-Merger</i></b> A merger of Kalera with another Irish company under the Irish Companies Act must be approved by a special resolution
and by the Irish High Court.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
merger of Kalera with a company incorporated in the European Economic Area (which includes all member states of the European Union and
Norway, Iceland and Liechtenstein (EEA)) under the European Communities (Cross-Border Mergers) Regulations 2008 (as amended) must be
approved by a special resolution and by the Irish High Court.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
demerger of Kalera can be carried out by way of a scheme of arrangement under the Irish Companies Act. The scheme of arrangement must
be approved by a special majority (a majority in number representing at least 75% in value of each class of members) and sanctioned by
the Irish High Court to be effective.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>No
Appraisal Rights</i></b> Shareholders holding not less than 10% of the paid up share capital in Kalera may require the directors to convene
a shareholder meeting. Under the Irish Companies Act, if the rights to a particular share class are varied, one or more shareholders
who hold not less than 10% of the issued shares of that class and who did not vote in favor of the resolution to vary the rights of that
class, can apply to the court to have the variation cancelled.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>General
Meeting of Shareholders</i></b> General meetings of Kalera shareholders will be held at a time and place as determined by the directors
subject to at least one shareholder meeting being held in each year (being Kalera&#8217;s annual general meeting). Shareholders holding
not less than 10% of the paid up share capital in Kalera may also require the directors to convene a shareholder meeting. Shareholder
meetings may be held within or outside Ireland. Unanimous consent of all the holders of ordinary shares is required for the shareholders
to act by way of written resolution in lieu of holding a meeting.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
copy of the notice of any meeting shall be given at least twenty-one (21) days before the date of the proposed meeting to the members,
directors and auditors. In certain limited circumstances, a meeting may be called by fourteen (14) days&#8217; notice, but this shorter
notice period shall not apply to the annual general meeting.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Voting
Rights</i></b> Every shareholder entitled to attend, speak, ask questions and vote at a general meeting may appoint a proxy or proxies
to attend, speak, ask questions and vote on behalf of the shareholder. Quorum is fixed by Kalera Articles, to consist of at least two
shareholders present in person or by proxy entitled to exercise more than fifty percent (50%) of the voting rights of the shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Resolutions
put to the vote of a meeting shall be decided on a poll, which shall be taken in such manner as the chairperson of the meeting directs.
Subject to the provisions of Kalera Articles and any rights or restrictions attached to any shares, every shareholder of record present
in person or by proxy shall have one vote for each share registered in his or her name.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Where
the rights attaching to shares are set out in Kalera Articles, any changes to these rights will need to be effected by way of a special
resolution (passed by 75% of the votes cast by shareholders attending and voting at the meeting) amending the Kalera Articles. Additionally,
the rights attaching to a particular class of shares may only be varied if (a) the holders of 75% of the nominal value of the issued
shares of that class consent in writing to the variation, or (b) a special resolution, passed at a separate general meeting of the holders
of that class, sanctions the variation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
matters to be decided upon by the shareholders require a majority vote of shareholders who, being so entitled, attend and vote at the
general meeting, unless the Irish Companies Act or Kalera&#8217;s constitution requires a higher majority, in which case a special resolution
must be passed by not less than 75% of those attending and voting. By way of example only, matters that require a special resolution
include any amendments to Kalera Articles, the acquisition by Kalera of its own shares, the variation of class rights attaching to classes
of shares, and the re-registration of Kalera.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Dividends
</i></b>The directors may from time to time pay such dividends as appear justified by the profits of Kalera, provided that dividends
may only be made out of Kalera&#8217;s distributable reserves and if the dividend will not cause Kalera&#8217;s net assets to fall below
the aggregate of its called up share capital and undistributable reserves (as such terms are calculated in accordance with the Irish
Companies Act). The determination as to whether or not Kalera has sufficient distributable reserves to fund a dividend must be made by
reference to the &#8220;relevant financial statements&#8221; of Kalera. The board of directors may also recommend a dividend to be approved
and declared by Kalera&#8217;s shareholders at a general meeting.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Board
of Directors</i></b> Under the Kalera Articles, the number of Directors shall be not less than two nor more than thirteen. The directors
shall be divided into three classes, designated Class I, Class II and Class III. The term of the initial Class I directors shall terminate
at the conclusion of Kalera&#8217;s 2023 annual general meeting; the term of the initial Class II directors shall terminate on the conclusion
of Kalera&#8217;s 2024 annual general meeting; and the term of the initial Class III directors shall terminate on the conclusion of Kalera&#8217;s
2025 annual general meeting.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Directors
are eligible to stand for re-election at the relevant annual general meeting. Directors shall be re-elected for a three-year term. Directors
do not have to be independent under Kalera Articles. There are no share ownership qualifications for directors. Meetings of Kalera&#8217;s
board of directors may be convened at such time and place as the directors determine. The quorum may be fixed by the directors and unless
so fixed shall be a majority of the directors in office. The directors are not entitled to appoint alternates. Questions arising at a
meeting of Kalera&#8217;s board of directors are required to be decided by a simple majority of the directors present, with each director
entitled to one vote. In the case of a tie vote, the chairperson of the meeting shall not have a second or casting vote. Kalera&#8217;s
board of directors may pass resolutions without a meeting where such resolution is signed by all the directors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Amendment
of Articles of Association</i></b> Under the Irish Companies Act, amendments to Kalera Articles require a special resolution to be passed
by not less than 75% of those shareholders entitled, attending and voting at the general meeting. Kalera Articles may not be amended
by resolution of directors, but the directors when issuing preference shares may fix the rights attaching to such shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Amended
and Restated Registration Rights Agreement</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
Closing, Kalera entered into an amended and restated registration rights agreement, which provides for certain registration rights for
certain of its shareholders (including Agrico&#8217;s sponsor, among others). The terms of the Amended and Restated Registration Rights
Agreement are substantially similar to the terms of the existing Agrico registration rights agreement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Description
of Kalera Warrants</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
whole Kalera Warrant shall entitle the holder thereof to subscribe for one Kalera Ordinary Share at a price of $11.50 per share,
subject to adjustment as discussed below, at any time commencing on 12 months from the date of the closing of the Agrico IPO. The Kalera
Warrants will expire five years after the completion of the Business Combination, at 5:00 p.m., New York City time, or earlier upon redemption
or liquidation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
Kalera Warrant will be exercisable and Kalera will not be obligated to issue Kalera Ordinary Shares upon exercise of a Kalera Warrant
unless Kalera Ordinary Shares issuable upon such Kalera Warrant exercise have been registered, qualified or deemed to be exempt under
the securities laws of the state of residence of the registered holder of the Kalera Warrants. In the event that the condition in the
immediately preceding sentence is not satisfied with respect to a Kalera Warrant, the holder of such Kalera Warrant will not be entitled
to exercise such Kalera Warrant and such Kalera Warrant may have no value and expire worthless. In no event will Kalera be required to
net cash settle any Kalera Warrant.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
a registration statement covering the Kalera Ordinary Shares issuable upon exercise of the Kalera Warrants is not effective within 90
days after the closing of the Business Combination, Kalera Warrant holders may, until such time as there is an effective registration
statement and during any period when Kalera will have failed to maintain an effective registration statement, exercise Kalera Warrants
on a &#8220;cashless basis&#8221; in accordance with Section 3(a)(9) of the Securities Act or another exemption. Notwithstanding the
above, if the Kalera Ordinary Shares are at the time of any exercise of a Kalera Warrant not listed on a national securities exchange
such that it satisfies the definition of a &#8220;covered security&#8221; under Section 18(b)(1) of the Securities Act, Kalera may, at
its option, require holders of Kalera Warrants who exercise their Kalera Warrants to do so on a &#8220;cashless basis&#8221; in accordance
with Section 3(a)(9) of the Securities Act and, in the event Kalera so elects, Kalera will not be required to file or maintain in effect
a registration statement, and in the event Kalera does not so elect, Kalera will use its best efforts to register or qualify the shares
under applicable blue sky laws to the extent an exemption is not available.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Once
the Kalera Warrants become exercisable, Kalera may call the Kalera Warrants for redemption:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
    whole and not in part;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">at
    a price of $0.01 per Kalera Warrant;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">upon
    not less than 30 days&#8217; prior written notice of redemption (the &#8220;30-day redemption period&#8221;) to each Kalera Warrant
    holder; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">if,
    and only if, the reported last sale price of Kalera Ordinary Shares equals or exceeds $18.00 per share (as adjusted for share sub-divisions,
    share dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period ending three
    business days before Kalera sends the notice of redemption to the Kalera Warrant holders.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the foregoing conditions are satisfied and Kalera issues a notice of redemption, each Kalera Warrant holder can exercise his, her or
its Kalera Warrant prior to the scheduled redemption date. However, the price of the Kalera Ordinary Shares may fall below the $18.00
trigger price, as well as the $11.50 Kalera Warrant exercise price after the redemption notice is issued.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
and when the Kalera Warrants become redeemable by Kalera, Kalera may not exercise its redemption right if the issuance of Kalera Ordinary
Shares upon exercise of the Kalera Warrants is not exempt from registration or qualification under applicable state blue sky laws or
Kalera is unable to effect such registration or qualification. Kalera will use its best efforts to register or qualify such Kalera Ordinary
Shares under the blue sky laws of the state of residence in those states in which the Kalera Warrants were initially offered in the Agrico
IPO and in those states where holders of Kalera Warrants then reside.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera
has established the last of the redemption criterion discussed above to prevent a redemption call unless there is at the time of the
call a significant premium to the Kalera Warrant exercise price. If the foregoing conditions are satisfied and Kalera issues a notice
of redemption of the Kalera Warrants, each Kalera Warrant holder will be entitled to exercise its Kalera Warrant prior to the scheduled
redemption date. However, the price of the Kalera Ordinary Shares may fall below the $18.00 redemption trigger price (as adjusted for
share sub-divisions, share dividends, reorganizations, recapitalizations and the like) as well as the $11.50 Kalera Warrant exercise
price after the redemption notice is issued.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
Kalera calls the Kalera Warrants for redemption as described above, Kalera management will have the option to require any holder that
wishes to exercise its Kalera Warrant to do so on a &#8220;cashless basis.&#8221; In determining whether to require all holders to exercise
their Kalera Warrants on a &#8220;cashless basis,&#8221; Kalera management will consider, among other factors, Kalera&#8217;s cash position,
the number of Kalera Warrants that are outstanding and the dilutive effect on Kalera shareholders of issuing the maximum number of Kalera
Ordinary Shares issuable upon the exercise of the Kalera Warrants. If Kalera management takes advantage of this option, all holders of
Kalera Warrants would pay the exercise price by surrendering their Kalera Warrants for that number of Kalera Ordinary Shares equal to
the quotient obtained by dividing (x) the product of the number of Kalera Ordinary Shares underlying the Kalera Warrants, multiplied
by the difference between the exercise price of the Kalera Warrants and the &#8220;fair market value&#8221; (defined below) by (y) the
fair market value. The &#8220;fair market value&#8221; shall mean the average reported last sale price of the Kalera Ordinary Shares
for the 10 trading days ending on the third trading day prior to the date on which the notice of redemption is sent to the holders of
Kalera Warrants. If Kalera management takes advantage of this option, the notice of redemption will contain the information necessary
to calculate the number of Kalera Ordinary Shares to be received upon exercise of the Kalera Warrants, including the &#8220;fair market
value&#8221; in such case. Requiring a cashless exercise in this manner will reduce the number of shares to be issued and thereby lessen
the dilutive effect of a Kalera Warrant redemption. Kalera believes this feature is an attractive option to Kalera if Kalera does not
need the cash from the exercise of the Kalera Warrants after the Business Combination.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
holder of a Kalera Warrant may notify Kalera in writing in the event it elects to be subject to a provision in the Kalera Warrant agreement
that, if the election is made by a holder, the Kalera Warrant agent shall not cause the exercise of the holder&#8217;s Kalera Warrant,
and such holder shall not have the right to exercise such Kalera Warrant, to the extent that after giving effect to such exercise, such
holder (together with such holder&#8217;s affiliates), to the Kalera Warrant agent&#8217;s actual knowledge, would beneficially own in
excess of 9.8% of the Kalera Ordinary Shares outstanding immediately after giving effect to such exercise.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the number of outstanding Kalera Ordinary Shares is increased by a share dividend payable in Kalera Ordinary Shares, or by a split-up
of Kalera Ordinary Shares or other similar event, then, on the effective date of such share dividend, split-up or similar event, the
number of Kalera Ordinary Shares issuable on exercise of each Kalera Warrant will be increased in proportion to such increase in the
outstanding Kalera Ordinary Shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, if Kalera, at any time while the Kalera Warrants are outstanding and unexpired, pays a dividend or makes a distribution in
cash, securities or other assets to the holders of Kalera Ordinary Shares on account of such Kalera Ordinary Shares (or other shares
into which the Kalera Warrants are convertible), other than (a) as described above, or (b) certain Kalera Ordinary Share cash dividends,
then the Kalera Warrant exercise price will be decreased, effective immediately after the effective date of such event, by the amount
of cash and/or the fair market value of any securities or other assets paid on each ordinary share in respect of such event divided by
all outstanding Kalera Ordinary Shares at such time.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the number of outstanding Kalera Ordinary Shares is decreased by a consolidation, combination or reclassification of Kalera Ordinary
Shares or other similar event, then, on the effective date of such consolidation, combination, reclassification or similar event, the
number of Kalera Ordinary Shares issuable on exercise of each Kalera Warrant will be decreased in proportion to such decrease in outstanding
Kalera Ordinary Shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Whenever
the number of Kalera Ordinary Shares issuable upon the exercise of the Kalera Warrants is adjusted, as described above, the Kalera
Warrant exercise price will be adjusted by multiplying the Kalera Warrant exercise price immediately prior to such adjustment by a fraction
(x) the numerator of which will be the number of Kalera Ordinary Shares issuable upon the exercise of the Kalera Warrants immediately
prior to such adjustment, and (y) the denominator of which will be the number of Kalera Ordinary Shares so issuable immediately
thereafter.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
case of any reclassification or reorganization of the outstanding Kalera Ordinary Shares (other than those described above or that solely
affects the par value of such Kalera Ordinary Shares), or in the case of any merger or consolidation of Kalera with or into another corporation
(other than a consolidation or merger in which Kalera is the continuing corporation and that does not result in any reclassification
or reorganization of the outstanding Kalera Ordinary Shares), or in the case of any sale or conveyance to another corporation or entity
of the assets or other property of Kalera as an entirety or substantially as an entirety in connection with which Kalera is dissolved,
the holders of the Kalera Warrants will thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions
specified in the Kalera Warrants and in lieu of the Kalera Ordinary Shares immediately theretofore issuable and receivable upon
the exercise of the rights represented thereby, the kind and amount of share capital, shares or other securities or property (including
cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale or
transfer, that the holder of the Kalera Warrants would have received if such holder had exercised their Kalera Warrants immediately prior
to such event.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Kalera Warrants are subject to an Amended and Restated Warrant Agreement between the Kalera Warrant agent and Kalera, following Kalera
entering into an Assignment and Assumption Agreement at Closing with, among others, Agrico, whereby Kalera assumed the applicable rights
and obligations of Agrico under the Amended and Restated Warrant Agreement. You should review a copy of the Amended and Restated Warrant
Agreement for a complete description of the terms and conditions applicable to the Kalera Warrants. The Amended and Restated Warrant
Agreement provides that the terms of the Kalera Warrants may be amended without the consent of any holder to cure any ambiguity or correct
any defective provision, but requires the approval by the holders of a majority of the then outstanding Kalera Warrants to make any change
that adversely affects the interests of the registered holders of Kalera Warrants.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Kalera Warrants may be exercised upon surrender of the Kalera Warrant certificate on or prior to the expiration date at the offices of
the Kalera Warrant agent, with the exercise form on the reverse side of the Kalera Warrant certificate completed and executed as indicated,
accompanied by full payment of the exercise price (or on a cashless basis, if applicable), by certified or official bank check payable
to Kalera, for the number of Kalera Warrants being exercised. The Kalera Warrant holders do not have the rights or privileges of holders
of Kalera Ordinary Shares and any voting rights until they exercise their Kalera Warrants and receive Kalera Ordinary Shares. After the
issuance of Kalera Ordinary Shares upon exercise of the Kalera Warrants, each holder will be entitled to one (1) vote for each Kalera
Ordinary Share held of record on all matters to be voted on by Kalera shareholders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exchange
Listing</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera
Ordinary Shares and Kalera Warrants, are currently listed on Nasdaq under the proposed symbols KAL and KALWW, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="fff_09"></span>DESCRIPTION
OF SECURITIES WE ARE OFFERING<sup></sup></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are offering Units, each Unit consisting of one Kalera Ordinary Share and one Class A Warrant to subscribe for one Kalera Ordinary
Share. We are also offering to each purchaser whose purchase of Kalera Ordinary Shares in this offering would otherwise result in the
purchaser, together with its affiliates, beneficially owning more than 4.99% (or, at the election of the holder, 9.99%) of our outstanding
Kalera Ordinary Shares immediately following the consummation of this offering, the opportunity to purchase, if the purchaser so chooses,
Units containing pre-funded warrants in lieu of Kalera Ordinary Shares that would otherwise result in the purchaser&#8217;s beneficial
ownership exceeding 4.99% (or, at the election of the holder, 9.99%) of our outstanding Kalera Ordinary Shares. For each pre-funded warrant
issued (without regard to any limitation on exercise set forth therein), the number of Kalera Ordinary Shares we are offering will be
decreased on a one-for-one basis. Because one Class A Warrant is being sold together in this offering with each Kalera Ordinary Share
or, in the alternative, each pre-funded warrant to subscribe for one Kalera Ordinary Share, the number of Class A Warrants sold
in this offering will not change as a result of a change in the mix of the Kalera Ordinary Shares and pre-funded warrants sold.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are also registering the Kalera Ordinary Shares issuable from time to time upon exercise of the Class A Warrants and pre-funded warrants
included in the Units offered hereby.<sup></sup> Our Units have no stand-alone rights and will not be certificated or issued as stand-alone
securities. The Kalera Ordinary Shares (or pre-funded warrants) and the Class A Warrants comprising our Units are immediately separable
and will be issued separately in this offering.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following summary of certain terms and provisions of the pre-funded warrants and Class A Warrants offered hereby is not complete and
is subject to, and qualified in its entirety by the provisions of the form of pre-funded warrant, and the form of Class A Warrant, which
are filed as exhibits to the registration statement of which this prospectus forms a part. Prospective investors should carefully review
the terms and provisions set forth in the form of pre-funded warrant and the form of Class A Warrant.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Exercisability</i>.
The pre-funded warrants are exercisable at any time after their original issuance until they are exercised in full. The Class A Warrants
are exercisable at any time after their original issuance up to the date that is five years after their original issuance. Each of the
Class A Warrants and the pre-funded warrants will be exercisable, at the option of each holder, in whole or in part by delivering to
us a duly executed exercise notice and, at any time a registration statement registering the issuance of the Kalera Ordinary Shares
underlying the Class A Warrants or pre-funded warrants under the Securities Act is effective and available for the issuance of such
shares, or an exemption from registration under the Securities Act is available for the issuance of such shares, by payment in full in
immediately available funds for the number of Kalera Ordinary Shares subscribed for upon such exercise. If a registration statement
registering the issuance of the Kalera Ordinary Shares underlying the Class A Warrants or pre-funded warrants under the Securities Act
is not effective or available, the holder may, in its sole discretion, elect to exercise the Class A Warrant or pre-funded warrant through
a cashless exercise, in which case the holder would receive upon such exercise the net number of Kalera Ordinary Shares determined according
to the formula set forth in the Class A Warrant or pre-funded warrant provided a price of $0.0001 per share must be paid in respect
of each Kalera Ordinary Share. No fractional Kalera Ordinary Shares will be issued in connection with the exercise of a Class A Warrant
or pre-funded warrant. In lieu of fractional shares, we will pay the holder an amount in cash equal to the fractional amount multiplied
by the exercise price.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Exercise
Limitation</i>. A holder will not have the right to exercise any portion of the pre-funded warrants or Class A Warrants if the holder
(together with its affiliates) would beneficially own in excess of 4.99% (or, upon election by a holder prior to the issuance of any
warrants, 9.99%) of the number of shares of our Kalera Ordinary Shares outstanding immediately after giving effect to the exercise, as
such percentage ownership is determined in accordance with the terms of the warrants. However, any holder may increase or decrease such
percentage to any other percentage not in excess of 9.99%, upon at least 61<sup></sup> days&#8217; prior notice from the holder
to us with respect to any increase in such percentage.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 20pt"><i>Exercise Price</i>.
The non pre-funded exercise price for the pre-funded warrants is $0.0001 per share. The exercise price per whole Kalera Ordinary Share
issuable upon exercise of the Class A Warrants is $&#160;&#160;&#160;&#160; per share (<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">not
less than the nominal value of such share, being $0.0001 per share as at the date hereof</span>. The exercise price of the Class
A Warrants may also be reduced to any amount and for any period of time at the sole discretion of our Board of Directors. The exercise
price and number of Kalera Ordinary Shares issuable upon exercise will adjust in the event of certain stock dividends and distributions,
stock splits, stock combinations, reclassifications or similar events affecting our Kalera Ordinary Shares.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Transferability</i>.
Subject to applicable laws, the Class A Warrants and the pre-funded warrants may be offered for sale, sold, transferred or assigned without
our consent.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Exchange
Listing</i>. We do not intend to apply for the listing of the Class A Warrants or pre-funded warrants offered in this offering on any
stock exchange. Without an active trading market, the liquidity of the Class A Warrants and the pre-funded warrants will be limited.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Rights
as a Shareholder</i>. Except as otherwise provided in the Class A Warrants or the pre-funded warrants or by virtue of such holder&#8217;s
ownership of our Kalera Ordinary Shares, the holder of a Class A Warrant or pre-funded warrant does not have the rights or privileges
of a holder of our Kalera Ordinary Shares, including any voting rights, until the holder exercises the warrant.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Fundamental
Transactions</i>. In the event of a fundamental transaction, as described in the Class A Warrants and the pre-funded warrants and generally
including, with certain exceptions, any reorganization, recapitalization or reclassification of our Kalera Ordinary Shares, the sale,
transfer or other disposition of all or substantially all of our properties or assets, our consolidation or merger with or into another
person, the acquisition of more than 50% of our outstanding Kalera Ordinary Shares, or any person or group becoming the beneficial owner
of 50% of the voting power represented by our outstanding Kalera Ordinary Shares, the holders of the Class A Warrants and the pre-funded
warrants will be entitled to receive upon exercise of the warrants the kind and amount of securities, cash or other property that the
holders would have received had they exercised the warrants immediately prior to such fundamental transaction. Additionally, as more
fully described in the Class A Warrant, in the event of certain fundamental transactions, the holders of the Class A Warrants will be
entitled to receive consideration in an amount equal to the Black Scholes value of the Class A Warrants on the date of consummation of
such transaction.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Governing
Law</i>. The pre-funded warrants and the Class A Warrants are governed by New York law.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span id="fff_10"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>U.S.
FEDERAL INCOME TAX CONSIDERATIONS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following discussion is a summary of United States federal income tax considerations generally applicable to U.S. Holders (as defined
below) of acquiring, owning and disposing of our Units (each consisting of one Kalera Ordinary Share or pre-funded warrant and one Class
A Warrant) (which units or components thereof we sometimes refer to as our &#8220;securities&#8221; and holders thereof as &#8220;security
holders&#8221;). This discussion addresses only those security holders that hold their securities as a capital asset within the meaning
of Section 1221 of the Code (generally, property held for investment). Because the Kalera Ordinary Share or pre-funded warrant and Class
A Warrant components of a Unit are generally separable at the option of the holder, the holder of a Unit generally should be treated,
for United States federal income tax purposes, as the owner of the underlying Kalera Ordinary Share or pre-funded warrant and Class A
Warrant components. As a result, the discussion below with respect to holders of Kalera Ordinary Shares or pre-funded warrants and Class
A Warrants should also apply to holders of Units (as the deemed owners of the underlying components that constitute the Units).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
discussion is a summary only and does not discuss all aspects of U.S. federal income taxation that may be relevant to holders in light
of their particular circumstances or status including:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">financial
    institutions or financial services entities;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">broker-dealers;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">taxpayers
    that are subject to the mark-to-market accounting rules;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">tax-exempt
    entities;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">governments
    or agencies or instrumentalities thereof;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">banks,
    insurance companies, and certain other financial institutions;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">regulated
    investment companies or real estate investment trusts;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">grantor
    trusts;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">dealers
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">expatriates
    and former citizens or long-term residents of the United States;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons
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    class of Kalera shares;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons
    that acquired our securities pursuant to an exercise of employee share options, in connection with employee share incentive plans
    or otherwise as compensation;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons
    that hold Kalera securities as part of a straddle, constructive sale, hedging, conversion or other integrated or similar transaction;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons
    subject to special tax accounting rules under Section 451(b) of the Code;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PFICs
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Controlled
    foreign corporations or U.S. shareholders of controlled foreign corporations, as those terms are defined in Sections 951(b) and 957(a)
    of the Code, respectively;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">S
    corporations, partnerships or other entities or arrangements treated as partnerships or other flow-through entities for U.S. federal
    income tax purposes (and investors therein);</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">tax-qualified
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons
    whose functional currency is not the U.S. dollar.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
discussion is based on provisions of the Code, proposed, temporary and final Treasury Regulations promulgated under the Code, judicial
decisions and published rulings and administrative interpretations thereof, all as in effect on the date hereof and all of which are
subject to differing interpretations or change, which change could apply retroactively and could affect the tax considerations described
herein.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
discussion does not address U.S. federal taxes other than those pertaining to U.S. federal income taxation (such as estate or gift taxes,
the alternative minimum tax or the Medicare tax on investment income), nor does it address any aspects of U.S. state or local or non-U.S.
taxation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
discussion does not consider the tax treatment of partnerships or other pass-through entities or persons who hold our securities through
such entities. If a partnership (or any entity or arrangement so characterized for U.S. federal income tax purposes) holds our securities,
the tax treatment of such partnership and a person treated as a partner of such partnership will generally depend on the status of the
partner and the activities of the partnership. Partnerships holding our securities and persons that are treated as partners of such partnerships
should consult their tax advisors as to the particular U.S. federal income tax consequences of acquiring, owning and disposing of our
securities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
where otherwise noted, this discussion assumes that, and we believe that, we are properly treated as a foreign corporation that is not,
and will not become, a passive foreign investment company, or a PFIC, as described below.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>THIS
SUMMARY IS FOR INFORMATIONAL PURPOSES ONLY AND DOES NOT PURPORT TO BE A COMPREHENSIVE ANALYSIS OR DESCRIPTION OF ALL POTENTIAL U.S. FEDERAL
INCOME TAX CONSEQUENCES OF ACQUIRING, OWNING AND DISPOSING OF OUR SECURITIES. EACH HOLDER SHOULD CONSULT ITS OWN TAX ADVISOR WITH RESPECT
TO THE PARTICULAR TAX CONSEQUENCES TO SUCH HOLDER OF ACQUIRING, OWNING AND DISPOSING OF OUR SECURITIES, INCLUDING THE EFFECTS OF U.S.
FEDERAL, STATE AND LOCAL AND NON-U.S. TAX LAWS.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
used herein, a &#8220;U.S. Holder&#8221; is a beneficial owner of our securities who or that is, for U.S. federal income tax purposes:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
    individual citizen or resident of the United States,</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    corporation (or other entity that is treated as a corporation for U.S. federal income tax purposes) that is created or organized
    (or treated as created or organized) in or under the laws of the United States or any state thereof or the District of Columbia,</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
    estate whose income is subject to U.S. federal income tax regardless of its source, or</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    trust if (1) a U.S. court can exercise primary supervision over the administration of such trust and one or more U.S. persons have
    the authority to control all substantial decisions of the trust or (2) it has a valid election in effect under applicable Treasury
    Regulations to be treated as a U.S. person for U.S. federal income tax purposes.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Allocation
of Purchase Price and Characterization of a Unit</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
statutory, administrative or judicial authority directly addresses the treatment of a unit or instruments similar to a unit for United
States federal income tax purposes, and therefore, that treatment is not entirely clear. The acquisition of a unit should be treated
for United States federal income tax purposes as the acquisition of one of our Ordinary Shares or pre-funded warrants, as applicable,
and one Class A Warrant. We intend to treat the acquisition of a unit in this manner and, by purchasing a unit, you must adopt such treatment
for tax purposes. For United States federal income tax purposes, each holder of a unit must allocate the purchase price paid by such
holder for such unit between the Kalera Ordinary Share or pre-funded warrant, as applicable, and the Class A Warrant based on the relative
fair market value of each at the time of issuance. The price allocated to each Kalera Ordinary Share or pre-funded warrant and Class
A Warrant should be the shareholder&#8217;s tax basis in such Kalera Ordinary Share or pre-funded warrant and Class A Warrant. Any disposition
of a unit should be treated for United States federal income tax purposes as a disposition of the Ordinary Share or pre-funded warrant,
as applicable, and the Class A Warrant comprising the unit, and the amount realized on the disposition should be allocated between the
Kalera Ordinary Share or pre-funded warrant, as applicable, and the Class A Warrant based on their respective relative fair market values.
The separation of the Kalera Ordinary Share or pre-funded warrant and the Class A Warrant constituting a unit should not be a taxable
event for United States federal income tax purposes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
foregoing treatment of the unit and a holder&#8217;s purchase price allocation are not binding on the IRS or the courts. Because there
are no authorities that directly address instruments that are similar to the units, no assurance can be given that the IRS or the courts
will agree with the characterization described above or the discussion below. Accordingly, each prospective investor is urged to consult
its own tax advisor regarding the tax consequences of an investment in a unit (including alternative characterizations of a unit). The
balance of this discussion assumes that the characterization of the units described above is respected for United States federal income
tax purposes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Income
Tax Treatment of Pre-funded Warrants</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
not entirely free from doubt, a pre-funded warrant should be treated as common stock for U.S. federal income tax purposes and a holder
of pre-funded warrants therefore should generally be taxed in the same manner as a holder of a Kalera Ordinary Share, as described below.
Accordingly, no gain or loss should be recognized upon the exercise of a pre-funded warrant and, upon exercise, the holding period of
a pre-funded warrant should carry over to the Kalera Ordinary Share received. Similarly, the tax basis of the pre-funded warrant should
carry over to the Kalera Ordinary Share received upon exercise, increased by the exercise price of $0.0001 per share. Each prospective
investor is urged to consult its tax advisors regarding the tax risks associated with the acquisition of pre-funded warrants pursuant
to this offering (including potential alternative characterizations). The balance of this discussion generally assumes that the characterization
described above is respected for U.S. federal income tax purposes and the discussion below, to the extent it pertains to Kalera Ordinary
Shares, is generally intended also to pertain to pre-funded warrants.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>U.S.
Federal Income Tax Considerations of Owning Kalera Ordinary Shares and Class A Warrants</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Taxation
of Dividends and Other Distributions on Kalera Ordinary Shares</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the discussion of the passive foreign investment company (&#8220;<b>PFIC</b>&#8221;) rules discussed below, if Kalera makes a distribution
of cash or other property to a U.S. Holder of Kalera Ordinary Shares, such distributions will generally be treated as a dividend for
U.S. federal income tax purposes to the extent the distribution is paid out of Kalera&#8217;s current or accumulated earnings and profits
(as determined under U.S. federal income tax principles). Such dividends will be taxable to a corporate U.S. Holder at regular rates
and will not be eligible for the dividends-received deduction generally allowed to domestic corporations in respect of dividends received
from other domestic corporations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distributions
in excess of such earnings and profits will generally be applied against and reduce the U.S. Holder&#8217;s basis in its Kalera Ordinary
Shares (but not below zero) and, to the extent in excess of such basis, will be treated as gain from the sale or exchange of such Kalera
Ordinary Shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
respect to non-corporate U.S. Holders, dividends will generally be taxed at preferential long-term capital gains rates only if (i) Kalera
Ordinary Shares are readily tradable on an established securities market in the United States or (ii) if Kalera is eligible for the benefits
of the income tax treaty between the United States and Ireland (the &#8220;<b>Tax Treaty</b>&#8221;), in each case provided that Kalera
is not treated as a PFIC at the time the dividend was paid or in the previous year and certain other requirements are met. Although the
Kalera Ordinary Shares are listed on NASDAQ, there can be no assurances that Kalera will be or remain eligible for benefits of the Tax
Treaty or that the Kalera Ordinary Shares will be considered readily tradeable on an established securities market in the United States
in future years. U.S. Holders should consult their tax advisors regarding the availability of the lower rate for any dividends paid with
respect to our ordinary shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to certain conditions and limitations (including, that any reduction in withholding available to the U.S. holder under the Tax Treaty
have been claimed), non-refundable foreign &#8220;covered withholding taxes&#8221;, if any, on dividends paid on Kalera Ordinary Shares
may be treated as foreign taxes eligible for a credit against a U.S. Holder&#8217;s U.S. federal income tax liability under the U.S.
foreign tax credit rules. Dividends paid by Kalera generally will constitute foreign source income for foreign tax credit limitation
purposes. If such dividends are qualified dividend income (as discussed above), the amount of the dividend taken into account for purposes
of calculating the foreign tax credit limitation will be limited to the gross amount of the dividend, multiplied by a fraction, the numerator
of which is the reduced rate applicable to qualified dividend income and the denominator of which is the highest rate of tax normally
applicable to dividends. The limitation on foreign taxes eligible for credit is calculated separately with respect to specific classes
of income. For this purpose, dividends distributed by Kalera with respect to the Kalera Ordinary Shares generally will constitute &#8220;passive
category income&#8221; but could, in the case of certain U.S. Holders, constitute &#8220;general category income.&#8221; The rules governing
the U.S. foreign tax credit are complex and U.S. Holders should consult their tax advisors regarding the availability of the U.S. foreign
tax credit under their particular circumstances.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
holder of a pre-funded warrant should consult its tax advisor regarding the tax treatment of any distribution with respect to such pre-funded
warrant that is held in abeyance in connection with any applicable Beneficial Ownership Limitation.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Taxation
on the Disposition of Securities</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the PFIC rules discussed below, upon a sale or other taxable disposition of Kalera securities, a U.S. Holder will generally recognize
capital gain or loss. The amount of gain or loss recognized will generally be equal to the difference between (i) the sum of the amount
of cash and the fair market value of any property received in such disposition (or, if the Kalera Ordinary Shares, pre-funded warrants
or Class A Warrants are held as part of units at the time of the disposition, the portion of the amount realized on such disposition
that is allocated to the Kalera Ordinary Shares, pre-funded warrants or Class A Warrants based upon the then fair market values of the
Kalera Ordinary Shares or pre-funded warrants and Class A Warrants included in the units) and (ii) the U.S. Holder&#8217;s adjusted tax
basis in its securities. A U.S. Holder&#8217;s adjusted tax basis in its Kalera Ordinary Shares or pre-funded warrants and unexercised
Class A Warrants generally will equal the U.S. Holder&#8217;s acquisition cost (that is, the portion of the purchase price of a unit
allocated to a Kalera Ordinary Share, pre-funded warrant or Class A Warrant, as described above under &#8220;&#8212;<i>Allocation of
Purchase Price and Characterization of a Unit</i>&#8221;) reduced by any prior distributions treated as a return of capital. See &#8220;&#8212;<i>Exercise,
Lapse or Redemption of a Class A Warrant</i>&#8221; below for a discussion regarding a U.S. Holder&#8217;s basis in a Kalera Ordinary
Share acquired pursuant to the exercise of a Class A Warrant.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
tax law currently in effect, long-term capital gains recognized by non-corporate U.S. Holders are generally subject to U.S. federal income
tax at a reduced rate of tax. Capital gain or loss will constitute long-term capital gain or loss if the U.S. Holder&#8217;s holding
period for the ordinary shares or warrants exceeds one year. The deductibility of capital losses is subject to various limitations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
such gain or loss recognized generally will be treated as U.S. source gain or loss. Accordingly, in the event any non-U.S. tax (including
&#8220;covered withholding tax&#8221;) is imposed upon such sale or other disposition, a U.S. Holder may not be able to utilize foreign
tax credits unless such tax meets specific regulatory requirements and such U.S. Holder has foreign source income or gain in the same
category from other sources. Moreover, there are special rules under the Tax Treaty, which may impact a U.S. Holder&#8217;s ability to
claim a foreign tax credit. U.S. Holders are urged to consult their own tax advisors regarding the ability to claim a foreign tax credit
and the application of the Tax Treaty to such U.S. Holder&#8217;s particular circumstances.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Exercise
or Lapse of a Class A Warrant</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the PFIC rules discussed below and except as discussed below with respect to the cashless exercise of a warrant, a U.S. Holder will
generally not recognize gain or loss upon the exercise of a Class A Warrant for cash. A Kalera Ordinary Share subscribed for pursuant
to the exercise of a Class A Warrant for cash will generally have a tax basis equal to the U.S. Holder&#8217;s tax basis in the Class
A Warrant (that is, the portion of the U.S. Holder&#8217;s purchase price for the units that is allocated to the Class A Warrant, as
described above under &#8220;&#8212;<i>Allocation of Purchase Price and Characterization of a Unit</i>&#8221;), increased by the amount
paid to exercise the Class A Warrant.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
is unclear whether a U.S. Holder&#8217;s holding period for the Kalera Ordinary Share will commence on the date of exercise of the Class
A Warrant or the day following the date of exercise of the Class A Warrant; in either case, the holding period will not include the period
during which the U.S. Holder held the Class A Warrant. If a Class A Warrant is allowed to lapse unexercised, a U.S. Holder will generally
recognize a capital loss equal to such holder&#8217;s tax basis in the Class A Warrant.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
of the absence of authority specifically addressing the treatment of a cashless exercise of warrants under U.S. federal income tax law,
the treatment of such a cashless exercise is unclear. A cashless exercise may be tax-free, either because the exercise is not a realization
event or because the exercise is treated as a recapitalization for U.S. federal income tax purposes. Alternatively, a cashless exercise
could be treated as a taxable exchange in which gain or loss would be recognized.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
either tax-free situation, a U.S. Holder&#8217;s tax basis in the Kalera Ordinary Shares received would generally equal the U.S. Holder&#8217;s
tax basis in the Class A Warrants. If a cashless exercise is not treated as a realization event, it is unclear whether a U.S. Holder&#8217;s
holding period for the Ordinary Shares received on exercise will be treated as commencing on the date of exercise of the Class A Warrant
or the following day. If a cashless exercise is treated as a recapitalization, the holding period of the Ordinary Shares received will
include the holding period of the Class A Warrants.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
a cashless exercise is treated as a taxable exchange, a U.S. Holder could be deemed to have surrendered Class A Warrants with an aggregate
fair market value equal to the exercise price for the total number of Class A Warrants to be exercised. In this case, the U.S. Holder
would recognize capital gain or loss in an amount equal to the difference between the fair market value of the Class A Warrants deemed
surrendered and the U.S. Holder&#8217;s tax basis in such Class A Warrants. A U.S. Holder&#8217;s tax basis in the Ordinary Shares received
would equal the sum of the U.S. Holder&#8217;s initial investment in the warrants exercised (i.e., the U.S. Holder&#8217;s purchase price
for the Class A Warrant (or the portion of such U.S. Holder&#8217;s purchase price for units that is allocated to the Class A Warrant)
and the exercise price of such Class A Warrants). It is unclear whether a U.S. Holder&#8217;s holding period for the Ordinary Shares
would commence on the date of exercise of the Class A Warrant or the day following the date of exercise of the Class A Warrant.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera
expects a U.S. Holder&#8217;s cashless exercise of Class A Warrants to be treated as a recapitalization for U.S. federal income tax purposes.
However, there can be no assurance which, if any, of the alternative tax consequences and holding periods described above would be adopted
by the IRS or a court of law. Accordingly, U.S. Holders should consult their tax advisors regarding the tax consequences of a cashless
exercise.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Possible
Constructive Distributions</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
terms of each Class A Warrant provide for an adjustment to the number of Kalera Ordinary Shares for which the Class A Warrant may be
exercised or to the exercise price of the warrant in certain events, as discussed under &#8220;<i>Description of Securities</i>.&#8221;
An adjustment which has the effect of preventing dilution generally is not taxable. A U.S. Holder of a Class A Warrant would, however,
be treated as receiving a constructive distribution from Kalera if, for example, the adjustment increases the holder&#8217;s proportionate
interest in Kalera&#8217;s assets or earnings and profits (for instance, through an increase in the number of Kalera Ordinary Shares
that would be obtained upon exercise of such Class A Warrant) as a result of a distribution of cash or other property such as other securities
to the holders of the Ordinary Shares which is taxable to the U.S. Holders of such shares as described under &#8220;<i>-Taxation of Dividends
and Other Distributions on Kalera Ordinary Shares</i>&#8221; above. Such constructive distribution would be subject to tax as described
under that section in the same manner as if the U.S. Holder of such Class A Warrant received a cash distribution from Kalera equal to
the fair market value of such increased interest.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Passive
Foreign Investment Company Considerations</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
foreign (i.e., non-U.S.) corporation will be a PFIC for U.S. federal income tax purposes if at least 75% of its gross income in a taxable
year of the foreign corporation, including its pro rata share of the gross income of any corporation in which it is considered to own
at least 25% of the shares by value, is passive income. Alternatively, a foreign corporation will be a PFIC if at least 50% of its assets
in a taxable year of the foreign corporation, ordinarily determined based on fair market value and averaged quarterly over the year,
including its pro rata share of the assets of any corporation in which it is considered to own at least 25% of the shares by value, are
held for the production of, or produce, passive income. Subject to some limited exceptions, cash (whether or not constituting working
capital or used to generate interest income) may be treated as a passive asset. Passive income generally includes dividends, interest,
rents and royalties (other than certain rents or royalties derived from the active conduct of a trade or business) and gains from the
disposition of passive assets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
determination as to whether a non-U.S. corporation is a PFIC is based on the application of complex U.S. federal income tax rules, which
are subject to differing interpretations, the composition of the income, expenses and assets of the non-U.S. corporation from time to
time and the nature of the activities performed by its officers and employees. For this reason, while we do not presently expect to be
a PFIC for the current taxable year or the immediate future, there can be no assurance that the composition of our income and assets
will not change, or that the IRS will not reach a contrary conclusion. You are urged to consult your tax advisers regarding the risks
associated in investing in a company that may be a PFIC. Further, the PFIC tests must be applied every year, and it is possible that
we may become a PFIC in a future taxable year if the nature and extent of our activities were to change, or if the composition of our
income and assets change in any material respect. In addition, our actual PFIC status for any taxable year is not determinable until
after the end of such taxable year, and we may not determine our PFIC status for any future taxable year. Because of these uncertainties,
it is possible that we may be a PFIC for the current or any other taxable year.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
Kalera determined to be a PFIC for any taxable year (or portion thereof) that is included in the holding period of a U.S. Holder and
the U.S. Holder did not make a timely qualified electing fund (&#8220;<b>QEF</b>&#8221;) election for Kalera&#8217;s first taxable year
as a PFIC in which the U.S. Holder held (or was deemed to hold) Kalera Ordinary Shares, a QEF election along with a deemed sale (or purging)
election, or a &#8220;mark-to-market&#8221; election, each as described below, such holder generally will be subject to special rules
with respect to:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
    gain recognized by the U.S. Holder on the sale or other disposition of its Ordinary Shares or Class A Warrants; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
    &#8220;excess distribution&#8221; made to the U.S. Holder (generally, any distributions to such U.S. Holder during a taxable year
    of the U.S. Holder that are greater than 125% of the average annual distributions received by such U.S. Holder in respect of Kalera
    securities during the three preceding taxable years of such U.S. Holder or, if shorter, such U.S. Holder&#8217;s holding period for
    such securities).</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
these rules:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    U.S. Holder&#8217;s gain or excess distribution will be allocated ratably over the U.S. Holder&#8217;s holding period for its securities;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    amount allocated to the U.S. Holder&#8217;s taxable year in which the U.S. Holder recognized the gain or received the excess distribution,
    or to the period in the U.S. Holder&#8217;s holding period before the first day of our first taxable year in which we are a PFIC,
    will be taxed as ordinary income;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    amount allocated to other taxable years (or portions thereof) of the U.S. Holder and included in its holding period will be taxed
    at the highest tax rate in effect for that year and applicable to the U.S. Holder; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    interest charge generally applicable to underpayments of tax will be imposed in respect of the tax attributable to each such other
    taxable year of the U.S. Holder.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
general, if Kalera is determined to be a PFIC, a U.S. Holder may avoid the PFIC tax consequences described above in respect to its Ordinary
Shares (but not Class A Warrants) by making a timely QEF election (if eligible to do so) to include in income its pro rata share of Kalera&#8217;s
net capital gains (as long-term capital gain) and other earnings and profits (as ordinary income), on a current basis, in each case whether
or not distributed, in the first taxable year of the U.S. Holder in which or with which Kalera&#8217;s taxable year ends if Kalera is
treated as a PFIC for that taxable year. A U.S. Holder generally may make a separate election to defer the payment of taxes on undistributed
income inclusions under the QEF rules, but if deferred, any such taxes will be subject to an interest charge.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
U.S. Holder may not make a QEF election with respect to Class A Warrants. As a result, if a U.S. Holder sells or otherwise disposes of
such Class A Warrants (other than upon exercise of such Class A Warrants), any gain recognized will generally be subject to the special
tax and interest charge rules treating the gain as an excess distribution, as described above, if is a PFIC at any time during the period
the U.S. Holder held the Class A Warrants. If a U.S. Holder that exercises such Class A Warrants properly makes a QEF election with respect
to the newly acquired Kalera Ordinary Shares, the QEF election will apply to the newly acquired Kalera Ordinary Shares, but the adverse
tax consequences relating to PFIC shares, adjusted to take into account the current income inclusions resulting from the QEF election,
will continue to apply with respect to such newly acquired Kalera Ordinary Shares (which will generally be deemed to have a holding period
for purposes of the PFIC rules that includes the period the U.S. Holder held the Class A Warrants), unless the U.S. Holder makes a purging
election under the PFIC rules. The purging election creates a deemed sale of such shares at their fair market value. The gain recognized
by the purging election will be subject to the special tax and interest charge rules treating the gain as an excess distribution, as
described above. As a result of the purging election, the U.S. Holder will increase the adjusted basis in the Kalera Ordinary Shares
acquired upon the exercise of the Class A Warrants by the gain recognized and will also have a new holding period in such shares for
purposes of the PFIC rules.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
QEF election is made on a shareholder-by-shareholder basis and, once made, can be revoked only with the consent of the IRS. A U.S. Holder
generally makes a QEF election by attaching a completed IRS Form 8621 (Return by a Shareholder of a Passive Foreign Investment Company
or Qualified Electing Fund), including the information provided in a PFIC annual information statement, to a timely filed U.S. federal
income tax return for the tax year to which the election relates. Retroactive QEF elections generally may be made only by filing a protective
statement with such return and if certain other conditions are met or with the consent of the IRS. U.S. Holders should consult their
own tax advisors regarding the availability and tax consequences of a retroactive QEF election under their particular circumstances.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
order to comply with the requirements of a QEF election, a U.S. Holder must receive a PFIC annual information statement from Kalera.
If Kalera determines that it is a PFIC for any taxable year, it will endeavor to provide to a U.S. Holder upon request such information
as the IRS may require, including a PFIC annual information statement, in order to enable the U.S. Holder to make and maintain a QEF
election. However, there is no assurance that Kalera will have timely knowledge of its status as a PFIC in the future or of the required
information to be provided.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
a U.S. Holder has made a QEF election with respect to Kalera Ordinary Shares, and the special tax and interest charge rules do not apply
to such shares (because of a timely QEF election for Kalera&#8217;s first taxable year as a PFIC in which the U.S. Holder holds (or is
deemed to hold) such shares or a purge of the PFIC taint pursuant to a purging election, as described above), any gain recognized on
the sale of Kalera Ordinary Shares will generally be taxable as capital gain and no interest charge will be imposed under the PFIC rules.
As discussed above, U.S. Holders who make a QEF election with respect to a PFIC are currently taxed on their pro rata shares of such
PFIC&#8217;s earnings and profits, whether or not distributed. In such case, a subsequent distribution of such earnings and profits that
were previously included in income should generally not be taxable as a dividend to such U.S. Holders. The tax basis of a U.S. Holder&#8217;s
shares in a PFIC with respect to which a QEF election has been made will be increased by amounts that are included in income, and decreased
by amounts distributed but not taxed as dividends, under the above rules. Similar basis adjustments apply to property if by reason of
holding such property the U.S. Holder is treated under the applicable attribution rules as owning shares in a PFIC with respect to which
a QEF election has been made.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
noted above, an initial determination that Kalera is a PFIC will generally apply for subsequent years to a U.S. Holder who held Kalera
securities while Kalera was a PFIC, whether or not Kalera meets the test for PFIC status in those subsequent years. A U.S. Holder who
makes the QEF election discussed above for Kalera&#8217;s first taxable year as a PFIC in which the U.S. Holder holds (or is deemed to
hold) Kalera Ordinary Shares, however, will not be subject to the PFIC tax and interest charge rules discussed above in respect to such
shares. In addition, such U.S. Holder will not be subject to the QEF inclusion regime with respect to such shares for any taxable year
of Kalera that ends within or with a taxable year of the U.S. Holder and in which Kalera is not a PFIC. On the other hand, if the QEF
election is not effective for each of Kalera&#8217;s taxable years in which Kalera is a PFIC and the U.S. Holder holds (or is deemed
to hold) Kalera Ordinary Shares, the PFIC rules discussed above will continue to apply to such shares unless the holder makes a purging
election, as described above, and pays the tax and interest charge with respect to the gain inherent in such shares attributable to the
pre-QEF election period.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alternatively,
if a U.S. Holder, at the close of its taxable year, owns (or is deemed to own) shares in a PFIC that are treated as marketable shares,
the U.S. Holder may make a mark-to-market election with respect to such shares for such taxable year. If the U.S. Holder makes a valid
mark-to-market election for the first taxable year of the U.S. Holder in which the U.S. Holder holds (or is deemed to hold) Kalera Ordinary
Shares in and for which Kalera is determined to be a PFIC, such holder will generally not be subject to the PFIC rules described above
in respect to its Kalera Ordinary Shares as long as such shares continue to be treated as marketable shares. Instead, in general, the
U.S. Holder will include as ordinary income for each year that Kalera is treated as a PFIC the excess, if any, of the fair market value
of its Ordinary Shares at the end of its taxable year over the adjusted basis in its ordinary shares. The U.S. Holder also will be allowed
to take an ordinary loss in respect of the excess, if any, of the adjusted basis of its Kalera Ordinary Shares over the fair market value
of its ordinary shares at the end of its taxable year (but only to the extent of the net amount of previously included income as a result
of the mark-to-market election). The U.S. Holder&#8217;s basis in its Kalera Ordinary Shares will be adjusted to reflect any such income
or loss amounts, and any further gain recognized on a sale or other taxable disposition of the Kalera Ordinary Shares in a taxable year
in which Kalera is treated as a PFIC will be treated as ordinary income. Special tax rules may also apply if a U.S. Holder makes a mark-to-market
election for a taxable year after the first taxable year in which the U.S. Holder holds (or is deemed to hold) its Kalera Ordinary Shares
ordinary shares and for which Kalera is treated as a PFIC. Currently, a mark-to-market election may not be made with respect to Class
A Warrants.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
mark-to-market election is available only for stock that is regularly traded on a national securities exchange that is registered with
the SEC, including Nasdaq, or on a foreign exchange or market that the IRS determines has rules sufficient to ensure that the market
price represents a legitimate and sound fair market value. U.S. Holders should consult their own tax advisors regarding the availability
and tax consequences of a mark-to-market election in respect to Kalera Ordinary Shares under their particular circumstances.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
Kalera is a PFIC and, at any time, has a foreign subsidiary that is classified as a PFIC, U.S. Holders would generally be deemed to own
a portion of the shares of such lower-tier PFIC, and generally could incur liability for the deferred tax and interest charge described
above if Kalera receives a distribution from, or disposes of all or part of Kalera&#8217;s interest in, the lower-tier PFIC or the U.S.
Holders otherwise were deemed to have disposed of an interest in the lower-tier PFIC. Upon request, Kalera will endeavor to cause any
lower-tier PFIC to provide to a U.S. Holder the information that may be required to make or maintain a QEF election with respect to the
lower-tier PFIC. However, there is no assurance that Kalera will have timely knowledge of the status of any such lower-tier PFIC. In
addition, Kalera may not hold a controlling interest in any such lower-tier PFIC and thus there can be no assurance we will be able to
cause the lower-tier PFIC to provide the required information. A mark-to-market election generally would not be available with respect
to such lower-tier PFIC. U.S. Holders are urged to consult their own tax advisors regarding the tax issues raised by lower-tier PFICs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
U.S. Holder that owns (or is deemed to own) shares in a PFIC during any taxable year of the U.S. Holder, may have to file an IRS Form
8621(whether or not a QEF or market-to-market election is made) with such U.S. Holder&#8217;s U.S. federal income tax return and provide
such other information as may be required by the U.S. Treasury Department. The rules dealing with PFICs and with the QEF and mark-to-market
elections are very complex and are affected by various factors in addition to those described above. Accordingly, U.S. Holders of Kalera
securities should consult their own tax advisors concerning the application of the PFIC rules to Kalera securities under their particular
circumstances.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Information
Reporting and Backup Withholding</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
general, information reporting requirements will apply to dividends received by U.S. Holders of Kalera Ordinary Shares (including constructive
dividends), and the proceeds received on the disposition of Kalera Ordinary Shares and Class A Warrants effected within the United States
(and, in certain cases, outside the United States), in each case, other than U.S. Holders that are exempt recipients (such as corporations).
As stated above, information reporting requirements will also apply to redemptions from U.S. Holders of Kalera Ordinary Shares. Backup
withholding (currently at a rate of 24%) may apply to such amounts if the U.S. Holder fails to provide an accurate taxpayer identification
number (generally on an IRS Form W-9 provided to the paying agent or the U.S. Holder&#8217;s broker) or is otherwise subject to backup
withholding.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
U.S. Holders holding specified foreign financial assets with an aggregate value in excess of the applicable dollar threshold are required
to report information to the IRS relating to Kalera securities, subject to certain exceptions (including an exception for Kalera securities
held in accounts maintained by U.S. financial institutions), by attaching a complete IRS Form 8938, Statement of Specified Foreign Financial
Assets, with their tax return, for each year in which they hold Kalera securities. In addition to these requirements, U.S. Holders may
be required to annually file FinCEN Report 114 (Report of Foreign Bank and Financial Accounts) with the U.S. Department of Treasury.
U.S. Holders should consult their own tax advisors regarding information reporting requirements relating to their ownership of Kalera
securities. Backup withholding is not an additional tax. Any amounts withheld under the backup withholding rules may be allowed as a
refund or credit against a holder&#8217;s U.S. federal income tax liability, if any, provided the required information is timely furnished
to the IRS.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="fff_11"></span>PLAN
OF DISTRIBUTION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are offering up to 15,748,031 Units, based on an assumed public offering price of $1.27 per Unit, each consisting of a Kalera Ordinary Share
or pre-funded warrant and one Class A Warrant to purchase one Kalera Ordinary Share, for gross proceeds of up to $&#160;&#160;&#160;&#160; million before
deduction of placement agent commissions and offering expenses, in a best-efforts offering. There is no minimum amount of proceeds that
is a condition to closing of this offering. The actual amount of gross proceeds, if any, in this offering could vary substantially from
the gross proceeds from the sale of the maximum amount of securities being offered in this prospectus.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 5pt; text-align: justify; text-indent: 30pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to a placement agency agreement, dated as of &#160;&#160;&#160;, 2022, we have engaged Maxim Group LLC to act as our exclusive placement agent to
solicit offers to purchase the securities offered by this prospectus. The Placement Agent is not purchasing or selling any securities,
nor is it required to arrange for the purchase and sale of any specific number or dollar amount of securities, other than to use its
&#8220;reasonable best efforts&#8221; to arrange for the sale ad/or issuance (as applicable) of the securities by us. Therefore, we may
not sell the entire amount of securities being offered. We will enter into a securities purchase agreement directly with the institutional
investors, at the investor&#8217;s option, who purchase our securities in this offering. Investors who do not enter into a securities
purchase agreement shall rely solely on this prospectus in connection with the purchase of our securities in this offering. The Placement
Agent may engage one or more subagents or selected dealers in connection with this offering.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 5pt; text-align: justify; text-indent: 30pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
placement agency agreement provides that the Placement Agent&#8217;s obligations are subject to conditions contained in the placement
agency agreement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 5pt; text-align: justify; text-indent: 30pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
will deliver the securities being issued to the investors upon receipt of investor funds for the purchase and/or subscription for (as
applicable) of the securities offered pursuant to this prospectus. We expect to deliver the securities being offered pursuant to this
prospectus on &#160;&#160;&#160;, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 5pt; text-align: justify; text-indent: 30pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Placement
Agent Fees, Commissions and Expenses</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 5pt; text-align: justify; text-indent: 30pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
the closing of this offering, we will pay the Placement Agent a cash transaction fee equal to 7% of the aggregate gross cash proceeds
to us from the sale and/or issuance (as applicable) of the securities in the offering. In addition, we will reimburse the Placement Agent
for its out-of-pocket expenses incurred in connection with this offering, including the fees and expenses of the counsel for the Placement
Agent, up to $&#160;&#160;&#160;&#160;.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 5pt; text-align: justify; text-indent: 30pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table shows the public offering price, Placement Agent fees and proceeds, before expenses, to us, assuming the purchase of
all the securities we are offering.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 5pt; text-align: justify; text-indent: 30pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Per
                                            Unit consisting</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>of
                                            ordinary shares</b></span></p></td><td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Per
                                            Unit consisting</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>of
                                            pre-funded warrants</b></span></p></td><td style="padding-bottom: 1.5pt; text-align: center">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 56%; text-align: justify">Public Offering Price per Unit</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 18%; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 18%; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Placement Agent fees</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Proceeds, before expenses, to us</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"></td><td style="text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 5pt; text-align: justify; text-indent: 30pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
estimate that the total expenses of the offering, including registration, filing and listing fees, printing fees and legal and accounting
expenses, but excluding Placement Agent fees, will be approximately $&#160;&#160;&#160;&#160; , all of which are payable by us. This figure includes the
Placement Agent&#8217;s accountable expenses, including, but not limited to, legal fees for Placement Agent&#8217;s legal counsel, that
we have agreed to pay at the closing of the offering up to an aggregate expense reimbursement of $&#160;&#160;&#160;&#160;.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Lock-Up
Agreements</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
and each of our officers and directors as of the date of this prospectus have agreed, subject to certain exceptions, not to offer, issue,
sell, contract to sell, encumber, grant any option for the sale of or otherwise dispose of any Kalera Ordinary Shares or other securities
convertible into or exercisable or exchangeable for Kalera Ordinary Shares for a period of one hundred eighty days after this offering
is completed without the prior written consent of the Placement Agent.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Placement Agent may in its sole discretion and at any time without notice release some or all of the shares subject to lock-up agreements
prior to the expiration of the lock-up period. When determining whether or not to release shares from the lock-up agreements, the Placement
Agent will consider, among other factors, the security holder&#8217;s reasons for requesting the release, the number of shares for which
the release is being requested and market conditions at the time.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Indemnification</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have agreed to indemnify the Placement Agent against certain liabilities, including liabilities under the Securities Act, and to contribute
to payments that the Placement Agent may be required to make for these liabilities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Determination
of Offering Price and Exercise Price</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
actual public offering price of the securities we are offering, and the exercise price of the Class A Warrants and pre-funded warrants
included in the Units that we are offering, were negotiated between us and the investors in the offering based on the trading of the
Kalera Ordinary Shares prior to the offering, among other things. Other factors considered in determining the public offering price of
the securities we are offering, as well as the exercise price of the Class A Warrants included in the Units and pre-funded warrants that
we are offering include our history and prospects, the stage of development of our business, our business plans for the future and the
extent to which they have been implemented, an assessment of our management, the general conditions of the securities markets at the
time of the offering and such other factors as were deemed relevant.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Regulation
M</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Placement Agent may be deemed to be an underwriter within the meaning of Section 2(a)(11) of the Securities Act, and any commissions
received by it and any profit realized on the resale of the securities sold by it while acting as principal might be deemed to be underwriting
discounts or commissions under the Securities Act. As an underwriter, the Placement Agent would be required to comply with the requirements
of the Securities Act and the Exchange Act, including, without limitation, Rule 10b-5 and Regulation M under the Exchange Act. These
rules and regulations may limit the timing of purchases and sales of our securities by the Placement Agent acting as principal. Under
these rules and regulations, the Placement Agent (i) may not engage in any stabilization activity in connection with our securities and
(ii) may not bid for or purchase any of our securities or attempt to induce any person to purchase any of our securities, other than
as permitted under the Exchange Act, until it has completed its participation in the distribution.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 5pt; text-align: justify; text-indent: 30pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Electronic
Distribution</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
prospectus in electronic format may be made available on a website maintained by the Placement Agent. In connection with the offering,
the Placement Agent or selected dealers may distribute prospectuses electronically. No forms of electronic prospectus other than prospectuses
that are printable as Adobe&#174; PDF will be used in connection with this offering.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
than the prospectus in electronic format, the information on the Placement Agent&#8217;s website and any information contained in any
other website maintained by the Placement Agent is not part of the prospectus or the registration statement of which this prospectus
forms a part, has not been approved and/or endorsed by us or the Placement Agent in its capacity as placement agent and should not be
relied upon by investors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Certain
Relationships</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Placement Agent and its affiliates have and may in the future provide, from time to time, investment banking and financial advisory services
to us in the ordinary course of business, for which they may receive customary fees and commissions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Listing</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera
Ordinary Shares and Kalera Warrants are currently listed on Nasdaq under the symbols KAL and KALWW, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="fff_12"></span><b>LEGAL
MATTERS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
legality of the Kalera Ordinary Shares offered hereby will be passed upon for Kalera by Arthur Cox LLP.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
legal matters relating to U.S. law will be passed upon by Milbank LLP.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="fff_13"></span><b>EXPERTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
audited financial statements of Kalera Public Limited Company included in this prospectus and elsewhere in the registration statement
have been so included in reliance upon the report of Grant Thornton LLP, independent registered public accountants, upon the authority
of said firm as experts in accounting and auditing.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
financial statements of Agrico Acquisition Corp., as of December 31, 2021 and 2020 and for the year ended December 31, 2021 and for the
period from July 31, 2020 (inception) through December 31, 2020 appearing in this prospectus have been audited by Marcum LLP, independent
registered public accounting firm, as set forth in their report thereon (which contains an explanatory paragraph relating to substantial
doubt about the ability of Agrico Acquisition Corp. to continue as a going concern as described in Note 1 to the financial statements),
appearing elsewhere in this prospectus, and are included in reliance on such report given on the authority of such firm as experts in
accounting and auditing.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="fff_14"></span>ENFORCEMENT
OF CIVIL LIABILITIES</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Ireland</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera
is incorporated under the laws of Ireland with its registered and principal executive office in Ireland and, as a result, the rights
of the holders of Kalera Ordinary Shares will be governed by Kalera&#8217;s amended and restated articles of association, the Irish Companies
Act and the common law of Ireland. Kalera conducts its operations through subsidiaries, all of which are located outside the United States.
All of Kalera&#8217;s assets are located outside the United States, and substantially all of Kalera&#8217;s business is conducted outside
the United States. There is some uncertainty as to whether the courts of Ireland would recognize or enforce judgments of U.S. courts
obtained against us based on the civil liabilities provisions of the U.S. federal or state securities laws or hear actions against us
based on those laws. The U.S. and Ireland do not currently have a treaty providing for the reciprocal recognition and enforcement of
judgments (other than arbitration awards) in civil and commercial matters, and, accordingly, common law rules apply in determining whether
a judgment obtained in a U.S. court is enforceable in Ireland. Although there are processes under Irish law for enforcing a judgment
of a U.S. court, including by seeking summary judgment in a new action in Ireland, those processes are subject to certain established
principles and conditions, and there can be no assurance that an Irish court would enforce a judgment of a U.S. court in this way and
thereby impose civil liberty on us.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="fff_15"></span>WHERE
YOU CAN FIND ADDITIONAL INFORMATION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have filed with the SEC a registration statement on Form S-1 under the Securities Act with respect to our Ordinary Shares and Kalera
Warrants offered by this prospectus. The registration statement, including the attached exhibits and schedules, contains additional relevant
information about us and our Ordinary Shares and Kalera Warrants. The rules and regulations of the SEC allow us to omit from this prospectus
certain information included in the registration statement. For further information about us and the Securities, you should refer to
the registration statement and the exhibits and schedules filed with the registration statement. With respect to the statements contained
in this prospectus regarding the contents of any agreement or any other document, in each instance, the statement is qualified in all
respects by the complete text of the agreement or document, a copy of which has been filed as an exhibit to the registration statement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are subject to the informational reporting requirements of the Exchange Act. We file reports, proxy statements and other information
with the SEC under the Exchange Act. Our SEC filings are available over the Internet at the SEC&#8217;s website at http://www.sec.gov.
Our website address is www.kalera.com. The information on, or that can be accessed through, our website is not part of this prospectus.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="fff_16"></span><b>INDEX
TO FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>KALERA
PUBLIC LIMITED COMPANY</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#vv_01"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Report of Independent Registered Public Accounting Firm</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-2</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
    Statements:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#vv_02"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated Balance Sheets as of December 31, 2021 and 2020</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-3</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#vv_03"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated Statements of Operations and Comprehensive Loss for the Years ended December 31, 2021 and 2020</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-4</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#vv_04"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated Statements of Changes in Shareholders&#8217; Equity as of December 31, 2021 and 2020</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-5</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#vv_05"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated Statements of Cash Flows for the Years ended December 31, 2021 and 2020 </span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-6</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#vv_06"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes to Consolidated Financial Statements</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-7</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#fff_01"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Condensed Consolidated Balance Sheets as of June 30, 2022 and December 31, 2021</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-30</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#fff_02"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Condensed Consolidated Statements of Operations and Comprehensive Loss for the Three the Six Months Ended June 30, 2022 and 2021</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-31</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#fff_03"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Condensed Consolidated Statements of Shareholders&#8217; Equity as of June 30, 2022 and 2021</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-32</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#fff_04"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2022 and 2021</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-33</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#fff_05"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes to Condensed Consolidated Financial Statements (Unaudited)</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-34</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AGRICO
ACQUISITION CORP.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#ed_001"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Report of Independent Registered Public Accounting Firm</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-51</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial Statements:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#ed_002"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Balance Sheets as of December 31, 2021 and 2020</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-52</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#ed_003"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Statements of Operations for the Year ended December 31, 2021 and for the Period from July 31, 2020 (Inception) through December 31, 2020</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-53</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#ed_004"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Statements of Changes in Shareholders&#8217; Deficit for the Year ended December 31, 2021 and for the Period from July 31, 2020 (Inception) through December 31, 2020</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-54</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#ed_005"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Statements of Cash Flows for the Year ended December 31, 2021 and for the Period from July 31, 2020 (Inception) through December 31, 2020</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-55</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#ed_006"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes to Financial Statements</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-56</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#ed_007"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Condensed Balance Sheets as of March 31, 2022 (Unaudited) and December 31, 2021 (Audited)</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-68</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#ed_008"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unaudited Condensed Statements of Operations for the Three Months Ended March 31, 2022 and 2021</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-69</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#ed_009"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unaudited Condensed Statements of Changes in Shareholders&#8217; Equity (Deficit) for the Three Months Ended March 31, 2022 and 2021 </span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-70</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#ed_010"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unaudited Condensed Statement of Cash Flows for the Three Months Ended March 31, 2022 and 2021</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-71</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="#ed_011"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes to Condensed Financial Statements</span></a></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span id="vv_01"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Board
of Directors and Shareholders</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera
Public Limited Company</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Opinion
on the financial statements</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have audited the accompanying consolidated balance sheets of Kalera Public Limited Company (an Irish public limited company) and subsidiaries (the &#8220;Company&#8221;) as of December 31, 2021 and 2020, the related consolidated statements of operations
and comprehensive loss, changes in shareholders&#8217; equity, and cash flows for the years ending December 31, 2021 and 2020, and the
related notes (collectively referred to as the &#8220;financial statements&#8221;). In our opinion, the financial statements present
fairly, in all material respects, the financial position of the Company as of December 31, 2021 and 2020, and the results of its operations
and its cash flows for the years ended December 31, 2021 and 2020, in conformity with accounting principles generally accepted in the
United States of America.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Going
concern</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note
2 to the financial statements, the Company incurred a net loss of $40.1 million during the year ended December 31, 2021, and as of that
date, the Company has an accumulated deficit of $62.6 million. These conditions, along with other matters as set forth in Note 2, raise
substantial doubt about the Company&#8217;s ability to continue as a going concern. Management&#8217;s plans in regard to these matters
are also described in Note 2. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Basis
for opinion</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
financial statements are the responsibility of the Company&#8217;s management. Our responsibility is to express an opinion on the Company&#8217;s
financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board
(United States) (&#8220;PCAOB&#8221;) and are required to be independent with respect to the Company in accordance with the U.S. federal
securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company
is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits
we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion
on the effectiveness of the Company&#8217;s internal control over financial reporting. Accordingly, we express no such opinion.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error
or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding
the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant
estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits
provide a reasonable basis for our opinion.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
GRANT THORNTON LLP</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have served as the Company&#8217;s auditor since 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Orlando,
Florida</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">April
21, 2022, except for the share recast described in Note 17 as to which the date is August 19, 2022</span></p>
<!-- Field: Split-Segment; Name: 001 -->
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="margin-right: 0pt; break-before: page; margin-top: 0pt; margin-bottom: 0pt"><p style="margin: 0pt">&#160;</p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="vv_02"></span>Kalera
Public Limited Company</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Consolidated
Balance Sheets</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December
31, 2021 and 2020</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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  <tr id="xdx_404_eus-gaap--EquityMethodInvestments_i01I_pn3n3_maAzLuB_zsJiua2VH1u6" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_40E_eus-gaap--OtherAssetsNoncurrent_i01I_pn3n3_maAzLuB_z0cOg2Ztnrk5" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_408_eus-gaap--AssetsHeldInTrustNoncurrent_i01I_pn3n3_maAzLuB_zYJRMomKbWve" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; display: none; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; display: none; text-align: right">&#160;</td><td style="display: none; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="display: none; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; display: none; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; display: none; text-align: right">&#160;</td><td style="display: none; padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_404_eus-gaap--DeferredCostsCurrentAndNoncurrent_i01I_pn3n3_maAzLuB_zTsYvkSUDEuj" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left; padding-bottom: 1.5pt">Deferred offering costs</td><td style="display: none; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; display: none; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; display: none; text-align: right">&#160;</td><td style="display: none; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="display: none; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; display: none; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; display: none; text-align: right">&#160;</td><td style="display: none; padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_40E_eus-gaap--Assets_i01TI_pn3n3_mtAzLuB_zU5zGs1k4Bn" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 2.5pt">Total assets</td><td style="padding-bottom: 2.5pt">&#160;</td>
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  <tr id="xdx_405_eus-gaap--LiabilitiesAndStockholdersEquityAbstract_iB_zTDj3Da4E7Tj" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40D_eus-gaap--LiabilitiesCurrentAbstract_i01B_znpXcOR62BBd" style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_408_eus-gaap--AccountsPayableCurrent_i02I_pn3n3_maLCznch_zx91GMjtbeji" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_405_eus-gaap--OtherLongTermDebtCurrent_i02I_pn3n3_maLCznch_zAnvfcbpxhLc" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Financing obligation</td><td style="display: none">&#160;</td>
    <td style="display: none; text-align: left">&#160;</td><td style="display: none; text-align: right">&#160;</td><td style="display: none; text-align: left">&#160;</td><td style="display: none">&#160;</td>
    <td style="display: none; text-align: left">&#160;</td><td style="display: none; text-align: right">&#160;</td><td style="display: none; text-align: left">&#160;</td></tr>
  <tr id="xdx_40A_eus-gaap--OperatingLeaseLiabilityCurrent_i02I_pn3n3_maLCznch_zaA7E2Um4phf" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">Operating lease liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:OperatingLeaseLiabilityCurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,618</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:OperatingLeaseLiabilityCurrent" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">131</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40F_eus-gaap--AccruedSalariesCurrent_i02I_pn3n3_maLCznch_z8NGVCryMCpb" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:AccruedSalariesCurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">717</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:AccruedSalariesCurrent" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">243</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40B_eus-gaap--OtherAccruedLiabilitiesCurrent_i02I_pn3n3_maLCznch_zXB2PJ8GJyRa" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left; padding-bottom: 1.5pt">Accrued expenses</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:OtherAccruedLiabilitiesCurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,964</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:OtherAccruedLiabilitiesCurrent" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">793</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_404_eus-gaap--ConvertibleDebtCurrent_i02I_pn3n3_maLCznch_zW3UholnrSz3" style="display: none; vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left; padding-bottom: 1.5pt">Convertible debt</td><td style="display: none; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; display: none; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; display: none; text-align: right">&#160;</td><td style="display: none; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="display: none; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; display: none; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; display: none; text-align: right">&#160;</td><td style="display: none; padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_400_eus-gaap--AccountsPayableAndOtherAccruedLiabilitiesCurrent_i02I_pn3n3_maLCznch_zRkmapZISth1" style="display: none; vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left; padding-bottom: 1.5pt">Accrued offering costs and expenses</td><td style="display: none; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; display: none; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; display: none; text-align: right">&#160;</td><td style="display: none; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="display: none; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; display: none; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; display: none; text-align: right">&#160;</td><td style="display: none; padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_404_eus-gaap--DueToRelatedPartiesCurrentAndNoncurrent_i02I_pn3n3_maLCznch_zbSq3esdYvo" style="display: none; vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left; padding-bottom: 1.5pt">Due to related party</td><td style="display: none; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; display: none; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; display: none; text-align: right">&#160;</td><td style="display: none; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="display: none; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; display: none; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; display: none; text-align: right">&#160;</td><td style="display: none; padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_407_eus-gaap--LiabilitiesCurrent_i02TI_pn3n3_mtLCznch_maLzg9O_zivd6qc3pfs9" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Total current liabilities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:LiabilitiesCurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">14,720</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:LiabilitiesCurrent" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,345</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_40A_eus-gaap--OtherLiabilitiesNoncurrent_i01I_pn3n3_maLzg9O_zlXczzBnBcD" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">Other non-current liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:OtherLiabilitiesNoncurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">662</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:OtherLiabilitiesNoncurrent" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">62</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40E_eus-gaap--OperatingLeaseLiabilityNoncurrent_i01I_pn3n3_maLzg9O_zKd4tvLD4zV4" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Non-current operating lease liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:OperatingLeaseLiabilityNoncurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">57,717</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:OperatingLeaseLiabilityNoncurrent" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">7,625</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_400_eus-gaap--OtherLongTermDebt_i01I_pn3n3_maLzg9O_zSWMXA77OQG3" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Non-current financing obligation</td><td style="display: none">&#160;</td>
    <td style="display: none; text-align: left">&#160;</td><td style="display: none; text-align: right">&#160;</td><td style="display: none; text-align: left">&#160;</td><td style="display: none">&#160;</td>
    <td style="display: none; text-align: left">&#160;</td><td style="display: none; text-align: right">&#160;</td><td style="display: none; text-align: left">&#160;</td></tr>
  <tr id="xdx_40A_eus-gaap--DeferredCompensationLiabilityClassifiedNoncurrent_i02I_pn3n3_maLzg9O_zmd7gpmOvdRg" style="display: none; vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left; padding-bottom: 1.5pt">Deferred underwriters&#8217; fee</td><td style="display: none; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; display: none; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; display: none; text-align: right">&#160;</td><td style="display: none; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="display: none; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; display: none; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; display: none; text-align: right">&#160;</td><td style="display: none; padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
<tr id="xdx_408_ecustom--DeferredUnderwritingFeesAndGrantsNoncurrent_i01I_pn3n3_maLzg9O_zDNLCGOll1W1" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Deferred underwriting fees and grants</td><td style="display: none">&#160;</td>
    <td style="display: none; text-align: left">&#160;</td><td style="display: none; text-align: right">&#160;</td><td style="display: none; text-align: left">&#160;</td><td style="display: none">&#160;</td>
    <td style="display: none; text-align: left">&#160;</td><td style="display: none; text-align: right">&#160;</td><td style="display: none; text-align: left">&#160;</td></tr>
  <tr id="xdx_406_eus-gaap--DerivativeLiabilitiesNoncurrent_i01I_pn3n3_maLzg9O_zQwxYQ8s0ga1" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Earnout liabilities</td><td style="display: none">&#160;</td>
    <td style="display: none; text-align: left">&#160;</td><td style="display: none; text-align: right">&#160;</td><td style="display: none; text-align: left">&#160;</td><td style="display: none">&#160;</td>
    <td style="display: none; text-align: left">&#160;</td><td style="display: none; text-align: right">&#160;</td><td style="display: none; text-align: left">&#160;</td></tr>
  <tr id="xdx_40F_eus-gaap--DeferredIncomeTaxLiabilitiesNet_i01I_pn3n3_maLzg9O_zBc4BgAQRMfc" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">Deferred tax liability</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:DeferredIncomeTaxLiabilitiesNet" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">8,447</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0135">&#8212;</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_404_eus-gaap--AssetRetirementObligationsNoncurrent_i01I_pn3n3_maLzg9O_znOddPx4sEp2" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left; padding-bottom: 1.5pt">Asset retirement obligations</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:AssetRetirementObligationsNoncurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,527</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:AssetRetirementObligationsNoncurrent" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">588</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_40D_eus-gaap--Liabilities_i01TI_pn3n3_mtLzg9O_maLASEz0Je_zlL5bsa7liI5" style="vertical-align: bottom; background-color: White">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of these consolidated financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span id="vv_03"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Kalera
Public Limited Company</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Consolidated
Statement of Operations and Comprehensive Loss</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In
thousands and USD, except per share data)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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    <td style="text-align: center">&#160;</td><td id="xdx_49C_20210101__20211231_zmlH3QotiuZ7" style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td>
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<tr style="vertical-align: bottom">
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  <tr id="xdx_40E_eus-gaap--ComprehensiveIncomeNetOfTax_iT_pn3n3_mtCINOTzVF9_zi6ImsX2qBlb" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_403_eus-gaap--EarningsPerShareBasic_pid_z1HYGy1AW8q5" style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">Weighted average common shares outstanding &#8211; basic and diluted</td><td>&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of these consolidated financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="vv_04"></span>Kalera
Public Limited Company</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Consolidated
Statement of Changes in Shareholders&#8217; Equity</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In
thousands and USD, except share data)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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  <tr id="xdx_400_eus-gaap--StockIssuedDuringPeriodValueNewIssues_zhjcAwNwkwOa" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Issuance of shares</td><td>&#160;</td>
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  <tr id="xdx_400_eus-gaap--StockIssuedDuringPeriodValueConversionOfConvertibleSecurities_zrVVBIeaQ4sg" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Conversion of loan to common stock</td><td>&#160;</td>
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  <tr id="xdx_40D_eus-gaap--AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue_z0lCcwkDKKUf" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Share-based compensation expense</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_40C_ecustom--SharesIssuedDuringPeriodValueEarnoutShares_i_pn3n3" style="display: none; vertical-align: bottom; background-color: White">
    <td style="text-align: left">Issuance of earnout shares</td><td style="display: none">&#160;</td>
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    <td style="display: none; text-align: left">&#160;</td><td style="display: none; text-align: right">&#160;</td><td style="display: none; text-align: left">&#160;</td><td style="display: none">&#160;</td>
    <td style="display: none; text-align: left">&#160;</td><td style="display: none; text-align: right">&#160;</td><td style="display: none; text-align: left">&#160;</td><td style="display: none">&#160;</td>
    <td style="display: none; text-align: left">&#160;</td><td style="display: none; text-align: right">&#160;</td><td style="display: none; text-align: left">&#160;</td><td style="display: none">&#160;</td>
    <td style="display: none; text-align: left">&#160;</td><td style="display: none; text-align: right">&#160;</td><td style="display: none; text-align: left">&#160;</td><td style="display: none">&#160;</td>
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  <tr id="xdx_401_ecustom--StockIssuedDuringPeriodValueReverseRecapitalization_i_pn3n3" style="display: none; vertical-align: bottom; background-color: White">
    <td style="text-align: left">Recapitalization transaction</td><td style="display: none">&#160;</td>
    <td style="display: none; text-align: left">&#160;</td><td style="display: none; text-align: right">&#160;</td><td style="display: none; text-align: left">&#160;</td><td style="display: none">&#160;</td>
    <td style="display: none; text-align: left">&#160;</td><td style="display: none; text-align: right">&#160;</td><td style="display: none; text-align: left">&#160;</td><td style="display: none">&#160;</td>
    <td style="display: none; text-align: left">&#160;</td><td style="display: none; text-align: right">&#160;</td><td style="display: none; text-align: left">&#160;</td><td style="display: none">&#160;</td>
    <td style="display: none; text-align: left">&#160;</td><td style="display: none; text-align: right">&#160;</td><td style="display: none; text-align: left">&#160;</td><td style="display: none">&#160;</td>
    <td style="display: none; text-align: left">&#160;</td><td style="display: none; text-align: right">&#160;</td><td style="display: none; text-align: left">&#160;</td><td style="display: none">&#160;</td>
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  <tr id="xdx_405_ecustom--StockIssuedDuringPeriodSharesReverseRecapitalization_zNSutGPltECc" style="display: none; vertical-align: bottom; background-color: White">
    <td style="text-align: left">Recapitalization transaction (in shares)</td><td style="display: none">&#160;</td>
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    <td style="display: none; text-align: left">&#160;</td><td style="display: none; text-align: right">&#160;</td><td style="display: none; text-align: left">&#160;</td><td style="display: none">&#160;</td>
    <td style="display: none; text-align: left">&#160;</td><td style="display: none; text-align: right">&#160;</td><td style="display: none; text-align: left">&#160;</td><td style="display: none">&#160;</td>
    <td style="display: none; text-align: left">&#160;</td><td style="display: none; text-align: right">&#160;</td><td style="display: none; text-align: left">&#160;</td><td style="display: none">&#160;</td>
    <td style="display: none; text-align: left">&#160;</td><td style="display: none; text-align: right">&#160;</td><td style="display: none; text-align: left">&#160;</td><td style="display: none">&#160;</td>
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  <tr id="xdx_401_ecustom--SaleOfPrivatePlacementWarrants_i_pn3n3" style="display: none; vertical-align: bottom; background-color: White">
    <td style="text-align: left">Issuance of Private Placement warrants, net of offering costs</td><td style="display: none">&#160;</td>
    <td style="display: none; text-align: left">&#160;</td><td style="display: none; text-align: right">&#160;</td><td style="display: none; text-align: left">&#160;</td><td style="display: none">&#160;</td>
    <td style="display: none; text-align: left">&#160;</td><td style="display: none; text-align: right">&#160;</td><td style="display: none; text-align: left">&#160;</td><td style="display: none">&#160;</td>
    <td style="display: none; text-align: left">&#160;</td><td style="display: none; text-align: right">&#160;</td><td style="display: none; text-align: left">&#160;</td><td style="display: none">&#160;</td>
    <td style="display: none; text-align: left">&#160;</td><td style="display: none; text-align: right">&#160;</td><td style="display: none; text-align: left">&#160;</td><td style="display: none">&#160;</td>
    <td style="display: none; text-align: left">&#160;</td><td style="display: none; text-align: right">&#160;</td><td style="display: none; text-align: left">&#160;</td><td style="display: none">&#160;</td>
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  <tr id="xdx_406_eus-gaap--AdjustmentsToAdditionalPaidInCapitalWarrantIssued_i_pn3n3" style="display: none; vertical-align: bottom; background-color: White">
    <td style="text-align: left">Fair value of public warrants, net of offering costs</td><td style="display: none">&#160;</td>
    <td style="display: none; text-align: left">&#160;</td><td style="display: none; text-align: right">&#160;</td><td style="display: none; text-align: left">&#160;</td><td style="display: none">&#160;</td>
    <td style="display: none; text-align: left">&#160;</td><td style="display: none; text-align: right">&#160;</td><td style="display: none; text-align: left">&#160;</td><td style="display: none">&#160;</td>
    <td style="display: none; text-align: left">&#160;</td><td style="display: none; text-align: right">&#160;</td><td style="display: none; text-align: left">&#160;</td><td style="display: none">&#160;</td>
    <td style="display: none; text-align: left">&#160;</td><td style="display: none; text-align: right">&#160;</td><td style="display: none; text-align: left">&#160;</td><td style="display: none">&#160;</td>
    <td style="display: none; text-align: left">&#160;</td><td style="display: none; text-align: right">&#160;</td><td style="display: none; text-align: left">&#160;</td><td style="display: none">&#160;</td>
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  <tr id="xdx_404_ecustom--IssuanceOfSharesToUnderwritersRepresentative_i_pn3n3" style="display: none; vertical-align: bottom; background-color: White">
    <td style="display: none; text-align: left">Issuance of non-redeemable representative shares</td><td style="display: none">&#160;</td>
    <td style="display: none; text-align: left">&#160;</td><td style="display: none; text-align: right">&#160;</td><td style="display: none; text-align: left">&#160;</td><td style="display: none">&#160;</td>
    <td style="display: none; text-align: left">&#160;</td><td style="display: none; text-align: right">&#160;</td><td style="display: none; text-align: left">&#160;</td><td style="display: none">&#160;</td>
    <td style="display: none; text-align: left">&#160;</td><td style="display: none; text-align: right">&#160;</td><td style="display: none; text-align: left">&#160;</td><td style="display: none">&#160;</td>
    <td style="display: none; text-align: left">&#160;</td><td style="display: none; text-align: right">&#160;</td><td style="display: none; text-align: left">&#160;</td><td style="display: none">&#160;</td>
    <td style="display: none; text-align: left">&#160;</td><td style="display: none; text-align: right">&#160;</td><td style="display: none; text-align: left">&#160;</td><td style="display: none">&#160;</td>
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  <tr id="xdx_400_ecustom--IssuanceOfSharesToUnderwritersRepresentativeinShares_i_pdd" style="display: none; vertical-align: bottom; background-color: White">
    <td style="display: none; text-align: left">Issuance of non-redeemable representative shares (in shares)</td><td style="display: none">&#160;</td>
    <td style="display: none; text-align: left">&#160;</td><td style="display: none; text-align: right">&#160;</td><td style="display: none; text-align: left">&#160;</td><td style="display: none">&#160;</td>
    <td style="display: none; text-align: left">&#160;</td><td style="display: none; text-align: right">&#160;</td><td style="display: none; text-align: left">&#160;</td><td style="display: none">&#160;</td>
    <td style="display: none; text-align: left">&#160;</td><td style="display: none; text-align: right">&#160;</td><td style="display: none; text-align: left">&#160;</td><td style="display: none">&#160;</td>
    <td style="display: none; text-align: left">&#160;</td><td style="display: none; text-align: right">&#160;</td><td style="display: none; text-align: left">&#160;</td><td style="display: none">&#160;</td>
    <td style="display: none; text-align: left">&#160;</td><td style="display: none; text-align: right">&#160;</td><td style="display: none; text-align: left">&#160;</td><td style="display: none">&#160;</td>
    <td style="display: none; text-align: left">&#160;</td><td style="display: none; text-align: right">&#160;</td><td style="display: none; text-align: left">&#160;</td></tr>
  <tr id="xdx_409_ecustom--AccretionOfClassAOrdinarySharesCarryingValueToRedemptionValue_i_pn3n3" style="display: none; vertical-align: bottom; background-color: White">
    <td style="display: none; text-align: left">Re-measurement of Class A ordinary shares carrying value to redemption value</td><td style="display: none">&#160;</td>
    <td style="display: none; text-align: left">&#160;</td><td style="display: none; text-align: right">&#160;</td><td style="display: none; text-align: left">&#160;</td><td style="display: none">&#160;</td>
    <td style="display: none; text-align: left">&#160;</td><td style="display: none; text-align: right">&#160;</td><td style="display: none; text-align: left">&#160;</td><td style="display: none">&#160;</td>
    <td style="display: none; text-align: left">&#160;</td><td style="display: none; text-align: right">&#160;</td><td style="display: none; text-align: left">&#160;</td><td style="display: none">&#160;</td>
    <td style="display: none; text-align: left">&#160;</td><td style="display: none; text-align: right">&#160;</td><td style="display: none; text-align: left">&#160;</td><td style="display: none">&#160;</td>
    <td style="display: none; text-align: left">&#160;</td><td style="display: none; text-align: right">&#160;</td><td style="display: none; text-align: left">&#160;</td><td style="display: none">&#160;</td>
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  <tr id="xdx_40B_eus-gaap--NetIncomeLoss_zTDN6EA7esHi" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Net loss</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:NetIncomeLoss" contextRef="From2020-01-012020-12-31_us-gaap_RetainedEarningsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">8,657</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_403_eus-gaap--OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent_zhrEbKvOibNh" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Currency translation adjustments</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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<tr id="xdx_400_eus-gaap--StockIssuedDuringPeriodValueNewIssues_zWfjBznqBZ0k" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_40D_eus-gaap--AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue_zB6y262qAglg" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_409_ecustom--AccretionOfClassAOrdinarySharesCarryingValueToRedemptionValue_zg5SOBTecr5j" style="display: none; vertical-align: bottom; background-color: White">
    <td style="display: none; text-align: left">Re-measurement of Class A ordinary shares carrying value to redemption value</td><td style="display: none">&#160;</td>
    <td style="display: none; text-align: left">&#160;</td><td style="display: none; text-align: right">&#160;</td><td style="display: none; text-align: left">&#160;</td><td style="display: none">&#160;</td>
    <td style="display: none; text-align: left">&#160;</td><td style="display: none; text-align: right">&#160;</td><td style="display: none; text-align: left">&#160;</td><td style="display: none">&#160;</td>
    <td style="display: none; text-align: left">&#160;</td><td style="display: none; text-align: right">&#160;</td><td style="display: none; text-align: left">&#160;</td><td style="display: none">&#160;</td>
    <td style="display: none; text-align: left">&#160;</td><td style="display: none; text-align: right">&#160;</td><td style="display: none; text-align: left">&#160;</td><td style="display: none">&#160;</td>
    <td style="display: none; text-align: left">&#160;</td><td style="display: none; text-align: right">&#160;</td><td style="display: none; text-align: left">&#160;</td><td style="display: none">&#160;</td>
    <td style="display: none; text-align: left">&#160;</td><td style="display: none; text-align: right">&#160;</td><td style="display: none; text-align: left">&#160;</td></tr>
  <tr id="xdx_40B_eus-gaap--NetIncomeLoss_zguOLtZMHX2k" style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:NetIncomeLoss" contextRef="From2021-01-012021-12-31_us-gaap_RetainedEarningsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">40,057</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr id="xdx_403_eus-gaap--OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent_ztaPDxXril4l" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">1,169</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr id="xdx_430_c20210101__20211231_eus-gaap--StockholdersEquity_iE_zJo9E1vSUFy2" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; font-weight: bold; padding-bottom: 1.5pt">Balance at December 31, 2021</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:StockholdersEquity" contextRef="AsOf2021-12-31_us-gaap_AdditionalPaidInCapitalMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">331,074</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_432_c20210101__20211231_eus-gaap--StockholdersEquity_iE_zJYEofdSNrx9" style="display: none; vertical-align: bottom; background-color: White">
    <td style="text-align: left; font-weight: bold; padding-bottom: 1.5pt">Ending balance, value</td><td style="padding-bottom: 1.5pt">&#160;</td>
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</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of these consolidated financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="vv_05"></span><b>Kalera
Public Limited Company</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Consolidated
Statement of Cash Flow</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In
thousands and USD)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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    <td style="text-align: center">&#160;</td><td id="xdx_492_20210101__20211231_zvHItP9xgJ2i" style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td>
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<tr style="vertical-align: bottom">
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    <td style="display: none; text-align: left">&#160;</td><td style="display: none; text-align: right">&#160;</td><td style="display: none; text-align: left">&#160;</td></tr>
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    <td style="display: none; text-align: left">&#160;</td><td style="display: none; text-align: right">&#160;</td><td style="display: none; text-align: left">&#160;</td><td style="display: none">&#160;</td>
    <td style="display: none; text-align: left">&#160;</td><td style="display: none; text-align: right">&#160;</td><td style="display: none; text-align: left">&#160;</td></tr>
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    <td style="display: none; text-align: left">&#160;</td><td style="display: none; text-align: right">&#160;</td><td style="display: none; text-align: left">&#160;</td></tr>
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    <td style="display: none; text-align: left">&#160;</td><td style="display: none; text-align: right">&#160;</td><td style="display: none; text-align: left">&#160;</td></tr>
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    <td style="padding-left: 0pt; text-align: left">Changes in assets and liabilities:</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInOtherNoncurrentAssets" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">205</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; display: none; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; display: none; text-align: right">&#160;</td><td style="display: none; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="display: none; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; display: none; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; display: none; text-align: right">&#160;</td><td style="display: none; padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_40D_eus-gaap--IncreaseDecreaseInPrepaidExpense_i03N_pn3n3_msNCPBUzVYf_zbeR6rWr6gfi" style="display: none; vertical-align: bottom; background-color: White">
    <td style="display: none; padding-left: 10pt; text-align: left; padding-bottom: 1.5pt">Prepaid expenses</td><td style="display: none; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; display: none; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; display: none; text-align: right">&#160;</td><td style="display: none; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="display: none; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; display: none; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; display: none; text-align: right">&#160;</td><td style="display: none; padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_406_eus-gaap--IncreaseDecreaseInDueToRelatedParties_i03_pn3n3_maNCPBUzVYf_zkhlKhPhnsUb" style="display: none; vertical-align: bottom; background-color: White">
    <td style="display: none; padding-left: 10pt; text-align: left; padding-bottom: 1.5pt">Due to related party</td><td style="display: none; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; display: none; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; display: none; text-align: right">&#160;</td><td style="display: none; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="display: none; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; display: none; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; display: none; text-align: right">&#160;</td><td style="display: none; padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_40F_eus-gaap--IncreaseDecreaseInAccruedLiabilities_i03_pn3n3_maNCPBUzVYf_zHoYdXK8hFt1" style="display: none; vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1.5pt solid; display: none; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; display: none; text-align: right">&#160;</td><td style="display: none; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="display: none; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; display: none; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; display: none; text-align: right">&#160;</td><td style="display: none; padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_401_eus-gaap--NetCashProvidedByUsedInOperatingActivities_i01T_pn3n3_mtNCPBUzVYf_maCCERCz6Sm_zGusKDk0tFxb" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:NetCashProvidedByUsedInOperatingActivities" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">24,830</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:NetCashProvidedByUsedInOperatingActivities" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">9,630</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr id="xdx_402_eus-gaap--NetCashProvidedByUsedInInvestingActivitiesAbstract_iB_z2zGT3aycrh8" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0pt; font-weight: bold; text-align: left">Cash flows - investing activities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_403_eus-gaap--ProceedsFromInsuranceSettlementInvestingActivities_i01_pn3n3_maNCPBUzfC7_zrEs8ptmxSJi" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Insurance proceeds</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:ProceedsFromInsuranceSettlementInvestingActivities" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">650</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0499">&#8212;</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_404_eus-gaap--PaymentsToAcquirePropertyPlantAndEquipment_i01N_pn3n3_di_msNCPBUzfC7_zOVgTrfMgaNk" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">Purchases of property, plant, and equipment</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">82,863</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">20,846</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_406_eus-gaap--PaymentsToAcquireIntangibleAssets_i01N_pn3n3_di_msNCPBUzfC7_z5zs0RbzGZPi" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Purchases of licenses and software for developed technology</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:PaymentsToAcquireIntangibleAssets" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">583</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0505">&#8212;</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40E_eus-gaap--PaymentsToAcquireBusinessesNetOfCashAcquired_i01N_pn3n3_di_msNCPBUzfC7_z7bcRZJjy0x3" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left; padding-bottom: 1.5pt">Acquisitions of businesses, net of cash acquired</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:PaymentsToAcquireBusinessesNetOfCashAcquired" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">49,722</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0508">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_40D_ecustom--CashInvestedInTrustAccount_i01N_pn3n3_msNCPBUzfC7_zcd3Jb6aIJAa" style="display: none; vertical-align: bottom; background-color: White">
    <td style="display: none; padding-left: 10pt; text-align: left; padding-bottom: 1.5pt">Cash invested in Trust Account</td><td style="display: none; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; display: none; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; display: none; text-align: right">&#160;</td><td style="display: none; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="display: none; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; display: none; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; display: none; text-align: right">&#160;</td><td style="display: none; padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_408_eus-gaap--NetCashProvidedByUsedInInvestingActivities_i01T_pn3n3_mtNCPBUzfC7_maCCERCz6Sm_zeGGdFwYF27h" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0pt; text-align: left; padding-bottom: 1.5pt">Net cash used in investing activities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:NetCashProvidedByUsedInInvestingActivities" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">132,518</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:NetCashProvidedByUsedInInvestingActivities" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">20,846</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr id="xdx_40B_eus-gaap--NetCashProvidedByUsedInFinancingActivitiesAbstract_iB_zqCkdjQYQmAd" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0pt; font-weight: bold; text-align: left">Cash flows - financing activities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_404_eus-gaap--ProceedsFromIssuanceOfCommonStock_i01_pn3n3_maNCPBUzHql_zSbacb718137" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Net proceeds from issuance of common stock</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOfCommonStock" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">61,696</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_40A_eus-gaap--ProceedsFromIssuanceOfDebt_i01_pn3n3_maNCPBUzHql_zs7UO9nnOMm3" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">Proceeds from loan facility</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOfDebt" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">34,000</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0523">&#8212;</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40C_eus-gaap--RepaymentsOfDebt_i01N_pn3n3_di_msNCPBUzHql_zhvnpCiPU7ed" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Payment on loan facility</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:RepaymentsOfDebt" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">34,000</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0526">&#8212;</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_405_eus-gaap--ProceedsFromOtherDebt_i01_pn3n3_maNCPBUzHql_zsD4yGcsgyhb" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">Proceeds from forgivable loan</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0528">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_403_ecustom--OperatingLeasePaymentsFinancingActivities_i01N_pn3n3_di_msNCPBUzHql_zRo40epi7yCe" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left; padding-bottom: 1.5pt">Repayment on operating lease liabilities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="KAL:OperatingLeasePaymentsFinancingActivities" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">457</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="KAL:OperatingLeasePaymentsFinancingActivities" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">507</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr id="xdx_406_ecustom--ProceedsFromGovernmentGrant_i01_pn3n3_maNCPBUzHql_zjYO9qBJlwbf" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left; padding-bottom: 1.5pt">Proceeds from government grant</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_40E_eus-gaap--ProceedsFromConvertibleDebt_i01_pn3n3_maNCPBUzHql_zsOfl0PI3Pmg" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left; padding-bottom: 1.5pt">Proceeds from issuance of convertible debt</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_409_ecustom--NetProceedsFromSaleOfPropertyPlantAndEquipmentForSaleLeaseback_i01_pn3n3_maNCPBUzHql_zPIY7YK85rm8" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left; padding-bottom: 1.5pt">Proceeds from sale of property, plant and equipment for failed sale-leaseback</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
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  <tr id="xdx_401_eus-gaap--ProceedsFromIssuanceInitialPublicOffering_i01_pn3n3_maNCPBUzHql_zvtQbWla7s69" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_40A_eus-gaap--ProceedsFromIssuanceOfPrivatePlacement_i01_pn3n3_maNCPBUzHql_z3Ggi5GadiEc" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_407_eus-gaap--SupplementalCashFlowInformationAbstract_iB_znWnjrjIQnZd" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_40D_eus-gaap--CapitalExpendituresIncurredButNotYetPaid_i01_pn3n3_zGU4Lg7Q8Yr2" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_40C_eus-gaap--StockIssued1_i01_pn3n3_zUBt2yr4VhH" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left; padding-bottom: 1.5pt">Shares issued in exchange for businesses acquired</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_404_eus-gaap--StockIssuedDuringPeriodValueAcquisitions_i01_pn3n3" style="display: none; vertical-align: bottom; background-color: White">
    <td style="display: none; padding-left: 10pt; text-align: left; padding-bottom: 1.5pt">Issuance of Class B ordinary shares in exchange for due to related party</td><td style="display: none; padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; display: none; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; display: none; text-align: right">&#160;</td><td style="display: none; padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_40E_eus-gaap--RelatedPartyCosts_i01_pn3n3" style="display: none; vertical-align: bottom; background-color: White">
    <td style="display: none; padding-left: 10pt; text-align: left; padding-bottom: 1.5pt">Deferred offering costs paid by related party</td><td style="display: none; padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; display: none; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; display: none; text-align: right">&#160;</td><td style="display: none; padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_407_ecustom--IssuanceOfSharesToUnderwriterRepresentative_i01_pn3n3" style="display: none; vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1.5pt solid; display: none; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; display: none; text-align: right">&#160;</td><td style="display: none; padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_408_ecustom--OrdinarySharesSubjectToPossibleRedemption_i01_pn3n3" style="display: none; vertical-align: bottom; background-color: White">
    <td style="display: none; padding-left: 10pt; text-align: left; padding-bottom: 1.5pt">Initial Classification of Class A ordinary shares subject to possible redemption</td><td style="display: none; padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; display: none; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; display: none; text-align: right">&#160;</td><td style="display: none; padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
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    <td style="border-bottom: Black 1.5pt solid; display: none; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; display: none; text-align: right">&#160;</td><td style="display: none; padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
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    <td style="border-bottom: Black 1.5pt solid; display: none; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; display: none; text-align: right">&#160;</td><td style="display: none; padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
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    <td style="border-bottom: Black 1.5pt solid; display: none; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; display: none; text-align: right">&#160;</td><td style="display: none; padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p id="xdx_047_c20210101__20211231_zp3jgrt5Yrsj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock"><p id="xdx_80A_eus-gaap--OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_z8dMmPkhD6R" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span id="vv_06"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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Public Limited Company (&#8220;the Company&#8221;) and its subsidiaries is a hydroponic vertical farming company. The Company
operates vertical hydroponic farms and related technology development facilities that produce various lettuce and micro&#8211;greens
for the retail and food service markets. The Company is a private limited liability company incorporated under the laws of Norway, and
its shares are listed on the Euronext Growth Oslo Exchange, a multilateral trading facility operated by the Oslo Stock Exchange. At December
31, 2021 the Company had <span id="xdx_90F_ecustom--NumberOfLargeScaleOperatingHydroponicFarms_iI_dc_uhydroponicfarm_c20211231_z2oP7Dn70DD5"><ix:nonFraction name="KAL:NumberOfLargeScaleOperatingHydroponicFarms" contextRef="AsOf2021-12-31" format="ixt-sec:numwordsen" decimals="INF" unitRef="hydroponicfarm">four
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or &#8220;production facilities&#8221;) within Florida, Georgia, Texas and Kuwait and was building new farms in several locations, including
Ohio, Colorado, Washington, Hawaii, Minnesota and Singapore. At the end of December 31, 2020, the Company had <span id="xdx_90C_ecustom--NumberOfLargeScaleOperatingHydroponicFarms_iI_dc_uhydroponicfarm_c20201231_zFb1f3CfG5Xd"><ix:nonFraction name="KAL:NumberOfLargeScaleOperatingHydroponicFarms" contextRef="AsOf2020-12-31" format="ixt-sec:numwordsen" decimals="INF" unitRef="hydroponicfarm">one
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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March 2020, the World Health Organization declared the spread of the coronavirus (&#8220;COVID&#8211;19&#8221;) a global pandemic. As
a result of the pandemic, the vast majority of the Company&#8217;s customers in the foodservice and hospitality industries had to close
their operations temporarily. These closures resulted in the loss of sales during the year ended December 31, 2020. During 2021, the
industry recovered and the Company was able to increase its sales to its foodservice and hospitality customers.</span></p>

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all of the Company&#8217;s operations are operating normally, however, the extent to which COVID&#8211;19 and the related global economic
crisis affect the Company&#8217;s business, results of operations and financial condition, will depend on future developments that are
highly uncertain and cannot be predicted, including the scope and duration of the pandemic and any recovery period, future actions taken
by governmental authorities, central banks and other third parties (including new financial regulation and other regulatory reform) in
response to the pandemic, and the effects on our products, clients, vendors and employees. The Company continues to service its customers
amid uncertainty and disruption linked to COVID&#8211;19 and is actively managing its business to respond to the impact.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:SignificantAccountingPoliciesTextBlock"><p id="xdx_801_eus-gaap--SignificantAccountingPoliciesTextBlock_z8NOaWgPJdK9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:BasisOfAccountingPolicyPolicyTextBlock"><p id="xdx_846_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_zC846Dpterq8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Basis
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accompanying audited consolidated financial statements for the years ended December 31, 2021 and 2020 for the Company and its subsidiaries
have been prepared in accordance with accounting principles generally accepted in the United States of America (&#8220;GAAP&#8221;) and
pursuant to the rules and regulations of the Securities and Exchange Commission (&#8220;SEC&#8221;).</span></p>

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Company&#8217;s consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany
transactions, balances and unrealized gains and losses have been eliminated in consolidation. The Company includes the following wholly
owned subsidiaries as of December 31, 2021:</span></p>

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Public Limited Company</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera
    Middle East Holding Ltd (formerly &amp;ever Middle East Holdings Ltd)</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

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Reporting</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

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Company&#8217;s chief operating decision maker, or the CODM, is considered to be the Chief Operating Officer along with and supported
by the Company&#8217;s Chief Executive Officer and Chief Financial Officer, together comprising the CODM. The CODM measures performance
based on overall return to shareholders based on consolidated return to shareholders. The Company had <span id="xdx_90B_eus-gaap--NumberOfOperatingSegments_dc_usegment_c20210101__20211231_z3DYAUmRZKG8" title="Number of operating segments"><span id="xdx_90A_eus-gaap--NumberOfOperatingSegments_dc_usegment_c20200101__20201231_z4GFEVv7OeW6" title="Number of operating segments"><ix:nonFraction name="us-gaap:NumberOfOperatingSegments" contextRef="From2021-01-012021-12-31" format="ixt-sec:numwordsen" decimals="INF" unitRef="segment"><ix:nonFraction name="us-gaap:NumberOfOperatingSegments" contextRef="From2020-01-012020-12-31" format="ixt-sec:numwordsen" decimals="INF" unitRef="segment">one</ix:nonFraction></ix:nonFraction></span></span> operating segment for the years
ended December 31, 2021 and 2020 that is engaged in the sale and production of hydroponic lettuce and micro-greens.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:UseOfEstimates"><p id="xdx_84A_eus-gaap--UseOfEstimates_zQv8f0CBqwc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Use
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preparation of the financial statements in accordance with U.S. GAAP requires management to make estimates and judgments that affect
the reported amounts of assets, liabilities, and the disclosure of contingent assets and liabilities at the date of the consolidated
financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may or may not differ
from those estimates.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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Recognition</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company recognizes revenue in accordance with Accounting Standards Codification (&#8220;ASC&#8221;) Topic 606, <i>Revenue from Contracts
with Customers</i>, the core principle of which is that an entity should recognize revenue to depict the transfer of promised goods or
services to customers in an amount that reflects the consideration to which the entity expects to be entitled to receive in exchange
for those goods or services. To achieve this core principle, the Company applies the following five-step model: (1) identify the contract
with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction
price to performance obligations in the contract; and (5) recognize revenue when or the company satisfies a performance obligation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company recognizes revenue through the sale of various varieties of lettuce and micro&#8211;greens, which are sold to food retail and
distribution customers, generally with standard shipping terms. The Company&#8217;s revenue results from the delivery of products as
the single performance obligation transferred at an agreed upon price per unit. The Company recognizes revenue for the sale of products
at the point in time the performance obligation has been satisfied, which is when control of the product has transferred to the customer.
Control of the product generally occurs upon shipment or delivery to the customer based on terms of the sale.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue
is measured as the amount of consideration the Company expects to receive in exchange for delivering products. The amount of revenue
recognized is reduced for estimated returns, discounts and other customer credits. No significant element of financing is deemed present
as the sales are made with a credit term of thirty (30) days, which is consistent with market practice. A trade receivable is recognized
when the goods are delivered as this is the point in time that the consideration is unconditional because only the passage of time is
required before the payment is due.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company identifies leases by evaluating its contracts to determine if the contract conveys the right to use an identified asset for a
stated period of time in exchange for consideration. The Company considers whether it can control the underlying asset and has the right
to obtain substantially all of the economic benefits or outputs from the asset. Leases with terms greater than twelve (12) months are
classified as either operating or finance leases at the commencement date based on guidance in ASC 842, <i>Leases.</i> For these leases,
the Company capitalizes the present value of the minimum lease payments including property taxes and other common area maintenance costs
over the lease terms as a right&#8211;of&#8211;use asset with an offsetting lease liability. The discount rate used to calculate the
present value of the minimum lease payments is based on an incremental borrowing rate, which approximates the rate of interest the Company
would have to pay to borrow on a collateralized basis over a similar term. The lease term includes any non-cancelable period for which
the Company has the right to use the asset. Currently, all capitalized leases are classified as operating leases and the Company records
lease expense on a straight&#8211;line basis over the term of the lease.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:CashAndCashEquivalentsPolicyTextBlock"><p id="xdx_844_eus-gaap--CashAndCashEquivalentsPolicyTextBlock_zXDAmiagXHO6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Cash
and Cash Equivalents</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company considers short&#8211;term investment securities with an original maturity of three months or less to be cash equivalents. Cash
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and $<span id="xdx_907_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_pn3n3_c20201231__srt--StatementGeographicalAxis__country--US_z1U2frIG9jUg" title="Cash and cash equivalents"><ix:nonFraction name="us-gaap:CashAndCashEquivalentsAtCarryingValue" contextRef="AsOf2020-12-31_country_US" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">6,097</ix:nonFraction></span> thousand, respectively, was held at U.S. banks of which approximately $<span id="xdx_901_eus-gaap--CashUninsuredAmount_c20211231_pn3n3" title="Amount of cash held outside of FDIC limit"><ix:nonFraction name="us-gaap:CashUninsuredAmount" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,305</ix:nonFraction></span> thousand and $<span id="xdx_907_eus-gaap--CashUninsuredAmount_iI_pn3n3_c20201231_zW7dSkopkwc6" title="Amount of cash held outside of FDIC limit"><ix:nonFraction name="us-gaap:CashUninsuredAmount" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">4,072</ix:nonFraction></span> thousand, respectively, was
in excess of the Federal Deposit Insurance Corporation insured limit of $<span id="xdx_903_eus-gaap--CashFDICInsuredAmount_iI_pn3n3_c20211231_zBTYcOOMLU26"><span id="xdx_902_eus-gaap--CashFDICInsuredAmount_iI_pn3n3_c20201231_z3al2s8U1dLf"><ix:nonFraction name="us-gaap:CashFDICInsuredAmount" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD"><ix:nonFraction name="us-gaap:CashFDICInsuredAmount" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">250</ix:nonFraction></ix:nonFraction></span></span> thousand per bank. The remaining balance of $<span id="xdx_90B_eus-gaap--CashAndCashEquivalentsAtCarryingValue_c20211231__srt--StatementGeographicalAxis__us-gaap--NonUsMember_pn3n3" title="Cash and cash equivalents"><ix:nonFraction name="us-gaap:CashAndCashEquivalentsAtCarryingValue" contextRef="AsOf2021-12-31_us-gaap_NonUsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">14,322</ix:nonFraction></span> thousand
and $<span id="xdx_900_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_pn3n3_c20201231__srt--StatementGeographicalAxis__us-gaap--NonUsMember_zg8gRaU3bAw8" title="Cash and cash equivalents"><ix:nonFraction name="us-gaap:CashAndCashEquivalentsAtCarryingValue" contextRef="AsOf2020-12-31_us-gaap_NonUsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">107,256</ix:nonFraction></span> thousand, respectively was held in foreign bank accounts and was not fully insured.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:TradeAndOtherAccountsReceivablePolicy"><p id="xdx_84A_eus-gaap--TradeAndOtherAccountsReceivablePolicy_ztd6U0gvp5Wd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Trade
Receivables</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trade
receivables are recognized initially at fair value less provision for expected credit losses. The Company records an allowance for doubtful
accounts to allow for any amounts that may not be recoverable, which is based on an analysis of the Company&#8217;s prior collection
experience, customer creditworthiness, and current economic trends. Based on management&#8217;s review of accounts receivable, an allowance
for credit losses of $<span id="xdx_904_eus-gaap--AllowanceForDoubtfulAccountsReceivable_iI_pn3n3_c20211231_zmqZ0cM17OQi" title="Trade receivables, allowance for credit losses"><ix:nonFraction name="us-gaap:AllowanceForDoubtfulAccountsReceivable" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">23</ix:nonFraction></span> thousand was considered adequate at December 31, 2021. There was <span id="xdx_903_eus-gaap--AllowanceForDoubtfulAccountsReceivable_iI_pn3n3_do_c20201231_z1sIIdzQXWRb"><ix:nonFraction name="us-gaap:AllowanceForDoubtfulAccountsReceivable" contextRef="AsOf2020-12-31" format="ixt-sec:numwordsen" decimals="-3" scale="3" unitRef="USD">no</ix:nonFraction></span> allowance for doubtful accounts at December
31, 2020. Interest is typically not charged on past due invoices. Account balances are written-off after collection efforts have been
made and the potential recovery is considered remote.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:InventoryPolicyTextBlock"><p id="xdx_84C_eus-gaap--InventoryPolicyTextBlock_zpRVd9ZUOQ67" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Inventory
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inventory
is stated at the lower of cost or net realizable value and is accounted for using the first&#8211;in, first&#8211;out (&#8220;FIFO&#8221;)
method. Inventory costs include the costs of producing products which include direct material costs such as seeds and nutrients, salaries
and wages of the employees directly involved in farming production, farming facility costs including utility costs, insurance, maintenance,
and other costs directly attributed to the vertical farming process and facilities. The inventory balance at December 31, 2021 and 2020
include direct materials not yet utilized in the farming process, cost of leafy greens currently growing, and fully grown leafy greens
ready for sale.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inventory
costs including shipping and handling are reflected in the cost of goods sold at the time the product is sold and recognized in sales.
For any inventory that is produced but is unsold prior to spoil date or is unfit for sale, the Company writes&#8211;off that inventory
in accordance with the lower of cost or net realizable value principle.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
2021 and 2020, the Company&#8217;s facilities operated at higher capacity than was required to meet demand in order to test and condition
the systems in the Company&#8217;s recently opened production facilities. As a result, cost of goods sold was in excess of net sales
and included costs of leafy greens produced but not sold totaling $<span id="xdx_906_ecustom--CostOfGoodsProducedButNotYetSold_c20210101__20211231_pn3n3" title="Cost of good produced but not yet sold"><ix:nonFraction name="KAL:CostOfGoodsProducedButNotYetSold" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">6,475</ix:nonFraction></span> thousand and $<span id="xdx_90E_ecustom--CostOfGoodsProducedButNotYetSold_pn3n3_c20200101__20201231_zIF7BPCsT3Q6" title="Cost of good produced but not yet sold"><ix:nonFraction name="KAL:CostOfGoodsProducedButNotYetSold" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,828</ix:nonFraction></span> thousand for the years ended December 31,
2021 and 2020, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:PropertyPlantAndEquipmentPolicyTextBlock"><p id="xdx_847_eus-gaap--PropertyPlantAndEquipmentPolicyTextBlock_zqt45XGyzgfg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Property,
Plant and Equipment, net</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property,
plant and equipment, net is stated at cost less accumulated depreciation. Depreciation is computed beginning on the date the asset is
placed into service using the straight&#8211;line method over the lesser of the estimated useful lives. Leasehold improvements are amortized
on a straight-line basis over the lesser of the useful life of the lease or the relevant lease term.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 151; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
estimated useful lives are as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Production
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Industrial
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Farming
production facilities under construction are not depreciated until completed and ready for their intended use, at which point they are
transferred to their own asset category. The Company reclassifies assets under construction, which include primarily farming production
facilities, to property, plant, and equipment when the farming production facility is put into service and production begin. The Company
capitalizes interest during construction of assets until construction is complete and the asset is placed in service.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:BusinessCombinationsPolicy"><p id="xdx_845_eus-gaap--BusinessCombinationsPolicy_zCtP9ERS6v27" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Business
Combinations</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Business
combination accounting requires the acquirer to recognize, separately from goodwill, the identifiable assets acquired, liabilities assumed,
and any noncontrolling interest in the acquiree, and to measure these items generally at their acquisition date fair values. Goodwill
is recorded as the residual amount by which the purchase price exceeds the fair value of the net assets acquired. If the initial accounting
for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Company is required
to report provisional amounts in the financial statements for the items for which the accounting is incomplete.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Adjustments
to provisional amounts initially recorded that are identified during the measurement period are recognized in the reporting period in
which the adjustment amounts are determined. During the measurement period, the Company is also required to recognize additional assets
or liabilities if new information is obtained about facts and circumstances that existed as of the acquisition date that, if known, would
have resulted in the recognition of those assets and liabilities as of that date.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
measurement period ends the sooner of one year from the acquisition date or when the Company receives the information about facts and
circumstances that existed as of the acquisition date or learn that more information is not obtainable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">When
determining the fair values of assets acquired and liabilities assumed, management makes significant estimates and assumptions, especially
with respect to intangible assets. Critical estimates in valuing intangible assets include, but are not limited to, expected future cash
flows, which include consideration of future growth rates and margins, future changes in technology and brand awareness, loyalty and
position, and discount rates. Fair value estimates are based on the assumptions management believes a market participant would use in
pricing the asset or liability.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:GoodwillAndIntangibleAssetsIntangibleAssetsPolicy"><p id="xdx_847_eus-gaap--GoodwillAndIntangibleAssetsIntangibleAssetsPolicy_zxIDrWgxh3t3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Carrying
Value of Long&#8211;Lived Assets</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company follows the provisions of ASC 350<i>, Intangibles - Goodwill and Other</i>, which establishes accounting standards for the impairment
of long-lived assets such as intangible assets subject to amortization. Long&#8211;lived assets are reviewed annually for impairment
or as events or changes in business circumstances occur, indicating that the carrying value of the asset may not be recoverable. The
estimated cash flows produced by assets or asset groups, are compared to the asset carrying value to determine whether impairment exists.
Such estimates involve considerable management judgment and are based upon assumptions about expected future operating performance. As
a result, actual cash flows could differ from management&#8217;s estimates due to changes in business conditions, operating performance,
and economic and competitive conditions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 152; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></td></tr></table></div>
    <div style="margin-right: 0pt; break-before: page; margin-top: 0pt; margin-bottom: 0pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="KAL:MaintenanceAndRepairsOfPropertyAndEquipmentPolicyTextBlock"><p id="xdx_846_ecustom--MaintenanceAndRepairsOfPropertyAndEquipmentPolicyTextBlock_zUc9ecsY7w52" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_866_zjy3soRM3FXe">Maintenance
and Repairs of Property and Equipment</span>.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expenditures
for maintenance and repairs are charged to expenses in the period incurred and recorded in cost of goods sold for property and equipment
involved in farming operations and selling, general, and administrative for any property and equipment not used in farming operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:GoodwillAndIntangibleAssetsPolicyTextBlock"><p id="xdx_845_eus-gaap--GoodwillAndIntangibleAssetsPolicyTextBlock_zDi7o6lfxLAl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Goodwill
and Intangible Assets</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Goodwill
&#8211; Goodwill represents the excess of costs over the fair value of identifiable assets acquired and liabilities assumed in business
combinations. Goodwill is not amortized but is assessed for impairment annually or more frequently if circumstances indicate potential
impairment. An impairment charge is recognized when and to the extent the carrying amount of goodwill is determined to exceed its fair
value.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has the option to first assess qualitatively whether it is more likely than not that a reporting unit&#8217;s carrying amount
exceeds its fair value. Events and circumstances that are considered in performing the qualitative assessment include macroeconomic conditions,
industry and market conditions, cost factors, overall financial performance, events affecting the reporting unit or Company as a whole.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">When
performing the qualitative assessment, the Company examines those factors most likely to affect each reporting unit&#8217;s fair value.
If the Company concludes that it is more likely than not that the reporting unit&#8217;s fair value is less than its carrying amount
(that is, a likelihood of more than 50 percent) as a result of the qualitative assessment, or, if the qualitative assessment is not elected,
then a quantitative assessment is performed in its place, to determine any impairment. There was no impairment of goodwill for the years
ending December 31, 2021 or 2020.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Intangible
Assets</i> &#8211; Other intangible assets are comprised of technology related to vertical farming acquired from Kalera GmbH and Kalera
Middle East Holding Ltd and intellectual property related to indoor seed acquired from Vindara Inc during business acquisitions (see
Note 6 for additional information on business acquisitions), and licenses and related costs incurred for exclusive access and development
of patents owned by Iveron Materials, Inc. Intangible assets are recorded at historical cost and amortized on a straight-line basis beginning
on the date the intangible asset is placed into service over the estimated useful lives. Impairment reviews are undertaken annually,
or more frequently if events or circumstances indicate potential impairment.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intangible
assets are amortized using following useful lives:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intellectual
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="KAL:OtherNonCurrentAssetsPolicyTextBlock"><p id="xdx_842_ecustom--OtherNonCurrentAssetsPolicyTextBlock_zMMlAgMcAfvf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Other
Non&#8211;Current Assets</i></b></span></p>

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non&#8211;current assets primarily consist of security deposits required for long&#8211;term operating lease agreements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

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Retirement Obligations</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
fair value of a liability for an asset retirement obligation is recorded in the period in which it is incurred if a reasonable estimate
of fair value can be made. The Company&#8217;s asset retirement obligations are generally a result of operating lease agreements for
locations which the Company has built&#8211;out farming production facilities. The lease agreements often include provisions requiring
the Company to return the leased space to its original state prior to the build out of the Company&#8217;s farming production facility.
These provisions result in costs to remove farming production equipment and repair the leased space prior to vacating the space. In periods
subsequent to initial measurement, the Company recognizes period&#8211;to&#8211;period changes in the asset retirement obligation liability
resulting from the passage of time and revisions to either the timing or the amount of the original estimate. The increase in the carrying
value of the associated long&#8211;lived asset is depreciated over its corresponding estimated economic life.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:ShareBasedCompensationOptionAndIncentivePlansPolicy"><p id="xdx_84A_eus-gaap--ShareBasedCompensationOptionAndIncentivePlansPolicy_z1UZP4tgk4a3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Share
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Company recognizes share based compensation expense associated with stock option awards based on an estimate of the grant date fair value
of each stock option award. The Company estimates the grant date fair value of stock options granted based on the Black&#8211;Scholes
model.</span></p>

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valuing stock options, significant judgment is required in determining the expected life that individuals will hold their stock options
prior to exercising. The expected term of stock options is derived using the simplified method to provide a reasonable basis of option
grants and an estimate of future exercises during the remaining contractual period of the option. Expected volatility for stock options
is based on the historical and implied volatility of the Company&#8217;s common stock. While volatility and estimated life are assumptions
that do not bear the risk of change subsequent to the grant date of stock options, these assumptions may be difficult to measure as they
represent future expectations based on historical experience. Further, the expected volatility and expected life may change in the future,
which could substantially change the grant-date fair value of future awards of stock options and, ultimately, the expense recorded. See
Note 8 for additional information on the Company&#8217;s share based compensation plans. The Company accounts for forfeitures as incurred.</span></p>

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Company expenses share-based compensation for stock options using the straight-line method over the requisite service period for the
entire award.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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currency</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Foreign
currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions.
Assets and liabilities of consolidated subsidiaries whose functional currency is other than the U.S. dollar are translated into U.S.
dollars using currency exchange rates at the balance sheet date. Revenues and expenses are translated using the average currency exchange
rates during the period. Monetary balance sheet items in foreign currency are translated into the functional currency using the exchange
rate at the balance sheet date. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented
in the statement of operations as foreign exchange (losses) gains. Where the foreign local currency is used as the functional currency,
translation adjustments are recorded as a separate component of accumulated other comprehensive loss.</span></p>

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General, and Administrative Expenses</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selling,
general, and administrative expenses primarily consist of costs for corporate functions, including payroll, employee benefits for corporate
employees, corporate office expenses, professional fees, marketing and selling costs, and other expenses not attributed to production
of products.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:IncomeTaxPolicyTextBlock"><p id="xdx_84C_eus-gaap--IncomeTaxPolicyTextBlock_zJ8mbbjJIJV3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Income
taxes</i></b></span></p>

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Company follows the asset and liability method of accounting for income taxes under ASC 740, Income Taxes. Deferred tax assets and liabilities
are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts
of existing assets and liabilities and their respective tax bases. Deferred income taxes are recorded and recognized for future tax effects
of temporary differences between financial and income tax reporting. The Company records valuation allowances in situations where the
realization of deferred tax assets is not more&#8211;likely&#8211;than&#8211;not.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company periodically reviews assumptions and estimates of the Company&#8217;s probable tax obligations and effects on its liability for
any uncertain tax positions, using informed judgment which may include the use of third&#8211;party consultants, advisors and legal counsel,
as well as historical experience. If a tax position does not meet the minimum statutory threshold to avoid payment of penalties and interest,
the Company recognizes an expense for the amount of the interest and penalty in the period in which the Company claims or expects to
claim the position on its tax return.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
financial statement purposes, the Company is allowed to elect whether to classify such charges as either income tax expense or another
expense classification. Should such expense be incurred in the future, the Company will classify such interest as a component of interest
expense and penalties as a component of income tax expense.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
were no unrecognized tax benefits and no amounts accrued for interest and penalties as of December 31, 2021 and 2020, respectively. The
Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from
its position. The Company is subject to income tax examinations by major taxing authorities since inception.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 27, 2020, President Trump signed the Coronavirus Aid, Relief, and Economic Security &#8220;CARES&#8221; Act into law. The CARES
Act includes several significant business tax provisions that, among other things, would eliminate the taxable income limit for certain
net operating losses (&#8220;NOL&#8221;) and allow businesses to carry back NOLs arising in 2018, 2019 and 2020 to the five prior years,
suspend the excess business loss rules, accelerate refunds of previously generated corporate alternative minimum tax credits, generally
loosen the business interest limitation under IRC section 163(j) from 30 percent to 50 percent among other technical corrections included
in the Tax Cuts and Jobs Act tax provisions.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company recorded an income tax benefit during the year ended December 31, 2021 due to the recognition of deferred tax benefits for intangible
asset amortization associated with its acquired businesses. The Company recorded no income tax benefit or expense for the year ended
December 31, 2020. The Company recorded a valuation allowance as of December 31, 2021 and 2020 on substantially all of its domestic and
foreign deferred tax assets, as management does not consider it more than likely than not that the benefits from these deferred tax assets
will be realized in the near term.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:EarningsPerSharePolicyTextBlock"><p id="xdx_842_eus-gaap--EarningsPerSharePolicyTextBlock_zxnY190viEjh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(Loss)
Earnings Per Share</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic
earnings or loss per common share amounts are calculated using the weighted average number of common shares outstanding for the period.
Diluted earnings per common share amounts are calculated using the weighted average number of common shares outstanding plus the additional
dilution for all potentially dilutive securities. During loss periods, diluted loss per share amounts are based on the weighted average
number of common shares outstanding, because the inclusion of common stock equivalents would be antidilutive.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:FairValueOfFinancialInstrumentsPolicy"><p id="xdx_840_eus-gaap--FairValueOfFinancialInstrumentsPolicy_z6yOVjdBnjb1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Fair
Value of Financial Instruments</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fair
value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between
market participants at the measurement date. To increase the comparability of fair value measures, the following hierarchy prioritizes
the inputs to valuation methodologies used to measure fair value:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
1 - Valuations based on quoted prices for identical assets and liabilities in active markets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
2 - Valuations based on observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and
liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other
inputs that are observable or can be corroborated by observable market data.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
3 - Valuations based on unobservable inputs reflecting our own assumptions, consistent with reasonably available assumptions made by
other market participants. These valuations require significant judgment.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amounts
classified as cash and cash equivalents, trade receivables, accounts payable and accrued expenses are considered level 1 and are measured
based on quoted prices in active markets for identical assets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company, from time to time, is involved in various legal proceedings incidental to the conduct of its business, including claims by customers,
employees or former employees. Once it becomes probable that the Company will incur costs in connection with a legal proceeding and such
costs can be reasonably estimated, it establishes appropriate reserves. While legal proceedings are subject to uncertainties and the
outcome of any such matter is not predictable, the Company is not aware of any legal proceedings pending or threatened against it that
it expects to have a material adverse effect on its financial condition, results of operations or liquidity.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:ConcentrationRiskCreditRisk"><p id="xdx_84C_eus-gaap--ConcentrationRiskCreditRisk_zYd4luLJTdm3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Concentration
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s financial instruments that are exposed to concentration of credit risk consist primarily of cash and cash equivalents
and accounts receivable. The Company maintains its cash and cash equivalents at financial institutions. The Company has not experienced
any realized losses in such accounts and believes it is not exposed to any significant credit risk.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
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on the Company&#8217;s sales and results of operations.</span></p>

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Costs</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company expenses advertising costs as incurred, which are included as a component of Selling, general, and administrative expenses on
the accompanying consolidated statements of operations and comprehensive loss. Advertising expense was approximately $<span id="xdx_904_eus-gaap--AdvertisingExpense_c20210101__20211231_zbJW6QLTpqFc" title="Advertising expense"><ix:nonFraction name="us-gaap:AdvertisingExpense" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">510</ix:nonFraction></span> thousand and
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="KAL:LiquidityandGoingConcernConsiderationsPolicyTextBlock"><p id="xdx_84C_ecustom--LiquidityandGoingConcernConsiderationsPolicyTextBlock_z0sG92Bgbqw6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Liquidity
and Going Concern Considerations</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since
inception, the Company has financed its operations primarily through the sale of shares of common stock and debt financing. The Company
incurred losses during the years ended December 31, 2021 and 2020 of $<span id="xdx_900_eus-gaap--NetIncomeLoss_iN_pn3n3_di_c20210101__20211231_zfBWYIUWY6Z4" title="Net loss"><ix:nonFraction name="us-gaap:NetIncomeLoss" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">40,057</ix:nonFraction></span> thousand and $<span id="xdx_904_eus-gaap--NetIncomeLoss_iN_pn3n3_di_c20200101__20201231_zT5DsmoHUVI2" title="Net loss"><ix:nonFraction name="us-gaap:NetIncomeLoss" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">8,657</ix:nonFraction></span> thousand, respectively, and has an accumulated
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cash resources for the foreseeable future. These operating losses and accumulated deficits raise substantial doubt about the Company&#8217;s
ability to continue as a going concern for a period of twelve months from the date these consolidated financial statements are issued,
meaning that the Company may be unable to continue operations for the foreseeable future or realize assets and discharge liabilities
in the ordinary course of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s continuation as a going concern is dependent upon its ability to obtain additional operating capital, complete development
of new seeds and produce, and attain profitability. The Company has implemented and continues to implement plans to fund its operations
and finance its future development activities and its working capital needs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the first quarter of 2022, the Company executed a sale-leaseback transaction that raised approximately $<span id="xdx_908_ecustom--GrossProceedsFromSaleOfPropertyPlantAndEquipmentForSaleLeaseback_pn3n3_c20220101__20220331_zITD8LGWuPUe" title="Gross proceeds from sale-leaseback transaction"><ix:nonFraction name="KAL:GrossProceedsFromSaleOfPropertyPlantAndEquipmentForSaleLeaseback" contextRef="From2022-01-012022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">8,100</ix:nonFraction></span> thousand.). In addition,
during the first quarter of 2022 the Company entered into a convertible bridge financing facility for up to $<span id="xdx_901_eus-gaap--DebtInstrumentFaceAmount_iI_pn3n3_c20220331__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_z0UgHXq4Whf2" title="Borrowing capacity under convertible bridge financing facility"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2022-03-31_us-gaap_ConvertibleDebtMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">20,000</ix:nonFraction></span> thousand with $<span id="xdx_906_eus-gaap--ConvertibleDebtCurrent_iI_pn3n3_c20220331__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zkwPJaG6Nfd4" title="Convertible Debt, Current"><ix:nonFraction name="us-gaap:ConvertibleDebtCurrent" contextRef="AsOf2022-03-31_us-gaap_ConvertibleDebtMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">10,000</ix:nonFraction></span>
thousand currently committed (see Note 18).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company also anticipates completing a merger with a special purpose acquisition company (see Note 18) by the second quarter of 2022,
which would provide additional liquidity to support the Company&#8217;s ongoing operations. The Company is also in negotiations for a
second sale-leaseback transaction along with raising additional debt financing with a third party lender.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Company continues to seek additional financing to fund its business activities in the future and there remains doubt about its ability
to continue as a going concern, investors or other financing sources may be unwilling to provide additional funding on commercially reasonable
terms, or at all. If the Company is unable to raise the necessary funds when needed or other strategic objectives are not achieved, it
may not be able to continue its operations, or it could be required to modify its operations, which could slow future growth.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern, which contemplates
the realization of assets and payments of liabilities in the ordinary course of business. Accordingly, the consolidated financial statements
do not include any adjustments relating to the recoverability and classification of asset carrying amounts or the amount of and classification
of liabilities that may result should the Company be unable to continue as a going concern.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock"><p id="xdx_848_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_zr6hHsle1Ej" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Recently
Issued Accounting Pronouncements</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Recent
accounting pronouncements, other than below, issued by the Financial Accounting Standards Board (&#8220;FASB&#8221;) .the AICPA and the
SEC did not or are not believed by management to have a material effect on the Company&#8217;s present or future Consolidated Financial
Statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
December 2019, the FASB issued Accounting Standards Update (&#8220;ASU&#8221;) 2019-12, Income Taxes (Topic 740): Simplifying the Accounting
for Income Taxes (&#8220;ASU 2019-12&#8221;). ASU 2019-12 is part of the FASB&#8217;s overall simplification initiative to reduce costs
and complexity of applying accounting standards while maintaining or improving the usefulness of the information provided to users of
financial statements. ASU 2019-12 removes certain exceptions to the general principles of ASC 740, Income Taxes, (&#8220;ASU 740&#8221;)
in order to reduce the cost and complexity of its application in the areas of intra-period tax allocation, deferred tax liabilities related
to outside basis differences, year-to-date losses in interim periods and other areas within ASC 740. The Company adopted ASU 2019-12
on January 1, 2021 and the adoption of ASU 2019-12 did not have a material impact on the Company&#8217;s consolidated financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 157; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric></ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:InventoryDisclosureTextBlock"><p id="xdx_80E_eus-gaap--InventoryDisclosureTextBlock_zWkgYJJLAgAk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
3: <span id="xdx_827_zn4buUrCkByk">INVENTORY</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s inventory consists of finished goods from farming production, raw materials used in the farming production, and work&#8211;in
process farming production. Raw materials are comprised of seeds, nutrients, and packaging for finished goods. Work&#8211;in&#8211;process
and finished goods include in&#8211;process and ready&#8211;to&#8211;eat lettuce varieties and micro&#8211;greens, including the packaging
for the finished product.</span></p>

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  <tr style="vertical-align: bottom">
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    <td style="text-align: justify">Work in process</td><td>&#160;</td>
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  <tr id="xdx_401_eus-gaap--InventoryFinishedGoodsNetOfReserves_iI_pn3n3_maINzKOq_zxSFgchvyKU" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-bottom: 1.5pt">Finished goods</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:InventoryFinishedGoodsNetOfReserves" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">658</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_406_eus-gaap--InventoryNet_iTI_pn3n3_mtINzKOq_zc9QGxcGv5q8" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: justify; padding-bottom: 1.5pt">Total inventories</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:InventoryNet" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,190</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:InventoryNet" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">104</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A5_z2sV8A2B4qY1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock"><p id="xdx_805_eus-gaap--PropertyPlantAndEquipmentDisclosureTextBlock_ziWJvXJ2xOI5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
4: <span id="xdx_827_zrRBzf0J2tP6">PROPERTY, PLANT AND EQUIPMENT</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:PropertyPlantAndEquipmentTextBlock"><p id="xdx_890_eus-gaap--PropertyPlantAndEquipmentTextBlock_zr7GwW42QLb3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property,
plant and equipment, net, consists of the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B5_zfc62wRiMuU3" style="display: none">SCHEDULE
OF PROPERTY PLANT AND EQUIPMENT</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold">In thousands</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_49F_20211231__dei--LegalEntityAxis__custom--KaleraASMember_zTd45sNLF2D1" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31, 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_49C_20201231_zFd8Q42st5Nd" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31, 2020</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr id="xdx_404_eus-gaap--PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--BuildingMember_zJUYdffYS0ue" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%; text-align: justify">Production facilities</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization" contextRef="AsOf2021-12-31_custom_KaleraASMember_us-gaap_BuildingMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">53,590</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization" contextRef="AsOf2020-12-31_us-gaap_BuildingMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">9,046</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_405_eus-gaap--PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_zOYYunmfgtZ7" style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Furniture, fittings &amp; equipment</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization" contextRef="AsOf2021-12-31_custom_KaleraASMember_us-gaap_FurnitureAndFixturesMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">5,223</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization" contextRef="AsOf2020-12-31_us-gaap_FurnitureAndFixturesMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">957</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_407_eus-gaap--PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__srt--IndustrialPropertyMember_zwuTxGA0Tiqi" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Industrial property</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization" contextRef="AsOf2021-12-31_custom_KaleraASMember_srt_IndustrialPropertyMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,659</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0773">&#8212;</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_409_eus-gaap--PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--VehiclesMember_zyUmgpuY9u2l" style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Vehicles</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization" contextRef="AsOf2021-12-31_custom_KaleraASMember_us-gaap_VehiclesMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">244</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization" contextRef="AsOf2020-12-31_us-gaap_VehiclesMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">55</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40D_eus-gaap--PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--AssetUnderConstructionMember_ztc05Ao8jUUh" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Assets under construction</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization" contextRef="AsOf2021-12-31_custom_KaleraASMember_us-gaap_AssetUnderConstructionMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">68,207</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization" contextRef="AsOf2020-12-31_us-gaap_AssetUnderConstructionMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">19,340</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40D_eus-gaap--PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAccumulatedDepreciationAndAmortization_iNI_pn3n3_di_zLIlvdV2ItFb" style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-bottom: 1.5pt">Less: accumulated depreciation</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAccumulatedDepreciationAndAmortization" contextRef="AsOf2021-12-31_custom_KaleraASMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,761</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAccumulatedDepreciationAndAmortization" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">891</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr id="xdx_409_eus-gaap--PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization_iTI_pn3n3_zm942hYBQAPi" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: justify; padding-bottom: 2.5pt">Total property, plant and equipment, net</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization" contextRef="AsOf2021-12-31_custom_KaleraASMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">128,162</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">28,506</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A3_zJJs1s7O06n6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depreciation
expense for the years ended December 31, 2021 and 2020 amounted to $<span id="xdx_904_eus-gaap--Depreciation_pn3n3_c20210101__20211231_z94QRD64KnVg" title="Depreciation expense"><ix:nonFraction name="us-gaap:Depreciation" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,238</ix:nonFraction></span> thousand and $<span id="xdx_902_eus-gaap--Depreciation_pn3n3_c20200101__20201231_zJVZc6PZewZ8" title="Depreciation expense"><ix:nonFraction name="us-gaap:Depreciation" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">523</ix:nonFraction></span> thousand, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company recorded an impairment on certain assets at a facility under construction during 2021 that were damaged. The total loss incurred
was $<span id="xdx_90F_eus-gaap--TangibleAssetImpairmentCharges_c20210101__20211231_zhUG5rfC5zA2" title="Total loss"><ix:nonFraction name="us-gaap:TangibleAssetImpairmentCharges" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,051</ix:nonFraction></span> thousand prior to any insurance reimbursements. During 2021, the Company received approximately $<span id="xdx_902_eus-gaap--InsuranceRecoveries_c20210101__20211231_zWvo04ezch7a" title="Insurance recoveries"><ix:nonFraction name="us-gaap:InsuranceRecoveries" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">650</ix:nonFraction></span> thousand in proceeds
from its insurance carrier. The Company expects to recover the remaining amount of the loss from its insurance carrier during the year
ended December 31, 2021</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:LesseeOperatingLeasesTextBlock"><p id="xdx_80A_eus-gaap--LesseeOperatingLeasesTextBlock_zc2TCAmyrvz3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
5: <span id="xdx_826_zkxo2auh2hdd">LEASES</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has operating leases for its corporate offices, farming production facilities space, delivery vehicles, and production equipment.
The majority of the operating leases obligations are a result of the lease agreements for the Company&#8217;s large vertical farming
facilities as of December 31, 2021 and 2020, respectively. Operating lease right&#8211;of&#8211;use (&#8220;ROU&#8221;) assets represent
our right to use an underlying asset for the lease term, and lease liabilities represent our obligations to make lease payment arising
from the lease. ROU assets and liabilities are based on the estimated present value of the lease payments over the lease term and are
recognized at the lease commencement date. The Company uses the practical expedient to not separate lease and non&#8211;lease components.
The Company&#8217;s total lease cost which was solely from operating leases was approximately $<span id="xdx_904_eus-gaap--LeaseCost_c20210101__20211231_pn3n3" title="Operating lease cost"><ix:nonFraction name="us-gaap:LeaseCost" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">5,458</ix:nonFraction></span> thousand and $<span id="xdx_902_eus-gaap--LeaseCost_c20200101__20201231_pn3n3" title="Operating lease cost"><ix:nonFraction name="us-gaap:LeaseCost" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">796</ix:nonFraction></span> thousand for the
years ended December 31, 2021 and 2020, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 158; Value: 1 -->
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    <div style="margin-right: 0pt; break-before: page; margin-top: 0pt; margin-bottom: 0pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Most
space leased for vertical farming production have initial lease terms of up to <span id="xdx_90C_eus-gaap--LesseeOperatingLeaseTermOfContract_iI_c20211231_zpRA5S3x1uKh" title="Initial operating lease term"><ix:nonNumeric contextRef="AsOf2021-12-31" format="ixt-sec:durwordsen" name="us-gaap:LesseeOperatingLeaseTermOfContract">ten years</ix:nonNumeric></span> with <span id="xdx_904_ecustom--LesseeOperatingLeaseNumberOfRenewalTerms_dc_urenewalterm_c20210101__20211231_z5aR6ijNkQF" title="Operating lease, number of renewal terms"><ix:nonFraction name="KAL:LesseeOperatingLeaseNumberOfRenewalTerms" contextRef="From2021-01-012021-12-31" format="ixt-sec:numwordsen" decimals="INF" unitRef="renewalterm">two</ix:nonFraction></span> optional renewal periods each of <span id="xdx_90C_eus-gaap--LesseeOperatingLeaseRenewalTerm_iI_c20211231_zJJIg4D8fo04" title="Operating lease, renewal term"><ix:nonNumeric contextRef="AsOf2021-12-31" format="ixt-sec:durwordsen" name="us-gaap:LesseeOperatingLeaseRenewalTerm">five
years</ix:nonNumeric></span>. The lease agreements do not contain residual value guarantees. The Company anticipates renewing these leases for both renewal
option periods. The Company&#8217;s leases do not provide an implicit borrowing rate, thus the Company uses an estimated incremental
borrowing rate in determining the present value of lease liabilities. The estimated incremental borrowing rate is derived from information
available at the lease commencement date. For the years ended December 31, 2021 and 2020, the weighted average incremental borrowing
rate for the leases is <span id="xdx_90C_eus-gaap--OperatingLeaseWeightedAverageDiscountRatePercent_iI_pid_dp_uPure_c20211231_zxKIdIu8a9zj" title="Weighted average incremental borrowing rate"><ix:nonFraction name="us-gaap:OperatingLeaseWeightedAverageDiscountRatePercent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">7.67</ix:nonFraction></span>% and <span id="xdx_906_eus-gaap--OperatingLeaseWeightedAverageDiscountRatePercent_iI_pid_dp_uPure_c20201231_zc8amHGZGOH3" title="Weighted average incremental borrowing rate"><ix:nonFraction name="us-gaap:OperatingLeaseWeightedAverageDiscountRatePercent" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">9.14</ix:nonFraction></span>%, respectively and the weighted average lease term is <span id="xdx_908_eus-gaap--OperatingLeaseWeightedAverageRemainingLeaseTerm1_iI_dtY_c20211231_zq30zLrowiAa" title="Weighted average lease term"><ix:nonNumeric contextRef="AsOf2021-12-31" format="ixt-sec:duryear" name="us-gaap:OperatingLeaseWeightedAverageRemainingLeaseTerm1">18.69</ix:nonNumeric></span> years and <span id="xdx_90F_eus-gaap--OperatingLeaseWeightedAverageRemainingLeaseTerm1_iI_dtY_c20201231_zKBjrThWnqPj" title="Weighted average lease term"><ix:nonNumeric contextRef="AsOf2020-12-31" format="ixt-sec:duryear" name="us-gaap:OperatingLeaseWeightedAverageRemainingLeaseTerm1">17.7</ix:nonNumeric></span> years, respectively.
Future minimum lease payments as of December 31, 2021 are as follows:</span></p>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:LesseeOperatingLeaseLiabilityMaturityTableTextBlock"><p id="xdx_89B_eus-gaap--LesseeOperatingLeaseLiabilityMaturityTableTextBlock_z7JSFUUtjZHj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BD_zifv0kamUkjj" style="display: none">SCHEDULE
OF FUTURE MINIMUM LEASE PAYMENTS</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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<tr id="xdx_408_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_iI_pn3n3_maLOLLPzCGL_zBYcEuyl4L52" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_40A_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_iI_pn3n3_maLOLLPzCGL_zlPb4Mz6r8D" style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">2023</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearTwo" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">5,103</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_407_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearThree_iI_pn3n3_maLOLLPzCGL_zwFwTNELdBLf" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">2024</td><td>&#160;</td>
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  <tr id="xdx_401_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearFour_iI_pn3n3_maLOLLPzCGL_z0Y8btbqaEfl" style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">2025</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearFour" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">5,284</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40C_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearFive_iI_pn3n3_maLOLLPzCGL_z0rE4H4d0beh" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">2026</td><td>&#160;</td>
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  <tr id="xdx_40E_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive_iI_pn3n3_maLOLLPzCGL_zxsLeCr7Gqcj" style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-bottom: 1.5pt">Thereafter</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">86,213</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_407_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iTI_pn3n3_mtLOLLPzCGL_zdMWTOIwgbzc" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Total undiscounted operating lease payments</td><td>&#160;</td>
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  <tr id="xdx_408_eus-gaap--LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_iNI_pn3n3_di_zJDcPiyPWfXd" style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-bottom: 1.5pt">Less: Imputed interest</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_40E_eus-gaap--OperatingLeaseLiability_iI_pn3n3_zSkb5MMqj2Tj" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-bottom: 2.5pt">Present value of total operating leases</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:OperatingLeaseLiability" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">59,335</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A9_zhUAHlKRS7ab" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="KAL:ScheduleOfOperatingLeaseRightOfUseAssetsTableTextBlock"><p id="xdx_893_ecustom--ScheduleOfOperatingLeaseRightOfUseAssetsTableTextBlock_zTmhqDiT3wJd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table represents the Company&#8217;s ROU assets commitments as of and for the year&#8211;ended December 31, 2021 and 2020 including
renewal options that management believes are reasonably certain to be exercised:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BF_z21RBQtJghw8" style="display: none">SCHEDULE
OF OPERATING LEASE RIGHT OF USE ASSETS</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold">In thousands</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31, 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31, 2020</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%; text-align: justify">Operating lease right-of-use assets at the beginning of the year</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td id="xdx_98B_eus-gaap--OperatingLeaseRightOfUseAsset_iS_pn3n3_c20210101__20211231_zWvI2crtjDH7" title="Operating lease right-of-use assets at the beginning of the year" style="width: 16%; text-align: right"><ix:nonFraction name="us-gaap:OperatingLeaseRightOfUseAsset" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">7,462</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Additions</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_987_eus-gaap--RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability_pn3n3_c20210101__20211231_zMCQiJo8kLtd" title="Additions" style="text-align: right"><ix:nonFraction name="us-gaap:RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">49,357</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-bottom: 1.5pt">Amortization</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98E_eus-gaap--OperatingLeaseRightOfUseAssetAmortizationExpense_iN_pn3n3_di_c20210101__20211231_z65x7QlmQhd1" title="Amortization" style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:OperatingLeaseRightOfUseAssetAmortizationExpense" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,543</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-bottom: 1.5pt">Operating lease right-of-use assets at the end of the year</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td id="xdx_989_eus-gaap--OperatingLeaseRightOfUseAsset_iE_pn3n3_c20200101__20201231_z6cfRXwZoocj" title="Operating lease right-of-use assets at the end of the year" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:OperatingLeaseRightOfUseAsset" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">7,462</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8AB_zPZcklfQBTl9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in">&#160;</p>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:LeaseCostTableTextBlock"><p id="xdx_896_eus-gaap--LeaseCostTableTextBlock_zFtqWBTGwaCe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Supplemental
cash flow and other information related to operating leases are as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span id="xdx_8BC_zDDSEzbeko3l" style="display: none">SCHEDULE OF SUPPLEMENTAL CASH FLOW AND OTHER
INFORMATION RELATING TO OPERATING ACTIVITIES</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold">In thousands</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_493_20210101__20211231_zZPpUE9J6yjf" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31, 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_491_20200101__20201231_zqJGy311xrui" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31, 2020</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr id="xdx_40F_eus-gaap--OperatingLeasePayments_pn3n3_zRcRp85k8zca" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%; text-align: justify">Cash paid for operating leases</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><ix:nonFraction name="us-gaap:OperatingLeasePayments" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,371</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><ix:nonFraction name="us-gaap:OperatingLeasePayments" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">507</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_40B_eus-gaap--RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability_pn3n3_zX6nFwaZjVmk" style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Right of use assets obtained in exchange for new operating leases</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">49,357</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">4,536</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric></ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:BusinessCombinationDisclosureTextBlock"><p id="xdx_80C_eus-gaap--BusinessCombinationDisclosureTextBlock_zlDvhi2m74xl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
6: <span id="xdx_829_z0a33KasRYJb">GOODWILL AND BUSINESS ACQUISITIONS</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Vindara
Acquisition</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
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thousand, net of cash acquired. Vindara is a leader in seed development for indoor farming facilities. This vertical integration acquisition
is expected to generate both significant operational synergies and product expansion capabilities for the Company. The results of Vindara&#8217;s
operations as of and after the date of the acquisition are included with the Company&#8217;s results in the accompanying consolidated
financial statements. The acquisition method of accounting was used by the Company for the business combination utilizing a discounted
cash flow method utilizing estimates and assumptions made by the Company at the time of the acquisition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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issued as consideration. The fair value of the shares of common stock issued reflects a discount for lack of marketability (&#8220;DLOM&#8221;)
given the restriction on sale of the shares by the sellers for a minimum period of time following the close of the acquisition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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and liabilities is set out below:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span id="xdx_8B8_zC2uNxEksm2d" style="display: none">SCHEDULE OF IDENTIFIABLE ASSETS AND
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    <td style="text-align: left">&#160;</td><td id="xdx_498_20210310_zWppP7lDUy1f" style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: justify">LESS: PREVIOUS NON-CONTROLLING INTEREST IN CONSOLIDATED SUBSIDIARY </td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_40A_eus-gaap--Goodwill_iI_pn3n3_hus-gaap--BusinessAcquisitionAxis__custom--VindaraIncMember_zIML0VrzAHvd" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Supplemental
Unaudited Pro-forma Informatio</span>n</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assuming
a transaction closing on January 1, 2020, pro-forma unaudited consolidated revenues for the twelve-month period ended December 31, 2021
and 2020 including Vindara, would have been $<span id="xdx_905_eus-gaap--BusinessAcquisitionsProFormaRevenue_pn3n3_c20210101__20211231__us-gaap--BusinessAcquisitionAxis__custom--VindaraIncMember_zR7wIK4MZFEk" title="Pro-forma unaudited consolidated revenues"><ix:nonFraction name="us-gaap:BusinessAcquisitionsProFormaRevenue" contextRef="From2021-01-012021-12-31_custom_VindaraIncMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,885</ix:nonFraction></span> thousand and <span id="xdx_90B_eus-gaap--BusinessAcquisitionsProFormaRevenue_pn3n3_c20200101__20201231__us-gaap--BusinessAcquisitionAxis__custom--VindaraIncMember_zA8QF4oRxASa" title="Pro-forma unaudited consolidated revenues"><ix:nonFraction name="us-gaap:BusinessAcquisitionsProFormaRevenue" contextRef="From2020-01-012020-12-31_custom_VindaraIncMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">887</ix:nonFraction></span> thousand, respectively. Pro-forma unaudited consolidated net loss
for the Company for the twelve-month period ended December 31, 2021 and 2020 including Vindara, would have been approximately $<span id="xdx_90B_eus-gaap--BusinessAcquisitionsProFormaNetIncomeLoss_pn3n3_c20210101__20211231__us-gaap--BusinessAcquisitionAxis__custom--VindaraIncMember_z8UKVa3nahtl" title="Pro-forma unaudited consolidated net loss"><ix:nonFraction name="us-gaap:BusinessAcquisitionsProFormaNetIncomeLoss" contextRef="From2021-01-012021-12-31_custom_VindaraIncMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">40,122</ix:nonFraction></span>
thousand and $<span id="xdx_90B_eus-gaap--BusinessAcquisitionsProFormaNetIncomeLoss_pn3n3_c20200101__20201231__us-gaap--BusinessAcquisitionAxis__custom--VindaraIncMember_z3DKjgOfdwaf" title="Pro-forma unaudited consolidated net loss"><ix:nonFraction name="us-gaap:BusinessAcquisitionsProFormaNetIncomeLoss" contextRef="From2020-01-012020-12-31_custom_VindaraIncMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">9,717</ix:nonFraction></span> thousand, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&amp;ever
GmbH Acquisition</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company acquired <span id="xdx_906_eus-gaap--BusinessAcquisitionPercentageOfVotingInterestsAcquired_iI_pid_dp_uPure_c20211001__us-gaap--BusinessAcquisitionAxis__custom--EverGmBHMember_zab4P8esDKI9" title="Outstanding equity, ratio"><ix:nonFraction name="us-gaap:BusinessAcquisitionPercentageOfVotingInterestsAcquired" contextRef="AsOf2021-10-01_custom_EverGmBHMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>% of the outstanding equity of &amp;ever GmbH (&#8220;&amp;ever&#8221;) on October 1, 2021 (&#8220;&amp;ever Acquisition&#8221;).
&amp;ever focuses on the highly automated production of baby leaf products including spinach, arugula and cilantro using proprietary
technology and operations, enabling output of various scale from in-store grow-towers to mega-farms. This transaction represents the
first instance of consolidation between vertical farmers and combines a leader in plant science and unit economics for full head leafy
greens with a leader in baby leaf production and technology to create a global vertical farming leader.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 160; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">After
October 1, 2021, &amp;ever&#8217;s results are included with the Company&#8217;s results in the accompanying consolidated financial statements.
The acquisition method of accounting was used by the Company for the business combination utilizing a discounted cash flow method utilizing
estimates and assumptions made by the Company at the time of the acquisition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company incurred transaction costs of $<span id="xdx_90D_eus-gaap--BusinessCombinationAcquisitionRelatedCosts_pn3n3_c20210929__20211001__us-gaap--BusinessAcquisitionAxis__custom--EverGmBHMember_zl7vNSdp3bwl" title="Acquisition related costs"><ix:nonFraction name="us-gaap:BusinessCombinationAcquisitionRelatedCosts" contextRef="From2021-09-292021-10-01_custom_EverGmBHMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">421</ix:nonFraction></span> thousand in connection with this acquisition. Goodwill from this acquisition represents the
portion of purchase prices in excess of the fair value of tangible assets, know-how, licenses, and technology to develop vertical farming
that are attributable to the expected synergies to be achieved including increased revenues, combined talent, technology, production/yield
improvements and cost reductions. This goodwill is assigned to the whole Company and is not deductible for tax purposes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since
being acquired, total revenue of $<span id="xdx_90C_eus-gaap--BusinessCombinationProFormaInformationRevenueOfAcquireeSinceAcquisitionDateActual_pn3n3_c20210929__20211001__us-gaap--BusinessAcquisitionAxis__custom--EverGmBHMember_zhNZ9o9hiSn9" title="Acquisition, total revenues"><ix:nonFraction name="us-gaap:BusinessCombinationProFormaInformationRevenueOfAcquireeSinceAcquisitionDateActual" contextRef="From2021-09-292021-10-01_custom_EverGmBHMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">128</ix:nonFraction></span> thousand and net losses of $<span id="xdx_903_eus-gaap--BusinessCombinationProFormaInformationEarningsOrLossOfAcquireeSinceAcquisitionDateActual_iN_pn3n3_di_c20210929__20211001__us-gaap--BusinessAcquisitionAxis__custom--EverGmBHMember_z4WisRg5gar2" title="Acquisition, net loss"><ix:nonFraction name="us-gaap:BusinessCombinationProFormaInformationEarningsOrLossOfAcquireeSinceAcquisitionDateActual" contextRef="From2021-09-292021-10-01_custom_EverGmBHMember" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">2,479</ix:nonFraction></span> thousand have been included in the consolidated statements of
operations and comprehensive loss for the year ended December 31, 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
purchase price of $<span id="xdx_909_eus-gaap--BusinessCombinationConsiderationTransferred1_pn3n3_c20210929__20211001__us-gaap--BusinessAcquisitionAxis__custom--EverGmBHMember_zJqR9E4MC0lj" title="Purchase price"><ix:nonFraction name="us-gaap:BusinessCombinationConsiderationTransferred1" contextRef="From2021-09-292021-10-01_custom_EverGmBHMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">118,663</ix:nonFraction></span> thousand consisted of a cash payment of $<span id="xdx_90F_eus-gaap--PaymentsToAcquireBusinessesNetOfCashAcquired_pn3n3_c20210929__20211001__us-gaap--BusinessAcquisitionAxis__custom--EverGmBHMember_zM2xs7fVUGq7" title="Cash payment"><ix:nonFraction name="us-gaap:PaymentsToAcquireBusinessesNetOfCashAcquired" contextRef="From2021-09-292021-10-01_custom_EverGmBHMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">33,610</ix:nonFraction></span> thousand and the issuance of <span id="xdx_908_eus-gaap--BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued_pid_c20210929__20211001__us-gaap--BusinessAcquisitionAxis__custom--EverGmBHMember_zgQvBC2X4eve" title="Number of shares issued, shares"><ix:nonFraction name="us-gaap:BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued" contextRef="From2021-09-292021-10-01_custom_EverGmBHMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">2,520,975</ix:nonFraction></span> shares of common stock
with a fair value of $<span id="xdx_900_eus-gaap--BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndIssuable_pn3n3_c20210929__20211001__us-gaap--BusinessAcquisitionAxis__custom--EverGmBHMember_zUb5Jf8U3Nhj" title="Number of shares issued, value"><ix:nonFraction name="us-gaap:BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndIssuable" contextRef="From2021-09-292021-10-01_custom_EverGmBHMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">85,023</ix:nonFraction></span> thousand. The fair value of the shares of common stock issued reflects a DLOM given the restriction on sale
of the shares by the sellers for a minimum period of time following the close of the acquisition. As part of the acquisition of &amp;ever,
the Company also acquired a <span id="xdx_904_eus-gaap--BusinessAcquisitionPercentageOfVotingInterestsAcquired_iI_pid_dp_uPure_c20211001__us-gaap--BusinessAcquisitionAxis__custom--EverGmBHMember__srt--OwnershipAxis__custom--EverMiddleEastHoldingLtdMember_zQght2tL8S4a" title="Ownership interest, ratio"><ix:nonFraction name="us-gaap:BusinessAcquisitionPercentageOfVotingInterestsAcquired" contextRef="AsOf2021-10-01_custom_EverGmBHMember_custom_EverMiddleEastHoldingLtdMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">50</ix:nonFraction></span>% ownership interest in &amp;ever Middle East Holding Ltd as well as a <span id="xdx_901_eus-gaap--BusinessAcquisitionPercentageOfVotingInterestsAcquired_iI_pid_dp_uPure_c20211001__us-gaap--BusinessAcquisitionAxis__custom--EverGmBHMember__srt--OwnershipAxis__custom--SmartSoilTechnologiesGmbHMember_z5rxNmSKZfA6" title="Ownership interest, ratio"><ix:nonFraction name="us-gaap:BusinessAcquisitionPercentageOfVotingInterestsAcquired" contextRef="AsOf2021-10-01_custom_EverGmBHMember_custom_SmartSoilTechnologiesGmbHMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">25</ix:nonFraction></span>% interest in Smart Soll Technologies
GmbH (&#8220;Smart Soil&#8221;). The Company determined the fair value of its equity method investments by utilizing a discounted cash
flow method utilizing estimates and assumptions made by the Company as of the acquisition date.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span id="xdx_C0F_gL3SORIAAALAT-KN_zcUOEkaKAyWj"><ix:continuation continuedAt="ConU000888-02" id="ConU000888-01"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
on the Company&#8217;s analysis of &amp;ever&#8217;s assets and liabilities, the allocation of the purchase price to the identifiable
assets and liabilities is set out below.</span></ix:continuation></span></p>

<div id="xdx_C02_gL3SORIAAALAT-KN_z0Np1A0sLasj" style="margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><ix:continuation continuedAt="ConU000888-03" id="ConU000888-02"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" id="xdx_30B_133_zGZV2cC5nP4" summary="xdx: Disclosure - SCHEDULE OF IDENTIFIABLE ASSETS AND LIABILITIES ASSUMED (Details)" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_497_20211001_ziABSdeUUl9k" style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">ASSETS ACQUIRED</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>In thousands</b></span></td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
  <tr id="xdx_40C_ecustom--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedOperatingLeaseRightOfUseAssets_iI_pn3n3_hus-gaap--BusinessAcquisitionAxis__custom--EverGmBHMember_zTAp0W1A7yX7" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; width: 78%; text-align: left">Right-of-use assets, net</td><td style="width: 2%">&#160;</td>
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  <tr id="xdx_40E_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedOtherNoncurrentAssets_iI_pn3n3_hus-gaap--BusinessAcquisitionAxis__custom--EverGmBHMember_zQGNAfxctOJe" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_403_ecustom--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedEquityMethodInvestment_iI_pn3n3_hus-gaap--BusinessAcquisitionAxis__custom--EverGmBHMember__srt--OwnershipAxis__custom--SmartSoilTechnologiesGmbHMember_zT3wEHOIt554" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: justify">Equity investment-Smart Soil</td><td>&#160;</td>
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  <tr id="xdx_402_ecustom--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedEquityMethodInvestment_iI_pn3n3_hus-gaap--BusinessAcquisitionAxis__custom--EverGmBHMember__srt--OwnershipAxis__custom--EverMiddleEastHoldingLtdMember_zokfpW5aBU56" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: justify">Equity investments-&amp;ever Middle East Holding Ltd.</td><td>&#160;</td>
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  <tr id="xdx_40F_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedPropertyPlantAndEquipment_iI_pn3n3_hus-gaap--BusinessAcquisitionAxis__custom--EverGmBHMember_zF1Pt1ztXjZ" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_405_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibles_iI_pn3n3_hus-gaap--BusinessAcquisitionAxis__custom--EverGmBHMember_zJq6FfzwPV37" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_403_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssets_iI_pn3n3_hus-gaap--BusinessAcquisitionAxis__custom--EverGmBHMember_ziMGBFJQyT95" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: justify; padding-bottom: 1.5pt"><span style="display: none; font-family: Times New Roman, Times, Serif">Total
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: justify">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0pt; font-weight: bold; text-align: justify">LIABILITIES ASSUMED</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_408_ecustom--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesAccountsPayableAndOtherLiabilities_iI_pn3n3_hus-gaap--BusinessAcquisitionAxis__custom--EverGmBHMember_zMLhRXhmqn73" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: justify">Accounts payable and accruals</td><td>&#160;</td>
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  <tr id="xdx_406_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCapitalLeaseObligation_iI_pn3n3_hus-gaap--BusinessAcquisitionAxis__custom--EverGmBHMember_zkIRgPMpaf8k" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: justify">Lease liabilities</td><td>&#160;</td>
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  <tr id="xdx_40C_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedDeferredTaxLiabilities_iI_pn3n3_hus-gaap--BusinessAcquisitionAxis__custom--EverGmBHMember_zoHLs9DQKlSe" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: justify; padding-bottom: 1.5pt">Deferred tax liability</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_406_eus-gaap--Goodwill_iI_pn3n3_hus-gaap--BusinessAcquisitionAxis__custom--EverGmBHMember_zVM0TgwmbDgj" style="vertical-align: bottom; background-color: White">
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  </table>

</ix:continuation></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_C07_gL3SORIAAALAT-KN_zqu92HP7lFNj"><ix:continuation continuedAt="ConU000888-04" id="ConU000888-03">&#160;</ix:continuation></span></span></p>


<ix:exclude><!-- Field: Page; Sequence: 161; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></td></tr></table></div>
    <div style="margin-right: 0pt; break-before: page; margin-top: 0pt; margin-bottom: 0pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Supplemental
Unaudited Pro-forma Information</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assuming
a transaction closing on January 1, 2020, pro-forma unaudited consolidated revenues for the twelve-month period ended December 31, 2021
and 2020 including &amp;ever, would have been $<span id="xdx_90C_eus-gaap--BusinessAcquisitionsProFormaRevenue_pn3n3_c20210101__20211231__us-gaap--BusinessAcquisitionAxis__custom--EverGmBHMember_zjBx6Kqgm1cd" title="Pro-forma unaudited consolidated revenues"><ix:nonFraction name="us-gaap:BusinessAcquisitionsProFormaRevenue" contextRef="From2021-01-012021-12-31_custom_EverGmBHMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,885</ix:nonFraction></span> thousand and <span id="xdx_909_eus-gaap--BusinessAcquisitionsProFormaRevenue_pn3n3_c20200101__20201231__us-gaap--BusinessAcquisitionAxis__custom--EverGmBHMember_zHeSnQpGnTqb" title="Pro-forma unaudited consolidated revenues"><ix:nonFraction name="us-gaap:BusinessAcquisitionsProFormaRevenue" contextRef="From2020-01-012020-12-31_custom_EverGmBHMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">887</ix:nonFraction></span> thousand, respectively, Pro-forma unaudited consolidated net loss
for the Company for the twelve-month period ended December 31, 2021 and 2020 including &amp;ever, would have been approximately $<span id="xdx_901_eus-gaap--BusinessAcquisitionsProFormaNetIncomeLoss_pn3n3_c20210101__20211231__us-gaap--BusinessAcquisitionAxis__custom--EverGmBHMember_zvqdsIHPZkh7" title="Pro-forma unaudited consolidated net loss"><ix:nonFraction name="us-gaap:BusinessAcquisitionsProFormaNetIncomeLoss" contextRef="From2021-01-012021-12-31_custom_EverGmBHMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">55,267</ix:nonFraction></span>
thousand, and $<span id="xdx_90F_eus-gaap--BusinessAcquisitionsProFormaNetIncomeLoss_pn3n3_c20200101__20201231__us-gaap--BusinessAcquisitionAxis__custom--EverGmBHMember_zRJfHKXtVYg" title="Pro-forma unaudited consolidated net loss"><ix:nonFraction name="us-gaap:BusinessAcquisitionsProFormaNetIncomeLoss" contextRef="From2020-01-012020-12-31_custom_EverGmBHMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">15,882</ix:nonFraction></span> thousand, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&amp;ever
Middle East Holding Ltd Acquisition</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 13, 2021, the Company, through its wholly owned subsidiary &amp;ever GmbH, acquired the remaining <span id="xdx_905_eus-gaap--BusinessAcquisitionPercentageOfVotingInterestsAcquired_iI_pid_dp_uPure_c20211013__us-gaap--BusinessAcquisitionAxis__custom--EverGmBHMember__srt--OwnershipAxis__custom--EverMiddleEastHoldingLtdMember_zcZN5TEVk4Ce" title="Ownership interest, ratio"><ix:nonFraction name="us-gaap:BusinessAcquisitionPercentageOfVotingInterestsAcquired" contextRef="AsOf2021-10-13_custom_EverGmBHMember_custom_EverMiddleEastHoldingLtdMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">50</ix:nonFraction></span>% equity interest in a step
acquisition in &amp;ever Middle East Holding Ltd. (&#8220;Middle East Acquisition&#8221;) of which an initial <span id="xdx_905_eus-gaap--BusinessAcquisitionPercentageOfVotingInterestsAcquired_iI_pid_dp_uPure_c20211001__us-gaap--BusinessAcquisitionAxis__custom--EverGmBHMember__srt--OwnershipAxis__custom--EverMiddleEastHoldingLtdMember_zzULU7QVlluf" title="Ownership interest, ratio"><ix:nonFraction name="us-gaap:BusinessAcquisitionPercentageOfVotingInterestsAcquired" contextRef="AsOf2021-10-01_custom_EverGmBHMember_custom_EverMiddleEastHoldingLtdMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">50</ix:nonFraction></span>% ownership was previously
acquired on October 1, 2021 as part of the &amp;ever Acquisition. &amp;ever Middle East Holding Ltd. operations are comprised primarily
of a vertical farm in Kuwait. This entity became a wholly owned subsidiary of the Company as of October 13, 2021. No gain or loss was
recognized on the remeasurement of the previously held interest in &amp;ever Middle East Holding Ltd. due to the short time period from
when the remaining controlling interest was acquired. The acquisition method of accounting using the discounted cash flow valuation model
was used by the Company for the Middle East acquisition using estimates and assumptions made by the Company as of the acquisition date.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">After
October 13, 2021, &amp;ever Middle East Holding Ltd.&#8217;s was fully consolidated into the Company&#8217;s financial statements as
a wholly owned subsidiary and &amp;ever Middle East Holding Ltd.&#8217;s results are included within the Company consolidated financial
statements. Goodwill from this acquisition represents the portion of purchase prices in excess of the fair value of tangible assets,
know-how, and intellectual property to develop vertical farming that are attributable to the expected synergies to be achieved including
increased revenues, combined talent, technology, production/yield improvements and cost reductions. This goodwill is assigned to the
whole Company and is not deductible for tax purposes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since
being acquired, revenue of $<span id="xdx_90D_eus-gaap--BusinessCombinationProFormaInformationRevenueOfAcquireeSinceAcquisitionDateActual_pn3n3_c20210101__20211231__us-gaap--BusinessAcquisitionAxis__custom--EverMiddleEastHoldingLtdMember_zchr7yPNr7V2" title="Pro-forma unaudited consolidated revenues"><ix:nonFraction name="us-gaap:BusinessCombinationProFormaInformationRevenueOfAcquireeSinceAcquisitionDateActual" contextRef="From2021-01-012021-12-31_custom_EverMiddleEastHoldingLtdMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">125</ix:nonFraction></span>
thousand and net losses of $<span id="xdx_903_eus-gaap--BusinessCombinationProFormaInformationEarningsOrLossOfAcquireeSinceAcquisitionDateActual_pn3n3_c20210101__20211231__us-gaap--BusinessAcquisitionAxis__custom--EverMiddleEastHoldingLtdMember_zSRNe66n0hx3" title="Pro-forma unaudited consolidated net loss"><ix:nonFraction name="us-gaap:BusinessCombinationProFormaInformationEarningsOrLossOfAcquireeSinceAcquisitionDateActual" contextRef="From2021-01-012021-12-31_custom_EverMiddleEastHoldingLtdMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">465</ix:nonFraction></span> thousand have been included in the consolidated statements of operations and comprehensive loss for the year ended December
31, 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
purchase price of $<span id="xdx_905_ecustom--BusinessCombinationConsiderationTransferredNetOfCashAcquired_pn3n3_c20211012__20211013__us-gaap--BusinessAcquisitionAxis__custom--EverMiddleEastHoldingLtdMember_zFJ3RrSiRPh2" title="Purchase price"><ix:nonFraction name="KAL:BusinessCombinationConsiderationTransferredNetOfCashAcquired" contextRef="From2021-10-122021-10-13_custom_EverMiddleEastHoldingLtdMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">8,258</ix:nonFraction></span> thousand was paid in cash $<span id="xdx_90C_eus-gaap--PaymentsToAcquireBusinessesNetOfCashAcquired_pn3n3_c20211012__20211013__us-gaap--BusinessAcquisitionAxis__custom--EverMiddleEastHoldingLtdMember_zP2XpztFTB2d" title="Cash"><ix:nonFraction name="us-gaap:PaymentsToAcquireBusinessesNetOfCashAcquired" contextRef="From2021-10-122021-10-13_custom_EverMiddleEastHoldingLtdMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,899</ix:nonFraction></span> thousand and $<span id="xdx_907_eus-gaap--BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndIssuable_pn3n3_c20211012__20211013__us-gaap--BusinessAcquisitionAxis__custom--EverMiddleEastHoldingLtdMember_zs4brCIV30m" title="Number of shares, value"><ix:nonFraction name="us-gaap:BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndIssuable" contextRef="From2021-10-122021-10-13_custom_EverMiddleEastHoldingLtdMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">6,359</ix:nonFraction></span> thousand in shares were issued as consideration. The fair
value of the shares of common stock issued reflects a DLOM given the restriction on sale of the shares by the sellers for a minimum period
of time following the close of the acquisition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Supplemental
Unaudited Pro-forma Information</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pro-forma
information had the transaction been consumed as of January 1, 2021 and 2020 is not material for disclosure for the year ended December
31, 2021 and 2020.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 162; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></td></tr></table></div>
    <div style="margin-right: 0pt; break-before: page; margin-top: 0pt; margin-bottom: 0pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_C09_gL3SORIAAALAT-KN_zL20yg6TS78e"><ix:continuation continuedAt="ConU000888-05" id="ConU000888-04">Based
on the Company&#8217;s analysis of &amp;ever Middle East Holding Ltd.&#8217;s assets and liabilities, the allocation of the purchase
price to the identifiable assets and liabilities is set out below:</ix:continuation></span></span></p>

<div id="xdx_C09_gL3SORIAAALAT-KN_zKAP7wD626N4" style="margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><ix:continuation continuedAt="ConU000888-06" id="ConU000888-05"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" id="xdx_301_133_zgczKRJ2lXNh" summary="xdx: Disclosure - SCHEDULE OF IDENTIFIABLE ASSETS AND LIABILITIES ASSUMED (Details)" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_498_20211013_z6X0oHzzj2i1" style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">ASSETS ACQUIRED</td><td>&#160;</td>
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  <tr id="xdx_409_ecustom--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsAccountsReceivablePrepaidExpensesAndInventory_iI_pn3n3_hus-gaap--BusinessAcquisitionAxis__custom--EverMiddleEastHoldingLtdMember_z6ylBZbnJ7qd" style="vertical-align: bottom; background-color: White">
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    <td style="padding-left: 10pt; text-align: left; padding-bottom: 1.5pt">Intangible asset - technology</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_40D_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssets_iI_pn3n3_hus-gaap--BusinessAcquisitionAxis__custom--EverMiddleEastHoldingLtdMember_zxK0QX5wXzul" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-bottom: 1.5pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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</ix:continuation></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_C01_gL3SORIAAALAT-KN_z3Eu6UOJQBQh"><ix:continuation id="ConU000888-06">&#160;</ix:continuation></span></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:IntangibleAssetsDisclosureTextBlock"><p id="xdx_80C_eus-gaap--IntangibleAssetsDisclosureTextBlock_zC1VZy06bni2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
7: <span id="xdx_823_zsysLwmbETd">INTANGIBLE ASSETS</span></b></span></p>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock"><p id="xdx_89D_eus-gaap--ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock_zX9MHcNP5Da6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B4_zcL8fHILN807" style="display: none">SCHEDULE
OF INTANGIBLE ASSETS</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_498_20211231_zodmRmLyOj42" style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_492_20201231_zO9YbQdL4HRd" style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_406_eus-gaap--FiniteLivedIntangibleAssetsNet_iI_pn3n3_hus-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--TechnologyBasedIntangibleAssetsMember_zcB5iooo0Bkg" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_401_eus-gaap--FiniteLivedIntangibleAssetsGross_iI_pn3n3_hus-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--IntellectualPropertyMember_ziTVoXOgdbnj" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_402_eus-gaap--FiniteLivedIntangibleAssetsNet_iI_pn3n3_hus-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--IntellectualPropertyMember_zSuII3njt6Ml" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40D_eus-gaap--FiniteLivedIntangibleAssetsGross_iI_pn3n3_hus-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--PatentsLicensesAndSoftwareDevelopmentMember_z0jFrnnJrena" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_405_eus-gaap--FiniteLivedIntangibleAssetsAccumulatedAmortization_iNI_pn3n3_di_hus-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--PatentsLicensesAndSoftwareDevelopmentMember_z5tcEmbUw0s2" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_40F_eus-gaap--FiniteLivedIntangibleAssetsNet_iI_pn3n3_hus-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--PatentsLicensesAndSoftwareDevelopmentMember_ztc9YLsolS8i" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amortization
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<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock"><p id="xdx_89D_eus-gaap--ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock_zFBRvInURoy1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span id="xdx_8BA_zrtY7aUGaHya" style="display: none">SCHEDULE OF EXPECTED AMORTIZATION
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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">2024</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">2026</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table>

</ix:nonNumeric><p id="xdx_8A3_zU4vY0Ej5Vdl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock"><p id="xdx_806_eus-gaap--DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock_zhWzh97s5da5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
8: <span id="xdx_824_zuec25PTZS4f">SHARE-BASED COMPENSATION</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 21, 2013, the Company&#8217;s stockholders approved the 2013 Equity Incentive Plan (the &#8220;2013 Plan&#8221;), and subsequently
amended the 2013 Plan. The amended 2013 Plan was approved on June 18, 2018 (the &#8220;2018 Plan&#8221;). The 2018 Plan is administered
by the Board of Directors (the &#8220;Board&#8221;). The Board determines which eligible persons receive awards and the terms and conditions
applicable to awards within the confines of the 2018 Plan&#8217;s terms. The 2018 Plan may be amended or terminated by the Board at any
time, subject to certain limitations requiring stockholder consent or the consent of the applicable participant. The 2018 Plan provides
for the grant of stock options (including incentive stock options and non&#8211;qualified stock options) to eligible participants. Eligible
participants are defined as employees, directors, and eligible consultants of the Company. The 2018 Plan contains provisions with respect
to payment of exercise or purchase prices, vesting and expiration of awards, adjustments and treatment of awards upon certain corporate
transactions, including recapitalizations and mergers, transferability of awards and tax withholding requirements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
exercise price per share for which an option may be exercised shall be established by the Board and stated in the award agreement evidencing
the grant of the option; provided, that (i) the exercise price shall be no less than <span id="xdx_90E_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardExercisePriceAsPercentOfFairMarketValue_pid_dp_uPure_c20210101__20211231__srt--RangeAxis__srt--MaximumMember_zOPR9jBWjsD4" title="Exercise price, ratio"><ix:nonFraction name="KAL:ShareBasedCompensationArrangementByShareBasedPaymentAwardExercisePriceAsPercentOfFairMarketValue" contextRef="From2021-01-012021-12-31_srt_MaximumMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>% of the fair market value per share as determined
on the date the option is granted (or <span id="xdx_908_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardExercisePriceAsPercentOfFairMarketValue_pid_dp_uPure_c20210101__20211231__us-gaap--AwardTypeAxis__custom--IncentiveOptionsMember_zqyaWH5QT2yb" title="Exercise price, ratio"><ix:nonFraction name="KAL:ShareBasedCompensationArrangementByShareBasedPaymentAwardExercisePriceAsPercentOfFairMarketValue" contextRef="From2021-01-012021-12-31_custom_IncentiveOptionsMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">110</ix:nonFraction></span>% of the fair market value with respect to incentive options granted to an employee who owns
stock possessing more than <span id="xdx_90C_ecustom--ShareBasedPaymentArrangementPercentageOfVotingPower_pid_dp_uPure_c20210101__20211231__us-gaap--AwardTypeAxis__custom--IncentiveOptionsMember_zijDkdvrDI87" title="Percentage of voting power"><ix:nonFraction name="KAL:ShareBasedPaymentArrangementPercentageOfVotingPower" contextRef="From2021-01-012021-12-31_custom_IncentiveOptionsMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">10</ix:nonFraction></span>% of the total voting power of all classes of stock of the Company or a parent or subsidiary; and (ii) in
no event shall the exercise price per share of any option be less than the par value per share. The Board may, in its discretion, grant
options with an option price greater than the fair market value per share. Notwithstanding the foregoing, the Board also may, in its
discretion authorize the grant of substitute or assumed options of an acquired entity with an exercise price not equal to at least <span id="xdx_90B_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardExercisePriceAsPercentOfFairMarketValue_pid_dp_uPure_c20210101__20211231__us-gaap--AwardTypeAxis__custom--IncentiveOptionsMember__srt--RangeAxis__srt--MinimumMember_z7KI7NSZl6H5" title="Exercise price, ratio"><ix:nonFraction name="KAL:ShareBasedCompensationArrangementByShareBasedPaymentAwardExercisePriceAsPercentOfFairMarketValue" contextRef="From2021-01-012021-12-31_custom_IncentiveOptionsMember_srt_MinimumMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>%
of the fair market value of the shares on the date of grant if the terms of such substitution or assumption otherwise comply, to the
extent deemed applicable, with Internal Revenue Service Code Section 409A and Code Section 424(a) or other applicable law.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
2018 Plan may be amended, altered, suspended and/or terminated at any time by the Board; provided, that approval of an amendment to the
2018 Plan by the shareholders of the Company shall be required to the extent, if any, that shareholder approval of such amendment is
required by applicable law. The Board may amend, alter, suspend and/or terminate any award granted under the 2018 Plan, prospectively
or retroactively, but such amendment, alteration, suspension or termination of an award shall not, without the consent of the recipient
of an outstanding award, materially adversely affect the rights of the recipient with respect to the award.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 164; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2021 and 2020, the Board authorized the issuance of <span id="xdx_903_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized_iI_pn3n3_c20211231_zPg6d1qqGOIc" title="Number of shares authorized for issuance (in shares)"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="Shares">1,222</ix:nonFraction></span> thousand and <span id="xdx_907_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized_iI_pn3n3_c20201231_zKrz8o8NPoW1" title="Number of shares authorized for issuance (in shares)"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="Shares">993</ix:nonFraction></span> thousand stock options under the 2018 Plan,
which generally vest in equal installments over a <span id="xdx_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_dc_c20210101__20211231_zSnvqZMyvzY9" title="Vesting period"><span id="xdx_90E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_dc_c20200101__20201231_zQ1HkHeAJkQ4" title="Vesting period"><ix:nonNumeric contextRef="From2021-01-012021-12-31" format="ixt-sec:durwordsen" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1"><ix:nonNumeric contextRef="From2020-01-012020-12-31" format="ixt-sec:durwordsen" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1">four year</ix:nonNumeric></ix:nonNumeric></span></span> requisite service period from the date of the grant. The Company accounts
for forfeitures as they occur. The following table represents stock option activity for the years ended December 31, 2021 and 2020, respectively:</span></p>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock"><p id="xdx_89E_eus-gaap--ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_zib6uoyIvXOa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span id="xdx_8B7_ztm8BGew0QH3" style="display: none">SCHEDULE OF SHARE-BASED PAYMENT ARRANGEMENT,
OPTION, ACTIVITY</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Granted</td><td>&#160;</td>
    <td style="text-align: left">$</td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pid_c20200101__20201231_zgzbSyGtQOqi" title="Granted (in dollars per share)" style="text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">8.29</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Exercised</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_pid_c20200101__20201231_zpQY0UQdSeFb" title="Exercised (in dollars per share)" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1137">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod_iN_pn3n3_di_c20200101__20201231_z3hfrreHjcF8" title="Forfeited, expired and cancelled (in shares)" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1143">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Exercised</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_pid_c20210101__20211231_zTjJNNNOpdv" title="Exercised (in dollars per share)" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1153">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice_iN_pid_di_c20210101__20211231_zoXYjm384524" title="Forfeited, expired and cancelled (in dollars per share)" style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">11.16</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod_iN_pn3n3_di_c20210101__20211231_zrVDkYvIQSbl" title="Forfeited, expired and cancelled (in shares)" style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="Shares">180</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-bottom: 2.5pt">Options outstanding, December 31, 2021</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_pid_c20210101__20211231_zLSPjDwkUBfa" title="Ending balance (in dollars per share)" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">21.88</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_pn3n3_c20210101__20211231_zZDextiSFsOk" title="Ending balance (in shares)" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="Shares">1,186</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-bottom: 2.5pt">Options exercisable, December 31, 2021</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt; text-align: right">&#160;</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Non-vested, December 31, 2020</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Granted</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_c20210101__20211231_z5gFQTh6TmOb" title="Granted, grant date fair value (in dollars per share)" style="text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">16.80</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Forfeited, expired and cancelled</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_981_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedWeightedAverageGrantDateFairValue_pid_c20210101__20211231_zWHrq37Cfs42" title="Forfeited, expired and cancelled (in dollars per share)" style="text-align: right"><ix:nonFraction name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedWeightedAverageGrantDateFairValue" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">3.87</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_987_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedNumberOfShares_iN_pn3n3_di_c20210101__20211231_zLuLbygq6gKc" title="Forfeited, expired and cancelled (in shares)" style="text-align: right">(<ix:nonFraction name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedNumberOfShares" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="Shares">180</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-bottom: 1.5pt">Vested</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_989_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue_pid_c20210101__20211231_zIWB9eyqkg6a" title="Vested (in dollars per share)" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">6.85</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98F_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares_iN_pn3n3_di_c20210101__20211231_zKQW8jxPmfT4" title="Vested (in shares)" style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="Shares">462</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-bottom: 2.5pt">Options outstanding, December 31, 2021</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98C_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue_iE_pid_c20210101__20211231_z4RoEuNqaYbk" title="Ending balance (in dollars per share)" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">13.81</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td id="xdx_986_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares_iE_pn3n3_c20210101__20211231_zbbhpD5GrhQ5" title="Ending balance (in shares)" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="Shares">724</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8AC_zq35TMGJEBkd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2021, the Company granted stock options, covering a total of <span id="xdx_906_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pn3n3_c20210101__20211231_zOyKBv2EuZca" title="Granted (in shares)"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="Shares">377</ix:nonFraction></span> thousand shares of common stock to employees,
with exercise prices ranging between $<span id="xdx_907_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pid_c20210101__20211231__srt--RangeAxis__srt--MinimumMember_zHxkseI3EMub" title="Granted, weighted average share price (in dollars per share)"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice" contextRef="From2021-01-012021-12-31_srt_MinimumMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">18.12</ix:nonFraction></span> and $<span id="xdx_908_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pid_c20210101__20211231__srt--RangeAxis__srt--MaximumMember_zACnCTf4wJYb" title="Granted, weighted average share price (in dollars per share)"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice" contextRef="From2021-01-012021-12-31_srt_MaximumMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">55.25</ix:nonFraction></span> per share. These stock option awards vest annually over <span id="xdx_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_dc_c20210101__20211231_zuMH8EKAZKK7" title="Vesting period"><ix:nonNumeric contextRef="From2021-01-012021-12-31" format="ixt-sec:durwordsen" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1">four years</ix:nonNumeric></span>, with an <span id="xdx_908_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod_dxL_c20210101__20211231_zub9Owtgcnee" title="Term of stock options::XDX::P8Y"><span style="-sec-ix-hidden: xdx2ixbrl1211">eight</span></span>-year
term and grant date fair values ranging between $<span id="xdx_900_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_c20210101__20211231__srt--RangeAxis__srt--MinimumMember_zPrPjmm3Eekc" title="Granted, grant date fair value (in dollars per share)"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" contextRef="From2021-01-012021-12-31_srt_MinimumMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">8.84</ix:nonFraction></span> and $<span id="xdx_90D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_c20210101__20211231__srt--RangeAxis__srt--MaximumMember_z3XBg2q0hWj4" title="Granted, grant date fair value (in dollars per share)"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" contextRef="From2021-01-012021-12-31_srt_MaximumMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">37.02</ix:nonFraction></span> per share.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2020, the Company granted stock options, covering a total of <span id="xdx_902_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pn3n3_c20200101__20201231_zez9xnwv1O97" title="Granted (in shares)"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="Shares">536</ix:nonFraction></span> thousand shares of common stock to executives
and key personnel, with exercise prices ranging between $<span id="xdx_90E_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pid_c20200101__20201231__srt--RangeAxis__srt--MinimumMember_zgu6GMon9f5l" title="Granted, weighted average share price (in dollars per share)"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice" contextRef="From2020-01-012020-12-31_srt_MinimumMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">11.05</ix:nonFraction></span> and $<span id="xdx_90D_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pid_c20200101__20201231__srt--RangeAxis__srt--MaximumMember_zfubHB5QDMK1" title="Granted, weighted average share price (in dollars per share)"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice" contextRef="From2020-01-012020-12-31_srt_MaximumMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">30.39</ix:nonFraction></span> per share. These stock option awards vest annually over <span id="xdx_90D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_dc_c20200101__20201231_zCTafZWKv4F4" title="Vesting period"><ix:nonNumeric contextRef="From2020-01-012020-12-31" format="ixt-sec:durwordsen" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1">four
years</ix:nonNumeric></span>, with an <span id="xdx_90C_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod_dxL_c20200101__20201231_zo5DSxowlMUg" title="Term of stock options::XDX::P8Y"><span style="-sec-ix-hidden: xdx2ixbrl1225">eight</span></span>-year term and grant date fair values ranging between $<span id="xdx_90C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_c20200101__20201231__srt--RangeAxis__srt--MinimumMember_zr3eaf2uJO2j" title="Granted, grant date fair value (in dollars per share)"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" contextRef="From2020-01-012020-12-31_srt_MinimumMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">2.21</ix:nonFraction></span> and $<span id="xdx_90F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_c20200101__20201231__srt--RangeAxis__srt--MaximumMember_zbnnd7m7BNEi" title="Granted, grant date fair value (in dollars per share)"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" contextRef="From2020-01-012020-12-31_srt_MaximumMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">23.09</ix:nonFraction></span> per share.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Share-based
compensation is measured based on the grant date fair value of the 2018 Plan awards and subsequently recognized as expense ratably over
their vesting periods. Share-based compensation for awards with service or performance-based vesting requirements is adjusted to reflect
actual vested awards, with forfeitures recorded as a reduction of expense at the time they occur.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
computation of the expenses associated with share-based compensation requires for the use of certain valuation models. The Company currently
uses a Black-Scholes option pricing model to calculate the fair value of its stock options. The Black-Scholes model requires the use
of assumptions regarding the volatility of the Company&#8217;s common stock, the expected life of the stock award, and the dividend ratio.
The volatility assumptions are based on the Company&#8217;s life-to-date historical volatility since inception. The risk-free rates are
based on similar term U.S. Treasury rates in effect at the time of the stock grant. The expected stock option life represents the period
of time that the stock options granted are expected to be outstanding and is based on historical experience. Share-based compensation
is recognized only for those stock-based awards expected to vest.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock"><p id="xdx_896_eus-gaap--ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock_zUCv97KS5etl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
assumptions used in the Black-Scholes option pricing model, along with the certain other information regarding share-based compensation
awards is as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span id="xdx_8B1_zQqoRphfjT9c" style="display: none">SCHEDULE OF FAIR VALUE MEASUREMENT INPUTS AND VALUATION TECHNIQUES</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_491_20210101__20211231_zcqB5CrpQ0Z6" style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_496_20200101__20201231_zlGgDCn6lOea" style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="text-align: justify">Risk-free interest rate (%)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Weighted average contractual life (years)</td><td>&#160;</td>
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  <tr id="xdx_409_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_zKNT0eKlAXE2" style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Weighted average fair value of options granted</td><td>&#160;</td>
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    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">16.02</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_408_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pid_hsrt--RangeAxis__srt--MinimumMember_zUbhkCbqqn2a" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Weighted average exercise price - minimum</td><td>&#160;</td>
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    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice" contextRef="From2020-01-012020-12-31_srt_MinimumMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">11.05</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: justify">Weighted average exercise price - maximum</td><td>&#160;</td>
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  <tr id="xdx_403_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iE_pid_zsQqIYdmcyP8" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Aggregate intrinsic value of stock options outstanding</td><td>&#160;</td>
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  <tr id="xdx_405_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized_iE_pid_znJwHcl36Z21" style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Compensation cost to be recognized for unvested options</td><td>&#160;</td>
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  <tr id="xdx_409_eus-gaap--AllocatedShareBasedCompensationExpense_pid_zdSdyyZmI6p1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Shareholder compensation expense</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,565</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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</ix:nonNumeric><p id="xdx_8AB_zseeYAjyHCm5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:AssetRetirementObligationDisclosureTextBlock"><p id="xdx_805_eus-gaap--AssetRetirementObligationDisclosureTextBlock_zqnqQtqm6KDa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
9: <span id="xdx_822_zYrdULWcxfc3">ASSET RETIREMENT OBLIGATIONS</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has asset retirement obligations as a result of its farming production facilities which are often located in leased spaces. The
Company builds vertical farming production facilities within leased space including growing racks, electrical systems, water systems,
storage areas, and production lines. The lease agreements often require the Company to return the leased space to its original state
upon vacating the space at the end of the lease term.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company estimates asset retirement obligations which includes the total cost of disposing of the farming production facility and equipment
from the leased space at the end of the lease term. The Company records the asset retirement obligations at fair value in accordance
with ASC 410&#8211;20, <i>Asset Retirement Obligations</i>. The asset retirement obligation is valued using the Company&#8217;s incremental
borrowing rate and is accreted over the expected lease term. The Company capitalizes the future cost of the retirement activities as
part of the carrying amount of the farming production facilities at the in&#8211;service date. The asset is then depreciated on a straight&#8211;line
basis over the expected lease term of the space.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:ScheduleOfAssetRetirementObligationsTableTextBlock"><p id="xdx_892_eus-gaap--ScheduleOfAssetRetirementObligationsTableTextBlock_zvVsJlCVyBW1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table provides all changes to the company&#8217;s asset retirement obligations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span id="xdx_8BD_zcRn9lPm4sR7" style="display: none">SCHEDULE OF ASSET RETIREMENT OBLIGATIONS</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_490_20210101__20211231_z85hVYEQltQl" style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_490_20200101__20201231_zEyyQwyOkwB7" style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold">In thousands</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="width: 60%; text-align: justify">Asset retirement obligations at the beginning of the year</td><td style="width: 2%">&#160;</td>
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  <tr id="xdx_404_eus-gaap--AssetRetirementObligationLiabilitiesIncurred_pn3n3_zJgh9GXVINoa" style="vertical-align: bottom; background-color: White">
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</ix:nonNumeric><p id="xdx_8A3_zf0iM9QTpWz8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accretion
expense for the years ended December 31, 2021 and 2020 amounted to $<span id="xdx_909_eus-gaap--AssetRetirementObligationAccretionExpense_pn3n3_c20210101__20211231_zTUuUivYskzj" title="Asset retirement obligation, accretion expense"><ix:nonFraction name="us-gaap:AssetRetirementObligationAccretionExpense" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">50</ix:nonFraction></span> thousand and $<span id="xdx_90A_eus-gaap--AssetRetirementObligationAccretionExpense_pn3n3_c20200101__20201231_zY6CTnqUmdEf" title="Asset retirement obligation, accretion expense"><ix:nonFraction name="us-gaap:AssetRetirementObligationAccretionExpense" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">50</ix:nonFraction></span> thousand, respectively</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 166; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></td></tr></table></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:IncomeTaxDisclosureTextBlock"><p id="xdx_801_eus-gaap--IncomeTaxDisclosureTextBlock_zyRmEon4smw6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
10: <span id="xdx_824_z92kKoHU9u3j">INCOME TAXES</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock"><p id="xdx_89D_eus-gaap--ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock_zUuLbD88Otef" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loss
before income tax (benefit), expense consists of the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span id="xdx_8B8_z3ecXKRtxkfe" style="display: none">SCHEDULE OF INCOME BEFORE INCOME TAX, DOMESTIC AND FOREIGN</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_49A_20210101__20211231_zWmRX6FMMXn2" style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_49E_20200101__20201231_zVr2eAqt4r7k" style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold">In thousands</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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</ix:nonNumeric><p id="xdx_8A8_znknSjpC1cL1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in">&#160;</p>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock"><p id="xdx_89A_eus-gaap--ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock_zaq9XoE4Dzx4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
components of the income tax benefit are as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span id="xdx_8BE_zvGwMggtX2z6" style="display: none">SCHEDULE OF COMPONENTS OF INCOME TAX EXPENSE (BENEFIT)</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_49E_20210101__20211231_zDaS3GQYsd6f" style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_49C_20200101__20201231_zqOAUgDhAIj2" style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Deferred:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td><td style="text-align: left">&#160;</td></tr>
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  <tr id="xdx_408_eus-gaap--DeferredForeignIncomeTaxExpenseBenefit_iN_pn3n3_di_maITEBzJiQ_zUzwiPk6DV82" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: justify; padding-bottom: 1.5pt">Foreign</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:DeferredForeignIncomeTaxExpenseBenefit" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">762</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_405_eus-gaap--IncomeTaxExpenseBenefit_iNT_pn3n3_di_mtITEBzJiQ_zvJqpiVmOSo9" style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-bottom: 2.5pt">Deferred income tax benefit</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:IncomeTaxExpenseBenefit" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">1,331</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
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</ix:nonNumeric><p id="xdx_8AE_zX3S1C2Jsvcl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company operates in the U.S. and foreign jurisdictions, with the majority of operations primarily occurring within the U.S., Norway,
and Germany. At December 31, 2021 and 2020 the Company had a net deferred tax liability of $<span id="xdx_90D_eus-gaap--DeferredTaxLiabilities_iI_pn3n3_c20211231_z22e7TisPOuh" title="Net deferred tax liability (asset)"><ix:nonFraction name="us-gaap:DeferredTaxLiabilities" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">8,447</ix:nonFraction></span> thousand and net deferred tax asset
of $<span id="xdx_900_eus-gaap--DeferredTaxLiabilities_iI_pn3n3_dxL_c20201231_zOw6cGaLmlx" title="Net deferred tax liability (asset)::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl1314">0</span></span>, respectively. The net deferred tax liability at December 31, 2021 was attributed to the intangible assets recorded in the Company&#8217;s
foreign subsidiary at &amp;ever GmbH within the German taxing jurisdiction. Accumulated tax NOL&#8217;s carry forwards as of December
31, 2021 and 2020 totaled approximately $<span id="xdx_906_eus-gaap--OperatingLossCarryforwards_iI_pn3n3_c20211231_znuTakaohl8e" title="Net operating loss carryforwards"><ix:nonFraction name="us-gaap:OperatingLossCarryforwards" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">102,970</ix:nonFraction></span> thousand and $<span id="xdx_90F_eus-gaap--OperatingLossCarryforwards_iI_pn3n3_c20201231_zglZXVMTbgeg" title="Net operating loss carryforwards"><ix:nonFraction name="us-gaap:OperatingLossCarryforwards" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">50,000</ix:nonFraction></span> thousand, respectively. The net operating federal and state loss
carryforwards generated in the U.S. jurisdiction will begin expiring in 2029 for those generated in 2018 or earlier, and will be carried
forward indefinitely for those generated thereafter. The net operating losses generated in Norway and Germany may be carried forward
indefinitely. Deferred tax assets and liabilities are recognized in the consolidated balance sheet based on expected utilization of tax
losses carried forward and temporary book to tax differences.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
realization of deferred tax assets is contingent upon the generation of future taxable income and other restrictions that may exist under
the tax laws of the jurisdiction in which a deferred tax asset exists. The Company assesses the available positive and negative evidence
to estimate whether sufficient future taxable income will be generated to permit the use of existing deferred tax assets. Management&#8217;s
evaluation begins with a jurisdictional review of cumulative gains or losses incurred over recent years. A significant piece of objective
negative evidence exists when a jurisdiction has incurred cumulative losses over recent years. Such objective evidence limits the ability
to consider other subjective evidence, such as the Company&#8217;s projections for future growth. Based on the positive and negative
evidence for recoverability, the Company establishes a valuation allowance against the net deferred tax assets of a taxing jurisdiction
in which they operate unless it is &#8220;more likely than not&#8221; that the Company will recover such assets through the above means.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has valuation allowances of $<span id="xdx_904_eus-gaap--DeferredTaxAssetsValuationAllowance_iI_pn3n3_c20211231_zF2pAKq6kCV3" title="Valuation allowance"><ix:nonFraction name="us-gaap:DeferredTaxAssetsValuationAllowance" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">20,508</ix:nonFraction></span> thousand and $<span id="xdx_90B_eus-gaap--DeferredTaxAssetsValuationAllowance_iI_pn3n3_c20201231_zhRiicijwIU9" title="Valuation allowance"><ix:nonFraction name="us-gaap:DeferredTaxAssetsValuationAllowance" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">10,761</ix:nonFraction></span> thousand for the years December 31, 2021 and 2020, respectively. The
increase in the valuation allowance for the year ended December 31, 2021 primarily relates to the generation of additional net operating
loss carryforwards that are not expected to be utilized in the near term.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 167; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></td></tr></table></div>
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    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock"><p id="xdx_892_eus-gaap--ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock_zo80QNJAm4zj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2021 and 2020, the Company&#8217;s deferred tax assets and liabilities are as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span id="xdx_8B1_z2FafkCKSWo1" style="display: none">SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_494_20211231_zlp0wanXFJJc" style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_49A_20201231_zhRvWCrNrNc9" style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_404_eus-gaap--DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities_i01I_pn3n3_maDTANzhdA_zSowVrCQ7gMg" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_40E_ecustom--DeferredTaxAssetsLeasingArrangements_i01I_pn3n3_maDTANzhdA_zsoXD77utXOe" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_40D_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwardsDomestic_i01I_pn3n3_maDTANzhdA_z4sxWEMOagDa" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_40E_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwardsStateAndLocal_i01I_pn3n3_maDTANzhdA_zCLo2kDwmQ7i" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:DeferredTaxAssetsOperatingLossCarryforwardsStateAndLocal" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">697</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40E_eus-gaap--DeferredTaxAssetsTaxCreditCarryforwardsResearch_i01I_pn3n3_maDTANzhdA_zkvXG2kf90s3" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_403_eus-gaap--DeferredTaxAssetsValuationAllowance_i01NI_pn3n3_di_msDTANzhdA_zSN3ut1UqGAb" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: justify; padding-bottom: 1.5pt">Valuation allowances</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_400_eus-gaap--DeferredTaxAssetsNet_i01TI_pn3n3_mtDTANzhdA_msDTLzm0i_zL7FoFOw1PW" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0pt; text-align: justify; padding-bottom: 1.5pt">Total deferred tax assets</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_401_eus-gaap--DeferredTaxLiabilitiesNetAbstract_iB_zqTT7smzMai4" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0pt; text-align: justify">Deferred Tax Liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_400_eus-gaap--DeferredTaxLiabilitiesPropertyPlantAndEquipment_i01I_pn3n3_maDITLzf9r_zeBdaRnvaQje" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: justify">Property, plant and equipment</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction name="us-gaap:DeferredTaxLiabilitiesPropertyPlantAndEquipment" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">522</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_40E_eus-gaap--DeferredTaxLiabilitiesGoodwillAndIntangibleAssetsIntangibleAssets_i01I_pn3n3_maDITLzf9r_zrAEPFXsy2n2" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: justify">Intangibles</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:DeferredTaxLiabilitiesGoodwillAndIntangibleAssetsIntangibleAssets" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">12,241</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1357">&#8212;</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40D_eus-gaap--DeferredTaxLiabilitiesPrepaidExpenses_i01I_pn3n3_maDITLzf9r_zPWKuqnre9d6" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: justify">Prepaid expenses</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:DeferredTaxLiabilitiesPrepaidExpenses" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">133</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:DeferredTaxLiabilitiesPrepaidExpenses" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">6</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_408_eus-gaap--DeferredTaxLiabilitiesLeasingArrangements_i01I_pn3n3_maDITLzf9r_zyq1JR56DpAc" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: justify; padding-bottom: 1.5pt">Lease liability</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:DeferredTaxLiabilitiesLeasingArrangements" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">13,495</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:DeferredTaxLiabilitiesLeasingArrangements" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,394</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_409_eus-gaap--DeferredIncomeTaxLiabilities_i01TI_pn3n3_mtDITLzf9r_maDTLzm0i_z7d8314CayB8" style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-bottom: 1.5pt">Total deferred tax liability</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:DeferredIncomeTaxLiabilities" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">26,391</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:DeferredIncomeTaxLiabilities" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,048</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_40F_eus-gaap--DeferredTaxLiabilities_iNTI_pn3n3_di_mtDTLzm0i_z3B6SSvmM8e3" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: justify; padding-bottom: 1.5pt">Net deferred tax assets</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:DeferredTaxLiabilities" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">8,447</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1369">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
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</ix:nonNumeric><p id="xdx_8A2_zb3CiabhPKt8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock"><p id="xdx_89B_eus-gaap--ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock_zWc9QAv01WV6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
effective income tax rate differs from the statutory rate as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span id="xdx_8BF_zeCSeiCLJWy" style="display: none">SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_49C_20210101__20211231_zQnGKZrrzGa7" style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_491_20200101__20201231_zuGBKtpaKZSh" style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="text-align: justify">Permanent differences</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">-<ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" sign="-" unitRef="Pure">1.90</ix:nonFraction></td><td style="text-align: left">%</td></tr>
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  <tr id="xdx_40F_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_pid_dp_uPure_zp9pEJUQYtLg" style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-bottom: 1.5pt">Effective tax rate</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateContinuingOperations" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0.00</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">%</td></tr>
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</ix:nonNumeric><p id="xdx_8A0_ztocn8piKWT2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2021 and 2020 the Company has no uncertain tax positions. The Company generally remains subject to examination by U.S.
federal and state tax authorities for the years 2018 through 2021. The Company is no longer subject to examinations by tax authorities
for the years 2017 and prior.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="KAL:ConvertibleLoanDisclosureTextBlock"><p id="xdx_80D_ecustom--ConvertibleLoanDisclosureTextBlock_zlJNAMVGgAWf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
11: <span id="xdx_826_zbFnUURU4Kgb">CONVERTIBLE LOAN</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the year ended December 31, 2019, the Company obtained a loan in the amount of $<span id="xdx_909_eus-gaap--DebtInstrumentFaceAmount_iI_pn3n3_c20191231__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zSJqLeybIzc1" title="Debt instrument, face amount"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2019-12-31_us-gaap_ConvertibleDebtMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,000</ix:nonFraction></span> thousand which included a mandatory conversion
feature upon a qualifying equity raise by the Company. The conversion feature specified a conversion rate for the balance of the loan
into common shares of the Company&#8217;s stock less a specified discount. In the year ended December 31, 2020, the Company had a qualifying
equity raise, which triggered a conversion of the loan into <span id="xdx_90B_eus-gaap--DebtInstrumentConvertibleNumberOfEquityInstruments_pn3n3_uShares_c20200101__20201231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zIdgJsELi7J7" title="Conversion of the loan"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleNumberOfEquityInstruments" contextRef="From2020-01-012020-12-31_us-gaap_CommonStockMember33080625" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="Shares">567</ix:nonFraction></span> thousand shares of the Company&#8217;s common stock. There was <span id="xdx_90A_eus-gaap--ConvertibleDebt_iI_do_c20211231_zitSilXt85g3" title="Convertible debt"><span id="xdx_909_eus-gaap--ConvertibleDebt_iI_do_c20201231_z6Fzt4aJKVoa" title="Convertible debt"><ix:nonFraction name="us-gaap:ConvertibleDebt" contextRef="AsOf2021-12-31" format="ixt-sec:numwordsen" decimals="0" unitRef="USD"><ix:nonFraction name="us-gaap:ConvertibleDebt" contextRef="AsOf2020-12-31" format="ixt-sec:numwordsen" decimals="0" unitRef="USD">no</ix:nonFraction></ix:nonFraction></span></span> convertible
loan at <span>December 31, 2021</span> or <span>2020</span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 168; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></td></tr></table></div>
    <div style="margin-right: 0pt; break-before: page; margin-top: 0pt; margin-bottom: 0pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:LongTermDebtTextBlock"><p id="xdx_80F_eus-gaap--LongTermDebtTextBlock_zNXsVkhJsLmg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
12: <span id="xdx_829_zz48eFF8kiLk">GAIN ON FORGIVENESS OF DEBT</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended <span>December 31, 2020</span>, the Company received a forgivable loan of $<span id="xdx_90A_eus-gaap--DebtInstrumentFaceAmount_iI_pn3n3_c20201231__us-gaap--DebtInstrumentAxis__custom--PaymentProtectionProgramMember_zFonKebxBax3" title="Face amount"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2020-12-31_custom_PaymentProtectionProgramMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">328</ix:nonFraction></span> thousand
under the Payment Protection Program stimulus package from the United States government following the COVID&#8211;19 outbreak. The loan
had a term of <span id="xdx_90C_eus-gaap--DebtInstrumentTerm_dc_c20200101__20201231__us-gaap--DebtInstrumentAxis__custom--PaymentProtectionProgramMember_zY3qvIkNEyg1" title="Debt term"><ix:nonNumeric contextRef="From2020-01-012020-12-31_custom_PaymentProtectionProgramMember" format="ixt-sec:durwordsen" name="us-gaap:DebtInstrumentTerm">two years</ix:nonNumeric></span> with an interest rate of <span id="xdx_903_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_uPure_c20201231__us-gaap--DebtInstrumentAxis__custom--PaymentProtectionProgramMember_zGIjw2WSUUfe" title="Interest rate"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2020-12-31_custom_PaymentProtectionProgramMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">1</ix:nonFraction>%</span>. For the year ended <span>December 31, 2020</span>,
the Company recorded a gain on forgiveness of debt when the loan was forgiven of $<span id="xdx_90C_eus-gaap--GainsLossesOnExtinguishmentOfDebt_pn3n3_c20200101__20201231__us-gaap--DebtInstrumentAxis__custom--PaymentProtectionProgramMember_z9Pz3flKm9bl" title="Gain on forgiveness of debt"><ix:nonFraction name="us-gaap:GainsLossesOnExtinguishmentOfDebt" contextRef="From2020-01-012020-12-31_custom_PaymentProtectionProgramMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">328</ix:nonFraction></span> thousand. The Company did not receive any additional
loans under the Payment Protection Program during the year ended <span>December 31, 2021</span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:DebtDisclosureTextBlock"><p id="xdx_804_eus-gaap--DebtDisclosureTextBlock_zuLkZtG0Bgwl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
13: <span id="xdx_82E_zDo5ef9OUsK5">DEBT</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 9, 2021, the Company entered into a debt facility agreement with DNB Bank ASA. The agreement allowed the Company to borrow up
to $<span id="xdx_90B_eus-gaap--DebtInstrumentFaceAmount_iI_pn3n3_c20210809__srt--CounterpartyNameAxis__custom--DNBBankASAMember__us-gaap--DebtInstrumentAxis__custom--DebtFacilityMember_zyFiFPUwgr52" title="Face amount"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2021-08-09_custom_DNBBankASAMember_custom_DebtFacilityMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">35,000</ix:nonFraction></span> thousand to fund the acquisition of &amp;ever had a term of three months and expiration on December 31, 2021. The Company
borrowed $<span id="xdx_909_eus-gaap--ProceedsFromShortTermDebt_pn3n3_c20210928__20210930__srt--CounterpartyNameAxis__custom--DNBBankASAMember__us-gaap--DebtInstrumentAxis__custom--DebtFacilityMember_zy5Lr7jXHaGd" title="Amount borrowed under debt facility agreement"><ix:nonFraction name="us-gaap:ProceedsFromShortTermDebt" contextRef="From2021-09-282021-09-30_custom_DNBBankASAMember_custom_DebtFacilityMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">34,000</ix:nonFraction></span> thousand under this agreement on September 30, 2021 in anticipation of closing the &amp;ever acquisition. The Company
repaid the principal amount of $<span id="xdx_909_eus-gaap--RepaymentsOfShortTermDebt_pn3n3_c20211002__20211031__srt--CounterpartyNameAxis__custom--DNBBankASAMember__us-gaap--DebtInstrumentAxis__custom--DebtFacilityMember_zuLAQKkgzEii" title="Principal payments"><ix:nonFraction name="us-gaap:RepaymentsOfShortTermDebt" contextRef="From2021-10-022021-10-31_custom_DNBBankASAMember_custom_DebtFacilityMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">34,000</ix:nonFraction></span> thousand and fees and interest in the amount of $<span id="xdx_908_eus-gaap--PaymentsOfDebtIssuanceCosts_pn3n3_c20211002__20211031__srt--CounterpartyNameAxis__custom--DNBBankASAMember__us-gaap--DebtInstrumentAxis__custom--DebtFacilityMember_zM71abBHdndh" title="Payments of fees and interest"><ix:nonFraction name="us-gaap:PaymentsOfDebtIssuanceCosts" contextRef="From2021-10-022021-10-31_custom_DNBBankASAMember_custom_DebtFacilityMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,800</ix:nonFraction></span> thousand in October 2021 and had no additional
borrowings under this debt facility thereafter. The contractual and effective interest rate was <span id="xdx_90C_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_uPure_c20210809__srt--CounterpartyNameAxis__custom--DNBBankASAMember__us-gaap--DebtInstrumentAxis__custom--DebtFacilityMember_z1euDZJwDg0c" title="Interest rate"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2021-08-09_custom_DNBBankASAMember_custom_DebtFacilityMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0.9</ix:nonFraction>%</span> per annum under this agreement.</span></p>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:ScheduleOfMaturitiesOfLongTermDebtTableTextBlock"><p id="xdx_89B_eus-gaap--ScheduleOfMaturitiesOfLongTermDebtTableTextBlock_zSmcaG5IFjuf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; display: none; text-align: justify; text-indent: 0.25in"><span id="xdx_8B7_zE4fiTSrIuNd" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">SCHEDULE
OF FUTURE MINIMUM PRINCIPAL PAYMENTS</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><p id="xdx_8AD_zgfLaZxIZ4Xa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:EquityMethodInvestmentsDisclosureTextBlock"><p id="xdx_80A_eus-gaap--EquityMethodInvestmentsDisclosureTextBlock_ztFYnKF8Pygk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
14: <span id="xdx_821_zsanuFnjeDvb">EQUITY METHOD INVESTMENT</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
part of the acquisition of &amp;ever GmbH, the Company now holds an investment in Smart Soil, a German start-up entity that develops
high-yielding, organic, and long lasting soil. In exchange for voting interests, &amp;ever had invested a total of $<span id="xdx_901_eus-gaap--PaymentsToAcquireEquityMethodInvestments_pn3n3_c20210101__20211231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SmartSoilMember__dei--LegalEntityAxis__custom--EverGmBHMember_zxgs0BXlrho3" title="Payments to acquire equity method investments"><ix:nonFraction name="us-gaap:PaymentsToAcquireEquityMethodInvestments" contextRef="From2021-01-012021-12-31_custom_SmartSoilMember_custom_EverGmBHMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,322</ix:nonFraction></span> thousand in
Smart Soil. &amp;ever acquired a <span id="xdx_90B_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20211231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SmartSoilMember__dei--LegalEntityAxis__custom--EverGmBHMember_z2tCK4WxdLrg"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2021-12-31_custom_SmartSoilMember_custom_EverGmBHMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">25</ix:nonFraction>%</span> voting interest in Smart Soil and has the ability to exercise significant influence, but not control,
as it does not have the ability to direct the decisions that most significantly impact its economic performance. The Company accounts
for this investment using the equity method and records its share of net earnings or losses on the investment in &#8220;Equity in net
loss of affiliate&#8221; on the accompanying consolidated statements of operations and comprehensive loss.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
balance of the equity method investment was $<span id="xdx_90E_eus-gaap--EquityMethodInvestments_iI_pn3n3_c20211231_zPBgpzlf6qab" title="Equity method investment"><ix:nonFraction name="us-gaap:EquityMethodInvestments" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,322</ix:nonFraction></span> thousand at December 31, 2021. There were <span id="xdx_906_eus-gaap--EquityMethodInvestments_iI_dxL_c20201231_zaqm1fnTTeq" title="Equity method investments::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl1438">no</span></span> equity method investments at <span>December
31, 2020</span>. During the year ended <span>December 31, 2021</span>, the Company incurred a net loss
of $<span id="xdx_90E_eus-gaap--IncomeLossFromEquityMethodInvestments_iN_pn3n3_di_c20210101__20211231_zRdsqnmHtAN6" title="Equity in net loss of affiliate"><ix:nonFraction name="us-gaap:IncomeLossFromEquityMethodInvestments" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">74</ix:nonFraction></span> thousand in this investment.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:DefinedContributionPlanTextBlock"><p id="xdx_808_eus-gaap--DefinedContributionPlanTextBlock_zj2m6Io0Mlvd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
15: <span id="xdx_82C_zjnJFmwe6mte">RETIREMENT PLAN</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has a 401(k) savings plan covering all employees who have six months of service and who are at least 21 years of age. Employees
may contribute up to a maximum amount allowable per the Internal Revenue Code. Employer contributions are determined at the discretion
of the Company&#8217;s Board of Directors. The Company&#8217;s contributions with respect to the plan were approximately $<span id="xdx_90F_eus-gaap--DefinedContributionPlanEmployerDiscretionaryContributionAmount_pn3n3_c20210101__20211231_zXfVpSe4WThc" title="Employer contributions"><ix:nonFraction name="us-gaap:DefinedContributionPlanEmployerDiscretionaryContributionAmount" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">68</ix:nonFraction></span> thousand
for the year ended <span>December 31, 2021</span>. There were <span id="xdx_908_eus-gaap--DefinedContributionPlanEmployerDiscretionaryContributionAmount_do_c20200101__20201231_zXYvGq4nsSh8" title="Employer contributions"><ix:nonFraction name="us-gaap:DefinedContributionPlanEmployerDiscretionaryContributionAmount" contextRef="From2020-01-012020-12-31" format="ixt-sec:numwordsen" decimals="0" unitRef="USD">no</ix:nonFraction></span> contributions by the Company to the
plan for the year ended <span>December 31, 2020</span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:RevenueFromContractWithCustomerTextBlock"><p id="xdx_800_eus-gaap--RevenueFromContractWithCustomerTextBlock_zsTe4fmbhXJe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
16: <span id="xdx_82F_zqcCEbmcacp8">DISAGGREGATED REVENUES BY CUSTOMER TYPE</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company recognized revenues of $<span id="xdx_90B_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_c20210101__20211231_zIQOON4LCiSf" title="Revenues"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,855</ix:nonFraction></span> thousand and $<span id="xdx_90B_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_c20200101__20201231_zVBxL2Cx04N6" title="Revenues"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">887</ix:nonFraction></span> thousand for the years ended December 31, 2021 and 2020, respectively. Substantially
all of the Company&#8217;s revenues are generated from the sale of lettuce and micro-greens sold to retail and distribution customers
globally.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 169; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence --></td></tr></table></div>
    <div style="margin-right: 0pt; break-before: page; margin-top: 0pt; margin-bottom: 0pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:DisaggregationOfRevenueTableTextBlock"><p id="xdx_89D_eus-gaap--DisaggregationOfRevenueTableTextBlock_zG3u0HkadS88" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span id="xdx_8BD_zQ5PkH2iYFXk" style="display: none">SCHEDULE OF DISAGGREGATED REVENUES BY CUSTOMER TYPE</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td id="xdx_49E_20210101__20211231_zDpCvmAXNnk1" style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td id="xdx_491_20200101__20201231_z61J3niaQ5Xk" style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
    thousands</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
    31, 2021</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
    31, 2020</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40C_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hsrt--ProductOrServiceAxis__us-gaap--ServiceMember_zNsSQdtdFWH4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 64%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Food Service Revenue</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2021-01-012021-12-31_us-gaap_ServiceMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,575</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2020-01-012020-12-31_us-gaap_ServiceMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">169</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40C_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hsrt--ProductOrServiceAxis__us-gaap--RetailMember_z6P4dB769Co9" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Retail
    Revenue</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2021-01-012021-12-31_us-gaap_RetailMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,280</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2020-01-012020-12-31_us-gaap_RetailMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">718</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_409_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_zT4vyYBSTyZh" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
    sales</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,855</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">887</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A8_zcAyJESBh1Q2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31" escape="true" name="us-gaap:SubsequentEventsTextBlock"><p id="xdx_802_eus-gaap--SubsequentEventsTextBlock_zSp7N2zmirJh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
17: <span id="xdx_82B_z1tpkBXRnxP2">SUBSEQUENT EVENTS</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b>&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Sale
Leaseback of St. Paul Farming Facility</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 25, 2022, the Company entered into a purchase and sale agreement for a sale-leaseback transaction with a third party related
to its industrial property in St. Paul, Minnesota. The Company sold the property to this third party and then entered into a new lease
with them. Per the agreement, the initial term of the lease will be for <span id="xdx_904_ecustom--SaleLeasebackTransactionLeaseTerm_c20220124__20220125_zCRNKgXmJ7oe" title="Initial term of sale leaseback"><ix:nonNumeric contextRef="From2022-01-242022-01-25" format="ixt-sec:durwordsen" name="KAL:SaleLeasebackTransactionLeaseTerm">20 years</ix:nonNumeric></span> with an option to extend for <span id="xdx_90F_ecustom--SaleLeasebackTransactionNumberOfRenewalTerms_dc_urenewalterm_c20220124__20220125_zkjP1qSp9NBi" title="Number of extension options"><ix:nonFraction name="KAL:SaleLeasebackTransactionNumberOfRenewalTerms" contextRef="From2022-01-242022-01-25" format="ixt-sec:numwordsen" decimals="INF" unitRef="renewalterm">two</ix:nonFraction></span> <span id="xdx_90D_ecustom--SaleLeasebackTransactionRenewalTerm_c20220124__20220125_zbuKZb77o1qf" title="Renewal term"><ix:nonNumeric contextRef="From2022-01-242022-01-25" format="ixt-sec:durwordsen" name="KAL:SaleLeasebackTransactionRenewalTerm">5 year</ix:nonNumeric></span> terms. The based
annual rent is $<span id="xdx_901_eus-gaap--PaymentsForRent_pn3n3_c20220124__20220125_zRwBrqC9JXT3" title="Annual rent"><ix:nonFraction name="us-gaap:PaymentsForRent" contextRef="From2022-01-242022-01-25" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">566</ix:nonFraction></span> thousand. The Company received approximately $<span id="xdx_90B_eus-gaap--ProceedsFromSaleOfPropertyPlantAndEquipment_pn3n3_c20220124__20220125_zzaLCmlK8b65" title="Proceeds from sale of property"><ix:nonFraction name="us-gaap:ProceedsFromSaleOfPropertyPlantAndEquipment" contextRef="From2022-01-242022-01-25" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">8,100</ix:nonFraction></span> thousand in proceeds related to the sale of this property in
connection with the sale-leaseback.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Agrico
Merger</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 31, 2022, the Company announced it will merge with a special acquisition company, Agrico Acquisition Corp. (&#8220;Agrico&#8221;).
The transaction will result in the Company becoming a publicly listed company on NASDAQ and delisting from the Euronext Growth Oslo exchange
during the second quarter of 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Key
highlights of the merger include:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            all-stock transaction creates a combined company with an equity value of approximately $<span id="xdx_90E_ecustom--ReverseRecapitalizationNet_pn3n3_c20220629__20220630_zPr4nIMCq4i7" title="Net impact on total stockholders equity"><ix:nonFraction name="KAL:ReverseRecapitalizationNet" contextRef="From2022-06-292022-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">375,000</ix:nonFraction></span>
                                            thousand on a fully diluted pro forma basis, assuming no redemptions from Agrico&#8217;s
                                            shareholders.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
                                            on the common stock of Agrico at $<span id="xdx_908_eus-gaap--SharePrice_iI_pid_c20220630__dei--LegalEntityAxis__custom--AgricoAcquisitionCorpMember_zfynx2WRCzlf" title="Share price"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2022-06-30_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">10</ix:nonFraction></span> per share, the transaction implies an exchange ratio
                                            of <span id="xdx_90F_ecustom--RecapitalizationExchangeRatio_iI_pid_dp_uPure_c20220630_zj7Wg8zd2gtc" title="Exchange ratio"><ix:nonFraction name="KAL:RecapitalizationExchangeRatio" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0.091</ix:nonFraction></span> for existing Company shareholders.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
                                            addition to shares of Agrico common stock, the Company&#8217;s shareholders will receive
                                            <span id="xdx_90C_ecustom--ReverseRecapitalizationNumberOfContractualContingentValueRightsForEachShareReceivedByShareholders_iI_dc_uhydroponicfarm_c20220630_zWqYzhNMbaFk" title="Number of contractual contingent value rights received by shareholders"><ix:nonFraction name="KAL:ReverseRecapitalizationNumberOfContractualContingentValueRightsForEachShareReceivedByShareholders" contextRef="AsOf2022-06-30" format="ixt-sec:numwordsen" decimals="INF" unitRef="hydroponicfarm">one</ix:nonFraction></span> contractual Contingent Value Right per share of common stock that will entitle them to
                                            receive up to <span id="xdx_90B_ecustom--ReverseRecapitalizationNumberOfStockPaymentsReceivedByShareholders_iI_dc_uPure_c20220630_zeyk42nWd6B4" title="Number of stock payments received by shareholders"><ix:nonFraction name="KAL:ReverseRecapitalizationNumberOfStockPaymentsReceivedByShareholders" contextRef="AsOf2022-06-30" format="ixt-sec:numwordsen" decimals="INF" unitRef="Pure">two</ix:nonFraction></span> stock payments upon the achievement of certain milestones. Each stock payment
                                            will consist of shares representing <span id="xdx_905_ecustom--ReverseRecapitalizationStockPaymentsPercentOfFullyDilutedEquity_iI_pid_uPure_c20220630_z6HHPgJTP8F4" title="Stock payment, percent of fully diluted equity"><ix:nonFraction name="KAL:ReverseRecapitalizationStockPaymentsPercentOfFullyDilutedEquity" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">5</ix:nonFraction>%</span> of the fully diluted equity of the Company at the
                                            date of completion of the transaction.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">New
capital is expected to provide the Company the flexibility to fuel the next generation of farms in the US and International locations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Bridge
Financing Facility </i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 7, 2022, the company announced it entered a secured convertible bridge financing facility for up to $<span id="xdx_90E_eus-gaap--DebtInstrumentFaceAmount_iI_pn3n3_c20220307__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zZO4oYYtF0H7" title="Borrowing capacity under convertible bridge financing facility"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2022-03-07_us-gaap_ConvertibleDebtMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">20,000</ix:nonFraction></span> thousand. The facility,
which matures <span id="xdx_90F_eus-gaap--DebtInstrumentTerm_dc_c20220304__20220307__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zKnMR630In97" title="Debt term"><ix:nonNumeric contextRef="From2022-03-042022-03-07_us-gaap_ConvertibleDebtMember" format="ixt-sec:durwordsen" name="us-gaap:DebtInstrumentTerm">one year</ix:nonNumeric></span> from the drawdown date, will bear paid in kind interest at <span id="xdx_901_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_uPure_c20220307__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zgmHQWkiMU5b" title="Payment in kind interest rate"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2022-03-07_us-gaap_ConvertibleDebtMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">8</ix:nonFraction>%</span>, is secured by certain assets of the Company and,
subject to required corporate approvals, will be convertible by the lenders into shares at any time following the consummation of the
announced merger with Agrico. and the NASDAQ listing at a conversion price of US$<span id="xdx_90A_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pid_c20220307__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zUZnm9yrdoQ" title="Conversion price (in dollars per share)"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleConversionPrice1" contextRef="AsOf2022-03-07_us-gaap_ConvertibleDebtMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">10.00</ix:nonFraction></span> / share in the merged entity.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"></p>

<ix:exclude><!-- Field: Page; Sequence: 170; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Secured
Credit Facility</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 19, 2022, the Company secured a $<span id="xdx_908_eus-gaap--LineOfCreditFacilityMaximumBorrowingCapacity_iI_pn3n3_c20220419__us-gaap--LongtermDebtTypeAxis__us-gaap--LineOfCreditMember__us-gaap--DebtInstrumentAxis__custom--SeniorSecuredCreditFacilityMember_zl5NLtiU7qkd" title="Borrowing capacity under credit agreement"><ix:nonFraction name="us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity" contextRef="AsOf2022-04-19_us-gaap_LineOfCreditMember_custom_SeniorSecuredCreditFacilityMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">30,000</ix:nonFraction></span> thousand, Senior Secured Credit Facility with Farm Credit of Central Florida. $<span id="xdx_90A_eus-gaap--DebtInstrumentFaceAmount_iI_pn3n3_c20220419__us-gaap--LongtermDebtTypeAxis__us-gaap--LineOfCreditMember__us-gaap--DebtInstrumentAxis__custom--SeniorSecuredCreditFacilityMember__us-gaap--CreditFacilityAxis__us-gaap--SecuredDebtMember_zsq1dBL91owb" title="Face amount"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2022-04-19_us-gaap_LineOfCreditMember_custom_SeniorSecuredCreditFacilityMember_us-gaap_SecuredDebtMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">20,000</ix:nonFraction></span> thousand
of the facility is available under a term loan to support capital expenditures, whereas the remaining $<span id="xdx_903_eus-gaap--LineOfCreditFacilityMaximumBorrowingCapacity_iI_pn3n3_c20220419__us-gaap--LongtermDebtTypeAxis__us-gaap--LineOfCreditMember__us-gaap--DebtInstrumentAxis__custom--SeniorSecuredCreditFacilityMember__us-gaap--CreditFacilityAxis__us-gaap--RevolvingCreditFacilityMember_zcGs5CLzknng" title="Borrowing capacity under credit agreement"><ix:nonFraction name="us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity" contextRef="AsOf2022-04-19_us-gaap_LineOfCreditMember_custom_SeniorSecuredCreditFacilityMember_us-gaap_RevolvingCreditFacilityMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">10,000</ix:nonFraction></span> thousand is available under
a revolving loan for working capital needs of the Company in the United States. The credit agreement has a term of <span id="xdx_90C_eus-gaap--DebtInstrumentTerm_c20220417__20220419__us-gaap--LongtermDebtTypeAxis__us-gaap--LineOfCreditMember__us-gaap--DebtInstrumentAxis__custom--SeniorSecuredCreditFacilityMember_zbtNaSnFfTf2" title="Debt term"><ix:nonNumeric contextRef="From2022-04-172022-04-19_us-gaap_LineOfCreditMember_custom_SeniorSecuredCreditFacilityMember" format="ixt-sec:durwordsen" name="us-gaap:DebtInstrumentTerm">120 months</ix:nonNumeric></span> which includes
standard terms and conditions customary in secured financing transactions of this nature. The principal under the term loan will bear
interest at a rate of prime plus <span id="xdx_903_eus-gaap--DebtInstrumentBasisSpreadOnVariableRate1_pid_uPure_c20220417__20220419__us-gaap--LongtermDebtTypeAxis__us-gaap--LineOfCreditMember__us-gaap--DebtInstrumentAxis__custom--SeniorSecuredCreditFacilityMember__us-gaap--VariableRateAxis__us-gaap--PrimeRateMember__us-gaap--CreditFacilityAxis__us-gaap--SecuredDebtMember_zuEeayiAOvk" title="Variable rate"><ix:nonFraction name="us-gaap:DebtInstrumentBasisSpreadOnVariableRate1" contextRef="From2022-04-172022-04-19_us-gaap_LineOfCreditMember_custom_SeniorSecuredCreditFacilityMember_us-gaap_PrimeRateMember_us-gaap_SecuredDebtMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0.750</ix:nonFraction>%</span>, the principal under the revolving loan will bear interest at a rate of prime plus <span id="xdx_90F_eus-gaap--DebtInstrumentBasisSpreadOnVariableRate1_pid_uPure_c20220417__20220419__us-gaap--LongtermDebtTypeAxis__us-gaap--LineOfCreditMember__us-gaap--DebtInstrumentAxis__custom--SeniorSecuredCreditFacilityMember__us-gaap--VariableRateAxis__us-gaap--PrimeRateMember__us-gaap--CreditFacilityAxis__us-gaap--RevolvingCreditFacilityMember_zHl7EBTZUgvg" title="Variable rate"><ix:nonFraction name="us-gaap:DebtInstrumentBasisSpreadOnVariableRate1" contextRef="From2022-04-172022-04-19_us-gaap_LineOfCreditMember_custom_SeniorSecuredCreditFacilityMember_us-gaap_PrimeRateMember_us-gaap_RevolvingCreditFacilityMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0.625</ix:nonFraction>%</span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Share
Recast</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 27, 2022, the Company&#8217;s merger between Kalera AS with its wholly-owned subsidiary Kalera S.A. became effective. As merger consideration,
the shareholders of Kalera AS received shares in Kalera S.A. The exchange ratio in the merger between Kalera AS with its wholly-owned
subsidiary Kalera S.A. was 2-to-1, meaning that two shares in Kalera AS gave the right to receive one share in Kalera S.A., resulting
in the number of shares in Kalera S.A. being approximately half the number of shares as in Kalera AS. Subsequently, the Company&#8217;s
merger between Kalera S.A. and Agrico Acquisition Corp on June 28, 2022 became effective. As merger consideration, the shareholders of
Kalera S.A. received shares in Kalera Public Limited Company in accordance with a <span id="xdx_90E_ecustom--ReverseRecapitalizationExchangeRatio_iI_pid_uPure_c20220527_zu3cYZvcYCol" title="Reverse recapitalization, exchange ratio"><ix:nonFraction name="KAL:ReverseRecapitalizationExchangeRatio" contextRef="AsOf2022-05-27" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">0.181</ix:nonFraction></span> exchange ratio, meaning that each share in Kalera
S.A. gave the right to receive <span id="xdx_90A_ecustom--ReverseRecapitalizationExchangeRatio_iI_pid_uPure_c20220527_z69gCmklYM96" title="Reverse recapitalization, exchange ratio"><ix:nonFraction name="KAL:ReverseRecapitalizationExchangeRatio" contextRef="AsOf2022-05-27" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">0.181</ix:nonFraction></span> shares of Kalera Public Limited Company. The accompanying financial statements and notes to the
financial statements give retroactive effect to these merger events for all periods presented.</span></p>
</ix:nonNumeric><p id="xdx_816_zIMQFVgqZYH6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="fff_01"></span>KALERA
PUBLIC LTD CO.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CONDENSED
CONSOLIDATED BALANCE SHEETS&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In
thousands, except share data)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellpadding="0" cellspacing="0" id="xdx_300_111_pn3n3_zQTbNfLQm2Ki" summary="xdx: Statement - Condensed Consolidated Balance Sheets" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    June 30, 2022</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_495_20211231_zvo9Z2vtY7aa" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
    31, 2021</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40E_eus-gaap--AssetsAbstract_iB" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assets</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Current
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_406_eus-gaap--CashAndCashEquivalentsAtCarryingValue_i02I_pn3n3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 64%; text-align: left; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:CashAndCashEquivalentsAtCarryingValue" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">16,146</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_407_eus-gaap--AccountsReceivableNetCurrent_i02I_pn3n3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trade
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  <tr id="xdx_409_eus-gaap--InventoryNet_i02I_pn3n3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_405_eus-gaap--PrepaidExpenseAndOtherAssetsCurrent_i02I_pn3n3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <tr id="xdx_408_eus-gaap--AssetsCurrent_i02TI_pn3n3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_404_eus-gaap--PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization_i01I_pn3n3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property,
    plant, and equipment, net</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr id="xdx_406_eus-gaap--OperatingLeaseRightOfUseAsset_i01I_pn3n3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating
    lease right-of-use assets</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr id="xdx_40A_eus-gaap--Goodwill_i01I_pn3n3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Goodwill</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr id="xdx_403_eus-gaap--IntangibleAssetsNetExcludingGoodwill_i01I_pn3n3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intangible
    assets, net</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr id="xdx_402_eus-gaap--EquityMethodInvestments_i01I_pn3n3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Equity
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:EquityMethodInvestments" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,322</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40C_eus-gaap--OtherAssetsNoncurrent_i01I_pn3n3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
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  <tr id="xdx_40D_eus-gaap--Assets_i01TI_pn3n3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
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  <tr id="xdx_40C_eus-gaap--LiabilitiesAndStockholdersEquityAbstract_iB" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liabilities
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  <tr id="xdx_409_eus-gaap--LiabilitiesCurrentAbstract_i01B" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Current
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40C_eus-gaap--AccountsPayableCurrent_i02I_pn3n3_zT53fFMABCD4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts
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  <tr id="xdx_407_eus-gaap--OtherLongTermDebtCurrent_i02I_pn3n3_zykRdckvhVx9" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financing
    obligation</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:OtherLongTermDebtCurrent" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">283</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1565">&#8212;</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_405_eus-gaap--OperatingLeaseLiabilityCurrent_i02I_pn3n3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating
    lease liabilities</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:OperatingLeaseLiabilityCurrent" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,544</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:OperatingLeaseLiabilityCurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,618</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40B_eus-gaap--AccruedSalariesCurrent_i02I_pn3n3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accrued
    salaries and wages</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:AccruedSalariesCurrent" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">689</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:AccruedSalariesCurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">717</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40C_eus-gaap--OtherAccruedLiabilitiesCurrent_i02I_pn3n3_zCrNZU1CVYOi" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accrued
    expenses</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:OtherAccruedLiabilitiesCurrent" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,915</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:OtherAccruedLiabilitiesCurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,964</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_409_eus-gaap--ConvertibleDebtCurrent_i02I_pn3n3_zV8ZI55QHaDj" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Convertible
    debt</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:ConvertibleDebtCurrent" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">10,253</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1577">&#8212;</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40F_eus-gaap--LiabilitiesCurrent_i02TI_pn3n3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    current liabilities</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:LiabilitiesCurrent" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">27,545</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:LiabilitiesCurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">14,720</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_400_eus-gaap--OtherLiabilitiesNoncurrent_i01I_pn3n3_zkRw87TM4g39" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Debt</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:OtherLiabilitiesNoncurrent" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">19,779</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:OtherLiabilitiesNoncurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">662</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_409_eus-gaap--OperatingLeaseLiabilityNoncurrent_i01I_pn3n3_zdNDm4C042j5" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-current
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:OperatingLeaseLiabilityNoncurrent" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">56,503</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:OperatingLeaseLiabilityNoncurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">57,717</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_406_eus-gaap--OtherLongTermDebt_i01I_pn3n3_z6qF1IV50KVb" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-current
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:OtherLongTermDebt" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">7,144</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1589">&#8212;</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40F_ecustom--DeferredUnderwritingFeesAndGrantsNoncurrent_i01I_pn3n3_zDM0gOLkb7o1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
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  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE
ACCOMPANYING NOTES ARE IN INTEGRAL PART OF THESE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="fff_02"></span>KALERA
PUBLIC LTD CO. AND SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In
thousands, except per share amounts)</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellpadding="0" cellspacing="0" id="xdx_30E_113_pn3n3_zBUJbG8zd4uk" summary="xdx: Statement - Condensed Consolidated Statements of Operations and Comprehensive Loss" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 95%">
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<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 44%; text-align: left; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2021-04-012021-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">489</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2022-01-01to2022-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,766</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr id="xdx_407_eus-gaap--CostOfGoodsAndServiceExcludingDepreciationDepletionAndAmortization_iN_pn3n3_di_zdzBdrJVWVPb" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cost of
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:CostOfGoodsAndServiceExcludingDepreciationDepletionAndAmortization" contextRef="From2021-04-012021-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,702</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:CostOfGoodsAndServiceExcludingDepreciationDepletionAndAmortization" contextRef="From2022-01-01to2022-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">11,279</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:CostOfGoodsAndServiceExcludingDepreciationDepletionAndAmortization" contextRef="From2021-01-012021-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,645</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
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  <tr id="xdx_406_eus-gaap--OperatingIncomeLoss_iT_pn3n3_zTOSdl9xZW0j" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <tr id="xdx_400_eus-gaap--ComprehensiveIncomeNetOfTax_iTC_pn3n3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <tr id="xdx_407_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pp0d_zDMyLTNN75rl" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weighted
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:WeightedAverageNumberOfSharesOutstandingBasic" contextRef="From2021-01-012021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="Shares">15,018</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE
ACCOMPANYING NOTES ARE IN INTEGRAL PART OF THESE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="fff_03"></span>KALERA
PUBLIC LTD CO. AND SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CONDENSED
CONSOLIDATED STATEMENTS OF SHAREHOLDERS&#8217; EQUITY</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In
thousands, except share data)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Unaudited)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"></p>

<table cellpadding="0" cellspacing="0" id="xdx_30D_114_pn3n3_zOwe64XDaUue" summary="xdx: Statement - Condensed Consolidated Statements of Shareholders&apos; Equity" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom">
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Shares</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td colspan="2" id="xdx_4B3_us-gaap--StatementEquityComponentsAxis_us-gaap--CommonStockMember_zxAuhYmC4NMj" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Amount</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
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<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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</table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE
ACCOMPANYING NOTES ARE IN INTEGRAL PART OF THESE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="fff_04"></span>KALERA
PUBLIC LTD CO. AND SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In
thousands, except share data)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Unaudited)</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" id="xdx_304_112_pn3n3_zJ5FLmXt3Tuh" summary="xdx: Statement - Condensed Consolidated Statements of Cash Flows" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_498_20220101__20220630_zmWkZHMOGR01" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_499_20210101__20210630_zklBID7is7E" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Six
    Months Ended June 30,</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40D_eus-gaap--NetCashProvidedByUsedInOperatingActivitiesAbstract_iB" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; padding-left: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
    flows - operating activities</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40B_eus-gaap--NetIncomeLoss_i01_pn3n3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; width: 64%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
    loss</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:NetIncomeLoss" contextRef="From2022-01-01to2022-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">94,973</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:NetIncomeLoss" contextRef="From2021-01-012021-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">12,580</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr id="xdx_403_eus-gaap--AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_i01B" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Adjustments
    to reconcile net loss to net cash used in operating activities:</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_400_eus-gaap--DepreciationDepletionAndAmortization_i02_pn3n3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depreciation
    and amortization</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:DepreciationDepletionAndAmortization" contextRef="From2022-01-01to2022-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">5,516</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:DepreciationDepletionAndAmortization" contextRef="From2021-01-012021-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">775</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_404_eus-gaap--OperatingLeaseExpense_i02_pn3n3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-cash
    lease expense - operating lease</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:OperatingLeaseExpense" contextRef="From2022-01-01to2022-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,959</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:OperatingLeaseExpense" contextRef="From2021-01-012021-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,824</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40E_eus-gaap--PaidInKindInterest_i02_pn3n3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-cash
    interest expense</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:PaidInKindInterest" contextRef="From2022-01-01to2022-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">253</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1911">&#8212;</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_408_eus-gaap--ShareBasedCompensation_i02_pn3n3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Share-based
    compensation expense</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:ShareBasedCompensation" contextRef="From2022-01-01to2022-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">8,797</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:ShareBasedCompensation" contextRef="From2021-01-012021-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,002</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_402_eus-gaap--GainLossOnDispositionOfAssets1_i02N_pn3n3_di_zoQ6I4xeq5v7" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loss on
    sale of assets</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:GainLossOnDispositionOfAssets1" contextRef="From2022-01-01to2022-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">194</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1917">&#8212;</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_403_eus-gaap--DeferredIncomeTaxExpenseBenefit_i02_pn3n3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
    income tax benefit</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:DeferredIncomeTaxExpenseBenefit" contextRef="From2022-01-01to2022-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">1,288</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1920">&#8212;</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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  <tr id="xdx_40A_eus-gaap--IncreaseDecreaseInOperatingCapitalAbstract_i02B" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_400_eus-gaap--IncreaseDecreaseInInventories_i03N_pn3n3_di_zpAUAQnWG46c" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <tr id="xdx_406_eus-gaap--IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets_i03N_pn3n3_di_znVYUAokaXD1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_40A_eus-gaap--IncreaseDecreaseInAccountsReceivable_i03N_pn3n3_di_zFCLI0Tfk62f" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <tr id="xdx_401_eus-gaap--IncreaseDecreaseInOtherNoncurrentAssets_i03N_pn3n3_di_zogXlqcrQ4Z8" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Account
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    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
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  <tr id="xdx_400_eus-gaap--NetCashProvidedByUsedInOperatingActivities_i01TC_pn3n3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <tr id="xdx_40E_eus-gaap--NetCashProvidedByUsedInInvestingActivitiesAbstract_iB" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_407_eus-gaap--PaymentsToAcquirePropertyPlantAndEquipment_i01N_pn3n3_di_z9dSFZYcxNdg" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Purchases
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  <tr id="xdx_40B_eus-gaap--PaymentsToAcquireBusinessesNetOfCashAcquired_i01N_pn3n3_di_z5CJswphMbIh" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_402_eus-gaap--NetCashProvidedByUsedInInvestingActivities_i01_pn3n3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <tr id="xdx_40F_eus-gaap--NetCashProvidedByUsedInFinancingActivitiesAbstract_iB" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40A_eus-gaap--ProceedsFromIssuanceOfCommonStock_i01_pn3n3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net proceeds
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  <tr id="xdx_400_ecustom--ProceedsFromGovernmentGrant_i01_pn3n3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proceeds
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1974">&#8212;</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_403_eus-gaap--ProceedsFromConvertibleDebt_i01_pn3n3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proceeds
    from issuance of convertible debt</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:ProceedsFromConvertibleDebt" contextRef="From2022-01-01to2022-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">10,000</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1977">&#8212;</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_408_ecustom--NetProceedsFromSaleOfPropertyPlantAndEquipmentForSaleLeaseback_i01_pn3n3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proceeds
    from sale of property, plant and equipment for failed sale-leaseback</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="KAL:NetProceedsFromSaleOfPropertyPlantAndEquipmentForSaleLeaseback" contextRef="From2022-01-01to2022-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">8,080</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1980">&#8212;</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40C_eus-gaap--ProceedsFromIssuanceOfDebt_i01_pn3n3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proceeds
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOfDebt" contextRef="From2022-01-01to2022-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">20,000</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1983">&#8212;</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_403_eus-gaap--PaymentsOfDebtIssuanceCosts_i01N_pn3n3_di_z1UV8GeHKa9a" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Debt
    issuance costs</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1986">&#8212;</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40A_eus-gaap--NetCashProvidedByUsedInFinancingActivities_i01TC_pn3n3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0pt; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
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    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:NetCashProvidedByUsedInFinancingActivities" contextRef="From2021-01-012021-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">29,158</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40D_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect_iTC_pn3n3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Right-of-use
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE
ACCOMPANYING NOTES ARE IN INTEGRAL PART OF THESE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="fff_05"></span>KALERA
PUBLIC LTD CO. AND SUBSIDIARIES</b></span></p>

<p id="xdx_047_20220101_20220630_xujICdQNJRk" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock"><p id="xdx_802_eus-gaap--OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_z101ItXPiPZ" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
1: <span id="xdx_82E_zRL5V59q2dHj">DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Description
of Business:</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera
Public Ltd Co. (&#8220;Kalera&#8221; or the &#8220;Company&#8221;) is the holding company of the Kalera group, originally formed in 2010.
Together with its subsidiaries, Kalera is a leading hydroponic vertical farming company. The Company utilizes proprietary technology
and plant and seed science to sustainably grow local, delicious, nutrient-rich, free from harmful pesticides, non-GMO leafy greens year-round
for the retail and food service markets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
June 30, 2022, the Company has five (<span id="xdx_908_ecustom--NumberOfLargeScaleOperatingHydroponicFarms_iI_utradingday_c20220630_zuljdL1RwbUc" title="Number of large scale hydroponic farms"><ix:nonFraction name="KAL:NumberOfLargeScaleOperatingHydroponicFarms" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="tradingday">5</ix:nonFraction></span>) large scale operating hydroponic farms (&#8220;farms&#8221; or &#8220;production facilities&#8221;)
within Colorado, Florida, Georgia, Texas and Kuwait. The Company is building new farms in several locations, including Ohio, Washington,
Hawaii, Minnesota and Singapore.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is organized as a single operating segment. Substantially all of the assets and operations of the Company are located in the
United States (&#8220;U.S.&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Business
Combination:</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 28, 2022, (the &#8220;Closing Date&#8221;), Kalera SA (f/k/a Kalera AS) consummated a previously announced business combination
(the &#8220;Business Combination&#8221;) pursuant to the business combination agreement and plan of reorganization (the &#8220;Business
Combination Agreement&#8221;) dated January 30, 2022, by and among: (i) Agrico Acquisition Corp., a Cayman Islands exempted company (together
with its successors, &#8220;Agrico&#8221;), (ii) the Company (f/k/a/ Figgreen Limited, an Irish private limited company then renamed
&#8220;Kalera Public Limited Company,&#8221; in connection with the Business Combination), (iii) Kalera Cayman Merger Sub, a Cayman Islands
exempted company (&#8220;Cayman Merger Sub&#8221;), (iv) Kalera Luxembourg Merger Sub SARL (&#8220;Lux Merger Sub&#8221; and, together
with Cayman Merger Sub, the &#8220;Merger Subs&#8221;) and (v) Kalera AS, a Norwegian private limited liability company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Merger Subs were formed solely as vehicles for consummating the Business Combination, and the Merger Subs were direct wholly owned subsidiaries
of Kalera SA. As of the Closing Date, the Merger Subs ceased to have a separate legal existence and Kalera SA became a wholly owned subsidiary
of Kalera. Shortly after the Closing Date, Agrico elected to be treated as a &#8220;disregarded entity&#8221; for U.S. federal income
tax purposes, and started its process of liquidation. Pursuant to the Business Combination Agreement:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.
On June 27, 2022, Cayman Merger Sub merged with and into Agrico, with Agrico continuing as the surviving entity and as a wholly owned
subsidiary of Kalera (the &#8220;First Merger&#8221;). Agrico issued Agrico Class A ordinary shares to Kalera (the &#8220;Agrico Share
Issuance&#8221;), and, in each case as consideration for the First Merger and the Agrico Share Issuance:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: #F6FAFD">i.
Agrico shareholders received shares in the capital of Kalera,</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii.
<span style="background-color: #F6FAFD">the holders of Agrico Warrants (as defined below) had their Agrico Warrants assumed by Kalera
and</span> a<span style="background-color: #F6FAFD">djusted to become exercisable for shares in the capital of Kalera</span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.
On the Closing Date, by way of a capital reduction (the &#8220;Kalera Capital Reduction&#8221;) pursuant to the Luxembourg Companies
Act, and in each case as consideration for the ordinary shares of Kalera SA and the Kalera SA options being cancelled and ceasing to
exist or being assumed (as applicable) upon completion of the Second Merger (as defined below):</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">i.
Kalera SA shareholders (except Kalera) received shares in the capital of Kalera:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>KALERA
PUBLIC LTD CO. AND SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii.
                                            <span style="background-color: #F6FAFD">The holders of in-the-money Kalera SA options received
                                            options in the capital of Kalera,</span> (the &#8220;Kalera Options&#8221;) and</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">iii.
<span style="background-color: #F6FAFD">Kalera SA options that were out-of-the money were</span> cancelled.</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">c.
Immediately following the <span style="background-color: #F6FAFD">Kalera Capital Reduction</span>, on the Closing Date, Lux Merger Sub
merged with and into Kalera SA, with Kalera SA as the surviving entity of the Second Merger. Kalera SA issued shares to Kalera.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Agrico
Warrants&#8221; means warrants entitling the holder thereof to purchase one Agrico ordinary share at a price of $<span id="xdx_909_ecustom--PricePerPrivateWarrant_iI_c20220627__dei--LegalEntityAxis__custom--AgricoAcquisitionCorpMember_zjRZxv0cDkW6"><ix:nonFraction name="KAL:PricePerPrivateWarrant" contextRef="AsOf2022-06-27_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">11.50</ix:nonFraction></span> per share, including
certain warrants purchased by DJCAAC LLC and Maxim Group LLC in a private placement at the time of the Agrico IPO for a purchase price
of $<span id="xdx_90C_ecustom--SaleOfWarrantPricePerShare_iI_c20220627__dei--LegalEntityAxis__custom--AgricoAcquisitionCorpMember_zwELUMH1cyXc" title="Sale of warrant price per share"><ix:nonFraction name="KAL:SaleOfWarrantPricePerShare" contextRef="AsOf2022-06-27_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">1.00</ix:nonFraction></span> per warrant, each of which is exercisable for one ordinary share.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Business Combination is accounted for as a reverse recapitalization, with no goodwill or other intangible assets recorded, in accordance
with United States (&#8220;U.S.&#8221;) generally accepted accounting principles. Under this method of accounting, Agrico is treated
as the &#8220;acquired&#8221; company for financial reporting purposes. Accordingly, for accounting purposes, the Business Combination
is treated as the equivalent of the Company issuing stock for the net assets of Agrico, accompanied by a recapitalization. The net assets
of Agrico are stated at historical cost, with no goodwill or other intangible assets recorded. Operations prior to the Business Combination
are those of the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Nature
of Operations, Liquidity and Going Concern Considerations:</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since
inception, the Company has financed its operations primarily through the sale of shares of common stock and debt financing. The Company
incurred net losses during the six months ended June 30, 2022 and 2021 of $<span id="xdx_90E_eus-gaap--NetIncomeLoss_pn3n3_c20220101__20220630_zK8dYrNvcKQ3" title="Net Income (Loss) Attributable to Parent">(<ix:nonFraction name="us-gaap:NetIncomeLoss" contextRef="From2022-01-01to2022-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">94,973</ix:nonFraction>)</span> thousand and $<span id="xdx_902_eus-gaap--NetIncomeLoss_pn3n3_c20210101__20210630_zcm1vZJuDY52" title="Net Income (Loss) Attributable to Parent">(<ix:nonFraction name="us-gaap:NetIncomeLoss" contextRef="From2021-01-012021-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">12,580</ix:nonFraction>)</span> thousand, respectively, and
has an accumulated deficit of $<span id="xdx_90F_eus-gaap--RetainedEarningsAccumulatedDeficit_iI_pn3n3_c20220630_zaNfBxYNa0Yk" title="Accumulated deficit">(<ix:nonFraction name="us-gaap:RetainedEarningsAccumulatedDeficit" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">157,579</ix:nonFraction>)</span> thousand at June 30, 2022. The Company expects to continue to generate operating losses and
consume significant cash resources for the foreseeable future. These operating losses and accumulated deficits raise substantial doubt
about the Company&#8217;s ability to continue as a going concern for a period of twelve months from the date these unaudited condensed
consolidated financial statements are issued, meaning that the Company may be unable to continue operations for the foreseeable future
or realize assets and discharge liabilities in the ordinary course of operations. The Company&#8217;s continuation as a going concern
is dependent upon its ability to obtain additional operating capital, complete development of new seeds and produce, and attain profitability.
The Company has implemented and continues to implement plans to fund its operations and finance its future development activities and
its working capital needs. However, substantial doubt about the Company&#8217;s ability to continue as a going concern still exists.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the first quarter of 2022, the Company executed a sale-leaseback transaction that raised approximately $<span id="xdx_90B_ecustom--GrossProceedsFromSaleOfPropertyPlantAndEquipmentForSaleLeaseback_pn3n3_c20220101__20220331_z9YLLcl0Zjpf" title="Gross proceeds from sale-leaseback transaction"><ix:nonFraction name="KAL:GrossProceedsFromSaleOfPropertyPlantAndEquipmentForSaleLeaseback" contextRef="From2022-01-012022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">8,100</ix:nonFraction></span> thousand. In addition,
during the first quarter of 2022 the Company entered into a convertible bridge financing facility for up to $<span id="xdx_90F_eus-gaap--DebtInstrumentFaceAmount_iI_pn3n3_c20220331__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zyJ3QvCpWmPl" title="Debt instrument face amount"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2022-03-31_us-gaap_ConvertibleDebtMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">20,000</ix:nonFraction></span> thousand with $<span id="xdx_90C_eus-gaap--ConvertibleDebtCurrent_iI_pn3n3_c20220331_zRBjPKpWEQB3" title="Convertible debt current"><ix:nonFraction name="us-gaap:ConvertibleDebtCurrent" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">10,000</ix:nonFraction></span>
thousand currently committed. During the second quarter, the Company entered into a credit agreement with Farm Credit for $<span id="xdx_907_eus-gaap--LineOfCreditFacilityMaximumBorrowingCapacity_iI_pn3n3_c20220630__us-gaap--DebtInstrumentAxis__custom--SeniorSecuredCreditFacilityMember__us-gaap--LongtermDebtTypeAxis__us-gaap--LineOfCreditMember_zQgZzlGpYAy6" title="Borrowing capacity under credit agreement"><ix:nonFraction name="us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity" contextRef="AsOf2022-06-30_custom_SeniorSecuredCreditFacilityMember_us-gaap_LineOfCreditMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">30,000</ix:nonFraction></span> thousand
with $<span id="xdx_90A_eus-gaap--DebtInstrumentFaceAmount_iI_pn3n3_c20220630__us-gaap--LongtermDebtTypeAxis__custom--LineOfCreditMembeMember__us-gaap--DebtInstrumentAxis__custom--SeniorSecuredCreditFacilityMember__us-gaap--CreditFacilityAxis__us-gaap--SecuredDebtMember_zp4Gan56itdi"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2022-06-30_custom_LineOfCreditMembeMember_custom_SeniorSecuredCreditFacilityMember_us-gaap_SecuredDebtMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">20,000</ix:nonFraction></span> thousand for capital expenditures and $<span id="xdx_906_eus-gaap--LineOfCreditFacilityMaximumBorrowingCapacity_iI_pn3n3_c20220630__us-gaap--LongtermDebtTypeAxis__custom--LineOfCreditMembeMember__us-gaap--DebtInstrumentAxis__custom--SeniorSecuredCreditFacilityMember__us-gaap--CreditFacilityAxis__us-gaap--SecuredDebtMember_z5Hg6nTJ6zS3"><ix:nonFraction name="us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity" contextRef="AsOf2022-06-30_custom_LineOfCreditMembeMember_custom_SeniorSecuredCreditFacilityMember_us-gaap_SecuredDebtMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">10,000</ix:nonFraction></span> thousand available for working capital.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the third quarter of 2022, the Company entered into a securities purchase agreement with a single institutional investor to raise approximately
$<span id="xdx_90B_ecustom--StockIssuedDuringPeriodValuePrivatePlacement_pn3n3_c20220701__20220930__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_ztfXL6y91Spf" title="Stock issued during period value private placement"><ix:nonFraction name="KAL:StockIssuedDuringPeriodValuePrivatePlacement" contextRef="From2022-07-012022-09-30_us-gaap_SubsequentEventMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">10,000</ix:nonFraction></span> thousand through a private placement. The Company is also in negotiations for a second sale-leaseback transaction along with
raising additional debt financing with a third-party lender.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Company continues to seek additional financing to fund its business activities in the future and there remains doubt about its ability
to continue as a going concern, investors or other financing sources may be unwilling to provide additional funding on commercially reasonable
terms, or at all. If the Company is unable to raise the necessary funds when needed or other strategic objectives are not achieved, it
may not be able to continue its operations, or it could be required to modify its operations, which could slow future growth.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"></p>

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    <div style="margin-right: 0pt; break-before: page; margin-top: 0pt; margin-bottom: 0pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>KALERA
                                            PUBLIC LTD CO. AND SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)</b></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying unaudited condensed consolidated financial statements have been prepared assuming the Company will continue as a going concern,
which contemplates the realization of assets and payments of liabilities in the ordinary course of business. Accordingly, the unaudited
condensed consolidated financial statements do not include any adjustments relating to the recoverability and classification of asset
carrying amounts or the amount of and classification of liabilities that may result should the Company be unable to continue as a going
concern.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="us-gaap:SignificantAccountingPoliciesTextBlock"><p id="xdx_80D_eus-gaap--SignificantAccountingPoliciesTextBlock_zDA3D1vClTj9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
2: <span><span id="xdx_823_zaEyHRT4Gd18">SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</span></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="us-gaap:BasisOfAccountingPolicyPolicyTextBlock"><p id="xdx_84C_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_zTSTzzNnBzwk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86E_zr09cJl4O9W">Basis
of Presentation</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying unaudited condensed consolidated financial statements as of June 30, 2022 and for the three and six months ended June 30,
2022 and 2021 for the Company and its subsidiaries have been prepared in accordance with accounting principles generally accepted in
the United States of America (&#8220;GAAP&#8221;) and pursuant to the rules and regulations of the Securities and Exchange Commission
(&#8220;SEC&#8221;) regarding interim financial reporting. In the opinion of management, all adjustments, consisting of normal recurring
adjustments, considered necessary for a fair presentation have been included. The condensed consolidated balance sheet as of December
31, 2021 included herein was derived from the audited financial statements as of that date.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or
omitted pursuant to such rules and regulations. As such, the information included in these unaudited condensed consolidated financial
statements should be read in conjunction with the audited consolidated financial statements and the related notes thereto as of and for
the year ended December 31, 2021. The results for the interim periods are not necessarily indicative of the results for the full year.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="us-gaap:ConsolidationPolicyTextBlock"><p id="xdx_84E_eus-gaap--ConsolidationPolicyTextBlock_zK0xVSkS30ba" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86C_zN7y8sb6BII9">Principles
of Consolidation</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries.
All intercompany transactions, balances and unrealized gains and losses have been eliminated in consolidation. The Company includes the
following wholly owned subsidiaries as of June 30, 2022:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera
Public Ltd Co.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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                                            AS</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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                                            Inc.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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                                            Acquisition Corp. Inc</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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                                            Materials, Inc.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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                                            Inc.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera
                                            GmbH (Germany)</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera
                                            S.A. (Luxembourg)</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera
                                            Real Estate Holdings, LLC</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera
                                            Singapore PTE. LTD.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera
                                            Kuwait Agricultural Company for Agricultural Contracting</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera
                                            Middle East Holding Ltd (Dubai)</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: -0.25in"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>KALERA
PUBLIC LTD CO. AND SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)</b></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="us-gaap:UseOfEstimates"><p id="xdx_843_eus-gaap--UseOfEstimates_zgzbfFlNg7fl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86A_zujNDP8dcWha">Use
of Estimates</span> </i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
preparation of the unaudited condensed consolidated financial statements in accordance with GAAP, requires management to make estimates
and judgments that affect the reported amounts of assets, liabilities, and the disclosure of contingent assets and liabilities at the
date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results
may or may not differ from those estimates.</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Significant
items subject to such estimates and assumptions include the valuation of inventory, stock-based compensation, warrants, earnout liabilities,
leases and other valuation estimates. The Company&#8217;s results can also be affected by economic, political, legislative, regulatory,
legal actions, and the global volatility and general market disruption resulting from the global COVID-19 pandemic and geopolitical tensions,
such as Russia&#8217;s recent incursion into Ukraine. Economic conditions, such as recessionary trends, inflation, interest and monetary
exchange rates, and government fiscal policies, can have a significant effect on operations. While the Company maintains reserves for
anticipated liabilities and carries various levels of insurance, the Company could be affected by civil, criminal, environmental, regulatory
or administrative actions, claims, or proceedings.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="us-gaap:LesseeLeasesPolicyTextBlock"><p id="xdx_847_eus-gaap--LesseeLeasesPolicyTextBlock_zH9Vh5lPPXvj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_863_zxgaUyes8W22">Leases</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company identifies leases by evaluating its contracts to determine if the contract conveys the right to use an identified asset for a
stated period of time in exchange for consideration. The Company considers whether it can control the underlying asset and has the right
to obtain substantially all of the economic benefits or outputs from the asset. Leases with terms greater than twelve (12) months are
classified as either operating or finance leases at the commencement date based on guidance in Accounting Standards Codification (ASC)
842, <i>Leases</i>. For these leases, the Company capitalizes the present value of the minimum lease payments including property taxes
and other common area maintenance costs over the lease terms as a right&#8211;of&#8211;use asset with an offsetting lease liability.
The discount rate used to calculate the present value of the minimum lease payments is based on an incremental borrowing rate, which
approximates the rate of interest the Company would have to pay to borrow on a collateralized basis over a similar term. The lease term
includes any noncancelable period for which the Company has the right to use the asset. Currently, all capitalized leases are classified
as operating leases and the Company records lease expense on a straight&#8211;line basis over the term of the lease.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="us-gaap:DerivativesPolicyTextBlock"><p id="xdx_847_eus-gaap--DerivativesPolicyTextBlock_zmKPOkLtPOXh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_864_z2LFaaR64S62">Earnout
Liabilities</span> </i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company values earnout liabilities related to future contingent equity shares using a Monte-Corlo model. Subsequent changes in their
respective fair values are recognized in earnings at each reporting date.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="us-gaap:RevenueRecognitionPolicyTextBlock"><p id="xdx_84F_eus-gaap--RevenueRecognitionPolicyTextBlock_zlt3vBwnZTkd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_866_zRA4wRk7n67i">Revenue
Recognition</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
Company recognizes revenue in accordance with Accounting Standards Codification (&#8220;ASC&#8221;) Topic 606, <i>Revenue from Contracts
with Customers </i>(ASC 606), the core principle of which is that an entity should recognize </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">revenue
to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects
to be entitled to receive in exchange for those goods or services. To achieve this core principle, the Company applies the following
five-step model: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the
transaction price; (4) allocate the transaction price to performance obligations in the contract; and (5) recognize revenue when or the
company satisfies a performance obligation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>KALERA
                                            PUBLIC LTD CO. AND SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)</b></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company recognizes revenue through the sale of various varieties of lettuce and micro&#8211;greens, which are sold to food retail and
distribution customers, generally with standard shipping terms. The Company&#8217;s revenue results from the delivery of products as
the single performance obligation transferred at an agreed upon price per unit. The Company recognizes revenue for the sale of products
at the point in time the performance obligation has been satisfied, which is when control of the product has transferred to the customer.
Control of the product generally occurs upon shipment or delivery to the customer based on terms of the sale.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue
is measured as the amount of consideration the Company expects to receive in exchange for delivering products. The amount of revenue
recognized is reduced for estimated returns, discounts and other customer credits. For certain contracts with distributors, customer
discounts may be uncertain at the time of transfer of the product, and in those circumstances we use our historical experience, industry
norms and input from customer to estimate the amount of revenue recorded. No significant element of financing is deemed present as the
sales are made with a credit term of thirty (30) days, which is consistent with market practice. A trade receivable is recognized when
the goods are delivered as this is the point in time that the consideration is unconditional because only the passage of time is required
before the payment is due.</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="us-gaap:PriorPeriodReclassificationAdjustmentDescription"><p id="xdx_847_eus-gaap--PriorPeriodReclassificationAdjustmentDescription_zUGbFeEfDs28" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_867_zmyuX4Mfq4v9">Reclassification</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
prior period amounts have been reclassified to conform with current period presentation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock"><p id="xdx_848_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_zAmkI8F626wi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span id="xdx_865_ziaKHg93GQi5" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Recently
Issued Accounting Pronouncements</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company adopted Accounting Standards Update (ASU) 2020-06, <i>Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives
and Hedging &#8211; Contracts in Entity&#8217;s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in
an Entity&#8217;s Own Equity </i>effective January 1, 2022<i>. </i>This ASU simplifies the accounting for certain financial instruments
with characteristics of liabilities and equity and reduces the number of accounting models for convertible debt instruments and convertible
preferred stock. As a result of the adoption of this ASU, the embedded conversion features associated with the Company&#8217;s convertible
debt entered into during the second quarter of 2022 did not require separation from the debt instrument. Refer to Note 11 for further
discussion regarding the Company&#8217;s convertible debt agreement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
other new accounting pronouncement recently issued or newly effective had or is expected to have a material impact on the unaudited condensed
consolidated financial statements<b>.</b></span></p>

</ix:nonNumeric><p id="xdx_85C_zLcoZO3xUPL1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="KAL:BusinessCombinationAndReverseRecapitalizationDisclosureTextBlock"><p id="xdx_80D_ecustom--BusinessCombinationAndReverseRecapitalizationDisclosureTextBlock_zhK6Ob9TfF4c" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
3: <span id="xdx_829_zwOO6ojBPcRk">BUSINESS COMBINATION</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
the Closing Date, the parties to the Business Combination Agreement consummated the Business Combination.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holders
of <span id="xdx_90F_eus-gaap--StockRepurchasedDuringPeriodShares_c20220101__20220630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__dei--LegalEntityAxis__custom--AgricoAcquisitionCorpMember_z9rXyNgoCuNh" title="Stock repurchased during period shares"><ix:nonFraction name="us-gaap:StockRepurchasedDuringPeriodShares" contextRef="From2022-01-012022-06-30_us-gaap_CommonClassAMember_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">14,347,974</ix:nonFraction></span> Class A ordinary shares of Agrico exercised their right to redeem such shares for cash at a price of approximately $<span id="xdx_90B_ecustom--StockRepurchasedDuringPeriodPricePerShare_c20220101__20220630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__dei--LegalEntityAxis__custom--AgricoAcquisitionCorpMember_zp4alfwWDnz3" title="Stock repurchased during period price per share"><ix:nonFraction name="KAL:StockRepurchasedDuringPeriodPricePerShare" contextRef="From2022-01-012022-06-30_us-gaap_CommonClassAMember_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">10.21</ix:nonFraction></span>
per share for aggregate payments of approximately $<span id="xdx_905_eus-gaap--StockRepurchasedDuringPeriodValue_pn5n6_c20220101__20220630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__dei--LegalEntityAxis__custom--AgricoAcquisitionCorpMember_zq42h0RBfz46" title="Stock repurchased during  period, value"><ix:nonFraction name="us-gaap:StockRepurchasedDuringPeriodValue" contextRef="From2022-01-012022-06-30_us-gaap_CommonClassAMember_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">146.6</ix:nonFraction></span> million. On the Closing Date:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">i.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
                                            aggregate of <span id="xdx_906_ecustom--StockConvertedReverseRecapitalization_pid_c20220101__20220630__dei--LegalEntityAxis__custom--AgricoAcquisitionCorp.Member__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zNQeLUfVkCPc"><ix:nonFraction name="KAL:StockConvertedReverseRecapitalization" contextRef="From2022-01-012022-06-30_custom_AgricoAcquisitionCorp.Member_us-gaap_CommonClassAMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">170,776</ix:nonFraction></span> Agrico Class A shares were exchanged for an equivalent number of Kalera
                                            ordinary shares;</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
                                            aggregate of <span id="xdx_909_ecustom--StockConvertedReverseRecapitalization_pid_c20220101__20220630__dei--LegalEntityAxis__custom--AgricoAcquisitionCorp.Member__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zHxMTYHmxpF6" title="Stock converted reverse recapitalization"><ix:nonFraction name="KAL:StockConvertedReverseRecapitalization" contextRef="From2022-01-012022-06-30_custom_AgricoAcquisitionCorp.Member_us-gaap_CommonClassBMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,796,875</ix:nonFraction></span> Agrico Class B shares were converted into Agrico A shares on a one-for-one
                                            basis and were further exchanged for an equivalent number of Kalera ordinary shares;</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: -0.25in"></p>

<ix:exclude><!-- Field: Page; Sequence: 180; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->38<!-- Field: /Sequence --></td></tr></table></div>
    <div style="margin-right: 0pt; break-before: page; margin-top: 0pt; margin-bottom: 0pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: -0.25in"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>KALERA
                                            PUBLIC LTD CO. AND SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)</b></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: -0.25in"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">iii.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
                                            aggregate of <span id="xdx_90E_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_pid_c20220101__20220630__srt--CounterpartyNameAxis__custom--MaximGroupLLCMember_zfBFeOw0UERl" title="Shares issued (in shares)"><ix:nonFraction name="us-gaap:SaleOfStockNumberOfSharesIssuedInTransaction" contextRef="From2022-01-012022-06-30_custom_MaximGroupLLCMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">275,000</ix:nonFraction></span> Kalera ordinary shares were issued to Maxim Group LLC as part of the
                                            settlement agreement (see Note 14);</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">iv.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
                                            aggregate of <span id="xdx_90D_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_pid_c20220630__us-gaap--ClassOfWarrantOrRightAxis__custom--PrivatePlacementWarrantsMember_zlLaaMHgtY27" title="Sale of warrants (in Shares)"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightOutstanding" contextRef="AsOf2022-06-30_custom_PrivatePlacementWarrantsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">7,250,000</ix:nonFraction></span> warrants issued by Agrico in a private placement at the time of Agrico&#8217;s
                                            initial public offering were exchanged for an equivalent number of public warrants of Agrico
                                            (the &#8220;Converted Agrico Warrants&#8221;) (see Note 16);</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">v.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
                                            aggregate of <span id="xdx_900_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_pid_c20220630__dei--LegalEntityAxis__custom--AgricoAcquisitionCorpMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zgqnejK8PCnj" title="Class of warrant or right outstanding"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightOutstanding" contextRef="AsOf2022-06-30_custom_AgricoAcquisitionCorpMember_us-gaap_IPOMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">7,187,500</ix:nonFraction></span> warrants issued by Agrico in connection with its initial public offering
                                            and the Converted Agrico Warrants were exchanged for an equivalent number of public warrants
                                            of Kalera (the &#8220;Kalera Warrants&#8221;) (see Note 16);</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">vi.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
                                            aggregate of <span id="xdx_90D_ecustom--StockConvertedReverseRecapitalization_pid_c20220101__20220630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember__dei--LegalEntityAxis__custom--KaleraSAMember_zyQAmjDpprHk" title="Number of shares exchanged or converted (in shares)"><ix:nonFraction name="KAL:StockConvertedReverseRecapitalization" contextRef="From2022-01-012022-06-30_us-gaap_CommonStockMember_custom_KaleraSAMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">105,719,212</ix:nonFraction></span> Kalera SA ordinary shares were exchanged for <span id="xdx_90D_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_pid_c20220628__20220628__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zje9NhM9mAEe" title="Shares issued (in shares)"><ix:nonFraction name="us-gaap:SaleOfStockNumberOfSharesIssuedInTransaction" contextRef="From2022-06-282022-06-28_us-gaap_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">19,135,177</ix:nonFraction></span> Kalera ordinary
                                            shares;</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">vii.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            debt holders&#8217; option to convert any amount of the then-outstanding unpaid principal
                                            and accrued interest under the Note (as defined below) became effective (see Note 12);</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">viii.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
                                            aggregate of <span id="xdx_90E_ecustom--StockConvertedReverseRecapitalization_pid_c20220101__20220630__us-gaap--ClassOfWarrantOrRightAxis__custom--EarnoutSharesMember__dei--LegalEntityAxis__custom--KaleraSAMember_zg0yQvemdMW8" title="Number of shares exchanged or converted (in shares)"><ix:nonFraction name="KAL:StockConvertedReverseRecapitalization" contextRef="From2022-01-012022-06-30_custom_KaleraSAMember_custom_EarnoutSharesMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">4,000,000</ix:nonFraction></span> in-the-money Kalera SA options were exchanged for <span id="xdx_907_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_pid_c20220101__20220630__us-gaap--ClassOfWarrantOrRightAxis__custom--KaleraOptionsMember_zF6wJF19dbFk" title="Shares issued (in shares)"><ix:nonFraction name="us-gaap:SaleOfStockNumberOfSharesIssuedInTransaction" contextRef="From2022-01-012022-06-30_custom_KaleraOptionsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">364,000</ix:nonFraction></span> Kalera options
                                            (see note 9);</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ix.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera
                                            SA options that were out-of-the money were cancelled with an offer to be replaced by new
                                            options of Kalera (see Note 9); and</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">x.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
                                            to the Contingent Value Rights Agreement (as defined below) CVR holders became entitled to
                                            receive <span id="xdx_90C_eus-gaap--PreferredStockConvertibleSharesIssuable_iI_pid_c20220630_zuODl97fAwe9" title="Number of shares issuable (in shares)"><ix:nonFraction name="us-gaap:PreferredStockConvertibleSharesIssuable" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,858,966</ix:nonFraction></span> Kalera ordinary shares upon achievement of each one of the two milestones
                                            set forth under the agreement (see Note 15).</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Reverse
Recapitalization</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
discussed in Note 1 - Description of Business, on June 28, 2022, Agrico completed the Recapitalization Transaction. The Business Combination
is accounted for as a reverse recapitalization in accordance with U.S. GAAP. Under this method of accounting, Agrico was treated as the
&#8220;acquired&#8221; company for financial reporting purposes. Accordingly, for accounting purposes, the Business Combination was treated
as the equivalent of Kalera issuing stock for the net assets of Agrico, accompanied by a recapitalization. The net assets of Agrico are
stated at historical cost, with no goodwill or other intangible assets recorded.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="KAL:ScheduleOfReverseRecapitalizationTableTextBlock"><p id="xdx_895_ecustom--ScheduleOfReverseRecapitalizationTableTextBlock_zkn3GsvfUffh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table reconciles the elements of the Business Combination to the consolidated statements of stockholders&#8217; equity and
cash flows for the three and six months ended June 30, 2022:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B5_zx28u6jdEub6" style="display: none">SCHEDULE
OF REVERSE RECAPITALIZATION</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Recapitalization
    Transaction</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 80%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash - Agrico
    trust and cash, net of redemptions</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_ecustom--CashAcquiredThroughReverseRecapitalization_pn3n3_c20220401__20220630_z42Dmj8GfuL6" title="Cash - Agrico trust and cash, net of redemptions"><span id="xdx_908_ecustom--CashAcquiredThroughReverseRecapitalization_pn3n3_c20220101__20220630_zBccP0yAALtl" title="Cash - Agrico trust and cash, net of redemptions"><ix:nonFraction name="KAL:CashAcquiredThroughReverseRecapitalization" contextRef="From2022-04-012022-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD"><ix:nonFraction name="KAL:CashAcquiredThroughReverseRecapitalization" contextRef="From2022-01-01to2022-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">311</ix:nonFraction></ix:nonFraction></span></span></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-cash net liabilities assumed
    from Agrico</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<span id="xdx_908_eus-gaap--NoncashOrPartNoncashAcquisitionValueOfLiabilitiesAssumed1_pn3n3_c20220401__20220630_zMH3lYBvgbSf" title="Non-cash net liabilities assumed from Agrico"><span id="xdx_908_eus-gaap--NoncashOrPartNoncashAcquisitionValueOfLiabilitiesAssumed1_pn3n3_c20220101__20220630_zMJ0NOUrQNtf" title="Non-cash net liabilities assumed from Agrico"><ix:nonFraction name="us-gaap:NoncashOrPartNoncashAcquisitionValueOfLiabilitiesAssumed1" contextRef="From2022-04-012022-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD"><ix:nonFraction name="us-gaap:NoncashOrPartNoncashAcquisitionValueOfLiabilitiesAssumed1" contextRef="From2022-01-01to2022-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">5,745</ix:nonFraction></ix:nonFraction></span></span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-cash
    net assets assumed from Agrico</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_eus-gaap--NoncashOrPartNoncashAcquisitionValueOfAssetsAcquired1_pn3n3_c20220401__20220630_zVN5ziQAZNW7" title="Non-cash net assets assumed from Agrico"><span id="xdx_909_eus-gaap--NoncashOrPartNoncashAcquisitionValueOfAssetsAcquired1_pn3n3_c20220101__20220630_zEMpDALtnaD1" title="Non-cash net assets assumed from Agrico"><ix:nonFraction name="us-gaap:NoncashOrPartNoncashAcquisitionValueOfAssetsAcquired1" contextRef="From2022-04-012022-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD"><ix:nonFraction name="us-gaap:NoncashOrPartNoncashAcquisitionValueOfAssetsAcquired1" contextRef="From2022-01-01to2022-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">34</ix:nonFraction></ix:nonFraction></span></span></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
    impact on total stockholders&#8217; equity</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<span id="xdx_90B_ecustom--ReverseRecapitalizationNet_pn3n3_c20220401__20220630_zAXhOSvIsBfi" title="Net impact on total stockholders&apos; equity"><span id="xdx_909_ecustom--ReverseRecapitalizationNet_pn3n3_c20220101__20220630_zs86FkLO7m8k" title="Net impact on total stockholders&apos; equity"><ix:nonFraction name="KAL:ReverseRecapitalizationNet" contextRef="From2022-04-012022-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD"><ix:nonFraction name="KAL:ReverseRecapitalizationNet" contextRef="From2022-01-01to2022-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">5,400</ix:nonFraction></ix:nonFraction></span></span></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p>

</ix:nonNumeric><p id="xdx_8AC_zWDsDF9unV35" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="us-gaap:InventoryDisclosureTextBlock"><p id="xdx_802_eus-gaap--InventoryDisclosureTextBlock_zzZMR6ZObhTd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
4: <span id="xdx_82D_z4ffm8U6Ump4">INVENTORY</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s inventory consists of finished goods from farming production, raw materials and supplies used in the farming production,
and work&#8211;in process farming production. Raw materials and supplies are comprised of seeds, nutrients, and packaging for finished
goods. Work&#8211;in&#8211;process and finished goods include in&#8211;process and ready&#8211;to&#8211;eat lettuce varieties and micro&#8211;greens,
including the packaging for the finished product.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"></p>

<ix:exclude><!-- Field: Page; Sequence: 181; Value: 1 -->
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    <div style="margin-right: 0pt; break-before: page; margin-top: 0pt; margin-bottom: 0pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>KALERA
                                            PUBLIC LTD CO. AND SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)</b></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"></p><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="us-gaap:ScheduleOfInventoryCurrentTableTextBlock"><p id="xdx_893_eus-gaap--ScheduleOfInventoryCurrentTableTextBlock_zJBLOR7rTPQ9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BE_z3NluJkZLbve" style="display: none">SCHEDULE
                                                                                        OF INVENTORY</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
    thousands</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_49D_20220630_zjXNMsDrYFi3" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unaudited
    June 30, 2022</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_49D_20211231_zEgIzzgBJKvc" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
    31, 2021</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40F_eus-gaap--InventoryRawMaterialsAndSuppliesNetOfReserves_iI_pn3n3_maINzJuo_zbvl299Oehz1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 64%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Raw materials
    and supplies</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:InventoryRawMaterialsAndSuppliesNetOfReserves" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">21</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:InventoryRawMaterialsAndSuppliesNetOfReserves" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">456</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40D_eus-gaap--InventoryWorkInProcessNetOfReserves_iI_pn3n3_maINzJuo_zMzLFRdtJ6nd" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Work in process</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:InventoryWorkInProcessNetOfReserves" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">437</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:InventoryWorkInProcessNetOfReserves" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">76</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_403_eus-gaap--InventoryFinishedGoodsNetOfReserves_iI_pn3n3_maINzJuo_zMs3JEk6Xzef" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Finished goods</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:InventoryFinishedGoodsNetOfReserves" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">718</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:InventoryFinishedGoodsNetOfReserves" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">658</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40F_eus-gaap--InventoryNet_iTI_pn3n3_mtINzJuo_z1xm55IuPHol" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    inventories</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:InventoryNet" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,176</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:InventoryNet" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,190</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8AF_zN66jVuF6mg4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock"><p id="xdx_80C_eus-gaap--PropertyPlantAndEquipmentDisclosureTextBlock_zrHrZKI9fuc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
5: <span id="xdx_820_zAWMcAYf12x3">PROPERTY, PLANT AND EQUIPMENT</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="us-gaap:PropertyPlantAndEquipmentTextBlock"><p id="xdx_892_eus-gaap--PropertyPlantAndEquipmentTextBlock_zLUxZZAfNic3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property,
plant and equipment, net, consists of the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B5_zkry2d6ruko4" style="display: none">SCHEDULE
OF PROPERTY PLANT AND EQUIPMENT</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
    thousands</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_492_20220630_zUqJwZIo9s88" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unaudited
    June 30, 2022</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_49F_20211231_zaxVWFwtF063" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
    31, 2021</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40B_eus-gaap--PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--BuildingMember_zBO3BzcmF4lc" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 64%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Production facilities</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization" contextRef="AsOf2022-06-30_us-gaap_BuildingMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">88,397</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization" contextRef="AsOf2021-12-31_us-gaap_BuildingMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">55,824</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40E_eus-gaap--PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_zf4pNPkPOew3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furniture, fittings &amp;
    equipment</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization" contextRef="AsOf2022-06-30_us-gaap_FurnitureAndFixturesMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">5,447</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization" contextRef="AsOf2021-12-31_us-gaap_FurnitureAndFixturesMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">5,336</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_401_eus-gaap--PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__srt--IndustrialPropertyMember_zu0mbsONd5zb" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Industrial property</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2129">&#8212;</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization" contextRef="AsOf2021-12-31_srt_IndustrialPropertyMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,670</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_401_eus-gaap--PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--VehiclesMember_zXrWlDFmkjaj" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vehicles</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization" contextRef="AsOf2022-06-30_us-gaap_VehiclesMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">531</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization" contextRef="AsOf2021-12-31_us-gaap_VehiclesMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">378</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_401_eus-gaap--PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--AssetUnderConstructionMember_z7Qsd5ccsRw9" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assets under construction</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization" contextRef="AsOf2022-06-30_us-gaap_AssetUnderConstructionMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">57,852</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization" contextRef="AsOf2021-12-31_us-gaap_AssetUnderConstructionMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">68,168</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_404_eus-gaap--PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAccumulatedDepreciationAndAmortization_iNI_pn3n3_di_z1gCx5NYNdfj" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Less: accumulated depreciation</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAccumulatedDepreciationAndAmortization" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">7,971</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAccumulatedDepreciationAndAmortization" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">5,214</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr id="xdx_40F_eus-gaap--PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization_iTI_pn3n3_zCpqaDHzTAh2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    property, plant and equipment, net</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">144,256</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">128,162</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8AF_zCnC6T8T6V32" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depreciation
expense for the three and six months ended June 30, 2022 amounted to $<span id="xdx_90F_eus-gaap--Depreciation_pn3n3_c20220401__20220630_zxoD9Y6tLwo7" title="Depreciation"><ix:nonFraction name="us-gaap:Depreciation" contextRef="From2022-04-012022-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,765</ix:nonFraction></span> thousand and $<span id="xdx_905_eus-gaap--Depreciation_pn3n3_c20220101__20220630_z38sw645k6Fe" title="Depreciation"><ix:nonFraction name="us-gaap:Depreciation" contextRef="From2022-01-01to2022-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,757</ix:nonFraction></span> thousand, respectively, compared to 2021
that amounted to $<span id="xdx_900_eus-gaap--Depreciation_pn3n3_c20210401__20210630_zccZZV0sNi72" title="Depreciation"><ix:nonFraction name="us-gaap:Depreciation" contextRef="From2021-04-012021-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">332</ix:nonFraction></span> thousand and $<span id="xdx_906_eus-gaap--Depreciation_pn3n3_c20210101__20210630_zK46VsaSr7F3" title="Depreciation"><ix:nonFraction name="us-gaap:Depreciation" contextRef="From2021-01-012021-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">500</ix:nonFraction></span> thousand for the three and six months ended June 30, 2021, respectively.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="us-gaap:LesseeOperatingLeasesTextBlock"><p id="xdx_80A_eus-gaap--LesseeOperatingLeasesTextBlock_z41jLIjmqFe5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
6: <span id="xdx_82A_zlpnEXQ21FWa">LEASES</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s leases do not provide an implicit borrowing rate, thus the Company uses an estimated incremental borrowing rate in determining
the present value of lease liabilities. The estimated incremental borrowing rate is derived from information available at the lease commencement
date. For the quarter ended June 30, 2022 and 2021, the weighted average incremental borrowing rate for the leases is <span id="xdx_903_eus-gaap--OperatingLeaseWeightedAverageDiscountRatePercent_iI_pid_dp_c20220630_zYAzLSHcrzu9" title="Weighted average incremental borrowing rate"><ix:nonFraction name="us-gaap:OperatingLeaseWeightedAverageDiscountRatePercent" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">7.66</ix:nonFraction></span>% and <span id="xdx_90F_eus-gaap--OperatingLeaseWeightedAverageDiscountRatePercent_iI_pid_dp_c20210630_zNDeXZlOanNl" title="Weighted average incremental borrowing rate"><ix:nonFraction name="us-gaap:OperatingLeaseWeightedAverageDiscountRatePercent" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">9.14</ix:nonFraction></span>%,
respectively and the weighted average lease term for operating leases is <span id="xdx_908_eus-gaap--OperatingLeaseWeightedAverageRemainingLeaseTerm1_iI_dtY_c20220630_zXqIKoOJazFc" title="Weighted average lease term"><ix:nonNumeric contextRef="AsOf2022-06-30" format="ixt-sec:duryear" name="us-gaap:OperatingLeaseWeightedAverageRemainingLeaseTerm1">18.21</ix:nonNumeric></span> years and <span id="xdx_901_eus-gaap--OperatingLeaseWeightedAverageRemainingLeaseTerm1_iI_dtY_c20210630_zJlu2uzw8Mu6" title="Weighted average lease term"><ix:nonNumeric contextRef="AsOf2021-06-30" format="ixt-sec:duryear" name="us-gaap:OperatingLeaseWeightedAverageRemainingLeaseTerm1">18.74</ix:nonNumeric></span> years, respectively. Future minimum lease
payments as of June 30, 2022 are as follows:</span></p>

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OF FUTURE MINIMUM LEASE PAYMENTS</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td id="xdx_49C_20220630_zsTP5P5yvqTf" style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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<tr id="xdx_40E_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_iI_pn3n3_maLOLLPzOdh_zYZQAxAMa32c" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearThree" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">5,259</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40B_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearFour_iI_pn3n3_maLOLLPzOdh_zMXGkoqQ8pE2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2025</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearFour" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">5,346</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2026</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearFive" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">5,425</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40E_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive_iI_pn3n3_maLOLLPzOdh_zRlpz7j9Noz4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Thereafter</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">86,294</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40B_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iTI_pn3n3_mtLOLLPzOdh_z8oI0pefP2g1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total undiscounted operating
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Less:
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    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityUndiscountedExcessAmount" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">50,986</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Present
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  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p>

</ix:nonNumeric><p id="xdx_8A5_z5vQZFMMJ5ri" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"></p>

<ix:exclude><!-- Field: Page; Sequence: 182; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->40<!-- Field: /Sequence --></td></tr></table></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>KALERA
PUBLIC LTD CO. AND SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)</b></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="us-gaap:BusinessCombinationDisclosureTextBlock"><p id="xdx_80E_eus-gaap--BusinessCombinationDisclosureTextBlock_zFJJ0ly67SI9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
7: <span id="xdx_829_zz68bPWHKQFa">GOODWILL AND BUSINESS ACQUISITIONS</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Vindara
Acquisition</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company purchased <span id="xdx_901_eus-gaap--BusinessAcquisitionPercentageOfVotingInterestsAcquired_iI_pid_dp_c20210310__us-gaap--BusinessAcquisitionAxis__custom--VindaraIncMember_zxMGpnFOoWU" title="Percentage of outstanding equity acquired"><ix:nonFraction name="us-gaap:BusinessAcquisitionPercentageOfVotingInterestsAcquired" contextRef="AsOf2021-03-10_custom_VindaraIncMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>% of the outstanding equity of Vindara Inc. (&#8220;Vindara&#8221;) on March 10, 2021 for a purchase price of $<span id="xdx_903_ecustom--BusinessCombinationConsiderationTransferredNetOfCashAcquired_iI_pn3n3_c20210309__20210310__us-gaap--BusinessAcquisitionAxis__custom--VindaraIncMember_zAydM0nyzBvf" title="Purchase price, net of cash"><ix:nonFraction name="KAL:BusinessCombinationConsiderationTransferredNetOfCashAcquired" contextRef="From2021-03-092021-03-10_custom_VindaraIncMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">22,592</ix:nonFraction></span>
thousand, net of cash acquired. Vindara is a leader in seed development for indoor farming facilities. This vertical integration acquisition
is expected to generate both significant operational synergies and product expansion capabilities for the Company. The results of Vindara&#8217;s
operations as of and after the date of the acquisition are included with the Company&#8217;s results in the accompanying consolidated
financial statements. The acquisition method of accounting was used by the Company for the business combination utilizing a discounted
cash flow method utilizing estimates and assumptions made by the Company at the time of the acquisition to record the assets and liabilities
acquired.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company incurred acquisition related costs of $<span id="xdx_902_eus-gaap--BusinessCombinationAcquisitionRelatedCosts_pn3n3_c20210309__20210310__us-gaap--BusinessAcquisitionAxis__custom--VindaraIncMember_zQgjZaDLJNga" title="Acquisition related costs"><ix:nonFraction name="us-gaap:BusinessCombinationAcquisitionRelatedCosts" contextRef="From2021-03-092021-03-10_custom_VindaraIncMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">300</ix:nonFraction></span> thousand in connection with this acquisition recorded within selling, general and
administrative expenses in the consolidated statements of operations. This goodwill is assigned to the whole Company and is not deductible
for tax purposes. The expected economic life of the acquired identifiable assets is <span id="xdx_90C_eus-gaap--AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife_dcxL_c20210309__20210310__us-gaap--BusinessAcquisitionAxis__custom--VindaraIncMember_zNzPsjHyJrk9" title="Expected economic life of acquired identifiable assets::XDX::P10Y">ten</span> years.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
purchase price of $<span id="xdx_906_ecustom--BusinessCombinationConsiderationTransferredNetOfCashAcquired_pn3n3_c20210309__20210310__us-gaap--BusinessAcquisitionAxis__custom--VindaraIncMember_zuTfjvGOdSR3" title="Purchase price, net of cash"><ix:nonFraction name="KAL:BusinessCombinationConsiderationTransferredNetOfCashAcquired" contextRef="From2021-03-092021-03-10_custom_VindaraIncMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">22,592</ix:nonFraction></span> thousand, net of cash of $<span id="xdx_905_eus-gaap--CashAcquiredFromAcquisition_pn3n3_c20210309__20210310__us-gaap--BusinessAcquisitionAxis__custom--VindaraIncMember_z2ewUvshPit" title="Cash"><ix:nonFraction name="us-gaap:CashAcquiredFromAcquisition" contextRef="From2021-03-092021-03-10_custom_VindaraIncMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">37</ix:nonFraction></span> thousand was paid in cash for $<span id="xdx_906_eus-gaap--PaymentsToAcquireBusinessesNetOfCashAcquired_pn3n3_c20210309__20210310__us-gaap--BusinessAcquisitionAxis__custom--VindaraIncMember_z29tizds96T3" title="Payment for acquisition, net of cash acquired"><ix:nonFraction name="us-gaap:PaymentsToAcquireBusinessesNetOfCashAcquired" contextRef="From2021-03-092021-03-10_custom_VindaraIncMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">14,213</ix:nonFraction></span> thousand and $<span id="xdx_90C_eus-gaap--BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndIssuable_pn3n3_c20210309__20210310__us-gaap--BusinessAcquisitionAxis__custom--VindaraIncMember_zzq9E7LF0yOe" title="Value of shares issued as consideration"><ix:nonFraction name="us-gaap:BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndIssuable" contextRef="From2021-03-092021-03-10_custom_VindaraIncMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">8,379</ix:nonFraction></span> thousand in shares were
issued as consideration. The fair value of the shares of common stock issued reflects a discount for lack of marketability given the
restriction on sale of the shares by the sellers for a minimum period of time following the close of the acquisition.</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="us-gaap:ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock"><p id="xdx_893_eus-gaap--ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock_zm4vizG2S6le" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
on the Company&#8217;s analysis of Vindara&#8217;s assets and liabilities, the allocation of the purchase price to the identifiable assets
and liabilities is set out below:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BD_zdNn0QczcXi9" style="display: none">SCHEDULE
OF IDENTIFIABLE ASSETS AND LIABILITIES ASSUMED</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td id="xdx_49F_20210310__us-gaap--BusinessAcquisitionAxis__custom--VindaraIncMember_zG3ksTMzow0i" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASSETS
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">LIABILITIES
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FAIR VALUE
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"></p>

</ix:nonNumeric><p id="xdx_8A1_zpug5THtfBf1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"></p>

<ix:exclude><!-- Field: Page; Sequence: 183; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>KALERA
PUBLIC LTD CO. AND SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)</b></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            goodwill balance at June 30, 2022 and December 31, 2021 is attributed to other businesses
                                            the Company acquired during the year ended December 31, 2021. The change in the goodwill
                                            balance during the three and six months ended June 30, 2022 is driven by foreign currency
                                            translation adjustments related to wholly owned subsidiaries of $<span id="xdx_908_eus-gaap--GoodwillForeignCurrencyTranslationGainLoss_pn3n3_c20220101__20220630_zHZSW0m5wDr7" title="Goodwill foreign currency translation gain (loss)"><ix:nonFraction name="us-gaap:GoodwillForeignCurrencyTranslationGainLoss" contextRef="From2022-01-01to2022-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">4,169</ix:nonFraction></span> thousand where their
                                            functional currency is not the U.S. dollar and an adjustment related to goodwill impairment
                                            of $<span id="xdx_904_eus-gaap--GoodwillImpairmentLoss_iN_pn3n3_di_c20220101__20220630_z2ELqFvh5EZ1" title="Goodwill impairment loss">(<ix:nonFraction name="us-gaap:GoodwillImpairmentLoss" contextRef="From2022-01-01to2022-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">64,252</ix:nonFraction>)</span> thousand, described below.</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="us-gaap:ScheduleOfBusinessAcquisitionsByAcquisitionTextBlock"><p id="xdx_89D_eus-gaap--ScheduleOfBusinessAcquisitionsByAcquisitionTextBlock_zJsEn2h9cwQk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B1_zhhJxT5PJ16f" style="display: none">SCHEDULE
OF GOODWILL ACQUIRED</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Goodwill attributed to the
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    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:Goodwill" contextRef="AsOf2021-12-31_custom_KaleraGmbHMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">47,982</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:Goodwill" contextRef="AsOf2022-06-30_custom_KaleraMiddleEastMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">5,853</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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</ix:nonNumeric><p id="xdx_8AD_zcVGfK1DzTMd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Goodwill
Impairment</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
of the June 30, 2022 stock price decrease, reporting of losses and decline in current market valuation of companies in the industry,
management concluded that impairment indicators were present and thus performed a quantitative analysis of our long-lived assets and
goodwill. Based on the difference between the Company&#8217;s market capitalization versus the Company computed value on June 30, 2022,
the Company recognized a goodwill impairment loss of $<span id="xdx_90B_eus-gaap--GoodwillImpairmentLoss_iN_pn3n3_di_c20220101__20220630_zJh4oca3Rm6h" title="Goodwill impairment loss"><span id="xdx_909_eus-gaap--GoodwillImpairmentLoss_iN_pn3n3_di_c20220401__20220630_zjf38thOfSk" title="Goodwill impairment loss">(<ix:nonFraction name="us-gaap:GoodwillImpairmentLoss" contextRef="From2022-01-01to2022-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD"><ix:nonFraction name="us-gaap:GoodwillImpairmentLoss" contextRef="From2022-04-012022-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">64,252</ix:nonFraction></ix:nonFraction>)</span></span> thousand for the three and six months ended June 30, 2022 compared to
$<span id="xdx_905_eus-gaap--DerivativeLossOnDerivative_pn3n3_c20220101__20220630_zxg8ur01SWph" title="Change in fair value of earnout liabilities"><span id="xdx_908_eus-gaap--DerivativeLossOnDerivative_pn3n3_c20220401__20220630_zNPQvVGej1U8" title="Change in fair value of earnout liabilities"><ix:nonFraction name="us-gaap:DerivativeLossOnDerivative" contextRef="From2022-01-01to2022-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD"><ix:nonFraction name="us-gaap:DerivativeLossOnDerivative" contextRef="From2022-04-012022-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">0</ix:nonFraction></ix:nonFraction></span></span> thousand in the comparable prior year periods.</span></p>
<!-- Field: Split-Segment; Name: 003 -->
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="us-gaap:IntangibleAssetsDisclosureTextBlock"><p id="xdx_80B_eus-gaap--IntangibleAssetsDisclosureTextBlock_z98EcHi5af7a" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
8: <span id="xdx_82E_z1k3ULdJz7q2">INTANGIBLE ASSETS</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span>&#160;</span></b></span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="us-gaap:ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock"><p id="xdx_893_eus-gaap--ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock_zdq3ftwMC7w4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; display: none"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span>&#160;<span id="xdx_8BF_zFWH97dArh8f">SCHEDULE
OF INTANGIBLE ASSETS</span></span></b></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td id="xdx_49D_20220630_zzdoBN56nKe9" style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td id="xdx_49D_20211231_zgkLH5S4ULF1" style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsGross" contextRef="AsOf2022-06-30_us-gaap_TechnologyBasedIntangibleAssetsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">56,874</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsAccumulatedAmortization" contextRef="AsOf2022-06-30_us-gaap_TechnologyBasedIntangibleAssetsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,091</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr id="xdx_407_eus-gaap--FiniteLivedIntangibleAssetsNet_iI_pn3n3_hus-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--TechnologyBasedIntangibleAssetsMember_zg9Kz880fhpc" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsNet" contextRef="AsOf2022-06-30_us-gaap_TechnologyBasedIntangibleAssetsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">53,783</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsNet" contextRef="AsOf2021-12-31_us-gaap_TechnologyBasedIntangibleAssetsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">61,132</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_406_eus-gaap--FiniteLivedIntangibleAssetsGross_iI_pn3n3_hus-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--IntellectualPropertyMember_zdl8epMM6Vfh" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intellectual property</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsGross" contextRef="AsOf2021-12-31_us-gaap_IntellectualPropertyMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">9,250</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40C_eus-gaap--FiniteLivedIntangibleAssetsAccumulatedAmortization_iNI_pn3n3_di_hus-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--IntellectualPropertyMember_zHKEm1PHEOva" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Less:
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  <tr id="xdx_400_eus-gaap--FiniteLivedIntangibleAssetsNet_iI_pn3n3_hus-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--IntellectualPropertyMember_zL3iLMFACOfa" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_406_eus-gaap--FiniteLivedIntangibleAssetsNet_iI_pn3n3_hus-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--PatentsLicensesAndSoftwareDevelopmentMember_zraIN6tX2Jxd" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsNet" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">64,335</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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</ix:nonNumeric><p id="xdx_8A3_zOIwRMC2WDyl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"></p>

<ix:exclude><!-- Field: Page; Sequence: 184; Value: 1 -->
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    <div style="margin-right: 0pt; break-before: page; margin-top: 0pt; margin-bottom: 0pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>KALERA
PUBLIC LTD CO. AND SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)</b></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amortization
expense for the three and six months ended June 30, 2022 amounted to $<span id="xdx_907_eus-gaap--AmortizationOfIntangibleAssets_pn3n3_c20220401__20220630_zQpv5VCMSjpe" title="Amortization expense"><ix:nonFraction name="us-gaap:AmortizationOfIntangibleAssets" contextRef="From2022-04-012022-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,374</ix:nonFraction></span> thousand and $<span id="xdx_90D_eus-gaap--AmortizationOfIntangibleAssets_pn3n3_c20220101__20220630_z9MAgi0g4JQl" title="Amortization expense"><ix:nonFraction name="us-gaap:AmortizationOfIntangibleAssets" contextRef="From2022-01-01to2022-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,760</ix:nonFraction></span> thousand, respectively. Amortization
expense on intangible assets for the three and six months ended June 30, 2021 amounted to $<span id="xdx_90D_eus-gaap--AmortizationOfIntangibleAssets_pn3n3_c20210401__20210630_zCPJQjB1HJ8b" title="Amortization expense"><span id="xdx_90A_eus-gaap--AmortizationOfIntangibleAssets_pn3n3_c20210101__20210630_zN84q2JTn15" title="Amortization expense"><ix:nonFraction name="us-gaap:AmortizationOfIntangibleAssets" contextRef="From2021-04-012021-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD"><ix:nonFraction name="us-gaap:AmortizationOfIntangibleAssets" contextRef="From2021-01-012021-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">275</ix:nonFraction></ix:nonFraction></span></span> thousand. Estimated amortization expense
for each of the five succeeding years is as follows:</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="us-gaap:ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock"><p id="xdx_89A_eus-gaap--ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock_z0f5z0a9FoUc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BB_z7Tq4hdCb3Jj" style="display: none">SCHEDULE
OF EXPECTED AMORTIZATION EXPENSES</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98C_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive_iI_pn3n3_c20220630_zKholuOjqh44" title="Thereafter" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">39,355</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98A_eus-gaap--FiniteLivedIntangibleAssetsNet_iI_pn3n3_c20220630_zr1ErN2OYnv9" title="Total" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsNet" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">64,335</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A0_zriI6sl2ZyA2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="KAL:ScheduleOfWeightedAverageAmortizationTableTextBlock"><p id="xdx_89D_ecustom--ScheduleOfWeightedAverageAmortizationTableTextBlock_zYHlQeaV8oHc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
weighted average amortization period remaining as of June 30, 2022 is as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BF_zB6We40ricld">SCHEDULE
OF WEIGHTED AVERAGE AMORTIZATION</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 80%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intellectual property</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 20%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_eus-gaap--FiniteLivedIntangibleAssetsRemainingAmortizationPeriod1_dtY_c20220101__20220630__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--IntellectualPropertyMember_z1PvkODjwZNb" title="Weighted average remaining amortization period"><ix:nonNumeric contextRef="From2022-01-012022-06-30_us-gaap_IntellectualPropertyMember" format="ixt-sec:duryear" name="us-gaap:FiniteLivedIntangibleAssetsRemainingAmortizationPeriod1">9.00</ix:nonNumeric></span> years</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Technology</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Patents, licences and software
    development</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_eus-gaap--FiniteLivedIntangibleAssetsRemainingAmortizationPeriod1_dtY_c20220101__20220630__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--PatentsLicensesAndSoftwareDevelopmentMember_zubrtUqrhqIe" title="Weighted average remaining amortization period"><ix:nonNumeric contextRef="From2022-01-012022-06-30_custom_PatentsLicensesAndSoftwareDevelopmentMember" format="ixt-sec:duryear" name="us-gaap:FiniteLivedIntangibleAssetsRemainingAmortizationPeriod1">4.50</ix:nonNumeric></span> years</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8AC_znitEzNbOHz5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock"><p id="xdx_80D_eus-gaap--DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock_zKj1LnHZ8gAi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
9: <span id="xdx_829_z8NdKcmu4U37">SHARE-BASED COMPENSATION</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
stock-based compensation expense was $<span id="xdx_900_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20220401__20220630_zOwgLVFFuzy3" title="Stock based compensation expense"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2022-04-012022-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">785</ix:nonFraction></span> thousand and $<span id="xdx_905_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20220101__20220630_z6JPObas7uEl" title="Stock based compensation expense"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2022-01-01to2022-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">8,797</ix:nonFraction></span> thousand for the three and six months ended June 30, 2022, respectively,
compared to $<span id="xdx_903_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20210401__20210630_zwolS0KZckwi" title="Stock based compensation expense"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2021-04-012021-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">568</ix:nonFraction></span> thousand and $<span id="xdx_906_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20210101__20210630_zxrSoGqMam6j" title="Stock based compensation expense"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2021-01-012021-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,002</ix:nonFraction></span> thousand for the three and six months ended June 30, 2021, respectively. These amounts are included
within selling, general and administrative expenses on the accompanying condensed consolidated statements of operations and comprehensive
loss for the three and six months ended June 30, 2022 and June 30, 2021, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
computation of the expense associated with share-based compensation requires the use of certain valuation models. The Company currently
uses a Black-Scholes option pricing model to calculate the fair value of its stock options. The Black-Scholes model requires the use
of assumptions regarding the volatility of the Company&#8217;s common stock, the expected life of the stock award, and the dividend ratio.
The volatility assumptions are based on the Company&#8217;s life-to-date historical volatility since inception. The risk-free rates are
based on similar term U.S. Treasury rates in effect at the time of the stock grant. The expected stock option life represents the period
of time that the stock options granted are expected to be outstanding and is based on historical experience. Share-based compensation
expense is recognized only for those stock-based awards expected to vest.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
part of the Business Combination Agreement, each out-of-the-money company option that is outstanding at the Closing Date shall be cancelled
for no consideration, other than the right to receive new options in a future date. As of June 30, 2022 all out-of-the-money options
were cancelled and <span id="xdx_904_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iI_dxL_c20220630__us-gaap--AwardTypeAxis__custom--OutOfTheMoneyOptionMember__us-gaap--TypeOfArrangementAxis__custom--BusinessCombinationAgreementMember_z59KBm2u7Fdk" title="Options outstanding::XDX::0"><span style="-sec-ix-hidden: xdx2ixbrl2371">zero</span></span> options are outstanding. The Company recorded stock based compensation expenses of $<span id="xdx_90D_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20220401__20220630__us-gaap--AwardTypeAxis__custom--OutOfTheMoneyOptionMember__us-gaap--TypeOfArrangementAxis__custom--BusinessCombinationAgreementMember_zp7ktDfZYss8" title="Stock based compensation expense"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2022-04-012022-06-30_custom_OutOfTheMoneyOptionMember_custom_BusinessCombinationAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">7,200</ix:nonFraction></span> thousand for the three
months ended June 30, 2022 to reflect the unrecognized fair market value of the cancelled options. Additionally, an aggregate of <span id="xdx_900_ecustom--StockConvertedReverseRecapitalization_pid_c20220101__20220630__dei--LegalEntityAxis__custom--KaleraSAMember__us-gaap--ClassOfWarrantOrRightAxis__custom--EarnoutSharesMember_zdoK0iek8aO" title="Number of shares exchanged or converted"><ix:nonFraction name="KAL:StockConvertedReverseRecapitalization" contextRef="From2022-01-012022-06-30_custom_KaleraSAMember_custom_EarnoutSharesMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">4,000,000</ix:nonFraction></span>
in-the-money Kalera AS options were exchanged for <span id="xdx_908_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_pid_c20220101__20220630__us-gaap--ClassOfWarrantOrRightAxis__custom--KaleraOptionsMember_z95ToYV7Q82c" title="Shares issued"><ix:nonFraction name="us-gaap:SaleOfStockNumberOfSharesIssuedInTransaction" contextRef="From2022-01-012022-06-30_custom_KaleraOptionsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">364,000</ix:nonFraction></span> Kalera Options at the Business Combination date .</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="us-gaap:AssetRetirementObligationDisclosureTextBlock"><p id="xdx_807_eus-gaap--AssetRetirementObligationDisclosureTextBlock_zAzCWPwiLVW6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
10: <span id="xdx_825_zJXm4jWrgtog">ASSET RETIREMENT OBLIGATIONS</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has asset retirement obligations as a result of its farming production facilities which are often located in leased spaces. The
Company builds vertical farming production facilities within leased space including growing racks, electrical systems, water systems,
storage areas, and production lines. The lease agreements often require the Company to return the leased space to its original state
upon vacating the space at the end of the lease term.</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"></p>

<ix:exclude><!-- Field: Page; Sequence: 185; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->43<!-- Field: /Sequence --></td></tr></table></div>
    <div style="margin-right: 0pt; break-before: page; margin-top: 0pt; margin-bottom: 0pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>KALERA
PUBLIC LTD CO. AND SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)</b></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company estimates asset retirement obligations which includes the total cost of disposing of the farming production facility and equipment
from the leased space at the end of the lease term. The Company records the asset retirement obligations at fair value in accordance
with ASC 410&#8211;20, <i>Asset Retirement Obligations</i>. The asset retirement obligation is valued using the Company&#8217;s incremental
borrowing rate and is accreted over the expected lease term. The Company capitalizes the future cost of the retirement activities as
part of the carrying amount of the farming production facilities at the in&#8211;service date. The asset is then depreciated on a straight&#8211;line
basis over the expected lease term of the space.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="us-gaap:ScheduleOfAssetRetirementObligationsTableTextBlock"><p id="xdx_89D_eus-gaap--ScheduleOfAssetRetirementObligationsTableTextBlock_z47zdvixYZSf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table provides all changes to the company&#8217;s asset retirement obligations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BE_zxcl70FKQSz7" style="display: none">SCHEDULE
OF ASSET RETIREMENT OBLIGATIONS</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In thousands</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 80%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Asset retirement
    obligations at December 31, 2020</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td id="xdx_98E_eus-gaap--AssetRetirementObligation_iS_pn3n3_c20210101__20210331_z1FELzmNOCij" title="Beginning, asset retirement obligation" style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:AssetRetirementObligation" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">588</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accretion
    expenses</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_980_eus-gaap--AssetRetirementObligationAccretionExpense_pn3n3_c20210101__20210331_z5Gmiu3DI8Ri" title="Accretion expenses" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:AssetRetirementObligationAccretionExpense" contextRef="From2021-01-012021-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">5</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Asset retirement obligations
    at March 31, 2021</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_986_eus-gaap--AssetRetirementObligation_iS_pn3n3_c20210401__20210630_zCAeOWaca3ge" title="Beginning, asset retirement obligation" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:AssetRetirementObligation" contextRef="AsOf2021-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">593</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accretion
    expenses</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_986_eus-gaap--AssetRetirementObligationAccretionExpense_pn3n3_c20210401__20210630_z04rESPrr0yc" title="Accretion expenses" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:AssetRetirementObligationAccretionExpense" contextRef="From2021-04-012021-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">13</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Asset
    retirement obligations at June 30, 2021</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td id="xdx_981_eus-gaap--AssetRetirementObligation_iE_pn3n3_c20210401__20210630_zi4ziAx3xzT7" title="Ending, asset retirement obligation" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:AssetRetirementObligation" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">606</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Asset retirement obligations
    at December 31, 2021</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td id="xdx_987_eus-gaap--AssetRetirementObligation_iS_pn3n3_c20220101__20220331_z6oiVfyr7aw6" title="Beginning, asset retirement obligation" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:AssetRetirementObligation" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,527</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accretion
    expenses</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_982_eus-gaap--AssetRetirementObligationAccretionExpense_pn3n3_c20220101__20220331_zEX2z5shQOde" title="Accretion expenses" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:AssetRetirementObligationAccretionExpense" contextRef="From2022-01-012022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">63</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Asset retirement obligations
    at March 31, 2022</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98F_eus-gaap--AssetRetirementObligation_iS_pn3n3_c20220401__20220630_zgxGCJ5EP96" title="Beginning, asset retirement obligation" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:AssetRetirementObligation" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,590</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accretion
    expenses</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_985_eus-gaap--AssetRetirementObligationAccretionExpense_pn3n3_c20220401__20220630_zk2ZZpszQLH4" title="Accretion expenses" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:AssetRetirementObligationAccretionExpense" contextRef="From2022-04-012022-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">32</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Asset
    retirement obligations at June 30, 2022</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td id="xdx_987_eus-gaap--AssetRetirementObligation_iE_pn3n3_c20220401__20220630_zThsZJBwsW26" title="Ending, asset retirement obligation" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:AssetRetirementObligation" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,622</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8AA_z2rlxdIgDAb8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="us-gaap:IncomeTaxDisclosureTextBlock"><p id="xdx_80A_eus-gaap--IncomeTaxDisclosureTextBlock_zMgNMG6O74M3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
11: <span id="xdx_82C_zW5uYSR2b9Q5">INCOME TAXES</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s effective income tax rate was <span id="xdx_903_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_pid_dp_c20220401__20220630_z8G94mPk4mRl" title="Effective income tax rate"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateContinuingOperations" contextRef="From2022-04-012022-06-30" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0.7</ix:nonFraction></span>% and <span id="xdx_90C_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_pid_dp_c20220101__20220630_zR3QEMPpMjOb" title="Effective income tax rate"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateContinuingOperations" contextRef="From2022-01-01to2022-06-30" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">1.3</ix:nonFraction></span>% for the three and six months ended June 30, 2022, respectively and <span id="xdx_901_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_pid_dp_c20210401__20210630_zdiPCdDXjIKj" title="Effective income tax rate"><span id="xdx_904_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_pid_dp_c20210101__20210630_zKfYMzrXonbe" title="Effective income tax rate"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateContinuingOperations" contextRef="From2021-04-012021-06-30" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateContinuingOperations" contextRef="From2021-01-012021-06-30" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0.0</ix:nonFraction></ix:nonFraction></span></span>% for
the three and six months ended June 30, 2021, respectively. The variance from the U.S. federal statutory rate of <span id="xdx_906_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_c20220401__20220630_zqE3ys5McgGh" title="Federal statutory rate"><span id="xdx_90D_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_c20220101__20220630_ziWY0ohhnJb7" title="Federal statutory rate"><span id="xdx_90A_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_c20210401__20210630_zt2sZT6JhH5e" title="Federal statutory rate"><span id="xdx_90E_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_c20210101__20210630_zmgcCu2195Qe" title="Federal statutory rate"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" contextRef="From2022-04-012022-06-30" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" contextRef="From2022-01-01to2022-06-30" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" contextRef="From2021-04-012021-06-30" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" contextRef="From2021-01-012021-06-30" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">21</ix:nonFraction></ix:nonFraction></ix:nonFraction></ix:nonFraction></span></span></span></span>% for the three and
six months ended June 30, 2022 and June 30, 2021, was primarily attributable to increases in the Company&#8217;s valuation allowance
largely driven by increases in the Company&#8217;s net operating loss carryforwards.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s income tax provision is impacted by a valuation allowance on the Company&#8217;s net deferred tax assets, net of reversing
taxable temporary differences and considering future annual limitations on net operating loss carryforward utilization enacted by U.S.
tax reform legislation. The Company maintains a valuation allowance on its net deferred tax assets for all periods presented as the Company
cannot be certain that future taxable income will be sufficient to realize its deferred tax assets. Valuation allowances are provided
against deferred tax assets when, based on all available evidence, it is considered more likely than not that some portion or all the
recorded deferred tax assets will not be realized in future periods.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"></p>

<ix:exclude><!-- Field: Page; Sequence: 186; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->44<!-- Field: /Sequence --></td></tr></table></div>
    <div style="margin-right: 0pt; break-before: page; margin-top: 0pt; margin-bottom: 0pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>KALERA
                                            PUBLIC LTD CO. AND SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)</b></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="KAL:ConvertibleLoanDisclosureTextBlock"><p id="xdx_80F_ecustom--ConvertibleLoanDisclosureTextBlock_zpiuVAPGX628" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
12: <span id="xdx_820_zLvL1QvBpYzb">CONVERTIBLE LOAN</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 4, 2022, the Company entered into a secured convertible promissory note agreement (the &#8220;Note&#8221;) with third parties in
the amount of $<span id="xdx_905_eus-gaap--ConvertibleDebtCurrent_iI_pn3n3_c20220304_zfk7965R0n82" title="Convertible debt, current"><ix:nonFraction name="us-gaap:ConvertibleDebtCurrent" contextRef="AsOf2022-03-04" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">10,000</ix:nonFraction></span> thousand, with a commitment of up to $<span id="xdx_90B_eus-gaap--DebtInstrumentFaceAmount_iI_pn3n3_c20220304__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zOIXvRI5sMwi" title="Debt instrument, face amount"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2022-03-04_us-gaap_ConvertibleDebtMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">20,000</ix:nonFraction></span> thousand. All unpaid principal, fees, and accrued interest is due
and payable in full one year from the loan funding date of March 8, 2022. Interest is accrued at a payment in kind annual rate of <span id="xdx_90B_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20220304__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zTHWpSRDbauf" title="Debt instrument, interest rate, stated percentage"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2022-03-04_us-gaap_ConvertibleDebtMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">8.0</ix:nonFraction></span>%.
The loan is secured by all tangible assets, intangible assets, and capital stock. Each holder has the right to convert the outstanding
unpaid principal including accrued interest into ordinary shares at the conversion price of $<span id="xdx_90E_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_c20220304__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zG56LumrVAzi" title="Debt instrument convertible, conversion price1"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleConversionPrice1" contextRef="AsOf2022-03-04_us-gaap_ConvertibleDebtMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">10.00</ix:nonFraction></span> per share. The debt holders have the
option to convert any amount of the then-outstanding unpaid principal and accrued interest (the &#8220;Conversion Amount&#8221;), into
the number of fully paid and non-assessable ordinary shares of the Issuer&#8217;s successor and assign arising pursuant to the Transaction
(the &#8220;Conversion Shares&#8221;) determined by dividing the Conversion Amount by the Conversion Price ($<span id="xdx_908_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_c20220304__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zfeXgd8nXoOd" title="Debt instrument convertible, conversion price1"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleConversionPrice1" contextRef="AsOf2022-03-04_us-gaap_ConvertibleDebtMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">10.00</ix:nonFraction></span>) then in effect. In
addition, the agreement also calls for any adjustments to the conversion in the event of a stock split, dividend or distribution is declared.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
previously mentioned, the Company adopted ASU 2020-06 and concluded that the Note was accounted for as debt, with no bifurcation of the
embedded conversion feature. The effective interest rate for the Note is <span id="xdx_901_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20220630__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zI57y7hGxYQl" title="Debt instrument, interest rate, effective percentage"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateEffectivePercentage" contextRef="AsOf2022-06-30_us-gaap_ConvertibleDebtMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">8.0</ix:nonFraction></span>% per annum and the interest expense incurred during the
three and six months ended June 30, 2022 amounted to $<span id="xdx_90B_eus-gaap--InterestExpenseDebt_pn3n3_c20220401__20220630__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zpbjsGTIzoS8" title="Interest expense, debt"><ix:nonFraction name="us-gaap:InterestExpenseDebt" contextRef="From2022-04-012022-06-30_us-gaap_ConvertibleDebtMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">202</ix:nonFraction></span> thousand and $<span id="xdx_90F_eus-gaap--InterestExpenseDebt_pn3n3_c20220101__20220630__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zQUbJzBOcdb5" title="Interest expense, debt"><ix:nonFraction name="us-gaap:InterestExpenseDebt" contextRef="From2022-01-012022-06-30_us-gaap_ConvertibleDebtMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">253</ix:nonFraction></span> thousand which is included within the convertible loan balance
on the accompanying unaudited condensed consolidated balance sheet at June 30, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="us-gaap:DebtDisclosureTextBlock"><p id="xdx_80D_eus-gaap--DebtDisclosureTextBlock_zy8Hqm9fTmTh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
13: <span id="xdx_82C_zVhskNLxO3Qi">DEBT</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 14, 2022, Kalera Inc. (a wholly owned subsidiary), as borrower, entered into the Farm Credit Loan and Security Agreement with Farm
Credit of Central Florida, ACA (&#8220;Farm Credit&#8221;), under which Farm Credit agreed to make (i) revolving loans in an aggregate
principal amount up to $<span id="xdx_907_eus-gaap--LineOfCreditFacilityMaximumBorrowingCapacity_iI_pn6n6_c20220414__us-gaap--DebtInstrumentAxis__custom--SeniorSecuredCreditFacilityMember__us-gaap--LongtermDebtTypeAxis__us-gaap--LineOfCreditMember_zDb9JzWEc2Ki" title="Borrowing capacity under credit agreement"><ix:nonFraction name="us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity" contextRef="AsOf2022-04-14_custom_SeniorSecuredCreditFacilityMember_us-gaap_LineOfCreditMember" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="USD">10</ix:nonFraction></span> million and (ii) one or more term loans in an aggregate principal amount up to $<span id="xdx_905_eus-gaap--DebtInstrumentFaceAmount_iI_pn6n6_c20220414__us-gaap--CreditFacilityAxis__us-gaap--SecuredDebtMember__us-gaap--DebtInstrumentAxis__custom--SeniorSecuredCreditFacilityMember__us-gaap--LongtermDebtTypeAxis__us-gaap--LineOfCreditMember_zakQFLu7yvI2" title="Borrowing capacity under convertible bridge financing facility"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2022-04-14_us-gaap_SecuredDebtMember_custom_SeniorSecuredCreditFacilityMember_us-gaap_LineOfCreditMember" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="USD">20</ix:nonFraction></span> million.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
revolving facility under the Farm Credit Loan and Security Agreement matures on the second anniversary of the date of the agreement,
unless commitments thereunder are terminated earlier in accordance with the terms of the agreement. The term loan facility may be drawn
upon within the first <span id="xdx_90C_eus-gaap--DebtInstrumentTerm_dxL_c20220413__20220414__us-gaap--DebtInstrumentAxis__custom--SeniorSecuredCreditFacilityMember__us-gaap--LongtermDebtTypeAxis__us-gaap--LineOfCreditMember_zPqNwgGdUoil" title="Debt term::XDX::P24M"><span style="-sec-ix-hidden: xdx2ixbrl2445">24</span></span> months of the Farm Credit Loan and Security Agreement and matures on the tenth anniversary of such agreement.
Each revolving loan will bear interest at an annual rate equal to the prime rate plus <span id="xdx_909_eus-gaap--DebtInstrumentBasisSpreadOnVariableRate1_pid_dp_c20220413__20220414__us-gaap--CreditFacilityAxis__us-gaap--RevolvingCreditFacilityMember__us-gaap--DebtInstrumentAxis__custom--SeniorSecuredCreditFacilityMember__us-gaap--LongtermDebtTypeAxis__us-gaap--LineOfCreditMember__us-gaap--VariableRateAxis__us-gaap--PrimeRateMember_zbCI9AUuveQ8" title="Variable rate"><ix:nonFraction name="us-gaap:DebtInstrumentBasisSpreadOnVariableRate1" contextRef="From2022-04-132022-04-14_us-gaap_RevolvingCreditFacilityMember_custom_SeniorSecuredCreditFacilityMember_us-gaap_LineOfCreditMember_us-gaap_PrimeRateMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0.625</ix:nonFraction></span>% and each term loan will bear interest at
an annual rate equal to the prime rate plus <span id="xdx_905_eus-gaap--DebtInstrumentBasisSpreadOnVariableRate1_pid_dp_c20220413__20220414__us-gaap--CreditFacilityAxis__us-gaap--SecuredDebtMember__us-gaap--DebtInstrumentAxis__custom--SeniorSecuredCreditFacilityMember__us-gaap--LongtermDebtTypeAxis__us-gaap--LineOfCreditMember__us-gaap--VariableRateAxis__us-gaap--PrimeRateMember_zDqvhAk9rvE3" title="Variable rate"><ix:nonFraction name="us-gaap:DebtInstrumentBasisSpreadOnVariableRate1" contextRef="From2022-04-132022-04-14_us-gaap_SecuredDebtMember_custom_SeniorSecuredCreditFacilityMember_us-gaap_LineOfCreditMember_us-gaap_PrimeRateMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0.75</ix:nonFraction></span>%. The interest rate of the term loan at June 30, 2022 is <span id="xdx_90A_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_c20220630__us-gaap--DebtInstrumentAxis__custom--SeniorSecuredCreditFacilityMember__us-gaap--LongtermDebtTypeAxis__us-gaap--LineOfCreditMember_zyQo6rC2KWlf" title="Payment in kind interest rate"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2022-06-30_custom_SeniorSecuredCreditFacilityMember_us-gaap_LineOfCreditMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">5.50</ix:nonFraction></span>% per annum with an outstanding
balance of $<span id="xdx_90C_eus-gaap--LongTermDebt_iI_pn3n3_c20220630_zyvt9AgqejL4" title="Long- term debt"><ix:nonFraction name="us-gaap:LongTermDebt" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">20,000</ix:nonFraction></span> thousand and maturity period is between July 2024 and July 2032. The Company incurred debt issuance costs of $<span id="xdx_90A_eus-gaap--DeferredFinanceCostsNet_iI_pn3n3_c20220414__us-gaap--DebtInstrumentAxis__custom--SeniorSecuredCreditFacilityMember__us-gaap--LongtermDebtTypeAxis__us-gaap--LineOfCreditMember_zoLy7bhuzZTh" title="Debt issuance costs incurred"><ix:nonFraction name="us-gaap:DeferredFinanceCostsNet" contextRef="AsOf2022-04-14_custom_SeniorSecuredCreditFacilityMember_us-gaap_LineOfCreditMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">352</ix:nonFraction></span>
thousand related to the Farm Credit Loan. During the three and six months ended June 30, 2022, amortization of debt issuance costs amounted
to $<span id="xdx_903_eus-gaap--AmortizationOfFinancingCosts_pn3n3_c20220401__20220630__us-gaap--DebtInstrumentAxis__custom--SeniorSecuredCreditFacilityMember__us-gaap--LongtermDebtTypeAxis__us-gaap--LineOfCreditMember_zMWueq62F19" title="Amortization of debt issuance costs"><span id="xdx_907_eus-gaap--AmortizationOfFinancingCosts_pn3n3_c20220101__20220630__us-gaap--DebtInstrumentAxis__custom--SeniorSecuredCreditFacilityMember__us-gaap--LongtermDebtTypeAxis__us-gaap--LineOfCreditMember_zKpbo9VTWYXk" title="Amortization of debt issuance costs"><ix:nonFraction name="us-gaap:AmortizationOfFinancingCosts" contextRef="From2022-04-012022-06-30_custom_SeniorSecuredCreditFacilityMember_us-gaap_LineOfCreditMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD"><ix:nonFraction name="us-gaap:AmortizationOfFinancingCosts" contextRef="From2022-01-012022-06-30_custom_SeniorSecuredCreditFacilityMember_us-gaap_LineOfCreditMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">7</ix:nonFraction></ix:nonFraction></span></span> thousand. As of June 30, 2022 there was $<span id="xdx_90D_eus-gaap--DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet_iI_pn3n3_c20220630__us-gaap--DebtInstrumentAxis__custom--SeniorSecuredCreditFacilityMember__us-gaap--LongtermDebtTypeAxis__us-gaap--LineOfCreditMember_z7xptDWPDX4k" title="Unamortized debt issuance costs"><ix:nonFraction name="us-gaap:DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet" contextRef="AsOf2022-06-30_custom_SeniorSecuredCreditFacilityMember_us-gaap_LineOfCreditMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">345</ix:nonFraction></span> thousand of unamortized debt issuance costs included in Debt in the accompanying unaudited
condensed consolidated balance sheets. Interest expense incurred during the three and six months ended June 30, 2022 amounted to $<span id="xdx_906_eus-gaap--InterestExpenseDebt_pn3n3_c20220401__20220630__us-gaap--DebtInstrumentAxis__custom--SeniorSecuredCreditFacilityMember__us-gaap--LongtermDebtTypeAxis__us-gaap--LineOfCreditMember_zU2DsDuZSVbd" title="Interest expense"><span id="xdx_905_eus-gaap--InterestExpenseDebt_pn3n3_c20220101__20220630__us-gaap--DebtInstrumentAxis__custom--SeniorSecuredCreditFacilityMember__us-gaap--LongtermDebtTypeAxis__us-gaap--LineOfCreditMember_zfCyl2mJFgY" title="Interest expense"><ix:nonFraction name="us-gaap:InterestExpenseDebt" contextRef="From2022-04-012022-06-30_custom_SeniorSecuredCreditFacilityMember_us-gaap_LineOfCreditMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD"><ix:nonFraction name="us-gaap:InterestExpenseDebt" contextRef="From2022-01-012022-06-30_custom_SeniorSecuredCreditFacilityMember_us-gaap_LineOfCreditMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">97</ix:nonFraction></ix:nonFraction></span></span>
thousand which is included within the Debt balance on the accompanying unaudited condensed consolidated balance sheet at June 30, 2022.
Interest payments on quarterly basis staring on June 1st, 2022 and principal payment quarterly starting on July 1st, 2024 until January
1st 2032. Future minimum principal payments as of June 30, 2022 are as follows:</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="us-gaap:ScheduleOfMaturitiesOfLongTermDebtTableTextBlock"><p id="xdx_89F_eus-gaap--ScheduleOfMaturitiesOfLongTermDebtTableTextBlock_zCzbUHgbzW31" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span id="xdx_8B5_z0O1c1bAIgU9" style="display: none">SCHEDULE OF FUTURE MINIMUM PRINCIPAL PAYMENTS</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
    thousands</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reminder of 2022</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td id="xdx_98B_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear_iI_pn3n3_c20220630_zH9pmGzdWeGe" title="Remainder of 2022" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2469">&#8212;</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_982_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_iI_pn3n3_c20220630_zz3NjPcrLJr9" title="2023" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2471">&#8212;</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 80%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2024</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_986_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_iI_pn3n3_c20220630_zDFsOzqIVRJ7" title="2024" style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,250</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2025</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98B_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_iI_pn3n3_c20220630_zwgCSfmSEtN6" title="2025" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,500</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2026</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_982_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour_iI_pn3n3_c20220630_zjscvuZpwaB" title="2026" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,500</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Thereafter</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98D_ecustom--LongTermDebtMaturityAfterYearFour_iI_pn3n3_c20220630_zglEhRtKROzd" title="Thereafter" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="KAL:LongTermDebtMaturityAfterYearFour" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">13,750</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td id="xdx_986_eus-gaap--LongTermDebt_iI_pn3n3_c20220630_zbyr6gDgcoYi" title="Total future minimum principal payments" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:LongTermDebt" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">20,000</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A9_zMnTiYatQjC4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
obligations under the Farm Credit Loan and Security Agreement are required to be guaranteed by all existing and future subsidiaries of
the borrower other than Kalera Real Estate Holdings LLC. The obligations under the Farm Credit Loan and Security Agreement are secured
by a continuing security interest and lien in substantially all of assets and property of the loan parties, as more fully described in
the Farm Credit Loan and Security Agreement, except for any Excluded Assets (as defined in the Farm Credit Loan and Security Agreement).
Excluded Assets include, among others, as specified in the agreement, the loan parties&#8217; real property, and any &#8220;intent-to-use&#8221;
application for registration of a trademark.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"></p>

<ix:exclude><!-- Field: Page; Sequence: 187; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->45<!-- Field: /Sequence --></td></tr></table></div>
    <div style="margin-right: 0pt; break-before: page; margin-top: 0pt; margin-bottom: 0pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>KALERA
PUBLIC LTD CO. AND SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)</b></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Farm Credit Loan and Security Agreement contains customary affirmative and negative covenants, including, among other things, restrictions
on indebtedness, liens, investments, mergers, dispositions, and dividends and other distributions. The Farm Credit Loan and Security
Agreement requires compliance with certain financial covenants. These financial covenants include (a) a minimum Liquidity (as defined
in the Farm Credit Loan and Security Agreement), (ii) a maximum Consolidated Funded Debt to Capital Ratio (as defined in the Farm Credit
Loan and Security Agreement), and (iii) a maximum Consolidated Funded Debt to EBITDA Ratio (as defined in the Farm Credit Loan and Security
Agreement). So long as any term loans are outstanding under the agreement, commencing with the fiscal quarter ending June 30, 2022, on
a quarterly basis, the borrower would be required to maintain a minimum Liquidity equal to the projected scheduled aggregate principal
and interest payments with respect to the term loan for the <span id="xdx_90E_ecustom--DebtInstrumentCovenantTerm_dxL_c20220101__20220630__us-gaap--DebtInstrumentAxis__custom--SeniorSecuredCreditFacilityMember__us-gaap--LongtermDebtTypeAxis__us-gaap--LineOfCreditMember_zkfqeWThxFZf" title="Covenant term::XDX::P3Y"><span style="-sec-ix-hidden: xdx2ixbrl2483">three</span></span>-year period immediately following such fiscal quarter end. On a yearly
basis, commencing with the fiscal year ending December 31, 2022, the borrower would be required, as of the end of each fiscal year, to
maintain a maximum Consolidated Funded Debt to Capital Ratio of forty-five percent (<span id="xdx_90E_ecustom--DebtInstrumentCovenantConsolidatedFundedDebtToCapitalRatioPercentage_iI_pid_dp_uPure_c20220630__us-gaap--DebtInstrumentAxis__custom--SeniorSecuredCreditFacilityMember__us-gaap--LongtermDebtTypeAxis__us-gaap--LineOfCreditMember_z7sCjX1yLpz7" title="Percentage of consolidated funded debt to capital ratio"><ix:nonFraction name="KAL:DebtInstrumentCovenantConsolidatedFundedDebtToCapitalRatioPercentage" contextRef="AsOf2022-06-30_custom_SeniorSecuredCreditFacilityMember_us-gaap_LineOfCreditMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">45</ix:nonFraction></span>%). On a yearly basis, commencing with the fiscal
year ending December 31, 2024, the borrower would be required, as of the end of each fiscal year, to maintain a maximum Consolidated
Funded Debt to EBITDA Ratio of <span id="xdx_901_ecustom--DebtInstrumentCovenantConsolidatedFundedDebtToEBITDARatioMaximum_iI_c20220630__us-gaap--DebtInstrumentAxis__custom--SeniorSecuredCreditFacilityMember__us-gaap--LongtermDebtTypeAxis__us-gaap--LineOfCreditMember__srt--RangeAxis__srt--MaximumMember_zAyg2emfqbLf" title="Maximum consolidated funded debt to EBITDA ratio"><ix:nonFraction name="KAL:DebtInstrumentCovenantConsolidatedFundedDebtToEBITDARatioMaximum" contextRef="AsOf2022-06-30_custom_SeniorSecuredCreditFacilityMember_us-gaap_LineOfCreditMember_srt_MaximumMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">3.25</ix:nonFraction></span> to <span id="xdx_90E_ecustom--DebtInstrumentCovenantConsolidatedFundedDebtToEBITDARatioMaximum_iI_c20220630__us-gaap--DebtInstrumentAxis__custom--SeniorSecuredCreditFacilityMember__us-gaap--LongtermDebtTypeAxis__us-gaap--LineOfCreditMember_zX76oBhlYpn4"><ix:nonFraction name="KAL:DebtInstrumentCovenantConsolidatedFundedDebtToEBITDARatioMaximum" contextRef="AsOf2022-06-30_custom_SeniorSecuredCreditFacilityMember_us-gaap_LineOfCreditMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">1.00</ix:nonFraction></span>. On June 30, 2022, the Company is in compliance with the debt covenants, except the quarterly
liquidity requirement, where the company had a covenant technical violation. Farm Credit provided a waiver for this violation for the
quarter ended June 30, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to the Farm Credit Loan, the Company had additional debt outstanding in the amount of $<span id="xdx_907_eus-gaap--LongTermDebtNoncurrent_iI_pn3n3_c20220630__us-gaap--LongtermDebtTypeAxis__custom--OtherDebtMember_zjScWuAEAPmi" title="Long-term debt, excluding current maturities"><ix:nonFraction name="us-gaap:LongTermDebtNoncurrent" contextRef="AsOf2022-06-30_custom_OtherDebtMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">27</ix:nonFraction></span> thousand at June 30, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="KAL:DeferredUnderwritingFeesAndGrantsTextBlock"><p id="xdx_808_ecustom--DeferredUnderwritingFeesAndGrantsTextBlock_z4UBR7V3HAQ5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
14: <span id="xdx_827_zxQMTbvQGRb1">DEFERRED UNDERWRITING FEES AND GRANTS</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
deferred underwriting fees payable to the underwriters accrued by Agrico Acquisition Corp. as of the closing of the Business Combination
described in Note 2 amounted to $<span id="xdx_903_ecustom--DeferredUnderwritingFeesPayableNoncurrent_iI_pn3n3_c20220630__dei--LegalEntityAxis__custom--AgricoAcquisitionCorpMember_zGqnLwEJvnuj" title="Deferred underwriting fees payable, noncurrent"><ix:nonFraction name="KAL:DeferredUnderwritingFeesPayableNoncurrent" contextRef="AsOf2022-06-30_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">5,031</ix:nonFraction></span> thousand. Pursuant to the settlement and release agreement dated June 26, 2022 between Agrico
Acquisition Corp. and Kalera Public Limited Company, these fees were settled with the issuance of <span id="xdx_909_ecustom--SharesIssuedDuringPeriodNewIssuesValueSettlementOfDeferredUnderwritingFees_pp0d_c20220101__20220630_zkHridUIiuDi" title="Number of shares issued to settle underwriting fees (in shares)"><ix:nonFraction name="KAL:SharesIssuedDuringPeriodNewIssuesValueSettlementOfDeferredUnderwritingFees" contextRef="From2022-01-01to2022-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="Shares">275,000</ix:nonFraction></span> shares of Kalera common stock
and a note payable in the amount of $<span id="xdx_906_eus-gaap--LongTermNotesPayable_iI_pn3n3_c20220630_zZNhFEh2SXH6" title="Note payable"><ix:nonFraction name="us-gaap:LongTermNotesPayable" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,850</ix:nonFraction></span> thousand due on the thirteen-month anniversary, July 2023. There is no interest payable on
this note and the outstanding balance at June 30, 2022 is $<span id="xdx_90B_eus-gaap--LongTermNotesPayable_iI_pn3n3_c20220630_z2xLokuM6Fs5" title="Note payable"><ix:nonFraction name="us-gaap:LongTermNotesPayable" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,850</ix:nonFraction></span> thousand and is included within deferred underwriting fees and grants
on the accompanying consolidated balance sheets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
2021, the Company obtained a grant from the Singapore Food Agency (SFA) and Singapore Economic Development Board (EDB). The grant has
to be used for specific projects per the agreement and maintained until December 31, 2024. In the event the funds are not used per the
agreement, the funds have to be returned to the agencies. There is no interest payable on this grant in the event the funds are not used
as indicated. The amount payable by the Company as of June 30, 2022 is $<span id="xdx_900_ecustom--GrantsPayableNoncurrent_iI_pn3n3_c20220630_zA5DshNn4jpk" title="Grants payable"><ix:nonFraction name="KAL:GrantsPayableNoncurrent" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,499</ix:nonFraction></span> thousand and is included within deferred underwriting fees
and grants on the accompanying consolidated balance sheets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="us-gaap:DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock"><p id="xdx_800_eus-gaap--DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock_zuFqjE9ctPae" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
15: <span id="xdx_828_zNcnA4KJKpVa">EARN-OUT LIABILITY</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
conjunction with the Business Combination, on the Closing Date, Kalera entered into a contingent value rights agreement (the &#8220;Contingent
Value Rights Agreement&#8221;) as additional consideration for the Second Merger and the Kalera Capital Reduction, certain Kalera security
holders are entitled to receive Contingent Value Rights (&#8220;CVRs&#8221;). Each CVR represents a contingent right to receive up to
two payments in the form of additional Kalera Public Limited Company Ordinary Shares, issuable upon the achievement of certain milestones
during the two year period following the Closing Date:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            first milestone event is achieved if the Ordinary Shares trade at or over a market price
                                            of $<span id="xdx_909_ecustom--DerivativeInstrumentContingentConsiderationLiabilityEarnoutPeriodStockPriceTrigger_iI_pp2d_c20220630__custom--DerivativeInstrumentTrancheAxis__custom--DerivativeInstrumentTrancheOneMember_zicXsYHfrxN8" title="Market price trigger (in dollars per share)"><ix:nonFraction name="KAL:DerivativeInstrumentContingentConsiderationLiabilityEarnoutPeriodStockPriceTrigger" contextRef="AsOf2022-06-30_custom_DerivativeInstrumentTrancheOneMember" format="ixt:numdotdecimal" decimals="2" unitRef="USDPShares">12.50</ix:nonFraction></span> for <span id="xdx_90A_ecustom--DerivativeInstrumentContingentConsiderationLiabilityEarnoutPeriodThresholdTradingDays_utradingday_c20220101__20220630__custom--DerivativeInstrumentTrancheAxis__custom--DerivativeInstrumentTrancheOneMember_zKk60Okri109" title="Number of consecutive trading days"><ix:nonFraction name="KAL:DerivativeInstrumentContingentConsiderationLiabilityEarnoutPeriodThresholdTradingDays" contextRef="From2022-01-012022-06-30_custom_DerivativeInstrumentTrancheOneMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="tradingday">20</ix:nonFraction></span> trading days within a <span id="xdx_90D_ecustom--DerivativeInstrumentContingentConsiderationLiabilityEarnoutPeriodThresholdTradingDayPeriod_utradingday_c20220101__20220630__custom--DerivativeInstrumentTrancheAxis__custom--DerivativeInstrumentTrancheOneMember_zkY8ebyeQZz1" title="Number of trading days"><ix:nonFraction name="KAL:DerivativeInstrumentContingentConsiderationLiabilityEarnoutPeriodThresholdTradingDayPeriod" contextRef="From2022-01-012022-06-30_custom_DerivativeInstrumentTrancheOneMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="tradingday">30</ix:nonFraction></span> trading-day period, based on volume-weighted average
                                            trading prices.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            second milestone event is achieved if the Ordinary Shares trade at or over a market price
                                            of $<span id="xdx_907_ecustom--DerivativeInstrumentContingentConsiderationLiabilityEarnoutPeriodStockPriceTrigger_iI_pp2d_c20220630__custom--DerivativeInstrumentTrancheAxis__custom--DerivativeInstrumentTrancheTwoMember_zr7nI0c8ZqUa" title="Market price trigger (in dollars per share)"><ix:nonFraction name="KAL:DerivativeInstrumentContingentConsiderationLiabilityEarnoutPeriodStockPriceTrigger" contextRef="AsOf2022-06-30_custom_DerivativeInstrumentTrancheTwoMember" format="ixt:numdotdecimal" decimals="2" unitRef="USDPShares">15.00</ix:nonFraction></span> for <span id="xdx_90A_ecustom--DerivativeInstrumentContingentConsiderationLiabilityEarnoutPeriodThresholdTradingDays_utradingday_c20220101__20220630__custom--DerivativeInstrumentTrancheAxis__custom--DerivativeInstrumentTrancheTwoMember_zPee2s7Qezn8" title="Number of consecutive trading days"><ix:nonFraction name="KAL:DerivativeInstrumentContingentConsiderationLiabilityEarnoutPeriodThresholdTradingDays" contextRef="From2022-01-012022-06-30_custom_DerivativeInstrumentTrancheTwoMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="tradingday">20</ix:nonFraction></span> trading days within a <span id="xdx_90B_ecustom--DerivativeInstrumentContingentConsiderationLiabilityEarnoutPeriodThresholdTradingDayPeriod_utradingday_c20220101__20220630__custom--DerivativeInstrumentTrancheAxis__custom--DerivativeInstrumentTrancheTwoMember_zyiWZhYZWqIb" title="Number of trading days"><ix:nonFraction name="KAL:DerivativeInstrumentContingentConsiderationLiabilityEarnoutPeriodThresholdTradingDayPeriod" contextRef="From2022-01-012022-06-30_custom_DerivativeInstrumentTrancheTwoMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="tradingday">30</ix:nonFraction></span> trading-day period, based on volume-weighted average
                                            trading prices.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: -0.25in"></p>

<ix:exclude><!-- Field: Page; Sequence: 188; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->46<!-- Field: /Sequence --></td></tr></table></div>
    <div style="margin-right: 0pt; break-before: page; margin-top: 0pt; margin-bottom: 0pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: -0.25in"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>KALERA
                                            PUBLIC LTD CO. AND SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)</b></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
                                            the event of change in control (the business combination) and the corresponding per share
                                            valuation of Kalera Ordinary Shares is greater than or equal to (x) $<span id="xdx_901_ecustom--DerivativeInstrumentContingentConsiderationLiabilityEarnoutPeriodStockPriceTrigger_iI_pp2d_c20220630__custom--DerivativeInstrumentTrancheAxis__custom--DerivativeInstrumentTrancheOneMember_zT8o4il8iXe6" title="Market price trigger (in dollars per share)"><ix:nonFraction name="KAL:DerivativeInstrumentContingentConsiderationLiabilityEarnoutPeriodStockPriceTrigger" contextRef="AsOf2022-06-30_custom_DerivativeInstrumentTrancheOneMember" format="ixt:numdotdecimal" decimals="2" unitRef="USDPShares">12.50</ix:nonFraction></span> or (y) $<span id="xdx_906_ecustom--DerivativeInstrumentContingentConsiderationLiabilityEarnoutPeriodStockPriceTrigger_iI_pp2d_c20220630__custom--DerivativeInstrumentTrancheAxis__custom--DerivativeInstrumentTrancheTwoMember_zznqfShm3Lwg" title="Market price trigger (in dollars per share)"><ix:nonFraction name="KAL:DerivativeInstrumentContingentConsiderationLiabilityEarnoutPeriodStockPriceTrigger" contextRef="AsOf2022-06-30_custom_DerivativeInstrumentTrancheTwoMember" format="ixt:numdotdecimal" decimals="2" unitRef="USDPShares">15.00</ix:nonFraction></span>
                                            (subject to adjustments for stock splits, reverse stock splits, stock dividends, recapitalizations,
                                            exchange of shares or other like change), then in the case of clause (x), the first milestone
                                            event shall be deemed to have occurred and, in the case of clause (y) the first milestone
                                            event and the Second milestone event shall be deemed to have occurred, and in either case,
                                            the applicable milestone payment(s) shall be issued to the Holders immediately prior to the
                                            consummation of such Sale of the Company.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
amount of shares issuable to each CVR holder for the achievement of each milestone equals <span id="xdx_90D_eus-gaap--PreferredStockConvertibleSharesIssuable_iI_c20220630_z3b0lZpBBjSg" title="Number of shares issuable (in shares)"><ix:nonFraction name="us-gaap:PreferredStockConvertibleSharesIssuable" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,858,966</ix:nonFraction></span> ordinary shares of Kalera Public
Limited Company (adjusted for any stock splits, stock dvidends, combinations, subdivisions, recapitalization and the like). The CVRs
are non-transferable. Insignificant amount of CVRs granted to holders of unvested in-the-money Company Options,which are subject to vesting
terms with time-vesting schedules that match the terms of the underlying Company Options.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company evaluated the Earnout Liability under ASC 815-40, Derivatives and Hedging-Contracts in Entity&#8217;s Own Equity (&#8220;ASC
815-40&#8221;), and concluded they do not meet the criteria to be classified in shareholders&#8217; equity. Specifically, there are contingent
exercise provisions and settlement provisions that exist. It is noted that all remaining shares would be issuable (or the forfeiture
provisions would lapse) upon any change of control involving the Company as describe above. This means that settlement is not solely
impacted by the share price of the Company (that is, the share price observed in or implied by a qualifying change-in-control event),
but also by the occurrence of a qualifying change-in-control event. This causes the arrangement to not be indexed to the Company&#8217;s
own shares and liability classification is appropriate. The Company recorded these instruments as liabilities on the condensed consolidated
balance sheet at fair value, with subsequent changes in their respective fair values recognized in earnings at each reporting date. The
earnout liability was fair valued using the monte carlo model. The inputs used for the model were a volatility of <span id="xdx_90D_eus-gaap--DerivativeLiabilityMeasurementInput_iI_pid_uPure_c20220630__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember__us-gaap--ValuationTechniqueAxis__us-gaap--MarketApproachValuationTechniqueMember_z0hKVEhuAvJ3" title="Earnout liabilities, measurement input"><ix:nonFraction name="us-gaap:DerivativeLiabilityMeasurementInput" contextRef="AsOf2022-06-30_us-gaap_MeasurementInputPriceVolatilityMember_us-gaap_MarketApproachValuationTechniqueMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">90</ix:nonFraction></span>%, and interest rate
of <span id="xdx_903_eus-gaap--DerivativeLiabilityMeasurementInput_iI_pid_uPure_c20220630__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember__us-gaap--ValuationTechniqueAxis__us-gaap--MarketApproachValuationTechniqueMember_zWxp4t05XF34" title="Earnout liabilities, measurement input"><ix:nonFraction name="us-gaap:DerivativeLiabilityMeasurementInput" contextRef="AsOf2022-06-30_us-gaap_MeasurementInputRiskFreeInterestRateMember_us-gaap_MarketApproachValuationTechniqueMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">3</ix:nonFraction></span>%. At June 30, 2022 and December 31, 2021 the balance of the earnout liability was $<span id="xdx_90D_eus-gaap--DerivativeLiabilitiesNoncurrent_iI_pn3n3_c20220630_zdt6wcu03VT7" title="Earnout liabilities"><ix:nonFraction name="us-gaap:DerivativeLiabilitiesNoncurrent" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">13,775</ix:nonFraction></span> thousand and $<span id="xdx_90F_eus-gaap--DerivativeLiabilitiesNoncurrent_iI_pn3n3_dxL_c20211231_zMJgPnas6jCf" title="Earnout liabilities::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl2530">0</span></span> thousand respectively.
A gain of $<span id="xdx_901_eus-gaap--DerivativeGainLossOnDerivativeNet_pn3n3_c20220401__20220630_zTL7Q7IWZqAg" title="Gain on change in fair value of earnout liabilities"><span id="xdx_907_eus-gaap--DerivativeGainLossOnDerivativeNet_pn3n3_c20220101__20220630_zzKdLmbDowF2" title="Gain on change in fair value of earnout liabilities"><ix:nonFraction name="us-gaap:DerivativeGainLossOnDerivativeNet" contextRef="From2022-04-012022-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD"><ix:nonFraction name="us-gaap:DerivativeGainLossOnDerivativeNet" contextRef="From2022-01-01to2022-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">17,250</ix:nonFraction></ix:nonFraction></span></span> thousand was recorded in the three months and six months ended June 30, 2022 in the condensed consolidated statement
of operations and comprehensive loss for the change in the fair market value of the decrease in liability due to decrease in Kalera share
price from Closing Date to June 30, 2022.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="KAL:WarrantsDisclosureTextBlock"><p id="xdx_803_ecustom--WarrantsDisclosureTextBlock_zVfjkXJe6x9l" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
16: <span id="xdx_821_zwKbwj3OMkM5">WARRANTS</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">As
of June 30, 2022, there were <span id="xdx_906_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_pn3n3_c20220630_zVrlsYGwFYF1" title="Sale of warrants"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightOutstanding" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="Shares">14,438</ix:nonFraction></span> thousand warrants to purchase common stock outstanding, consisting <span id="xdx_904_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_pn3n3_c20220630__us-gaap--ClassOfWarrantOrRightAxis__custom--PublicWarrantsMember_z3EALe2R9CGe" title="Sale of warrants"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightOutstanding" contextRef="AsOf2022-06-30_custom_PublicWarrantsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="Shares">7,188</ix:nonFraction></span> thousand public warrants
(&#8220;Public Warrants&#8221;) and <span id="xdx_90D_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_pn3n3_c20220630__us-gaap--ClassOfWarrantOrRightAxis__custom--PrivatePlacementWarrantsMember_zg3b5ISGHHK7" title="Sale of warrants"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightOutstanding" contextRef="AsOf2022-06-30_custom_PrivatePlacementWarrantsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="Shares">7,250</ix:nonFraction></span> thousand private placement warrants (&#8220;Private Warrants&#8221;), (collectively, &#8220;Warrants&#8221;)
that were transferred via the Business Combination described in Note 3. Each whole Warrant entitles the holder to purchase one ordinary
share of Kalera stock at a price of $<span id="xdx_908_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20220630_zCU0otRAcH6j" title="Per share price"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">11.50</ix:nonFraction></span> per share, subject to adjustment. The Warrants will become exercisable on the later <span id="xdx_90E_ecustom--ReverseRecapitalizationContingentConsiderationEquityEarnoutPeriod_dc_c20220101__20220630_zZ6xxUsbb4ai" title="Warrants exercise period"><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" format="ixt-sec:durwordsen" name="KAL:ReverseRecapitalizationContingentConsiderationEquityEarnoutPeriod">twelve
months</ix:nonNumeric></span> from the closing of Agrico&#8217;s Public Offering and <span id="xdx_90F_ecustom--ReverseRecapitalizationContingentConsiderationEquityEarnoutPeriodThresholdConsecutiveTradingDays_utradingday_c20220101__20220630_zc9i6jaVUDrl" title="Number of days after completion of acquisition"><ix:nonFraction name="KAL:ReverseRecapitalizationContingentConsiderationEquityEarnoutPeriodThresholdConsecutiveTradingDays" contextRef="From2022-01-01to2022-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="tradingday">30</ix:nonFraction></span> days after the completion of the initial Business Combination. Only
a whole warrant may be exercised at a given time by a warrant holder. No fractional warrants will be issued upon separation of the units
and only whole warrants will trade. The warrants will expire <span id="xdx_90D_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dc_c20220630_zEpEgwBhBfjb" title="Warrants expiration period"><ix:nonNumeric contextRef="AsOf2022-06-30" format="ixt-sec:durwordsen" name="us-gaap:WarrantsAndRightsOutstandingTerm">five years</ix:nonNumeric></span> after the completion of the Business Combination or earlier upon
redemption or liquidation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"></p>

<ix:exclude><!-- Field: Page; Sequence: 189; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->47<!-- Field: /Sequence --></td></tr></table></div>
    <div style="margin-right: 0pt; break-before: page; margin-top: 0pt; margin-bottom: 0pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>KALERA
PUBLIC LTD CO. AND SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Once
the warrants become exercisable, the Company may redeem the Public Warrants:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
                                            whole and not in part;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
                                            a price of $<span id="xdx_901_ecustom--ClassOfWarrantOrRightRedemptionPriceOfWarrants_iI_pid_c20220630_zj16jHFZqYOc" title="Warrants exercise price"><ix:nonFraction name="KAL:ClassOfWarrantOrRightRedemptionPriceOfWarrants" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.01</ix:nonFraction></span> per warrant;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
                                            not less than<span id="xdx_907_ecustom--ReverseRecapitalizationContingentConsiderationEquityEarnoutPeriodWrittenNoticeOfRedemptionPeriod_dtD_c20220101__20220630_zq1ywtSzIRmb" title="Period of prior written notice of redemption"> <ix:nonNumeric contextRef="From2022-01-01to2022-06-30" format="ixt-sec:durday" name="KAL:ReverseRecapitalizationContingentConsiderationEquityEarnoutPeriodWrittenNoticeOfRedemptionPeriod">30</ix:nonNumeric></span> days&#8217; prior written notice of redemption to each warrant holder; and</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If,
                                            and only if, the reported last sale price of the shares of common stock equals or exceeds
                                            $<span id="xdx_90B_ecustom--ReverseRecapitalizationContingentConsiderationEquityEarnoutPeriodStockPriceTrigger_iI_pid_c20220630_zTr5H8mBbO4i" title="Warrant price trigger"><ix:nonFraction name="KAL:ReverseRecapitalizationContingentConsiderationEquityEarnoutPeriodStockPriceTrigger" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">18.00</ix:nonFraction></span> per share (as adjusted for share sub-divisions, share capitalizations, reorganizations,
                                            recapitalizations and the like), for any <span id="xdx_902_ecustom--ReverseRecapitalizationContingentConsiderationEquityEarnoutPeriodThresholdTradingDays_dtD_utradingday_c20220101__20220630_z28bkT2YRNAg" title="Number of trading days in excess of price trigger"><ix:nonFraction name="KAL:ReverseRecapitalizationContingentConsiderationEquityEarnoutPeriodThresholdTradingDays" contextRef="From2022-01-01to2022-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="tradingday">20</ix:nonFraction></span> trading days within a <span id="xdx_905_ecustom--ReverseRecapitalizationContingentConsiderationEquityEarnoutPeriodThresholdConsecutiveTradingDays_pid_dtD_utradingday_c20220101__20220630_zZmfs0nhFQjb"><ix:nonFraction name="KAL:ReverseRecapitalizationContingentConsiderationEquityEarnoutPeriodThresholdConsecutiveTradingDays" contextRef="From2022-01-01to2022-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="tradingday">30</ix:nonFraction></span> trading day period commencing
                                            at any time after the warrants become exercisable and ending on the third trading day prior
                                            to the notice of the redemption is given to the warrant holders (the &#8220;Reference Value&#8221;).</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">If
the Company calls the Public Warrants for redemption, management will have the option to require all holders that wish to exercise the
Public Warrants to do so on a &#8220;cashless basis,&#8221; as described in the warrant agreement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
Private Placement Warrants are identical to the Public Warrants, except that the Private Warrants (i) will not be transferable, assignable
or salable until the completion of the initial Business Combination and (ii) will be entitled to registration rights. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Both
the Public and Private Warrants qualify for equity treatment <span style="background-color: white">in accordance with GAAP per guidance
under ASC Topic 815</span> as they meet the indexation rule and there is no net cash settlement requirement on the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="us-gaap:FairValueDisclosuresTextBlock"><p id="xdx_80F_eus-gaap--FairValueDisclosuresTextBlock_zymBh8FD75Zh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
17: <span id="xdx_825_z36H5wVnc2p5">FAIR VALUE MEASUREMENTS</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
company categorizes its assets and liabilities into one of three levels based on the assumptions (inputs) used in determining their values,
as defined below:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
                                            1: Unadjusted quoted prices in active markets for identical assets or liabilities.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
                                            2: Observable inputs other than Level 1 prices, such as quoted prices for similar assets
                                            or liabilities in active markets; quoted prices for identical assets or liabilities in markets
                                            that are not active; or other inputs that are observable or can be corroborated by observable
                                            market data for substantially the full term of the assets or liabilities.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
                                            3: Unobservable inputs reflecting management&#8217;s assumptions about the inputs used in
                                            pricing the asset or liability.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<ix:exclude><!-- Field: Page; Sequence: 190; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->48<!-- Field: /Sequence --></td></tr></table></div>
    <div style="margin-right: 0pt; break-before: page; margin-top: 0pt; margin-bottom: 0pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>KALERA
PUBLIC LTD CO. AND SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)&#160;</b></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="us-gaap:FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock"><p id="xdx_89E_eus-gaap--FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock_zdwsn7JodxRc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
table below presents the Company&#8217;s financial assets and liabilities subject to fair value measurements on a recurring basis and
the level of inputs used for each measurement:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B3_zU9p1xATUP1d" style="display: none">SCHEDULE OF FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="17" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Fair Value as of:</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="17" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">June 30, 2022</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Balance Sheet <br />
Account</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Level 1</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Level 2</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Level 3</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Liabilities:</td><td>&#160;</td>
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; width: 19%; text-align: left; padding-bottom: 1.5pt">Earnout liabilities</td><td style="width: 2%; padding-bottom: 1.5pt">&#160;</td>
    <td style="width: 15%; text-align: left; padding-bottom: 1.5pt">Earnout liabilities</td><td style="width: 2%; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left">&#160;</td><td id="xdx_98E_eus-gaap--DerivativeLiabilities_c20220630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_pn3n3" title="Earnout liabilities" style="border-bottom: Black 1.5pt solid; width: 12%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2565">&#8212;</span></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="width: 2%; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left">&#160;</td><td id="xdx_98F_eus-gaap--DerivativeLiabilities_c20220630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_pn3n3" title="Earnout liabilities" style="border-bottom: Black 1.5pt solid; width: 12%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2567">&#8212;</span></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="width: 2%; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left">&#160;</td><td id="xdx_980_eus-gaap--DerivativeLiabilities_c20220630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_pn3n3" title="Earnout liabilities" style="border-bottom: Black 1.5pt solid; width: 12%; text-align: right"><ix:nonFraction name="us-gaap:DerivativeLiabilities" contextRef="AsOf2022-06-30_us-gaap_FairValueInputsLevel3Member_us-gaap_FairValueMeasurementsRecurringMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">13,775</ix:nonFraction></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="width: 2%; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left">&#160;</td><td id="xdx_980_eus-gaap--DerivativeLiabilities_c20220630__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_pn3n3" title="Earnout liabilities" style="border-bottom: Black 1.5pt solid; width: 12%; text-align: right"><ix:nonFraction name="us-gaap:DerivativeLiabilities" contextRef="AsOf2022-06-30_us-gaap_FairValueMeasurementsRecurringMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">13,775</ix:nonFraction></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt">Total liabilities</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="padding-bottom: 2.5pt">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_988_eus-gaap--FinancialLiabilitiesFairValueDisclosure_c20220630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_pn3n3" title="Total liabilities" style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2573">&#8212;</span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_989_eus-gaap--FinancialLiabilitiesFairValueDisclosure_c20220630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_pn3n3" title="Total liabilities" style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2575">&#8212;</span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98A_eus-gaap--FinancialLiabilitiesFairValueDisclosure_c20220630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_pn3n3" title="Total liabilities" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:FinancialLiabilitiesFairValueDisclosure" contextRef="AsOf2022-06-30_us-gaap_FairValueInputsLevel3Member_us-gaap_FairValueMeasurementsRecurringMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">13,775</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98A_eus-gaap--FinancialLiabilitiesFairValueDisclosure_c20220630__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_pn3n3" title="Total liabilities" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:FinancialLiabilitiesFairValueDisclosure" contextRef="AsOf2022-06-30_us-gaap_FairValueMeasurementsRecurringMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">13,775</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A5_ziXR4ELQbcof" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in">&#160;</p>

<ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="us-gaap:FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock"><p id="xdx_89B_eus-gaap--FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock_zdUrJJGUVVp8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
earnout liabilities are determined using the monte carlo model, a Level 3 valuation. The significant inputs to the earnout liabilities
and private warrant valuations are as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B4_zOmit7MNAto4" style="display: none">SCHEDULE OF FAIR VALUE INPUTS FOR SHARE-BASED COMPENSATION</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">June 30, 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Earnout Liabilities</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Trigger price</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_90B_eus-gaap--DerivativeLiabilityMeasurementInput_iI_pid_uPure_c20220630__srt--RangeAxis__srt--MinimumMember__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExercisePriceMember__us-gaap--ValuationTechniqueAxis__us-gaap--MarketApproachValuationTechniqueMember_zCdF97wpPPod" title="Earnout liabilities, measurement input"><ix:nonFraction name="us-gaap:DerivativeLiabilityMeasurementInput" contextRef="AsOf2022-06-30_srt_MinimumMember_us-gaap_MeasurementInputExercisePriceMember_us-gaap_MarketApproachValuationTechniqueMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">12.50</ix:nonFraction></span> to $<span id="xdx_903_eus-gaap--DerivativeLiabilityMeasurementInput_iI_pid_uPure_c20220630__srt--RangeAxis__srt--MaximumMember__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExercisePriceMember__us-gaap--ValuationTechniqueAxis__us-gaap--MarketApproachValuationTechniqueMember_zStwUfaBsjD4" title="Earnout liabilities, measurement input"><ix:nonFraction name="us-gaap:DerivativeLiabilityMeasurementInput" contextRef="AsOf2022-06-30_srt_MaximumMember_us-gaap_MeasurementInputExercisePriceMember_us-gaap_MarketApproachValuationTechniqueMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">15.00</ix:nonFraction></span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>Stock price</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_90A_eus-gaap--DerivativeLiabilityMeasurementInput_iI_pid_uPure_c20220630__srt--RangeAxis__srt--MinimumMember__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputSharePriceMember__us-gaap--ValuationTechniqueAxis__us-gaap--MarketApproachValuationTechniqueMember_zfZS5qYZrcjb" title="Earnout liabilities, measurement input"><ix:nonFraction name="us-gaap:DerivativeLiabilityMeasurementInput" contextRef="AsOf2022-06-30_srt_MinimumMember_us-gaap_MeasurementInputSharePriceMember_us-gaap_MarketApproachValuationTechniqueMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">5.90</ix:nonFraction></span> to $<span id="xdx_90F_eus-gaap--DerivativeLiabilityMeasurementInput_iI_pid_uPure_c20220630__srt--RangeAxis__srt--MaximumMember__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputSharePriceMember__us-gaap--ValuationTechniqueAxis__us-gaap--MarketApproachValuationTechniqueMember_zjLVlFo4C2oe" title="Earnout liabilities, measurement input"><ix:nonFraction name="us-gaap:DerivativeLiabilityMeasurementInput" contextRef="AsOf2022-06-30_srt_MaximumMember_us-gaap_MeasurementInputSharePriceMember_us-gaap_MarketApproachValuationTechniqueMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">8.66</ix:nonFraction></span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 82%">Volatility</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 14%; text-align: right"><span id="xdx_909_eus-gaap--DerivativeLiabilityMeasurementInput_iI_pid_uPure_c20220630__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember__us-gaap--ValuationTechniqueAxis__us-gaap--MarketApproachValuationTechniqueMember_zj37nISCyjf8" title="Earnout liabilities, measurement input"><ix:nonFraction name="us-gaap:DerivativeLiabilityMeasurementInput" contextRef="AsOf2022-06-30_us-gaap_MeasurementInputPriceVolatilityMember_us-gaap_MarketApproachValuationTechniqueMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">90</ix:nonFraction></span></td><td style="width: 1%; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Time to maturity</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_ecustom--DerivativeLiabilityTimeToMaturity_pp0d_dtY_c20220101__20220630__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputMaturityMember__us-gaap--ValuationTechniqueAxis__us-gaap--MarketApproachValuationTechniqueMember_zzVMshEyxIR1" title="Earnout liabilities, measurement input"><ix:nonNumeric contextRef="From2022-01-012022-06-30_us-gaap_MeasurementInputMaturityMember_us-gaap_MarketApproachValuationTechniqueMember" format="ixt-sec:duryear" name="KAL:DerivativeLiabilityTimeToMaturity">2</ix:nonNumeric></span> years</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Risk-free rate</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_901_eus-gaap--DerivativeLiabilityMeasurementInput_iI_pid_uPure_c20220630__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember__us-gaap--ValuationTechniqueAxis__us-gaap--MarketApproachValuationTechniqueMember_zE4ACsL0Hcya" title="Earnout liabilities, measurement input"><ix:nonFraction name="us-gaap:DerivativeLiabilityMeasurementInput" contextRef="AsOf2022-06-30_us-gaap_MeasurementInputRiskFreeInterestRateMember_us-gaap_MarketApproachValuationTechniqueMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">3</ix:nonFraction></span></td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Dividend yield</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td></tr>
  </table>


</ix:nonNumeric><p id="xdx_8AF_z8R779blK9bl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#160;</p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="us-gaap:RevenueFromContractWithCustomerTextBlock"><p id="xdx_803_eus-gaap--RevenueFromContractWithCustomerTextBlock_zbvSaW43xakf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
18: <span id="xdx_82C_zbxxeciCA5Dj">DISAGGREGATED REVENUES BY CUSTOMER TYPE</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company recognized revenues of $<span id="xdx_90C_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_c20220401__20220630_zZ6kzHIoLXlk" title="Revenue from contract with customer, excluding assessed tax"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2022-04-012022-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,289</ix:nonFraction></span> thousand and $<span id="xdx_90C_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_c20220101__20220630_zK65OIfOwj0h" title="Revenue from contract with customer, excluding assessed tax"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2022-01-01to2022-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,766</ix:nonFraction> </span>thousand for the three and six months ended June 30, 2022, respectively, and
$<span id="xdx_90E_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_c20210401__20210630_zuNYJiZp0Xif" title="Revenue from contract with customer, excluding assessed tax"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2021-04-012021-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">489</ix:nonFraction></span> thousand and $<span id="xdx_90B_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_c20210101__20210630_z7TyRCVZhzgk" title="Revenue from contract with customer, excluding assessed tax"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2021-01-012021-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">828</ix:nonFraction> </span>thousand 2021, for the three and six months ended June 30, 2021 respectively. Food service revenues included $<span id="xdx_90F_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_c20220101__20220630__srt--ProductOrServiceAxis__custom--FoodServiceCreditsPromotionsMember_z592oJ4HE72" title="Revenue from contract with customer, excluding assessed tax"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2022-01-012022-06-30_custom_FoodServiceCreditsPromotionsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">321</ix:nonFraction></span>
thousand of credits and promotions to new customers mainly served under our new foodservices partnership. Substantially all of the Company&#8217;s
revenues are generated from the sale of lettuce and micro-greens sold to retail and food service customers globally.</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="us-gaap:DisaggregationOfRevenueTableTextBlock"><p id="xdx_899_eus-gaap--DisaggregationOfRevenueTableTextBlock_zXCpkHGKyr5g" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B6_zm15AsYWznX7" style="display: none">SCHEDULE OF DISAGGREGATED REVENUES</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; font-weight: bold">In thousands</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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<tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; font-weight: bold">In thousands</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2022-04-012022-06-30_us-gaap_ServiceMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">766</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2021-04-012021-06-30_us-gaap_ServiceMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">130</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
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    <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2021-01-012021-06-30_us-gaap_ServiceMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">294</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2022-04-012022-06-30_us-gaap_RetailMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">523</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2021-04-012021-06-30_us-gaap_RetailMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">359</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2021-01-012021-06-30_us-gaap_RetailMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">534</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_40E_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_zvcrXL88hTP9" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left; padding-bottom: 2.5pt">Net sales</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2022-04-012022-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,289</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2021-04-012021-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">489</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2022-01-01to2022-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,766</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2021-01-012021-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">828</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric></ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="us-gaap:CommitmentsAndContingenciesDisclosureTextBlock"><p id="xdx_800_eus-gaap--CommitmentsAndContingenciesDisclosureTextBlock_z0Pdas1x2mej" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
19:<span id="xdx_82D_zypPDd1ILDSi"> COMMITMENTS AND CONTINGENCIES</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Failed
Sale-Leaseback Agreement</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
January 2022, the Company entered into a sale-leaseback for its St. Paul, Minnesota facility and certain racking and lighting equipment
whereby the Company sold and leased back the facility and equipment from an unrelated third party. This sale-leaseback was entered into
primarily as a mechanism to provide operational liquidity and supporting working capital needs. The lease arrangement did not meet the
criteria for sale-leaseback accounting under ASC 842, <i>Leases</i>, as the leaseback of both the facility and the equipment would have
been classified as a finance lease upon leaseback. Therefore, the Company still maintains economic control over the facility and equipment.
As of June 30, 2022, the Company has capitalized the total fair value of the facility and the equipment of approximately $<span id="xdx_90B_eus-gaap--FinanceLeaseRightOfUseAsset_iI_pn3n3_c20220630_zmJKOBp4PiXe" title="Finance lease right of use asset"><ix:nonFraction name="us-gaap:FinanceLeaseRightOfUseAsset" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">7,427</ix:nonFraction></span> thousand
within &#8220;Property, plant, and equipment, net&#8221; and accounts for the cash proceeds received as a secured financing obligation.
As of June 30, 2022, $<span id="xdx_904_eus-gaap--FinanceLeaseLiabilityNoncurrent_iI_pn3n3_c20220630_zDMh0Yy5UnH" title="Long-term portion of financing obligation"><ix:nonFraction name="us-gaap:FinanceLeaseLiabilityNoncurrent" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">7,144</ix:nonFraction> </span>thousand related to the financing obligation was classified as a long-term, while $<span id="xdx_90A_eus-gaap--FinanceLeaseLiabilityCurrent_iI_pn3n3_c20220630_z1D5L1EMWPbh" title="Short-term portion of financing obligation"><ix:nonFraction name="us-gaap:FinanceLeaseLiabilityCurrent" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">283</ix:nonFraction></span> thousand is classified
as short-term on the unaudited condensed consolidated balance sheet.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"></p>

<ix:exclude><!-- Field: Page; Sequence: 191; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->49<!-- Field: /Sequence --></td></tr></table></div>
    <div style="margin-right: 0pt; break-before: page; margin-top: 0pt; margin-bottom: 0pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>KALERA
PUBLIC LTD CO. AND SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)&#160;</b></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="us-gaap:FinanceLeaseLiabilityMaturityTableTextBlock"><p id="xdx_89D_eus-gaap--FinanceLeaseLiabilityMaturityTableTextBlock_zMpJw43pfepf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Future
minimum payments of the financing obligation as of June 30, 2022 are as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span id="xdx_8B2_zLeiFhRL2TPg" style="display: none">SCHEDULE OF FUTURE MINIMUM PAYMENTS FOR FINANCING OBLIGATIONS</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_495_20220630_z8hfEffWb6D4" style="border-bottom: Black 1.5pt solid">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold">In thousands</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid"></td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr id="xdx_402_eus-gaap--FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear_iI_pn3n3_maFLLPDzIvQ_zkNwKHWCexf1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 84%">Remainder of 2022</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right"><ix:nonFraction name="us-gaap:FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">283</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_401_eus-gaap--FinanceLeaseLiabilityPaymentsDueNextTwelveMonths_iI_pn3n3_maFLLPDzIvQ_zcgBTIzDtwqa" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">2023</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:FinanceLeaseLiabilityPaymentsDueNextTwelveMonths" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">621</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_402_eus-gaap--FinanceLeaseLiabilityPaymentsDueYearTwo_iI_pn3n3_maFLLPDzIvQ_zOrPWoqvDWu4" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">2024</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:FinanceLeaseLiabilityPaymentsDueYearTwo" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">640</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40E_eus-gaap--FinanceLeaseLiabilityPaymentsDueYearThree_iI_pn3n3_maFLLPDzIvQ_zcJOHjyu1ZQa" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">2025</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:FinanceLeaseLiabilityPaymentsDueYearThree" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">656</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_408_eus-gaap--FinanceLeaseLiabilityPaymentsDueYearFour_iI_pn3n3_maFLLPDzIvQ_zigKhiGMKz1c" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">2026</td><td>&#160;</td>
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  <tr id="xdx_40E_ecustom--LesseeFinanceLeaseLiabilityToBePaidAfterYearFour_iI_pn3n3_maFLLPDzIvQ_zxsGotwrOmTg" style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt">Thereafter</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="KAL:LesseeFinanceLeaseLiabilityToBePaidAfterYearFour" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">11,858</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_40F_eus-gaap--FinanceLeaseLiabilityPaymentsDue_iTI_pn3n3_mtFLLPDzIvQ_zsbMQAA0miZc" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Total undiscounted financing obligation</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:FinanceLeaseLiabilityPaymentsDue" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">14,731</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40F_eus-gaap--FinanceLeaseLiabilityUndiscountedExcessAmount_iNI_pn3n3_di_zJ6vaiqmoVWj" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Less: Imputed interest</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:FinanceLeaseLiabilityUndiscountedExcessAmount" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">7,304</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr id="xdx_401_eus-gaap--FinanceLeaseLiability_iI_pn3n3_zgvgyR2E1iF2" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Present value of total financing obligation</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:FinanceLeaseLiability" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">7,427</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A3_z9VPv41Ldove" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#160;</p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="us-gaap:EarningsPerShareTextBlock"><p id="xdx_80C_eus-gaap--EarningsPerShareTextBlock_zsJlA2M7xYkl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
20: <span id="xdx_824_zyFGmuvMcdIk">LOSS PER SHARE</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="us-gaap:ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock"><p id="xdx_894_eus-gaap--ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_zmSrB7MFCHtd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic
and diluted net loss per share is calculated as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BF_zvdVIjeQh9ne" style="display: none">SCHEDULE OF BASIC AND DILUTED LOSS PER ORDINARY SHARE</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Unaudited Six Months Ended</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; font-weight: bold">In thousands, except per share data</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">June 30, 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">June 30, 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold">Numerator:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="width: 68%; text-align: left">Net loss</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td id="xdx_980_eus-gaap--NetIncomeLoss_pn3n3_c20220101__20220630_zgfCucSFVyQd" title="Net loss" style="width: 12%; text-align: right">(<ix:nonFraction name="us-gaap:NetIncomeLoss" contextRef="From2022-01-01to2022-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">94,973</ix:nonFraction></td><td style="width: 1%; text-align: left">)</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td id="xdx_985_eus-gaap--NetIncomeLoss_pn3n3_c20210101__20210630_zFGiLDBOMIA" title="Net loss" style="width: 12%; text-align: right">(<ix:nonFraction name="us-gaap:NetIncomeLoss" contextRef="From2021-01-012021-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">12,580</ix:nonFraction></td><td style="width: 1%; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold">Denominator:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>Weighted average number of common shares - basic and diluted</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_987_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pn3n3_c20220101__20220630_zew5Mq6LSl3j" title="Weighted average number of common shares - basic and diluted" style="text-align: right"><ix:nonFraction name="us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding" contextRef="From2022-01-01to2022-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="Shares">19,125</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_980_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pn3n3_c20210101__20210630_zHK5vaxleE95" title="Weighted average number of common shares - basic and diluted" style="text-align: right"><ix:nonFraction name="us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding" contextRef="From2021-01-012021-06-30" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="Shares">15,018</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold">Net loss per ordinary share:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Basic and diluted</td><td>&#160;</td>
    <td style="text-align: left">$</td><td id="xdx_98F_eus-gaap--EarningsPerShareDiluted_pid_c20220101__20220630_zpn8lJBun5ek" title="Basic and diluted" style="text-align: right">(<ix:nonFraction name="us-gaap:EarningsPerShareDiluted" contextRef="From2022-01-01to2022-06-30" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="USDPShares">4.97</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td id="xdx_987_eus-gaap--EarningsPerShareDiluted_pid_c20210101__20210630_zGTvCAdOHBvc" title="Basic and diluted" style="text-align: right">(<ix:nonFraction name="us-gaap:EarningsPerShareDiluted" contextRef="From2021-01-012021-06-30" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="USDPShares">0.84</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A1_zjEa8OalR9P6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-06-30" escape="true" name="us-gaap:SubsequentEventsTextBlock"><p id="xdx_80A_eus-gaap--SubsequentEventsTextBlock_zrlLUXi7YSR8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
21: <span id="xdx_82E_z0Ql5aIGJ2Gi">SUBSEQUENT EVENTS</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subsequent
events for recognition or disclosure have been evaluated through the date the financial statements were available to be issued.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Private
Placement</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
                                            July 11, 2022, the Company entered into a securities purchase agreement with a single institutional
                                            investor to raise approximately $<span id="xdx_90F_eus-gaap--SaleOfStockConsiderationReceivedOnTransaction_c20220711__20220711__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_z1kR6vJaHN4g" title="Sale of stock consideration received on transaction"><ix:nonFraction name="us-gaap:SaleOfStockConsiderationReceivedOnTransaction" contextRef="From2022-07-112022-07-11_us-gaap_SubsequentEventMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">10,000</ix:nonFraction></span> thousand through the private placement of <span id="xdx_906_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_pid_c20220711__20220711__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zzAqtS6eHlzi" title="Sale of stock, number of shares issued in transaction"><ix:nonFraction name="us-gaap:SaleOfStockNumberOfSharesIssuedInTransaction" contextRef="From2022-07-112022-07-11_us-gaap_SubsequentEventMember_us-gaap_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">2,500,000</ix:nonFraction></span>
                                            shares of common stock (or pre-funded warrants in lieu thereof),<span id="xdx_901_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_pid_c20220711__20220711__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--ClassOfWarrantOrRightAxis__custom--SeriesAWarrantMember_zHsRMhV1Sjad" title="Class of warrant or right, outstanding"> <ix:nonFraction name="us-gaap:SaleOfStockNumberOfSharesIssuedInTransaction" contextRef="From2022-07-112022-07-11_us-gaap_SubsequentEventMember_custom_SeriesAWarrantMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">2,500,000</ix:nonFraction></span> Series A Warrants
                                            and <span id="xdx_903_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_pid_c20220711__20220711__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--StatementClassOfStockAxis__custom--SeriesBWarrentMember_zBwDmFKJUvkc" title="Class of warrant or right, outstanding"><ix:nonFraction name="us-gaap:SaleOfStockNumberOfSharesIssuedInTransaction" contextRef="From2022-07-112022-07-11_us-gaap_SubsequentEventMember_custom_SeriesBWarrentMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">2,500,000</ix:nonFraction></span> Series B Warrants. Each share of common stock (or pre-funded warrant in lieu
                                            thereof) is being sold together with accompanying warrants at a combined effective purchase
                                            price of $<span id="xdx_90F_eus-gaap--SaleOfStockPricePerShare_iI_pid_c20220711__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zfPudYPTGxG" title="Sale of stock, price per share"><ix:nonFraction name="us-gaap:SaleOfStockPricePerShare" contextRef="AsOf2022-07-11_us-gaap_SubsequentEventMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">4.00</ix:nonFraction></span>. The Series A Warrants will be exercisable <span id="xdx_909_ecustom--ClassOfWarrantOrRightExercisablePeriod_dc_c20220711__20220711__us-gaap--ClassOfWarrantOrRightAxis__custom--SeriesAWarrantMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_z7J10kEO4BYf" title="Class of warrant or right, exercisable period"><ix:nonNumeric contextRef="From2022-07-112022-07-11_us-gaap_SubsequentEventMember_custom_SeriesAWarrantMember" format="ixt-sec:durwordsen" name="KAL:ClassOfWarrantOrRightExercisablePeriod">six months</ix:nonNumeric></span> from the date of issuance
                                            at an exercise price of $<span id="xdx_90C_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20220711__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--ClassOfWarrantOrRightAxis__custom--SeriesAWarrantMember_zU2COZ9Yye55" title="Class of warrant or right, exercise price of warrants or rights"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2022-07-11_us-gaap_SubsequentEventMember_custom_SeriesAWarrantMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">4.41</ix:nonFraction></span> per share and will expire<span id="xdx_904_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dc_c20220711__us-gaap--ClassOfWarrantOrRightAxis__custom--SeriesAWarrantMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zBrUag9AIwp6" title="Warrants and rights outstanding, term"> <ix:nonNumeric contextRef="AsOf2022-07-11_us-gaap_SubsequentEventMember_custom_SeriesAWarrantMember" format="ixt-sec:durwordsen" name="us-gaap:WarrantsAndRightsOutstandingTerm">two years</ix:nonNumeric></span> from the date of issuance.
                                            The Series B Warrants will be exercisable <span id="xdx_909_ecustom--ClassOfWarrantOrRightExercisablePeriod_dc_c20220711__20220711__us-gaap--ClassOfWarrantOrRightAxis__custom--SeriesBWarrentMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zgKvc0eCsric" title="Warrants and right outstanding, term"><ix:nonNumeric contextRef="From2022-07-112022-07-11_custom_SeriesBWarrentMember_us-gaap_SubsequentEventMember" format="ixt-sec:durwordsen" name="KAL:ClassOfWarrantOrRightExercisablePeriod">six months</ix:nonNumeric></span> from the date of issuance at an exercise
                                            price of $<span id="xdx_90B_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20220711__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--StatementClassOfStockAxis__custom--SeriesBWarrentMember_zkLnXvXw8vxh" title="Class of warrant or right, exercise price of warrants or rights"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2022-07-11_us-gaap_SubsequentEventMember_custom_SeriesBWarrentMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">4.41</ix:nonFraction></span> per share and will expire five and a half years from the date of issuance.</span></td></tr></table>

</ix:nonNumeric><p id="xdx_817_z0FYhebImoVi" style="margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ed_001"></span>AGRICO
ACQUISITION CORP.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the Shareholders and the Board of Directors of</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agrico
Acquisition Corp.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Opinion
on the Financial Statements</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have audited the accompanying balance sheets of Agrico Acquisition Corp. (the &#8220;Company&#8221;) as of December 31, 2021 and 2020,
the related statements of operations, changes in shareholders&#8217; deficit and cash flows for the year ended December 31, 2021 and
for the period from July 31, 2020 (inception) through December 31, 2020, and the related notes (collectively referred to as the &#8220;financial
statements&#8221;). In our opinion, the financial statements present fairly, in all material respects, the financial position of the
Company as of December 31, 2021 and 2020, and the results of its operations and its cash flows for the year ended December 31, 2021 and
for the period from July 31, 2020 (inception) through December 31, 2020, in conformity with accounting principles generally accepted
in the United States of America.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Explanatory
Paragraph - Going Concern</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As more fully described
in Note 1 to the financial statements, the Company has until July 12, 2022 to complete a business combination or the Company will cease
all operations except for the purpose of liquidating. This condition raises substantial doubt about the Company&#8217;s ability to continue
as a going concern. Management&#8217;s plans in regard to these matters are also described in Note 1. The financial statements do not
include any adjustments that might result from the outcome of this uncertainty.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Basis
for Opinion</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
financial statements are the responsibility of the Company&#8217;s management. Our responsibility is to express an opinion on the Company&#8217;s
financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board
(United States) (&#8220;PCAOB&#8221;) and are required to be independent with respect to the Company in accordance with the U.S. federal
securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain
reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company
is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits,
we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion
on the effectiveness of the Company&#8217;s internal control over financial reporting. Accordingly, we express no such opinion.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error
or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding
the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant
estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits
provide a reasonable basis for our opinion.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 100%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Marcum LLP </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marcum LLP </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We have served as the Company&#8217;s auditor since
    2020. </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hartford, CT</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">April 1, 2022</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span id="ed_002"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AGRICO
ACQUISITION CORP.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BALANCE
SHEETS</b></span></p>

<p id="xdx_117_hdei--LegalEntityAxis__custom--AgricoAcquisitionCorpMember_zXZvg7M6Thzg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

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    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="display: none; text-align: left">&#160;</td><td style="display: none; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2742">&#8212;</span></td><td style="display: none; text-align: left">&#160;</td></tr>
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    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="font-weight: bold; text-align: left">Shareholders&#8217; Deficit:</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2748">&#8212;</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_403_eus-gaap--PreferredStockValue_i02I_zvEbpUvWqawg" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Preferred stock value</td><td style="display: none">&#160;</td>
    <td style="display: none; text-align: left">&#160;</td><td style="display: none; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2754">&#8212;</span></td><td style="display: none; text-align: left">&#160;</td><td style="display: none">&#160;</td>
    <td style="display: none; text-align: left">&#160;</td><td style="display: none; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2755">&#8212;</span></td><td style="display: none; text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2758">&#8212;</span></td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:CommonStockValue" contextRef="AsOf2021-12-31_custom_AgricoAcquisitionCorpMember_us-gaap_CommonClassBMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">359</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2781">&#8212;</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40D_eus-gaap--RetainedEarningsAccumulatedDeficit_i02I_zJiHXsylCxee" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Accumulated deficit</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:RetainedEarningsAccumulatedDeficit" contextRef="AsOf2021-12-31_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">4,544,300</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:RetainedEarningsAccumulatedDeficit" contextRef="AsOf2020-12-31_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">9,672</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr id="xdx_408_eus-gaap--StockholdersEquity_i02TI_zjPvMtpZaCel" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Total shareholders&#8217; deficit</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:StockholdersEquity" contextRef="AsOf2021-12-31_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">4,543,927</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:StockholdersEquity" contextRef="AsOf2020-12-31_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">9,672</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr id="xdx_403_eus-gaap--LiabilitiesAndStockholdersEquity_iTI_z15fMnX65jw7" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total Liabilities, Redeemable Ordinary Shares and Shareholders&#8217; Deficit</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:LiabilitiesAndStockholdersEquity" contextRef="AsOf2021-12-31_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">147,315,186</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:LiabilitiesAndStockholdersEquity" contextRef="AsOf2020-12-31_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">96,594</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of these financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ed_003"></span>AGRICO
ACQUISITION CORP.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>STATEMENTS
OF OPERATIONS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">&#160;</p>

<table cellpadding="0" cellspacing="0" id="xdx_309_113_zo68IaEM20x2" summary="xdx: Statement - Condensed Consolidated Statements of Operations and Comprehensive Loss" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_494_20210101__20211231_zcSWQdFkP9Zh" style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_49A_20200731__20201231_z1PT1FKohzj5" style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center"><p style="margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt">For the year</p>
                                                                                <p style="margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt">ended</p>
                                                                                <p style="margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt">December 31, 2021</p></td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><p style="margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt">For the period</p>
                                                                                <p style="margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt">from July 31,</p>
                                                                                <p style="margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt">2020 (inception)</p>
                                                                                <p style="margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt">through</p>
                                                                                <p style="margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt">December 31, 2020</p></td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
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    <td>&#160;</td><td>&#160;</td>
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  <tr id="xdx_40A_eus-gaap--EarningsPerShareBasic_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zcR6gbKeUytb" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2836">&#8212;</span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of these financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"></p>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ed_004"></span>AGRICO
ACQUISITION CORP.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>STATEMENTS
OF CHANGES IN SHAREHOLDERS&#8217; DEFICIT</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FOR
THE YEAR ENDED DECEMBER 31, 2021 AND </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FOR
THE PERIOD FROM JULY 31, 2020 (INCEPTION) THROUGH DECEMBER 31, 2020</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellpadding="0" cellspacing="0" id="xdx_307_114_zcpK2Ntz9Pr5" summary="xdx: Statement - Condensed Consolidated Statements of Shareholders&apos; Equity" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
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<tr style="vertical-align: bottom">
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    <td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2841">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2842">&#8212;</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_406_eus-gaap--NetIncomeLoss_zxlxKssvTYJe" style="vertical-align: bottom; background-color: White">
    <td style="width: 37%; text-align: left; padding-bottom: 1.5pt">Net loss</td><td style="width: 2%; padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; width: 5%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2847">&#8212;</span></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="width: 2%; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; width: 5%; text-align: right">&#8212;</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="width: 2%; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; width: 5%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2848">&#8212;</span></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="width: 2%; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; width: 5%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2849">&#8212;</span></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="width: 2%; padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; width: 5%; text-align: right">(<ix:nonFraction name="us-gaap:NetIncomeLoss" contextRef="From2020-07-312020-12-31_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">9,672</ix:nonFraction></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr id="xdx_439_c20210101__20211231_eus-gaap--StockholdersEquity_iS_zhw8PSLvDAxj" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold">Balance as of December 31, 2020</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td id="xdx_98F_eus-gaap--SharesOutstanding_iS_pid_c20210101__20211231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zfLvBZwshbke" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2859">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2854">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_406_ecustom--IssuanceOfClassBOrdinarySharesToSponsorValue_zLpEZAzBZJC9" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Issuance of Class B ordinary shares to Sponsor (Note 5)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2861">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98A_ecustom--IssuanceOfClassBOrdinarySharesToSponsor_c20210101__20211231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zIHdaerFkP0a" title="Issuance of Class B ordinary shares to Sponsor (Note 5) (in shares)" style="text-align: right"><ix:nonFraction name="KAL:IssuanceOfClassBOrdinarySharesToSponsor" contextRef="From2021-01-012021-12-31_us-gaap_CommonStockMember_us-gaap_CommonClassBMember_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">3,593,750</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="KAL:IssuanceOfClassBOrdinarySharesToSponsorValue" contextRef="From2021-01-012021-12-31_us-gaap_AdditionalPaidInCapitalMember_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">24,641</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2864">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="KAL:IssuanceOfClassBOrdinarySharesToSponsorValue" contextRef="From2021-01-012021-12-31_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">25,000</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40C_ecustom--SaleOfPrivatePlacementWarrants_zdQVHglSySNa" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Issuance of Private Placement warrants, net of offering costs</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2869">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2870">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="KAL:SaleOfPrivatePlacementWarrants" contextRef="From2021-01-012021-12-31_us-gaap_AdditionalPaidInCapitalMember_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">7,226,565</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2872">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="KAL:SaleOfPrivatePlacementWarrants" contextRef="From2021-01-012021-12-31_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">7,226,565</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_407_eus-gaap--AdjustmentsToAdditionalPaidInCapitalWarrantIssued_zEUWgMexOGl4" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Fair value of public warrants, net of offering costs</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2875">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2876">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:AdjustmentsToAdditionalPaidInCapitalWarrantIssued" contextRef="From2021-01-012021-12-31_us-gaap_AdditionalPaidInCapitalMember_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,973,703</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2878">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:AdjustmentsToAdditionalPaidInCapitalWarrantIssued" contextRef="From2021-01-012021-12-31_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,973,703</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40C_ecustom--IssuanceOfSharesToUnderwritersRepresentative_zzvs6hkrC7Rj" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Issuance of non-redeemable representative shares</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_984_ecustom--IssuanceOfSharesToUnderwritersRepresentativeinShares_pid_c20210101__20211231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zaFgL6qIg3z2" title="Issuance of non-redeemable representative shares (in shares)" style="text-align: right"><ix:nonFraction name="KAL:IssuanceOfSharesToUnderwritersRepresentativeinShares" contextRef="From2021-01-012021-12-31_us-gaap_CommonStockMember_us-gaap_CommonClassAMember_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">143,750</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="KAL:IssuanceOfSharesToUnderwritersRepresentative" contextRef="From2021-01-012021-12-31_us-gaap_CommonStockMember_us-gaap_CommonClassAMember_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">14</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2882">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="KAL:IssuanceOfSharesToUnderwritersRepresentative" contextRef="From2021-01-012021-12-31_us-gaap_AdditionalPaidInCapitalMember_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,437,486</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2884">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="KAL:IssuanceOfSharesToUnderwritersRepresentative" contextRef="From2021-01-012021-12-31_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,437,500</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40B_ecustom--AccretionOfClassAOrdinarySharesCarryingValueToRedemptionValue_zg2aCdl3EWZh" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Re-measurement of Class A ordinary shares carrying value to redemption value</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2889">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2890">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="KAL:AccretionOfClassAOrdinarySharesCarryingValueToRedemptionValue" contextRef="From2021-01-012021-12-31_us-gaap_AdditionalPaidInCapitalMember_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">13,662,395</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="KAL:AccretionOfClassAOrdinarySharesCarryingValueToRedemptionValue" contextRef="From2021-01-012021-12-31_us-gaap_RetainedEarningsMember_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">4,161,654</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="KAL:AccretionOfClassAOrdinarySharesCarryingValueToRedemptionValue" contextRef="From2021-01-012021-12-31_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">17,824,049</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_402_eus-gaap--NetIncomeLoss_zKUxVmjOkRB1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Net loss</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2895">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2896">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2897">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:NetIncomeLoss" contextRef="From2021-01-012021-12-31_us-gaap_RetainedEarningsMember_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">372,974</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:NetIncomeLoss" contextRef="From2021-01-012021-12-31_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">372,974</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr id="xdx_438_c20210101__20211231_eus-gaap--StockholdersEquity_iE_z1aLG2Kt1X0d" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; padding-bottom: 2.5pt">Balance as of December 31, 2021</td><td style="padding-bottom: 2.5pt">&#160;</td>
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  </table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of these financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"></p>

<!-- Field: Page; Sequence: 196; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ed_005"></span>AGRICO
ACQUISITION CORP.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>STATEMENTS
OF CASH FLOWS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellpadding="0" cellspacing="0" id="xdx_304_112_zgK0pRDKv78f" summary="xdx: Statement - Condensed Consolidated Statements of Cash Flows" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="text-align: left">&#160;</td><td id="xdx_498_20210101__20211231_zuvFhmReuXUg" style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_49A_20200731__20201231_zO6n2RVlhit2" style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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ended <br />
December 31, <br />
2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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from July 31, <br />
2020 (inception) <br />
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December 31, <br />
2020</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2923">&#8212;</span></td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2929">&#8212;</span></td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2932">&#8212;</span></td><td style="text-align: left">&#160;</td></tr>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2935">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
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    <td style="padding-left: 20pt; font-weight: bold; text-align: left; padding-bottom: 1.5pt">Net cash used in operating activities</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="padding-left: 30pt; text-align: left; padding-bottom: 1.5pt">Cash invested in Trust Account</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="KAL:CashInvestedInTrustAccount" contextRef="From2021-01-012021-12-31_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">146,625,000</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_401_eus-gaap--NetCashProvidedByUsedInFinancingActivitiesAbstract_iB_zaaEhgJAIwD1" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left">Cash Flows from Financing Activities:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40D_eus-gaap--ProceedsFromIssuanceInitialPublicOffering_i01_zpeL2qxVseil" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 30pt; text-align: left">Proceeds from initial public offering, net of underwriting discount</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceInitialPublicOffering" contextRef="From2021-01-012021-12-31_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">140,875,000</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2953">&#8212;</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_407_eus-gaap--ProceedsFromIssuanceOfPrivatePlacement_i01_zUVaG5kAxmN8" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 30pt; text-align: left">Proceeds from sale of private placement warrants</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2956">&#8212;</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_409_ecustom--ProceedsFromIssuanceOfPromissoryNote_i01_z156bDQLoNF6" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 30pt; text-align: left">Proceeds from issuance of promissory note to related party</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="KAL:ProceedsFromIssuanceOfPromissoryNote" contextRef="From2021-01-012021-12-31_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">25,000</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2959">&#8212;</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_402_eus-gaap--PaymentsOfStockIssuanceCosts_i01N_di_zjOpzMG2EO9c" style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1.5pt solid; display: none; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; display: none; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2980">&#8212;</span></td><td style="display: none; padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
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    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="font-weight: bold; text-align: left">Supplemental disclosure of cash flow information:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40B_eus-gaap--StockIssuedDuringPeriodValueAcquisitions_i01_pp0p0" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt">Issuance of Class B ordinary shares in exchange for due to related party</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueAcquisitions" contextRef="From2021-01-012021-12-31_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">25,000</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2992">&#8212;</span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_400_eus-gaap--RelatedPartyCosts_i01_pp0p0" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 2.5pt">Deferred offering costs paid by related party</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:RelatedPartyCosts" contextRef="From2021-01-012021-12-31_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">146,356</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:RelatedPartyCosts" contextRef="From2020-07-312020-12-31_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">48,262</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_405_ecustom--IssuanceOfSharesToUnderwriterRepresentative_i01_zP3wrKULGbD3" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt">Issuance of shares to underwriter representative</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="KAL:IssuanceOfSharesToUnderwriterRepresentative" contextRef="From2021-01-012021-12-31_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,437,500</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2998">&#8212;</span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
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    <td style="text-align: left; padding-bottom: 2.5pt">Initial Classification of Class A ordinary shares subject to possible redemption</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="KAL:OrdinarySharesSubjectToPossibleRedemption" contextRef="From2021-01-012021-12-31_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">146,625,000</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3001">&#8212;</span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_40C_ecustom--DeferredUnderwritingCommissionsPayableChargedToAccumulatedDeficit_i01_z5HKxr3IC4ve" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt">Deferred underwriting commissions payable charged to accumulated deficit</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="KAL:DeferredUnderwritingCommissionsPayableChargedToAccumulatedDeficit" contextRef="From2021-01-012021-12-31_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,031,250</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3004">&#8212;</span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of these financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span id="ed_006"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AGRICO
ACQUISITION CORP.</b></span></p>

<p id="xdx_04E_c20210101__20211231_zgEokSpN30l5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>DECEMBER
31, 2021</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<ix:nonNumeric contextRef="From2021-01-012021-12-31_custom_AgricoAcquisitionCorpMember" escape="true" name="us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock"><p id="xdx_80A_eus-gaap--OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_znHtGRqqI8Q8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
1 &#8212; <span>Organization and Business Operations</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;<span id="xdx_825_zRD8ySf0gFtl" style="display: none">DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Agrico
Acquisition Corp. (the &#8220;Company&#8221;) was incorporated as a Cayman Islands exempted company on July 31, 2020. The Company was
incorporated for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, reorganization or similar
business combination with one or more businesses (the &#8220;Business Combination&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">As
of December 31, 2021, the Company had not commenced any operations. All activity from inception through December 31, 2021 relates to
the Company&#8217;s formation and preparation for the Initial Public Offering (the &#8220;Public Offering&#8221; or &#8220;IPO&#8221;)
as described below, and subsequent to the IPO, identifying a target company for a Business Combination. The Company will not generate
any operating revenues until after the completion of a Business Combination, at the earliest. The Company generates non-operating income
in the form of interest income and unrealized gains from the cash and marketable securities held in the Trust Account. The Company has
selected December 31 as its fiscal year end.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
Company&#8217;s sponsor is DJCAAC, LLC, a Delaware limited partnership (the &#8220;Sponsor&#8221;). The registration statement for the
Company&#8217;s IPO was declared effective on July 7, 2021 (the &#8220;Effective Date&#8221;). On July 12, 2021, the Company consummated
the initial public offering (the &#8220;Public Offering&#8221; or &#8220;IPO&#8221;) of <span id="xdx_901_eus-gaap--StockIssuedDuringPeriodSharesOther_pid_c20210701__20210712__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember__us-gaap--RelatedPartyTransactionAxis__custom--DJCAACLLCMember_zCfHj62W0i6i" title="Stock issued during period, shares, other"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesOther" contextRef="From2021-07-012021-07-12_us-gaap_IPOMember_custom_DJCAACLLCMember_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">14,375,000</ix:nonFraction></span> units (the &#8220;Units&#8221;), which
includes the full exercise by the underwriters of the over-allotment option to purchase an additional <span id="xdx_901_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_pid_c20210701__20210712__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember__us-gaap--RelatedPartyTransactionAxis__custom--DJCAACLLCMember_zPUwe3jpd2f9" title="Sale of stock, number of shares issued in transaction"><ix:nonFraction name="us-gaap:SaleOfStockNumberOfSharesIssuedInTransaction" contextRef="From2021-07-012021-07-12_us-gaap_IPOMember_custom_DJCAACLLCMember_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,875,000</ix:nonFraction></span> Units, at $<span id="xdx_902_eus-gaap--SaleOfStockPricePerShare_iI_pid_c20210712__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember__us-gaap--RelatedPartyTransactionAxis__custom--DJCAACLLCMember_zTFdxSxf0iqf" title="Sale of stock, price per share"><ix:nonFraction name="us-gaap:SaleOfStockPricePerShare" contextRef="AsOf2021-07-12_us-gaap_IPOMember_custom_DJCAACLLCMember_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">10.00</ix:nonFraction></span> per
unit, generating gross proceeds of $<span id="xdx_902_ecustom--GrossProceeds_pid_c20210701__20210712__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember_zkkXz0zOoUid" title="Gross proceeds"><ix:nonFraction name="KAL:GrossProceeds" contextRef="From2021-07-012021-07-12_us-gaap_OverAllotmentOptionMember_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">143,750,000</ix:nonFraction></span>, which is discussed in Note 3. Simultaneously with the closing of the IPO, the Company
consummated the sale of <span id="xdx_904_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_pid_c20210712_zOXl8gjTSphh" title="Class of warrant or right, outstanding"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightOutstanding" contextRef="AsOf2021-07-12_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">7,250,000</ix:nonFraction></span> warrants to the Sponsor and Maxim Group LLC (&#8220;Maxim&#8221;), the underwriter in the IPO (the
&#8220;Private Placement Warrants&#8221;), at a price of $<span id="xdx_901_ecustom--SaleOfWarrantsPricePerShare_iI_pid_c20210712__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zp4ms4G00gV7" title="Sale Of warrants price per share"><ix:nonFraction name="KAL:SaleOfWarrantsPricePerShare" contextRef="AsOf2021-07-12_us-gaap_PrivatePlacementMember_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">1.00</ix:nonFraction></span> per Private Placement Warrant, generating gross proceeds of $<span id="xdx_909_ecustom--GrossProceeds_pid_c20210701__20210712__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zBWzoT96TOtd"><ix:nonFraction name="KAL:GrossProceeds" contextRef="From2021-07-012021-07-12_us-gaap_PrivatePlacementMember_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">7,250,000</ix:nonFraction></span>,
which is discussed in Note 4. Each Private Placement Warrant is exercisable to purchase one Class A ordinary share at $<span id="xdx_90F_ecustom--PricePerPrivateWarrant_iI_pid_c20210712_zw986JOBpyGg" title="Price per private warrant"><ix:nonFraction name="KAL:PricePerPrivateWarrant" contextRef="AsOf2021-07-12_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">11.50</ix:nonFraction></span> per share.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Transaction
costs of the IPO amounted to $<span id="xdx_901_ecustom--TransactionCosts_iI_c20210712__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zlFAkl2R5Zk9" title="Transaction costs"><ix:nonFraction name="KAL:TransactionCosts" contextRef="AsOf2021-07-12_us-gaap_IPOMember_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">9,998,781</ix:nonFraction></span>, comprised of $<span id="xdx_906_ecustom--UnderwritingFees_c20210712__20210712__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zze2V9XO2sRj" title="Underwriting fees"><ix:nonFraction name="KAL:UnderwritingFees" contextRef="From2021-07-122021-07-12_us-gaap_IPOMember_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,875,000</ix:nonFraction></span> of underwriting fees paid at the time of the IPO, $<span id="xdx_90B_ecustom--DeferredUnderwritingFees_c20210712__20210712__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zMouPpcRSmN4" title="Deferred underwriting fees"><ix:nonFraction name="KAL:DeferredUnderwritingFees" contextRef="From2021-07-122021-07-12_us-gaap_IPOMember_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,031,250</ix:nonFraction></span> of deferred
underwriting fees, $<span id="xdx_90A_eus-gaap--OtherOwnershipInterestsOfferingCosts_iI_c20210712__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zgLc6GZJOc26" title="Other ownership interests, offering costs"><ix:nonFraction name="us-gaap:OtherOwnershipInterestsOfferingCosts" contextRef="AsOf2021-07-12_us-gaap_IPOMember_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">655,031</ix:nonFraction></span> of other offering costs, and $<span id="xdx_90A_ecustom--FairValueRepresentativeSharesCost_iI_c20210712__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zvW6TQJKcwsk" title="Fair value representative shares cost"><ix:nonFraction name="KAL:FairValueRepresentativeSharesCost" contextRef="AsOf2021-07-12_us-gaap_IPOMember_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,437,500</ix:nonFraction></span> of the fair value of the representative shares, and was all charged
to shareholders&#8217; equity.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Following
the closing of the IPO on July 12, 2021, $<span id="xdx_907_ecustom--NetProceeds_iI_c20210712__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_ztVUjwOGkbk2" title="Net proceeds"><ix:nonFraction name="KAL:NetProceeds" contextRef="AsOf2021-07-12_us-gaap_IPOMember_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">146,625,000</ix:nonFraction></span> ($<span id="xdx_90C_ecustom--SaleOfStockPricesPerShare_iI_c20210712__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zX4xSDRdjPU1" title="Sale of stock prices per share"><ix:nonFraction name="KAL:SaleOfStockPricesPerShare" contextRef="AsOf2021-07-12_us-gaap_IPOMember_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">10.20</ix:nonFraction></span> per Unit) from the net proceeds of the sale of the Units in the IPO, including
a portion of the proceeds from the sale of the Private Placement Warrants, was deposited in a trust account (&#8220;Trust Account&#8221;),
located in the United States with Continental Stock Transfer &amp; Trust Company acting as trustee, and may only be invested in U.S.
government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, having a maturity of <span id="xdx_90C_ecustom--MaturityTerms_dtD_c20210712__20210712__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_ztRsRXMllzz3" title="Maturity terms"><ix:nonNumeric contextRef="From2021-07-122021-07-12_us-gaap_IPOMember_custom_AgricoAcquisitionCorpMember" format="ixt-sec:durday" name="KAL:MaturityTerms">185</ix:nonNumeric></span> days
or less or in money market funds meeting certain conditions under Rule 2a-7 promulgated under the Investment Company Act which invest
only in direct U.S. government treasury obligations. Except with respect to interest earned on the funds held in the Trust Account that
may be released to the Company to pay taxes, if any, the proceeds from the IPO and the sale of the Private Placement Warrants will not
be released from the Trust Account (1) to the Company, until the completion of the initial Business Combination, or (2) to the public
shareholders, until the earliest of (a) the completion of the initial Business Combination, and then only in connection with those Class
A ordinary shares that such shareholders properly elected to redeem, subject to the limitations, (b) the redemption of any public shares
properly tendered in connection with a (A) shareholder vote to amend the amended and restated memorandum and articles of association
to modify the substance or timing of the Company&#8217;s obligation to provide holders of the Class A ordinary shares the right to have
their shares redeemed in connection with the initial Business Combination or to redeem <span id="xdx_90B_ecustom--PublicSharesRedeemPercentage_iI_pid_dp_c20210712_zMCWrOwMx4Wa" title="Public shares redeem percentage"><ix:nonFraction name="KAL:PublicSharesRedeemPercentage" contextRef="AsOf2021-07-12_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>% of the public shares if the Company does
not complete the initial Business Combination within 21 months from the closing of the Initial public offering (the &#8220;Combination
Period&#8221;), or (B) with respect to any other provision relating to the rights of holders of the Class A ordinary shares or pre-initial
business combination activity, and (c) the redemption of the public shares if the Company has not consummated the initial Business Combination
within 21 months from the closing of the Initial public offering. Public shareholders who redeem their Class A ordinary shares in connection
with a shareholder vote described in clause (b) in the preceding sentence shall not be entitled to funds from the Trust Account upon
the subsequent completion of an initial Business Combination or liquidation if the Company has not consummated an initial Business Combination
within the Combination Period, with respect to such Class A ordinary shares so redeemed. The proceeds deposited in the Trust Account
could become subject to the claims of the Company&#8217;s creditors, if any, which could have priority over the claims of the public
shareholders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"></p>

<ix:exclude><!-- Field: Page; Sequence: 198; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
Company will provide its public shareholders with the opportunity to redeem all or a portion of their public shares upon the completion
of the initial Business Combination either (i) in connection with a general meeting called to approve the initial Business Combination
or (ii) by means of a tender offer. The decision as to whether the Company will seek shareholder approval of a proposed initial Business
Combination or conduct a tender offer will be made by the Company, solely in its discretion. The shareholders will be entitled to redeem
their shares for a pro rata portion of the amount then on deposit in the Trust Account (initially approximately $<span id="xdx_900_ecustom--TrustAccountPricePerShare_pid_c20210712__20210712_zRIJSZl3q9d5" title="Trust account price per share"><ix:nonFraction name="KAL:TrustAccountPricePerShare" contextRef="From2021-07-122021-07-12_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">10.20</ix:nonFraction></span> per share, plus
any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">If
the Company is unable to complete a Business Combination within 12 months (or up to 21 months if the Company extends the period of time
to consummate a business combination by the full amount of time) from the closing of the Public Offering (the &#8220;Combination Period&#8221;)
or during any Extension Period, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably
possible but not more than ten business days thereafter, redeem the public shares, at a per-share price, payable in cash, equal to the
aggregate amount then on deposit in the trust account including interest earned on the funds held in the trust account and not previously
released to us to pay the Company&#8217;s franchise and income taxes (less up to $<span id="xdx_904_ecustom--InterestNotPreviouslyReleasedOnTrustAccountToBeHeldToPayDissolutionExpenses_iI_c20220712__srt--RangeAxis__srt--MaximumMember_zCMOJe96wE8" title="Interest, not previously released, on trust account to be held to pay dissolution expenses"><ix:nonFraction name="KAL:InterestNotPreviouslyReleasedOnTrustAccountToBeHeldToPayDissolutionExpenses" contextRef="AsOf2022-07-12_srt_MaximumMember_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">50,000</ix:nonFraction></span> of interest to pay dissolution expenses), divided
by the number of then outstanding public shares, which redemption will completely extinguish public shareholders&#8217; rights as shareholders
(including the right to receive further liquidating distributions, if any), subject to applicable law, and (iii) as promptly as reasonably
possible following such redemption, subject to the approval of the Company&#8217;s remaining shareholders and board of directors, liquidate
and dissolve, subject in each case to the Company&#8217;s obligations under Cayman Islands law to provide for claims of creditors and
the requirements of other applicable law.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
Sponsor, officers and directors have agreed to (i) waive their redemption rights with respect to their Founder Shares and Public Shares
in connection with the completion of the initial Business Combination, (ii) waive their redemption rights with respect to their Founder
Shares and Public Shares in connection with a shareholder vote to approve an amendment to the Company&#8217;s amended and restated certificate
memorandum and articles of association (A) that would modify the substance or timing of the Company&#8217;s obligation to redeem <span id="xdx_903_ecustom--PublicSharesRedeemPercentage_iI_pid_dp_c20210712_zjvnc2f7Ddcl"><ix:nonFraction name="KAL:PublicSharesRedeemPercentage" contextRef="AsOf2021-07-12_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>%
of the its Public Shares if the Company does not complete its initial Business Combination within the Combination Period or (B) with
respect to any other provision relating to shareholders&#8217; rights or pre-initial Business Combination activity, (iii) waive their
rights to liquidating distributions from the Trust Account with respect to their Founder Shares if the Company fails to complete an initial
Business Combination within the Combination Period, although they will be entitled to liquidating distributions from the Trust Account
with respect to any Public Shares they hold if the Company fails to complete the initial Business Combination within the prescribed timeframe,
and (iv) vote their Founder Shares and Public Shares in favor of the Company&#8217;s initial Business Combination.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<ix:exclude><!-- Field: Page; Sequence: 199; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->57<!-- Field: /Sequence --></td></tr></table></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
Sponsor has agreed that it will be liable to the Company if and to the extent any claims by a third party for services rendered or products
sold to the Company, or a prospective target business with which the Company has entered into a written letter of intent, confidentiality
or similar agreement or business combination agreement, reduce the amount of funds in the trust account to below the lesser of (i) $<span id="xdx_90D_ecustom--PublicSharePricePerShare_c20210712__20210712__us-gaap--RelatedPartyTransactionAxis__custom--SponsorMember_zFfVlfLBob84"><ix:nonFraction name="KAL:PublicSharePricePerShare" contextRef="From2021-07-122021-07-12_custom_SponsorMember_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">10.00</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">per public share and
(ii) the actual amount per public share held in the trust account as of the date of the liquidation of the trust account, if less than
$<span id="xdx_90F_ecustom--TrustAccountPerShares_c20210712__20210712_zjKxZh1M7Bue"><ix:nonFraction name="KAL:TrustAccountPerShares" contextRef="From2021-07-122021-07-12_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">10.00</ix:nonFraction></span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">per
share due to reductions in the value of the trust assets, less taxes payable, provided that such liability will not apply to any claims
by a third party or prospective target business who executed a waiver of any and all rights to the monies held in the trust account (whether
or not such waiver is enforceable) nor will it apply to any claims under the Company&#8217;s indemnity of the underwriter of the Public
Offering against certain liabilities, including liabilities under the Securities Act. However, the Company has not asked its Sponsor
to reserve for such indemnification obligations, nor has the Company independently verified whether its Sponsor has sufficient funds
to satisfy its indemnity obligations and believes that the Company&#8217;s Sponsor&#8217;s only assets are securities of the Company.
Therefore, the Company cannot assure that its Sponsor would be able to satisfy those obligations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Liquidity,
Capital Resources and Going Concern Consideration</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">As
of December 31, 2021 the Company had $<span id="xdx_906_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_c20211231_zVAcGtmRf5Lh" title="Cash"><ix:nonFraction name="us-gaap:CashAndCashEquivalentsAtCarryingValue" contextRef="AsOf2021-12-31_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">664,428</ix:nonFraction></span> in cash and a working capital of $<span id="xdx_909_ecustom--WorkingCapital_iI_c20211231_zPv7xf3x6bzl" title="Working capital"><ix:nonFraction name="KAL:WorkingCapital" contextRef="AsOf2021-12-31_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">467,648</ix:nonFraction></span>. The Company&#8217;s liquidity needs up to December
31, 2021 had been satisfied through a capital contribution from the Sponsor of $<span id="xdx_90E_ecustom--FounderSharesCost_c20211231__20211231_za6yITrzRm86" title="Founder shares cost"><ix:nonFraction name="KAL:FounderSharesCost" contextRef="From2021-12-312021-12-31_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">25,000</ix:nonFraction></span> (see Note 5) for the founder shares and the loan
under an unsecured promissory note from the Sponsor of up to $<span id="xdx_905_ecustom--UnsecuredPromissoryNote_c20211231__20211231_zHLtIMl04mH4" title="Unsecured promissory note"><ix:nonFraction name="KAL:UnsecuredPromissoryNote" contextRef="From2021-12-312021-12-31_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">200,000</ix:nonFraction></span> (see Note 5), of which $<span id="xdx_905_eus-gaap--RepaymentsOfDebt_c20210101__20211231_zClqglnVeM74" title="Repayments of debt"><ix:nonFraction name="us-gaap:RepaymentsOfDebt" contextRef="From2021-01-012021-12-31_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">171,356</ix:nonFraction></span> was borrowed and repaid in 2021.
In addition, in order to finance transaction costs in connection with a Business Combination, the Company&#8217;s Sponsor or an affiliate
of the Sponsor or certain of the Company&#8217;s officers and directors may, but are not obligated to, provide the Company Working Capital
Loans (see Note 5). As of December 31, 2021 and 2020, there were no amounts outstanding under any Working Capital Loans.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Based
on the foregoing, management believes that the Company will have sufficient working capital to meet its needs through the earlier of
the consummation of a Business Combination or one year from this filing. Over this time period, the Company will be using these funds
for paying existing accounts payable, identifying and evaluating prospective initial Business Combination candidates, performing due
diligence on prospective target businesses, paying for travel expenditures, selecting the target business to merge with or acquire, and
structuring, negotiating and consummating the Business Combination.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However,
the Company is within 12 months of its mandatory liquidation as of the time of filing this 10K. In connection with the Company&#8217;s
assessment of going concern considerations in accordance with Accounting Standards Update (&#8220;ASU&#8221;) 2014-15, &#8220;Disclosures
of Uncertainties about an Entity&#8217;s Ability to Continue as a Going Concern,&#8221; the liquidity condition and mandatory liquidation
raise substantial doubt about the Company&#8217;s ability to continue as a going concern until the earlier of the consummation of the
Business Combination or the date the Company is required to liquidate, July 12, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities
that might be necessary should the Company be unable to continue as a going concern.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
and Uncertainties</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management
continues to evaluate the impact of the COVID-19 pandemic and has concluded that while it is reasonably possible that the virus could
have a negative effect on the Company&#8217;s financial position, results of its operations, and/or search for a target company, the
specific impact is not readily determinable as of the date of these financial statements. The financial statements do not include any
adjustments that might result from the outcome of this uncertainty.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31_custom_AgricoAcquisitionCorpMember" escape="true" name="us-gaap:SignificantAccountingPoliciesTextBlock"><p id="xdx_80B_eus-gaap--SignificantAccountingPoliciesTextBlock_z4XbBvwKat7a" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
2 &#8212; <span>Significant Accounting Policies</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;<span id="xdx_82A_zqhblL4SIv69" style="display: none">SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</span></b></span></p>

<ix:nonNumeric contextRef="From2021-01-012021-12-31_custom_AgricoAcquisitionCorpMember" escape="true" name="us-gaap:BasisOfAccountingPolicyPolicyTextBlock"><p id="xdx_84B_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_z84iv2gd5cd6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Basis
of Presentation</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
accompanying financial statements of the Company are presented in U.S. dollars in conformity with accounting principles generally accepted
in the United States of America (&#8220;GAAP&#8221;) and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission
(&#8220;SEC&#8221;). In the opinion of management, all adjustments (consisting of normal recurring adjustments) have been made that are
necessary to present fairly the financial position, and the results of its operations and its cash flows. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31_custom_AgricoAcquisitionCorpMember" escape="true" name="KAL:EmergingGrowthCompanyPolicyTextBlock"><p id="xdx_842_ecustom--EmergingGrowthCompanyPolicyTextBlock_z6YcpJupw1h2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Emerging
Growth Company Status</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
Company is an &#8220;emerging growth company,&#8221; as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart our
Business Startups Act of 2012, (the &#8220;JOBS Act&#8221;), and it may take advantage of certain exemptions from various reporting requirements
that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required
to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding
executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory
vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Further,
Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting
standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do
not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting
standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements
that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of
such extended transition period which means that when a standard is issued or revised and it has different application dates for public
or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies
adopt the new or revised standard. This may make comparison of the Company&#8217;s financial statements with another public company which
is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult
or impossible because of the potential differences in accounting standards used.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31_custom_AgricoAcquisitionCorpMember" escape="true" name="us-gaap:UseOfEstimates"><p id="xdx_840_eus-gaap--UseOfEstimates_zTReR4umBG2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Use
of Estimates</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
preparation of the financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statement
and the reported amounts of expenses during the reporting period. Making estimates requires management to exercise significant judgement.
It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at
the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one
or more future confirming events. Accordingly, the actual results could differ significantly from those estimates.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31_custom_AgricoAcquisitionCorpMember" escape="true" name="us-gaap:CashAndCashEquivalentsPolicyTextBlock"><p id="xdx_848_eus-gaap--CashAndCashEquivalentsPolicyTextBlock_zS4g3mGY5STg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cash
and Cash Equivalents</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents.
The Company did not have any cash equivalents as of December 31, 2021 and 2020.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31_custom_AgricoAcquisitionCorpMember" escape="true" name="us-gaap:MarketableSecuritiesPolicy"><p id="xdx_846_eus-gaap--MarketableSecuritiesPolicy_zX1hZsPT9MPb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Marketable
Securities Held in Trust Account</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">At
December 31, 2021, the assets held in the Trust Account were held in U.S. Treasury Bills with a maturity of 185 days or less and in money
market funds which invest in U.S. Treasury securities. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
Company classifies its United States Treasury securities as held-to-maturity in accordance with FASB ASC Topic 320 &#8220;Investments
- Debt and Equity Securities.&#8221; Held-to-maturity securities are those securities which the Company has the ability and intent to
hold until maturity. Held-to-maturity treasury securities are recorded at amortized cost and adjusted for the amortization or accretion
of premiums or discounts.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">A
decline in the market value of held-to-maturity securities below cost that is deemed to be other than temporary, results in an impairment
that reduces the carrying costs to such securities&#8217; fair value. The impairment is charged to earnings and a new cost basis for
the security is established. To determine whether an impairment is other than temporary, the Company considers whether it has the ability
and intent to hold the investment until a market price recovery and considers whether evidence indicating the cost of the investment
is recoverable outweighs evidence to the contrary. Evidence considered in this assessment includes the reasons for the impairment, the
severity and the duration of the impairment, changes in value subsequent to year-end, forecasted performance of the investee, and the
general market condition in the geographic area or industry in which the investee operates. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Premiums
and discounts are amortized or accreted over the life of the related held-to-maturity security as an adjustment to yield using the effective-interest
method. Such amortization and accretion are included in the &#8220;interest income&#8221; line item in the statements of operations.
Interest income is recognized when earned.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2021-01-012021-12-31_custom_AgricoAcquisitionCorpMember" escape="true" name="KAL:ScheduleOfUnrealizedHoldingLossAndFairValueOfHeldToMaturitySecuritiesTableTextBlock"><p id="xdx_89E_ecustom--ScheduleOfUnrealizedHoldingLossAndFairValueOfHeldToMaturitySecuritiesTableTextBlock_zmDymecSFtvf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
carrying value, excluding gross unrealized holding loss and fair value of held to maturity securities on December 31, 2021 are as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">&#160;<span id="xdx_8B0_z272pEE46iQ4" style="display: none">SCHEDULE OF UNREALIZED HOLDING LOSS AND FAIR VALUE OF HELD TO MATURITY SECURITIES</span></span></p>

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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</ix:nonNumeric><p id="xdx_8A9_zCl6c8jA7qb8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&#160;</p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31_custom_AgricoAcquisitionCorpMember" escape="true" name="KAL:OfferingCostsPolicyTextBlock"><p id="xdx_84E_ecustom--OfferingCostsPolicyTextBlock_zhYS2JwWYiCl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Offering
Costs</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Offering
costs consisted of legal, accounting, underwriting fees and other costs incurred through the Initial Public Offering that were directly
related to the Initial Public Offering. Offering costs were allocated to the separable </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">financial
instruments issued in the Initial Public Offering based on a relative fair value basis, compared to total proceeds received. Offering
costs associated with issuance of the Class A ordinary shares <span style="background-color: white">were charged </span>against the carrying
value of the Class A ordinary shares subject to possible redemption <span style="background-color: white">upon the completion of the
Initial Public Offering. </span>The Company classifies deferred underwriting commissions as non-current liabilities as their liquidation
is not reasonably expected to require the use of current assets or require the creation of current liabilities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31_custom_AgricoAcquisitionCorpMember" escape="true" name="us-gaap:EarningsPerSharePolicyTextBlock"><p id="xdx_848_eus-gaap--EarningsPerSharePolicyTextBlock_z7K0vaknAlD9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Net
Income (loss) Per Ordinary Share</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
Company has two classes of shares, which are referred to as Class A ordinary shares and Class B ordinary shares. Earnings and losses
are shared pro rata between the two classes of shares. </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
income (loss) per ordinary share is computed by dividing net income (loss) by the weighted-average number of ordinary shares outstanding
during the periods. We have <span style="background-color: white">not considered the effect of the warrants sold in the Initial Public
Offering and the Private Placement to purchase an aggregate of <span id="xdx_902_ecustom--PurchaseOfAggregate_iI_pid_c20211231_zrbdJl5gcCN5" title="Purchase of aggregate"><ix:nonFraction name="KAL:PurchaseOfAggregate" contextRef="AsOf2021-12-31_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">14,437,500</ix:nonFraction></span> of our Class A ordinary shares in the calculation of diluted
income (loss) per share, since their inclusion would be anti-dilutive under the treasury stock method. As a result, diluted net income
(loss) per ordinary share is the same as basic net loss per ordinary share for the periods. </span>Re-measurement associated with <span style="background-color: white">the
Class A ordinary shares subject to possible redemption is excluded from earnings per share as the redemption value approximates fair
value.</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="background-color: white">&#160;</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="background-color: white"></span></span></p>

<ix:exclude><!-- Field: Page; Sequence: 202; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:nonNumeric contextRef="From2021-01-012021-12-31_custom_AgricoAcquisitionCorpMember" escape="true" name="us-gaap:ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock"><p id="xdx_895_eus-gaap--ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_zrRES1gYnyW3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="background-color: white">&#160;<span id="xdx_8BD_z2oN0W9ixkif" style="display: none">SCHEDULE OF BASIC AND DILUTED NET INCOME PER SHARE</span></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="background-color: white"><span style="display: none">&#160;</span></span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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July 31, 2020 (inception)through <br />
December 31, 2020</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt">Denominator:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 20pt; text-align: left; padding-bottom: 1.5pt">Weighted-average shares outstanding including ordinary shares subject to redemption</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98D_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20210101__20211231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zYawt3ybWE3g" title="Weighted-average shares outstanding including ordinary shares subject to redemption" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:WeightedAverageNumberOfSharesOutstandingBasic" contextRef="From2021-01-012021-12-31_custom_AgricoAcquisitionCorpMember_us-gaap_CommonClassAMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">6,881,490</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_985_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20200731__20201231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zgtWGP7Zfhja" title="Weighted-average shares outstanding including ordinary shares subject to redemption" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3118">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 2.5pt">Basic and diluted net income (loss) per share</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98E_eus-gaap--EarningsPerShareBasic_pid_c20210101__20211231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z0hbEMhDZNV9" title="Basic and diluted net income (loss) per share" style="border-bottom: Black 2.5pt double; text-align: right">(<ix:nonFraction name="us-gaap:EarningsPerShareBasic" contextRef="From2021-01-012021-12-31_custom_AgricoAcquisitionCorpMember_us-gaap_CommonClassAMember" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="USDPShares">0.04</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt">&#160;</td>
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    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_980_eus-gaap--EarningsPerShareBasic_pid_c20200731__20201231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zQw7id8MReh1" title="Basic and diluted net income (loss) per share" style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3124">&#8212;</span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_984_eus-gaap--EarningsPerShareBasic_pid_c20200731__20201231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zq4c56yJXfS7" title="Basic and diluted net income (loss) per share" style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3126">&#8212;</span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>


</ix:nonNumeric><p id="xdx_8A1_z9jN2sPJAXH7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&#160;</p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31_custom_AgricoAcquisitionCorpMember" escape="true" name="us-gaap:FairValueOfFinancialInstrumentsPolicy"><p id="xdx_84F_eus-gaap--FairValueOfFinancialInstrumentsPolicy_zhpHZ2XerbVk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fair
Value of Financial Instruments</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
fair value of the Company&#8217;s assets and liabilities, which qualify as financial instruments under FASB ASC 820, &#8220;Fair Value
Measurements and Disclosures,&#8221; approximates the carrying amounts represented in the balance sheet, primarily due to their short-term
nature.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31_custom_AgricoAcquisitionCorpMember" escape="true" name="us-gaap:SharesSubjectToMandatoryRedemptionChangesInRedemptionValuePolicyTextBlock"><p id="xdx_848_eus-gaap--SharesSubjectToMandatoryRedemptionChangesInRedemptionValuePolicyTextBlock_zOB1dNiSrRF3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Class
A Ordinary Shares Subject to Possible Redemption</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
Company accounts for our Class A ordinary share subject to possible redemption in accordance with ASC 480.Class A ordinary shares subject
to mandatory redemption (if any) are classified as liability instruments and are measured at fair value. Conditionally redeemable Class
A ordinary shares (including Class A ordinary share that feature redemption rights that are either within the control of the holder or
subject to redemption upon the occurrence of uncertain events not solely within our control) are classified as temporary equity. At all
other times, Class A ordinary shares are classified as shareholders&#8217; equity. Our Class A ordinary shares feature certain redemption
rights that are considered to be outside of our control and subject to the occurrence of uncertain future events. Accordingly, at December
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of the shareholders&#8217; equity section of our balance sheet. </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
were no Class A ordinary shares outstanding as of December 31, 2020.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Immediately
upon the closing of the Initial Public Offering, the Company recognized the re-measurement from initial book value to redemption amount,
which approximates fair value. The change in the carrying value of Class A ordinary shares subject to possible redemption resulted in
charges against additional paid-in capital (to the extent available), accumulated deficit, and Class A ordinary shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"></p>

<ix:exclude><!-- Field: Page; Sequence: 203; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</span></p>

<ix:nonNumeric contextRef="From2021-01-012021-12-31_custom_AgricoAcquisitionCorpMember" escape="true" name="us-gaap:SharesSubjectToMandatoryRedemptionDisclosureTextBlock"><p id="xdx_899_eus-gaap--SharesSubjectToMandatoryRedemptionDisclosureTextBlock_zaNBV0xzZL9c" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span id="xdx_8BC_zkbDm7yMM4Z1" style="display: none">SCHEDULE OF ORDINARY SHARE REFLECTED ON THE BALANCE SHEET</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td id="xdx_49E_20210101__20211231_z2segXPHG59j" style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_406_ecustom--LessAbstract_iB_zS5rahrilxf3" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_406_eus-gaap--ProceedsFromIssuanceOfWarrants_i01N_di_zWoXJ26x1fi8" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Proceeds allocated to Public Warrants</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_407_ecustom--PlusAbstract_iB_zJvwKw7mZo3e" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Plus:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40C_ecustom--OfferingCostsAllocatedToPublicWarrants_i01_zfzwRj16FsS3" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_404_eus-gaap--TemporaryEquityOtherChanges_i01_pp0p0" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Re-Measurement of Class A ordinary shares to redemption amount</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left; padding-bottom: 2.5pt">Class A ordinary shares subject to possible redemption</td><td style="padding-bottom: 2.5pt">&#160;</td>
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</ix:nonNumeric><p id="xdx_8A0_zGnUVAlwRvVj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#160;</p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31_custom_AgricoAcquisitionCorpMember" escape="true" name="us-gaap:IncomeTaxPolicyTextBlock"><p id="xdx_848_eus-gaap--IncomeTaxPolicyTextBlock_zVD2Rgr3GTj6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Income
Taxes</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
Company follows the asset and liability method of accounting for income taxes under FASB ASC 740, &#8220;Income Taxes.&#8221; Deferred
tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial
statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are
measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to
be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period
that included the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected
to be realized.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">ASC
Topic 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax
positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than
not to be sustained upon examination by taxing authorities. The Company&#8217;s management determined that the Cayman Islands is the
Company&#8217;s major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as
income tax expense. As of December 31, 2021 and 2020, there were no unrecognized tax benefits and no amounts accrued for interest and
penalties. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material
deviation from its position. The Company&#8217;s management does not expect that the total amount of unrecognized tax benefits will materially
change over the next twelve months.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
Company is considered to be an exempted Cayman Islands company with no connection to any other taxable jurisdiction and is presently
not subject to income taxes or income tax filing requirements in the Cayman Islands or the United States. As such, the Company&#8217;s
tax provision was zero for the periods presented.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31_custom_AgricoAcquisitionCorpMember" escape="true" name="us-gaap:ConcentrationRiskCreditRisk"><p id="xdx_84F_eus-gaap--ConcentrationRiskCreditRisk_zdlve5LDkXNa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Concentration
of Credit Risk</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Financial
instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution,
which, at times, may exceed the Federal Depository Insurance Company coverage of $<span id="xdx_90D_ecustom--FederalDepositoryInsuranceCompanyCoverage_c20210101__20211231_zWV172vWvG6b" title="Federal depository insurance company coverage"><ix:nonFraction name="KAL:FederalDepositoryInsuranceCompanyCoverage" contextRef="From2021-01-012021-12-31_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">250,000</ix:nonFraction></span>. The Company has not experienced losses on
these accounts and management believes the Company is not exposed to significant risks on such accounts.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"></p>

<ix:exclude><!-- Field: Page; Sequence: 204; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->62<!-- Field: /Sequence --></td></tr></table></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31_custom_AgricoAcquisitionCorpMember" escape="true" name="us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock"><p id="xdx_848_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_z635yrE4fcgh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Recent
Accounting Pronouncements</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">In
August 2020, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued Accounting Standards Update (&#8220;ASU&#8221;) 2020-06,
Debt &#8212; Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging &#8212; Contracts in Entity&#8217;s
Own Equity (Subtopic 815-40) (&#8220;ASU 2020-06&#8221;) to simplify accounting for certain financial instruments. ASU 2020-06 eliminates
the current models that require separation of beneficial conversion and cash conversion features from convertible instruments and simplifies
the derivative scope exception guidance pertaining to equity classification of contracts in an entity&#8217;s own equity. The new standard
also introduces additional disclosures for convertible debt and freestanding instruments that are indexed to and settled in an entity&#8217;s
own equity. ASU 2020-06 amends the diluted earnings per share guidance, including the requirement to use the if-converted method for
all convertible instruments. ASU 2020-06 is effective January 1, 2024 for the Company and should be applied on a full or modified retrospective
basis, with early adoption permitted beginning on January 1, 2021. The Company is currently assessing the impact, if any, that ASU 2020-06
would have on its financial position, results of operations or cash flows.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management
does not believe that any other recently issued, but not effective, accounting standards, if currently adopted, would have a material
effect on the Company&#8217;s financial statements.</span></p>

</ix:nonNumeric><p id="xdx_855_zNKlaohmaGoc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31_custom_AgricoAcquisitionCorpMember" escape="true" name="KAL:InitialPublicOfferingTextBlock"><p id="xdx_807_ecustom--InitialPublicOfferingTextBlock_ziNabrc0G148" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
3 &#8212; <span>Initial Public Offering</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;<span id="xdx_82D_zlyIq6WLxmKa" style="display: none">INITIAL PUBLIC OFFERING</span></b></span></p>

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option to purchase an additional <span id="xdx_90C_eus-gaap--StockIssuedDuringPeriodSharesIssuedForServices_c20210701__20210712__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember_pp0d" title="Additional units of shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesIssuedForServices" contextRef="From2021-07-012021-07-12_us-gaap_OverAllotmentOptionMember_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" unitRef="Shares">1,875,000</ix:nonFraction></span> Units, at a purchase price of $<span id="xdx_908_eus-gaap--SaleOfStockPricePerShare_iI_pp2d_c20210712__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember_zMcbhB3beUWa" title="Purchase price, per unit (in Dollars per share)"><ix:nonFraction name="us-gaap:SaleOfStockPricePerShare" contextRef="AsOf2021-07-12_us-gaap_OverAllotmentOptionMember_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="2" unitRef="USDPShares">10.00</ix:nonFraction></span> per Unit. Each Unit consists of one share of Class A
ordinary share, and one-half of one redeemable warrant. <span id="xdx_909_eus-gaap--SaleOfStockDescriptionOfTransaction_c20210701__20210712"><ix:nonNumeric contextRef="From2021-07-012021-07-12_custom_AgricoAcquisitionCorpMember" name="us-gaap:SaleOfStockDescriptionOfTransaction">Each whole Public Warrant entitles the holder to purchase one Class A ordinary share at a price of $<span id="xdx_907_eus-gaap--SharePrice_iI_pp2d_c20210712__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember_zM0OpxHtZNec" title="Share price"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2021-07-12_us-gaap_OverAllotmentOptionMember_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="2" unitRef="USDPShares">11.50</ix:nonFraction></span> per share, subject to adjustment (See Note 7).</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">In
connection with the closing of the IPO, the Company issued to Maxim <span id="xdx_900_eus-gaap--SharesIssued_c20211231__srt--RangeAxis__srt--MaximumMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_pp0d" title="Shares issued"><ix:nonFraction name="us-gaap:SharesIssued" contextRef="AsOf2021-12-31_srt_MaximumMember_us-gaap_CommonClassAMember_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" unitRef="Shares">143,750</ix:nonFraction></span> Class A ordinary shares (the &#8220;representative shares&#8221;).
Maxim has agreed not to transfer, assign or sell any such shares until the completion of the Company&#8217;s initial Business Combination.
In addition, Maxim has agreed (i) to waive its redemption rights with respect to such shares in connection with the completion of the
Company&#8217;s initial business combination and (ii) to waive its rights to liquidating distributions from the trust account with respect
to such shares if the Company fails to complete its initial business combination within 12 months (or up to 21 months if we extend the
period of time to consummate a business combination by the full amount of time) from the closing of the IPO.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31_custom_AgricoAcquisitionCorpMember" escape="true" name="KAL:PrivatePlacementDisclosureTextBlock"><p id="xdx_807_ecustom--PrivatePlacementDisclosureTextBlock_zjPSq9E8Gfd1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
4 &#8212; <span>Private Placement</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;<span id="xdx_823_zzHIyH1JIpJ" style="display: none">PRIVATE PLACEMENT</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Simultaneously
with the closing of the IPO, the Sponsor purchased an aggregate of <span id="xdx_909_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_pid_c20210101__20211231__srt--OwnershipAxis__custom--SponsorMember_zmJF3AY071Yk" title="Aggregate of private placement warrants"><ix:nonFraction name="us-gaap:SaleOfStockNumberOfSharesIssuedInTransaction" contextRef="From2021-01-012021-12-31_custom_SponsorMember_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">7,250,000</ix:nonFraction></span> Private Placement Warrants at a price of $<span id="xdx_900_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_c20211231__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_pp2d" title="Per share price"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2021-12-31_us-gaap_PrivatePlacementMember_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="2" unitRef="USDPShares">1.00</ix:nonFraction></span> per Private
Placement Warrant, for an aggregate purchase price of $<span id="xdx_90A_ecustom--AggregatePurchasePrice_c20210101__20211231__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zmqUw8JfrWc4" title="Aggregate purchase price"><ix:nonFraction name="KAL:AggregatePurchasePrice" contextRef="From2021-01-012021-12-31_us-gaap_PrivatePlacementMember_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">7,250,000</ix:nonFraction></span>, in a private placement. A portion of the proceeds from the private
placement was added to the proceeds from the IPO held in the Trust Account. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
Private Placement Warrants are identical to the Public Warrants, except that the Private Warrants (i) will not be transferable, assignable
or salable until the completion of the initial Business Combination and (ii) will be entitled to registration rights (see Note 7).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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    <div style="margin-right: 0pt; break-before: page; margin-top: 0pt; margin-bottom: 0pt"><p style="margin: 0pt">&#160;</p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31_custom_AgricoAcquisitionCorpMember" escape="true" name="us-gaap:RelatedPartyTransactionsDisclosureTextBlock"><p id="xdx_807_eus-gaap--RelatedPartyTransactionsDisclosureTextBlock_zg7taizycVgg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
5 &#8212; <span>Related Party Transactions</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;<span id="xdx_824_zAVrCOdWiR0l" style="display: none">RELATED PARTY TRANSACTIONS</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Founder
Shares</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 25, 2021, the Sponsor was issued <span id="xdx_903_ecustom--OrdinarySharesIssued_pid_c20210101__20210125__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_znTC6Mlj2Fkb" title="Ordinary shares issued"><ix:nonFraction name="KAL:OrdinarySharesIssued" contextRef="From2021-01-012021-01-25_us-gaap_CommonClassBMember_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">5,000,000</ix:nonFraction></span> Class B ordinary shares, par value $<span id="xdx_908_eus-gaap--CommonStockNoParValue_c20210125__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_pp4d" title="Ordinary shares par value (in Dollars per share)"><ix:nonFraction name="us-gaap:CommonStockNoParValue" contextRef="AsOf2021-01-25_us-gaap_CommonClassBMember_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="4" unitRef="USDPShares">0.0001</ix:nonFraction></span> per share (the &#8220;Founder Shares&#8221;)
for $<span id="xdx_904_ecustom--FounderSharesAmount_c20210101__20210125__us-gaap--SubsidiarySaleOfStockAxis__custom--FounderSharesMember_zzy3QOredmD7" title="Founder shares amount"><ix:nonFraction name="KAL:FounderSharesAmount" contextRef="From2021-01-012021-01-25_custom_FounderSharesMember_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">25,000</ix:nonFraction></span>, or approximately $<span id="xdx_90E_eus-gaap--SharesIssuedPricePerShare_iI_pid_c20210125__us-gaap--SubsidiarySaleOfStockAxis__custom--FounderSharesMember_z5jWj2obOvP4" title="Price per share"><ix:nonFraction name="us-gaap:SharesIssuedPricePerShare" contextRef="AsOf2021-01-25_custom_FounderSharesMember_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.005</ix:nonFraction></span> per share, which proceeds were used to reduce the amount due to a related party. On April 9, 2021,
the sponsor forfeited to the Company for no consideration an aggregate of <span id="xdx_905_ecustom--AggregateOfFounderShare_iI_pid_c20210409_zrNy448eqIq9" title="Aggregate of founder shares"><ix:nonFraction name="KAL:AggregateOfFounderShare" contextRef="AsOf2021-04-09_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,406,250</ix:nonFraction></span> Founder Shares, which the Company cancelled, resulting
in a decrease in the total number of Founder Shares outstanding from <span id="xdx_90D_ecustom--FounderSharesOutstanding_pid_c20210401__20210409__srt--RangeAxis__srt--MaximumMember_z3q4q3Z2aYW6" title="Founder shares outstanding"><ix:nonFraction name="KAL:FounderSharesOutstanding" contextRef="From2021-04-012021-04-09_srt_MaximumMember_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">5,000,000</ix:nonFraction></span> shares to <span id="xdx_902_ecustom--FounderSharesOutstanding_pid_c20210401__20210409__srt--RangeAxis__srt--MinimumMember_zRq1NTBfHUYd"><ix:nonFraction name="KAL:FounderSharesOutstanding" contextRef="From2021-04-012021-04-09_srt_MinimumMember_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">3,593,750</ix:nonFraction></span> shares, which included up to <span id="xdx_904_ecustom--FounderSharesSubjectToForfeiture_iI_pid_c20210409__us-gaap--SubsidiarySaleOfStockAxis__custom--FounderSharesMember_zCP8mC4HPNX4" title="Founder shares subject to forfeiture"><ix:nonFraction name="KAL:FounderSharesSubjectToForfeiture" contextRef="AsOf2021-04-09_custom_FounderSharesMember_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">468,750</ix:nonFraction></span>
founder shares subject to forfeiture to the extent that the underwriter&#8217;s over-allotment option was not exercised in full or in
part. Due to the underwriters&#8217; exercise of their full over-allotment on July 12, 2021, these <span id="xdx_903_ecustom--FounderSharesSubjectToForfeiture_iI_pid_c20210712_zKOMDbu1TWyk" title="Founder shares subject to forfeiture"><ix:nonFraction name="KAL:FounderSharesSubjectToForfeiture" contextRef="AsOf2021-07-12_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">468,750</ix:nonFraction></span> Founders Shares are no longer
subject to forfeiture.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_eus-gaap--RelatedPartyTransactionDescriptionOfTransaction_c20210101__20211231" title="Business combination description"><ix:nonNumeric contextRef="From2021-01-012021-12-31_custom_AgricoAcquisitionCorpMember" name="us-gaap:RelatedPartyTransactionDescriptionOfTransaction">The
Sponsor, officers and directors have agreed not to transfer, assign or sell any of their Founder Shares until the earliest of (A) one
year after the completion of the initial Business Combination and (B) subsequent to the initial Business Combination, (x) if the closing
price of the Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share sub-divisions, share dividends, reorganizations,
recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the initial
Business Combination, or (y) the date on which the Company completes a liquidation, merger, share exchange or other similar transaction
that results in all of the Public Shareholders having the right to exchange their ordinary shares for cash, securities or other property
(the &#8220;Lock-up&#8221;).</ix:nonNumeric></span> Any permitted transferees would be subject to the same restrictions and other agreements of our Sponsor,
officers and directors with respect to any Founder Shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Promissory
Note &#8212; Related Party</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 22, 2021, the Sponsor agreed to loan the Company up to $<span id="xdx_90E_ecustom--SponsorAgreedToLoan_iI_c20210122_zCJynYx1Nbu7" title="Sponsor agreed expenses"><ix:nonFraction name="KAL:SponsorAgreedToLoan" contextRef="AsOf2021-01-22_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">200,000</ix:nonFraction></span> to be used for a portion of the expenses of the IPO. This loan
was non-interest bearing and payable after the date of the consummation of the Public Offering. In 2021, the Company borrowed and repaid
$<span id="xdx_906_eus-gaap--SecuritiesBorrowed_c20211231_pp0p0" title="Borrowings cost"><ix:nonFraction name="us-gaap:SecuritiesBorrowed" contextRef="AsOf2021-12-31_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">171,356</ix:nonFraction></span>. As of December 31, 2021, the Company had no outstanding borrowings under the promissory note.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Due
to Related Party</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor paid certain formation costs and deferred offering costs on behalf of the Company which were recorded as due to related party
in the amount $<span id="xdx_90D_eus-gaap--RelatedPartyTaxExpenseDueToAffiliatesDeferred_c20200731__20201231_pp0p0" title="Ralated party sponsor"><ix:nonFraction name="us-gaap:RelatedPartyTaxExpenseDueToAffiliatesDeferred" contextRef="From2020-07-312020-12-31_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">56,266</ix:nonFraction></span> as of December 31, 2020, which were due upon demand. On January 25, 2021, the liability was reduced by $<span id="xdx_905_ecustom--FounderSharesCost_c20210101__20210125_zLn11iLIwhW1" title="Founder shares cost"><ix:nonFraction name="KAL:FounderSharesCost" contextRef="From2021-01-012021-01-25_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">25,000</ix:nonFraction></span>
in exchange for the issuance of Founder Shares to the Sponsor. As of December 31, 2021, there is $<span id="xdx_907_eus-gaap--RelatedPartyTaxExpenseDueToAffiliatesDeferred_c20210101__20211231__us-gaap--SubsidiarySaleOfStockAxis__custom--SponsorMember_zqsx1DVWoAwl" title="Ralated party sponsor"><ix:nonFraction name="us-gaap:RelatedPartyTaxExpenseDueToAffiliatesDeferred" contextRef="From2021-01-012021-12-31_custom_SponsorMember_custom_AgricoAcquisitionCorpMember33101703" format="ixt:numdotdecimal" decimals="0" unitRef="USD">73,795</ix:nonFraction></span> due to related party for certain
costs paid by the Sponsor on behalf of the Company which was repaid in March 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Working
Capital Loans</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, in order to finance transaction costs in connection with an intended Business Combination, the Sponsor or an affiliate of the
Sponsor, or certain of the Company&#8217;s officers and directors, may, but are not obligated to, loan the Company funds as may be required
(&#8220;Working Capital Loans&#8221;). If the Company completes a Business Combination, the Company would repay the Working Capital Loans
out of the proceeds of the Trust Account released to it. Otherwise, the Working Capital Loans may be repaid only out of funds held outside
the Trust Account. In the event that the initial Business Combination does not close, the Company may use a portion of the working capital
held outside the Trust Account to repay Working Capital Loans but no proceeds from the Trust Account would be used to repay the Working
Capital Loans. Up to $<span id="xdx_901_ecustom--WorkingCapitalLoans_c20210101__20211231_zVXBk1wkP2Ie" title="Working capital loans"><ix:nonFraction name="KAL:WorkingCapitalLoans" contextRef="From2021-01-012021-12-31_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,500,000</ix:nonFraction></span> of the Working Capital Loans may be convertible into warrants of the post Business Combination entity
at a price of $<span id="xdx_905_ecustom--WarrantPrice_iI_pid_c20211231_zeswqCo5Wo33" title="Warrant price"><ix:nonFraction name="KAL:WarrantPrice" contextRef="AsOf2021-12-31_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">1.00</ix:nonFraction></span> per warrant at the option of the lender. Such warrants would be identical to the Private Placement Warrants. Except
as set forth above, the terms of such Working Capital Loans, if any, have not been determined and no written agreements exist with respect
to such loans. Prior to the completion of the initial Business Combination, the Company does not expect to seek loans from parties other
than the Sponsor, its affiliates or any members of the management team as the Company does not believe third parties will be willing
to loan such funds and provide a waiver against any and all rights to seek access to funds in the Company&#8217;s Trust Account. As of
December 31, 2021 and 2020, the Company had no borrowings under the working capital loans.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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    <div style="margin-right: 0pt; break-before: page; margin-top: 0pt; margin-bottom: 0pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Administrative
Support Agreement</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Commencing
on the date that the Company&#8217;s securities are first listed, the Company agreed to reimburse an affiliate of the Sponsor for office
space, secretarial and administrative services provided to members of the management team, in the amount of $<span id="xdx_902_ecustom--AdministativeServices_c20210101__20211231_zO3OlNCwAs8d" title="Secretarial and administrative services"><ix:nonFraction name="KAL:AdministativeServices" contextRef="From2021-01-012021-12-31_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">10,000</ix:nonFraction></span> per month. Upon completion
of the initial Business Combination or the Company&#8217;s liquidation, it will cease paying these monthly fees. For the year ended December
31, 2021, </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$<span id="xdx_901_eus-gaap--OperatingExpenses_c20210101__20211231_pp0p0" title="Operating expenses"><ix:nonFraction name="us-gaap:OperatingExpenses" contextRef="From2021-01-012021-12-31_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">57,742</ix:nonFraction></span> <span style="background-color: white">had
been paid and charged to operating expenses. There were <span id="xdx_90C_eus-gaap--OperatingExpenses_pp0p0_do_c20200731__20201231_zO9NcwvKyaD" title="Operating expenses"><ix:nonFraction name="us-gaap:OperatingExpenses" contextRef="From2020-07-312020-12-31_custom_AgricoAcquisitionCorpMember" format="ixt-sec:numwordsen" decimals="0" scale="0" unitRef="USD">no</ix:nonFraction></span> amounts paid or charged for the period from July 31 (inception) through December
31, 2020.</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31_custom_AgricoAcquisitionCorpMember" escape="true" name="us-gaap:CommitmentsAndContingenciesDisclosureTextBlock"><p id="xdx_807_eus-gaap--CommitmentsAndContingenciesDisclosureTextBlock_znTQMIMiFUy9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
6 &#8212; <span>Commitments and Contingencies</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;<span id="xdx_82B_zXWYhkRjGDM" style="display: none">COMMITMENTS AND CONTINGENCIES</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Registration
Rights</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
holders of the Founder Shares, Private Placement Warrants, Class A ordinary shares underlying the Private Placement Warrants and securities
that may be issued upon conversion of Working Capital Loans will have registration rights pursuant to a registration rights agreement
to be signed prior to or on the effective date of the Public Offering. The holders of these securities are entitled to make up to three
demands, excluding short form demands, that the Company register such securities under the Securities Act. In addition, the holders have
certain &#8220;piggy-back&#8221; registration rights with respect to registration statements filed subsequent to the completion of the
Company&#8217;s initial Business Combination and rights to require the Company to register for resale such securities pursuant to Rule
415 under the Securities Act. However, the registration rights agreement provides that the Company will not permit any registration statement
filed under the Securities Act to become effective until termination of the applicable lock-up period. Notwithstanding the foregoing,
the underwriter may not exercise its demand and &#8220;piggyback&#8221; registration rights after five (<span id="xdx_907_ecustom--EffectiveDate_dtY_c20210101__20211231_zXbdf7YoYXOc" title="Effective date"><ix:nonNumeric contextRef="From2021-01-012021-12-31_custom_AgricoAcquisitionCorpMember" format="ixt-sec:duryear" name="KAL:EffectiveDate">5</ix:nonNumeric></span>) and seven (<span id="xdx_905_ecustom--EffectiveDate_dtY_c20210101__20211231__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zqGYoj3ql75c" title="Effective date"><ix:nonNumeric contextRef="From2021-01-012021-12-31_us-gaap_PrivatePlacementMember_custom_AgricoAcquisitionCorpMember" format="ixt-sec:duryear" name="KAL:EffectiveDate">7</ix:nonNumeric></span>) years after
the effective date of the registration statement for the initial public offering and may not exercise its demand rights on more than
one occasion. The Company will bear the expenses incurred in connection with the filing of any such registration statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Underwriting
Agreement</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
underwriter had a 45-day option from the date of the IPO to purchase up to an aggregate of <span id="xdx_90F_eus-gaap--SharesIssued_iI_pid_c20211231__us-gaap--SubsidiarySaleOfStockAxis__custom--OverallotmentMember_zMxCIKcRvDib" title="Aggregate of additional units"><ix:nonFraction name="us-gaap:SharesIssued" contextRef="AsOf2021-12-31_custom_OverallotmentMember_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,875,000</ix:nonFraction></span> additional Units at the public offering
price less the underwriting commissions to cover over-allotments, if any. On July 12, 2021, the underwriter fully exercised its over-allotment
option.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
underwriters are entitled to a deferred underwriting fee of <span id="xdx_90D_ecustom--UnderwritingFeePercentage_pid_dp_uPure_c20210101__20211231_zuIXLaiJVvCj" title="Underwriting fees percentage"><ix:nonFraction name="KAL:UnderwritingFeePercentage" contextRef="From2021-01-012021-12-31_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">3.5</ix:nonFraction></span>% of the gross proceeds of the Public Offering, or $<span id="xdx_905_ecustom--AggregateValue_c20210101__20211231_zDaZFekzqXW1" title="Aggregate value"><ix:nonFraction name="KAL:AggregateValue" contextRef="From2021-01-012021-12-31_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,031,250</ix:nonFraction></span> in the aggregate.
The deferred fee will be payable to the underwriters from the amounts held in the Trust Account solely in the event that the Company
completes an initial Business Combination, subject to the terms of the underwriting agreement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31_custom_AgricoAcquisitionCorpMember" escape="true" name="us-gaap:StockholdersEquityNoteDisclosureTextBlock"><p id="xdx_804_eus-gaap--StockholdersEquityNoteDisclosureTextBlock_zBg5mB4VB6O9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
7 &#8212; <span>Shareholders&#8217; Equity </span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;<span id="xdx_828_zNaLWuzdmYd5" style="display: none">SHAREHOLDERS&#8217; EQUITY</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b><i>Preference
Shares</i></b> &#8212; The Company is authorized to issue <span id="xdx_902_eus-gaap--PreferredStockSharesAuthorized_c20211231_pp0d" title="Preferred shares, shares authorized"><ix:nonFraction name="us-gaap:PreferredStockSharesAuthorized" contextRef="AsOf2021-12-31_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" unitRef="Shares">1,000,000</ix:nonFraction></span> preference shares with a par value of $<span id="xdx_90E_eus-gaap--PreferredStockParOrStatedValuePerShare_c20211231_pp4d" title="Preferred stock, par value (in Dollars per share)"><ix:nonFraction name="us-gaap:PreferredStockParOrStatedValuePerShare" contextRef="AsOf2021-12-31_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="4" unitRef="USDPShares">0.0001</ix:nonFraction></span> and with such designations,
voting and other rights and preferences as may be determined from time to time by the Company&#8217;s board of directors. At December
31, 2021 and 2020, there were no preference shares issued or outstanding.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"></p>

<ix:exclude><!-- Field: Page; Sequence: 207; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b><i>Class
A Ordinary Shares </i></b>&#8212; The Company is authorized to issue <span id="xdx_901_eus-gaap--CommonStockSharesAuthorized_iI_c20211231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z3derHvWK9r2" title="Ordinary shares, shares authorized"><ix:nonFraction name="us-gaap:CommonStockSharesAuthorized" contextRef="AsOf2021-12-31_custom_AgricoAcquisitionCorpMember_us-gaap_CommonClassAMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">200,000,000</ix:nonFraction></span> Class A ordinary shares with a par value of$<span id="xdx_90F_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_c20211231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zOSP7stiYH8c" title="Ordinary shares, par value (in Dollars per share)"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2021-12-31_custom_AgricoAcquisitionCorpMember_us-gaap_CommonClassAMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.0001</ix:nonFraction></span> per
share. At December 31, 2021 and 2020, there were <span id="xdx_901_eus-gaap--ExcessStockSharesIssued_iI_pid_c20211231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zK4sy5Bph0Fb" title="Ordinary shares, shares issued"><span id="xdx_901_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20211231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zslR0JtWn8p6" title="Ordinary shares, shares outstanding"><ix:nonFraction name="us-gaap:ExcessStockSharesIssued" contextRef="AsOf2021-12-31_custom_AgricoAcquisitionCorpMember_us-gaap_CommonClassAMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2021-12-31_custom_AgricoAcquisitionCorpMember_us-gaap_CommonClassAMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">143,750</ix:nonFraction></ix:nonFraction></span></span> and <span id="xdx_903_eus-gaap--ExcessStockSharesIssued_iI_pid_do_c20201231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zIwmSK1vlBc2" title="Ordinary shares, shares issued"><span id="xdx_90E_eus-gaap--CommonStockSharesOutstanding_iI_pid_do_c20201231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z7J8EIUY9oia" title="Ordinary shares, shares outstanding"><ix:nonFraction name="us-gaap:ExcessStockSharesIssued" contextRef="AsOf2020-12-31_custom_AgricoAcquisitionCorpMember_us-gaap_CommonClassAMember" format="ixt-sec:numwordsen" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2020-12-31_custom_AgricoAcquisitionCorpMember_us-gaap_CommonClassAMember" format="ixt-sec:numwordsen" decimals="INF" unitRef="Shares">no</ix:nonFraction></ix:nonFraction></span></span> Class A ordinary shares issued and shares outstanding, excluding <span id="xdx_905_ecustom--OrdinarySharesSubjectToPossibleRedemption_c20210101__20210331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zTZhJvUfFdi"><ix:nonFraction name="KAL:OrdinarySharesSubjectToPossibleRedemption" contextRef="From2021-01-012021-03-31_custom_AgricoAcquisitionCorpMember_us-gaap_CommonClassAMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">14,375,000</ix:nonFraction></span>
and <span id="xdx_904_ecustom--OrdinarySharesSubjectToPossibleRedemption_do_c20200101__20200331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zovbvSmaLqE7"><ix:nonFraction name="KAL:OrdinarySharesSubjectToPossibleRedemption" contextRef="From2020-01-012020-03-31_us-gaap_CommonClassAMember_custom_AgricoAcquisitionCorpMember" format="ixt-sec:numwordsen" decimals="0" unitRef="USD">no</ix:nonFraction></span> Class A ordinary shares subject to redemption, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b><i>Class
B Ordinary Shares </i></b>&#8212; The Company is authorized to issue <span id="xdx_907_eus-gaap--CommonStockSharesAuthorized_c20211231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_pp0d" title="Ordinary shares, shares authorized"><ix:nonFraction name="us-gaap:CommonStockSharesAuthorized" contextRef="AsOf2021-12-31_custom_AgricoAcquisitionCorpMember_us-gaap_CommonClassBMember" format="ixt:numdotdecimal" decimals="0" unitRef="Shares">20,000,000</ix:nonFraction></span> Class B ordinary shares with a par value of $<span id="xdx_908_eus-gaap--CommonStockParOrStatedValuePerShare_c20211231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_pp4d" title="Ordinary shares, par value (in Dollars per share)"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2021-12-31_custom_AgricoAcquisitionCorpMember_us-gaap_CommonClassBMember" format="ixt:numdotdecimal" decimals="4" unitRef="USDPShares">0.0001</ix:nonFraction></span> per
share. At December 31, 2020, there were no Class B ordinary shares issued or outstanding. On January 25, 2021, the Company issued <span id="xdx_90C_eus-gaap--SharesIssued_iI_pid_c20210125__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zFM4iRx7Y7k4" title="Shares issued"><ix:nonFraction name="us-gaap:SharesIssued" contextRef="AsOf2021-01-25_us-gaap_CommonClassBMember_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">5,000,000</ix:nonFraction></span>
Class B ordinary shares to its Sponsor. On April 9, 2021, the Sponsor forfeited to the Company for no consideration an aggregate of <span id="xdx_908_ecustom--ForfeitedShares_iI_pid_c20210409__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_z8v0fSq1vgK6" title="Forfeited shares"><ix:nonFraction name="KAL:ForfeitedShares" contextRef="AsOf2021-04-09_us-gaap_CommonClassBMember_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,406,250</ix:nonFraction></span>
Class B ordinary shares, which the Company cancelled, resulting in a decrease in the total number of Class B ordinary shares outstanding
from <span id="xdx_903_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20210409__srt--RangeAxis__srt--MaximumMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember__us-gaap--SubsidiarySaleOfStockAxis__custom--FounderSharesMember_zRVM7ynEuRA1" title="Ordinary shares, shares outstanding"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2021-04-09_srt_MaximumMember_us-gaap_CommonClassBMember_custom_FounderSharesMember_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">5,000,000</ix:nonFraction></span> shares to <span id="xdx_90A_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20210409__srt--RangeAxis__srt--MinimumMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember__us-gaap--SubsidiarySaleOfStockAxis__custom--FounderSharesMember_zpCriCDgp0ef"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2021-04-09_srt_MinimumMember_us-gaap_CommonClassBMember_custom_FounderSharesMember_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">3,593,750</ix:nonFraction></span> shares. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">As
a result of the underwriters&#8217; election to fully exercise of their over-allotment option on July 12, 2021, the <span id="xdx_906_ecustom--ForfeitedShares_iI_pid_c20210712__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zzOreRbdR581" title="Forfeited shares"><ix:nonFraction name="KAL:ForfeitedShares" contextRef="AsOf2021-07-12_us-gaap_CommonClassBMember_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">468,750</ix:nonFraction></span> shares were
no longer subject to forfeiture. As of December 31, 2021 and 2020, there were <span id="xdx_90D_eus-gaap--ExcessStockSharesIssued_iI_pid_c20211231_z8CeZTSmHZzj" title="Ordinary shares, shares issued"><span id="xdx_907_eus-gaap--ExcessStockSharesOutstanding_iI_pid_c20211231_zldmDa7Zq49h" title="Ordinary shares, shares outstanding"><ix:nonFraction name="us-gaap:ExcessStockSharesIssued" contextRef="AsOf2021-12-31_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:ExcessStockSharesOutstanding" contextRef="AsOf2021-12-31_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">3,593,750</ix:nonFraction></ix:nonFraction></span></span> and <span id="xdx_903_eus-gaap--ExcessStockSharesIssued_iI_pid_do_c20201231_zmKzGWuj3Vtk" title="Ordinary shares, shares issued"><span id="xdx_90A_eus-gaap--ExcessStockSharesOutstanding_iI_pid_do_c20201231_zqeiFzwA6aPl" title="Ordinary shares, shares outstanding"><ix:nonFraction name="us-gaap:ExcessStockSharesIssued" contextRef="AsOf2020-12-31_custom_AgricoAcquisitionCorpMember" format="ixt-sec:numwordsen" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:ExcessStockSharesOutstanding" contextRef="AsOf2020-12-31_custom_AgricoAcquisitionCorpMember" format="ixt-sec:numwordsen" decimals="INF" unitRef="Shares">no</ix:nonFraction></ix:nonFraction></span></span> Class B ordinary shares issued or outstanding,
respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Holders
are entitled to one vote for each Class B ordinary share. Holders of the Class A ordinary shares and holders of the Class B ordinary
shares will vote together as a single class on all matters submitted to a vote of the Company&#8217;s shareholders, except as required
by law. Unless specified in the Company&#8217;s amended and restated memorandum and articles of association, or as required by applicable
provisions of Cayman Islands law or applicable stock exchange rules, the affirmative vote of a majority of the ordinary shares that are
voted is required to approve any such matter voted on by the Company&#8217;s shareholders. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
Class B ordinary shares will automatically convert into Class A ordinary shares at the time of the initial Business Combination on a
one-for-one basis (subject to adjustment for share sub-divisions, share dividends, reorganizations, recapitalizations and the like).
In the case that additional Class A ordinary shares, or equity-linked securities, are issued or deemed issued in excess of the amounts
offered in our initial public offering and related to the closing of the initial Business Combination, the ratio at which Class B ordinary
shares shall convert into Class A ordinary shares will be adjusted (unless the holders of a majority of the outstanding Class B ordinary
shares agree to waive such adjustment with respect to any such issuance or deemed issuance) so that the number of Class A ordinary shares
issuable upon conversion of all Class B ordinary shares will equal, in the aggregate, on an as-converted basis, <span id="xdx_900_eus-gaap--SaleOfStockPercentageOfOwnershipBeforeTransaction_pid_dp_uPure_c20210101__20211231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zxnsl0ofT2Tk" title="Common stock conversion, percentage"><ix:nonFraction name="us-gaap:SaleOfStockPercentageOfOwnershipBeforeTransaction" contextRef="From2021-01-012021-12-31_custom_AgricoAcquisitionCorpMember_us-gaap_CommonClassBMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">20</ix:nonFraction></span>% of the sum of the
total number of all ordinary shares outstanding upon completion of the Public Offering (not including Class A ordinary shares issuable
to Maxim) plus all Class A ordinary shares and equity-linked securities issued or deemed issued in connection with the initial Business
Combination (excluding any shares or equity-linked securities issued, or to be issued, to any seller in the initial Business Combination,
any private placement-equivalent securities issued to our sponsor or its affiliates upon conversion of Working Capital loans).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b>Warrants
</b>&#8212; As of December 31, 2021, there were <span id="xdx_905_ecustom--PublicWarrants_pid_c20210101__20211231_znmSOaAWFMUd" title="Public warrants"><ix:nonFraction name="KAL:PublicWarrants" contextRef="From2021-01-012021-12-31_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">7,187,500</ix:nonFraction></span> public warrants and <span id="xdx_90F_ecustom--PrivatePlacementWarrantsOutstandingShares_pid_c20210101__20211231_zGUVaXi4ce7b" title="Private placement warrants outstanding shares"><ix:nonFraction name="KAL:PrivatePlacementWarrantsOutstandingShares" contextRef="From2021-01-012021-12-31_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">7,250,000</ix:nonFraction></span> private placement warrants outstanding. At December
31, 2020, there were no warrants outstanding. Each whole Public Warrant entitles the holder to purchase one Class A ordinary share at
a price of $<span id="xdx_905_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20211231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zUMGLzZVdXv8" title="Exercise price"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2021-12-31_custom_AgricoAcquisitionCorpMember_us-gaap_CommonClassAMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">11.50</ix:nonFraction></span> per share, subject to adjustment. The Public Warrants will become exercisable on the later of twelve months from the
closing of the Public Offering and 30 days after the completion of the initial Business Combination. Only a whole warrant may be exercised
at a given time by a warrant holder. No fractional warrants will be issued upon separation of the units and only whole warrants will
trade. The warrants will expire five years after the completion of a Business Combination or earlier upon redemption or liquidation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"></span></p>

<ix:exclude><!-- Field: Page; Sequence: 208; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">&#160;</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
Company has agreed that as soon as practicable, but in no event later than 30 calendar days after the closing of the initial Business
Combination, it will use commercially reasonable best efforts to file, and within 90 calendar days following the initial Business Combination
to have declared effective, a registration statement with the SEC covering the ordinary shares issuable upon exercise of the warrants,
to maintain a current prospectus relating to those ordinary shares until the warrants expire or are redeemed. If a registration statement
covering the ordinary shares issuable upon exercise of the warrants is not effective within the period specified above following the
consummation of the initial Business Combination, public holders of warrants may, until such time as there is an effective registration
statement and during any period when the Company shall have failed to maintain an effective registration statement, exercise warrants
on a cashless basis pursuant to the exemption provided by Section 3(a)(9) of the Securities Act of 1933, as amended, or the Securities
Act, provided that such exemption is available. If the Company&#8217;s ordinary shares are at the time of any exercise of a warrant not
listed on a national securities exchange such that it satisfies the definition of a &#8220;covered security&#8221; under Section 18(b)(1)
of the Securities Act, the Company may, at its option, require holders of public warrants who exercise their warrants to do so on a &#8220;cashless
basis&#8221; in accordance with Section 3(a)(9) of the Securities Act and, in the event the Company so elects, it will not be required
to file or maintain in effect a registration statement, but will be required to use its best efforts to register or qualify the shares
under applicable blue sky laws to the extent an exemption is not available. If that exemption, or another exemption, is not available,
holders will not be able to exercise their warrants on a cashless basis.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">In
no event will the Company be required to net cash settle any warrant. In the event that a registration statement is not effective for
the exercised warrants, the purchaser of a unit containing such warrant will have paid the full purchase price for the unit solely for
the Class A ordinary share underlying such unit.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Redemption
of Warrants for Cash When the Price per Class A Ordinary Share Equals or Exceeds $18.00.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Once
the warrants become exercisable, the Company may call the warrants for redemption (excluding the Private Placement Warrants):</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
                                            whole and not in part:</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
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<td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">at
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<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
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<td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">upon
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<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">if,
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                                            share</ix:nonNumeric></span> (as adjusted for share sub-divisions, share capitalizations, reorganizations, recapitalizations
                                            and the like) for any 20 trading days within a 30-trading day period ending on the third
                                            trading day prior to the date on which notice of the redemption is given to the warrant holders
                                            (the &#8220;Reference Value&#8221;).</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><span id="xdx_90A_eus-gaap--BusinessAcquisitionDescriptionOfAcquiredEntity_c20210101__20211231__us-gaap--BusinessAcquisitionAxis__custom--BusinessCombinationMember_zSjOaEdPk8qc" title="Business acquisition description of acquired entity"><ix:nonNumeric contextRef="From2021-01-012021-12-31_custom_BusinessCombinationMember_custom_AgricoAcquisitionCorpMember" name="us-gaap:BusinessAcquisitionDescriptionOfAcquiredEntity">In
addition, if (x) the Company issues additional ordinary shares or equity-linked securities for capital raising purposes in connection
with the closing of the initial Business Combination at an issue price or effective issue price of less than $9.20 per share (with such
issue price or effective issue price to be determined in good faith by the Company&#8217;s board of directors and, in the case of any
such issuance to the Sponsor or its affiliates, without taking into account any Founder Shares held by the Sponsor or such affiliates,
as applicable, prior to such issuance) (the &#8220;Newly Issued Price&#8221;), (y) the aggregate gross proceeds from such issuances represent
more than 60% of the total equity proceeds, and interest thereon, available for the funding of the initial Business Combination on the
date of the consummation of the initial Business Combination (net of redemptions), and (z) the volume weighted average trading price
of the Company&#8217;s ordinary shares during the 20 trading day period starting on the trading day prior to the day on which the Company
consummates its initial Business Combination (such price, the &#8220;Market Value&#8221;) is below $9.20 per share, the exercise price
of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price,
and the $18.00 per share redemption trigger price described below under &#8220;Redemption&#8221; will be adjusted (to the nearest cent)
to be equal to 180% of the higher of the Market Value and the Newly Issued Price.</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
Private Placement Warrants are identical to the Public Warrants, except that the Private Warrants (i) will not be transferable, assignable
or salable until the completion of the initial Business Combination and (ii) will be entitled to registration rights.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-012021-12-31_custom_AgricoAcquisitionCorpMember" escape="true" name="us-gaap:SubsequentEventsTextBlock"><p id="xdx_806_eus-gaap--SubsequentEventsTextBlock_zM9pIS8OpSJd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
8 &#8212; <span>Subsequent Events</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;<span id="xdx_82A_zMiduDrynG6h" style="display: none">SUBSEQUENT EVENTS</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">On
January 30, 2022, Agrico Acquisition Corp., a Cayman Islands exempted company entered into a Business Combination Agreement with (i)
a private limited company incorporated in Ireland (ii) a Caymans Islands exempted company (iii) a limited liability company incorporated
under the laws of the Grand Duchy of Luxembourg and, together with Cayman Merger Sub and (iv) a Norwegian private limited liability company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the financial statements
were issued. Based upon this review, the Company did not identify any subsequent events (other than the one disclosed above) that would
have required adjustment or disclosure in the financial statements.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"></p>

<ix:exclude><!-- Field: Page; Sequence: 209; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->67<!-- Field: /Sequence --></td></tr></table></div>
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    <!-- Field: /Page --></ix:exclude>
<!-- Field: Split-Segment; Name: 005 -->
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_11F_hdei--LegalEntityAxis__custom--AgricoAcquisitionCorpMember_zbqS3weYl1N2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="ed_007"></span><b>AGRICO
ACQUISITION CORP.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CONDENSED
BALANCE SHEETS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

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  <tr style="display: none; vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_49E_20220331_zJfXceiS64jb" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">March 31, <br />
2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
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    <td style="font-weight: bold">Assets:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_402_eus-gaap--CashAndCashEquivalentsAtCarryingValue_i01I_zZXyXNVPDQma" style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
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  <tr id="xdx_403_eus-gaap--LiabilitiesAndStockholdersEquityAbstract_iB_zXy3NYlRO79b" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_407_eus-gaap--AccountsPayableAndOtherAccruedLiabilitiesCurrent_i01I_z2XYQw8vxE9k" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_40A_eus-gaap--DueToRelatedPartiesCurrentAndNoncurrent_i01I_zzKB3LCNu7Lb" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_409_eus-gaap--LiabilitiesCurrent_i01TI_z8TvAnOh17C1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_406_eus-gaap--DeferredCompensationLiabilityClassifiedNoncurrent_i01I_zqNnej7j7j21" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_40A_eus-gaap--Liabilities_i01TI_zjjJZ01po0P3" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_407_eus-gaap--CommitmentsAndContingencies_iI_zzbumBIhwLO8" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">Commitments and Contingencies (Note 6)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold">Redeemable Ordinary Shares</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_404_eus-gaap--TemporaryEquityCarryingAmountAttributableToParent_iI_zLEqLDzMV7Dh" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Class A ordinary shares subject to possible redemption, <span id="xdx_902_eus-gaap--TemporaryEquitySharesIssued_iI_c20220331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zfoUuQwePZO8" title="Ordinary shares, subject to possible redemption"><span id="xdx_905_eus-gaap--TemporaryEquitySharesIssued_iI_c20211231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zc4qa4c0WiRf" title="Ordinary shares, subject to possible redemption"><ix:nonFraction name="us-gaap:TemporaryEquitySharesIssued" contextRef="AsOf2022-03-31_custom_AgricoAcquisitionCorpMember_us-gaap_CommonClassAMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:TemporaryEquitySharesIssued" contextRef="AsOf2021-12-31_custom_AgricoAcquisitionCorpMember_us-gaap_CommonClassAMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">14,375,000</ix:nonFraction></ix:nonFraction></span></span> Class A ordinary shares at redemption value of $<span id="xdx_906_eus-gaap--TemporaryEquityRedemptionPricePerShare_iI_c20220331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zmjs2zwO5vW2" title="Redemption value per share"><span id="xdx_903_eus-gaap--TemporaryEquityRedemptionPricePerShare_iI_c20211231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zyVaDwrn4cWc" title="Redemption value per share"><ix:nonFraction name="us-gaap:TemporaryEquityRedemptionPricePerShare" contextRef="AsOf2022-03-31_custom_AgricoAcquisitionCorpMember_us-gaap_CommonClassAMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares"><ix:nonFraction name="us-gaap:TemporaryEquityRedemptionPricePerShare" contextRef="AsOf2021-12-31_custom_AgricoAcquisitionCorpMember_us-gaap_CommonClassAMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">10.20</ix:nonFraction></ix:nonFraction></span> </span>per share at March 31, 2022 and December 31, 2021</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:TemporaryEquityCarryingAmountAttributableToParent" contextRef="AsOf2022-03-31_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">146,625,000</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_409_eus-gaap--TemporaryEquityCarryingAmountAttributableToParent_iI_zIm3WM9osvh3" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Class A ordinary shares subject to possible redemption</td><td style="display: none">&#160;</td>
    <td style="display: none; text-align: left">&#160;</td><td style="display: none; text-align: right"><ix:nonFraction name="us-gaap:TemporaryEquityCarryingAmountAttributableToParent" contextRef="AsOf2022-03-31_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">146,625,000</ix:nonFraction></td><td style="display: none; text-align: left">&#160;</td><td style="display: none">&#160;</td>
    <td style="display: none; text-align: left">&#160;</td><td style="display: none; text-align: right"><ix:nonFraction name="us-gaap:TemporaryEquityCarryingAmountAttributableToParent" contextRef="AsOf2021-12-31_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">146,625,000</ix:nonFraction></td><td style="display: none; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_407_eus-gaap--StockholdersEquityAbstract_i01B_zXsjSMmMVVT2" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">Shareholders&#8217; Deficit:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_400_eus-gaap--PreferredStockValue_i02I_zSZxDAVEf95h" style="vertical-align: bottom; background-color: White">
    <td>Preference shares, $<span id="xdx_903_eus-gaap--PreferredStockParOrStatedValuePerShare_iI_c20220331_zy5MI4VO6mqi" title="Preferred stock, par value"><span id="xdx_90F_eus-gaap--PreferredStockParOrStatedValuePerShare_iI_c20211231_z8tN2dI1hqfl" title="Preferred stock, par value"><ix:nonFraction name="us-gaap:PreferredStockParOrStatedValuePerShare" contextRef="AsOf2022-03-31_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares"><ix:nonFraction name="us-gaap:PreferredStockParOrStatedValuePerShare" contextRef="AsOf2021-12-31_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.0001</ix:nonFraction></ix:nonFraction></span></span> par value; <span id="xdx_90E_eus-gaap--PreferredStockSharesAuthorized_iI_c20220331_zbm7QvRRkoml" title="Preferred stock, shares authorized"><span id="xdx_901_eus-gaap--PreferredStockSharesAuthorized_iI_c20211231_zSOHQBmEqJA7" title="Preferred stock, shares authorized"><ix:nonFraction name="us-gaap:PreferredStockSharesAuthorized" contextRef="AsOf2022-03-31_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:PreferredStockSharesAuthorized" contextRef="AsOf2021-12-31_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,000,000</ix:nonFraction></ix:nonFraction></span></span> shares authorized; <span id="xdx_90F_eus-gaap--PreferredStockSharesIssued_iI_dn_c20220331_z2J6I9a6KSOc" title="Preferred stock, shares issued"><span id="xdx_906_eus-gaap--PreferredStockSharesOutstanding_iI_dn_c20220331_zPs6iJljOT4g" title="Preferred stock, shares outstanding"><span id="xdx_904_eus-gaap--PreferredStockSharesIssued_iI_dn_c20211231_zrJtOXALQ7Xj" title="Preferred stock, shares issued"><span id="xdx_905_eus-gaap--PreferredStockSharesOutstanding_iI_dn_c20211231_ziV4aHj0I2u5" title="Preferred stock, shares outstanding"><ix:nonFraction name="us-gaap:PreferredStockSharesIssued" contextRef="AsOf2022-03-31_custom_AgricoAcquisitionCorpMember" format="ixt-sec:numwordsen" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:PreferredStockSharesOutstanding" contextRef="AsOf2022-03-31_custom_AgricoAcquisitionCorpMember" format="ixt-sec:numwordsen" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:PreferredStockSharesIssued" contextRef="AsOf2021-12-31_custom_AgricoAcquisitionCorpMember" format="ixt-sec:numwordsen" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:PreferredStockSharesOutstanding" contextRef="AsOf2021-12-31_custom_AgricoAcquisitionCorpMember" format="ixt-sec:numwordsen" decimals="INF" unitRef="Shares">none</ix:nonFraction></ix:nonFraction></ix:nonFraction></ix:nonFraction></span></span></span></span> issued and outstanding at March 31, 2022 and December 31, 2021</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3347">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3348">&#8212;</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40E_eus-gaap--PreferredStockValue_i02I_zutvPECZI7ok" style="display: none; vertical-align: bottom; background-color: White">
    <td>Preferred stock value</td><td style="display: none">&#160;</td>
    <td style="display: none; text-align: left">&#160;</td><td style="display: none; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3366">&#8212;</span></td><td style="display: none; text-align: left">&#160;</td><td style="display: none">&#160;</td>
    <td style="display: none; text-align: left">&#160;</td><td style="display: none; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3367">&#8212;</span></td><td style="display: none; text-align: left">&#160;</td></tr>
  <tr id="xdx_40E_eus-gaap--CommonStockValue_i02I_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zhrsqnm7uu0b" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:CommonStockValue" contextRef="AsOf2022-03-31_custom_AgricoAcquisitionCorpMember_us-gaap_CommonClassAMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">14</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of these unaudited condensed financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"></p>

<ix:exclude><!-- Field: Page; Sequence: 210; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ed_008"></span>AGRICO
ACQUISITION CORP.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>UNAUDITED
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p>

<!-- Field: Rule-Page --><div style="margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; width: 25%"><div style="border-top: Black 1.5pt solid; margin-top: 0pt; font-size: 1pt; margin-right: 0pt; margin-bottom: 0pt">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0">
                                                                                                                                      <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span id="xdx_F0A_zvIuTmpJQfYh" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1B_z9gFdpFQKF58" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote003452" xml:lang="en-US">As
                                            of March 31, 2021, excludes up to 468,750 shares subject to forfeiture to the extent that
                                            the underwriter&#8217;s over- allotment option is not exercised in full or in part. On April
                                            9, 2021, the sponsor forfeited to the Company for no consideration an aggregate of 1,406,250
                                            Founder Shares, which the Company cancelled, resulting in a decrease in the total number
                                            of Founder Shares outstanding from 5,000,000 shares to 3,593,750 shares.</ix:footnote></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of these unaudited condensed financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"></p>

<ix:exclude><!-- Field: Page; Sequence: 211; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->69<!-- Field: /Sequence --></td></tr></table></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ed_009"></span>AGRICO
ACQUISITION CORP.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>UNAUDITED
CONDENSED STATEMENT OF CHANGES IN SHAREHOLDERS&#8217; (DEFICIT) EQUITY</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FOR
THE THREE MONTHS ENDED MARCH 31, 2022</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">&#160;</p>

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  </table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FOR
THE THREE MONTHS ENDED MARCH 31, 2021</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td>&#160;</td>
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    <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td><td>&#160;</td>
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    <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom">
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    <td colspan="2" style="padding-bottom: 1.5pt; font-weight: bold; text-align: center">Paid-in</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
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    <td colspan="2" style="padding-bottom: 1.5pt; font-weight: bold; text-align: center">Equity</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
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    <td style="width: 37%; font-weight: bold">Balance as of January 1, 2021</td><td style="width: 2%; font-weight: bold">&#160;</td>
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  <tr id="xdx_432_c20210101__20210331_eus-gaap--StockholdersEquity_iS_zw6WFZQ9PZ7i" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold">Beginning balance </td><td style="font-weight: bold">&#160;</td>
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<tr id="xdx_402_ecustom--IssuanceOfClassBOrdinarySharesToSponsorValue_zRuzT8dPfEH5" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuance of Class B ordinary shares to Sponsor <sup id="xdx_F4C_zehwJagDnB6i">(1)</sup></span></td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_43E_c20210101__20210331_eus-gaap--StockholdersEquity_iE_zc8V1yHudK55" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; padding-bottom: 1.5pt">Balance as of March 31, 2021</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"></p>

<!-- Field: Rule-Page --><div style="margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; width: 25%"><div style="border-top: Black 1.5pt solid; margin-top: 0pt; font-size: 1pt; margin-right: 0pt; margin-bottom: 0pt">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -0.25in"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span id="xdx_F09_zmhUrxQu1wb3" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1A_zFdueK0JTDu6" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote003527" xml:lang="en-US">Includes
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                                            option is not exercised in full or in part. On April 9, 2021, the sponsor forfeited to the
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                                            cancelled, resulting in a decrease in the total number of Founder Shares outstanding from
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of these unaudited condensed financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"></p>

<ix:exclude><!-- Field: Page; Sequence: 212; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="ed_010"></span><b>AGRICO
ACQUISITION CORP.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>UNAUDITED
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

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  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_405_eus-gaap--SupplementalCashFlowInformationAbstract_iB_zmvb3iAkGJA7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">Supplemental disclosure of cash flow information:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_401_eus-gaap--StockIssuedDuringPeriodValueAcquisitions_i01_pp0p0_zlUUG7LcyqS3" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 2.5pt">Issuance of Class B ordinary shares to Sponsor in exchange for due to related party</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3586">&#8212;</span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueAcquisitions" contextRef="From2021-01-012021-03-31_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">25,000</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
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    <td style="text-align: left; padding-bottom: 2.5pt">Deferred offering costs included in accrued costs and expenses</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3589">&#8212;</span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="KAL:DeferredOfferingCostsPaidByRelatedParty" contextRef="From2021-01-012021-03-31_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">20,450</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_401_ecustom--DeferredOfferingCostsPaidBySponsor_i01_pp0p0_zpjX5x6Cb6Bh" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 2.5pt">Deferred offering costs paid by Sponsor</td><td style="padding-bottom: 2.5pt">&#160;</td>
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    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="KAL:DeferredOfferingCostsPaidBySponsor" contextRef="From2021-01-012021-03-31_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">57,771</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of these unaudited condensed financial statements.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"></p>

<ix:exclude><!-- Field: Page; Sequence: 213; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->71<!-- Field: /Sequence --></td></tr></table></div>
    <div style="margin-right: 0pt; break-before: page; margin-top: 0pt; margin-bottom: 0pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="ed_011"></span><b>AGRICO
ACQUISITION CORP.</b></span></p>

<p id="xdx_049_c20220101__20220331_zKTjs4BUPgSe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONDENSED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-012022-03-31_custom_AgricoAcquisitionCorpMember" escape="true" name="us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock"><p id="xdx_80A_eus-gaap--OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_zKKua3Ky7yB4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
1 &#8212; <span>Organization and Business Operations</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;<span id="xdx_828_zYJnLq3tUu5c" style="display: none">DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agrico
Acquisition Corp. (the &#8220;Company&#8221;) was incorporated as a Cayman Islands exempted company on July 31, 2020. The Company was
incorporated for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, reorganization or similar
business combination with one or more businesses (the &#8220;Business Combination&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of March 31, 2022, the Company had not commenced any operations. All activity through March 31, 2022 relates to the Company&#8217;s formation
and preparation for the Initial Public Offering (the &#8220;Public Offering&#8221; or &#8220;IPO&#8221;) as described below, and subsequent
to the IPO, identifying a target company for a Business Combination. The Company will not generate any operating revenues until after
the completion of a Business Combination, at the earliest. The Company generates non-operating income in the form of interest income
and unrealized gains from the cash and marketable securities held in the Trust Account. The Company has selected December 31 as its fiscal
year end.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s sponsor is DJCAAC, LLC, a Delaware limited partnership (the &#8220;Sponsor&#8221;). The registration statement for the
Company&#8217;s IPO was declared effective on July 7, 2021 (the &#8220;Effective Date&#8221;). On July 12, 2021, the Company consummated
the initial public offering (the &#8220;Public Offering&#8221; or &#8220;IPO&#8221;) of <span id="xdx_90D_eus-gaap--StockIssuedDuringPeriodSharesOther_pid_c20210701__20210712__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember__us-gaap--RelatedPartyTransactionAxis__custom--DJCAACLLCMember_z8dBieVp6ynk" title="Stock issued during period, shares, other"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesOther" contextRef="From2021-07-012021-07-12_us-gaap_IPOMember_custom_DJCAACLLCMember_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">14,375,000</ix:nonFraction></span> units (the &#8220;Units&#8221;), which
includes the full exercise by the underwriters of the over-allotment option to purchase an additional <span id="xdx_901_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_pid_c20210701__20210712__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember__us-gaap--RelatedPartyTransactionAxis__custom--DJCAACLLCMember_z2DltjUOyngd" title="Sale of stock, number of shares issued in transaction"><ix:nonFraction name="us-gaap:SaleOfStockNumberOfSharesIssuedInTransaction" contextRef="From2021-07-012021-07-12_us-gaap_IPOMember_custom_DJCAACLLCMember_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,875,000</ix:nonFraction></span> Units, at $<span id="xdx_90E_eus-gaap--SaleOfStockPricePerShare_iI_pid_c20210712__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember__us-gaap--RelatedPartyTransactionAxis__custom--DJCAACLLCMember_z9oQEKys7M42" title="Sale of stock, price per share"><ix:nonFraction name="us-gaap:SaleOfStockPricePerShare" contextRef="AsOf2021-07-12_us-gaap_IPOMember_custom_DJCAACLLCMember_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">10.00</ix:nonFraction></span> per
unit, generating gross proceeds of $<span id="xdx_90C_ecustom--GrossProceeds_c20210701__20210712__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember_zQiuZ1K30Fqh" title="Gross proceeds"><ix:nonFraction name="KAL:GrossProceeds" contextRef="From2021-07-012021-07-12_us-gaap_OverAllotmentOptionMember_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">143,750,000</ix:nonFraction></span>, which is discussed in Note 3. Simultaneously with the closing of the IPO, the Company
consummated the sale of <span id="xdx_903_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20210712_zdWnCaLo3NQf"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightOutstanding" contextRef="AsOf2021-07-12_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">7,250,000</ix:nonFraction></span> warrants to the Sponsor and Maxim Group LLC (&#8220;Maxim&#8221;), the underwriter in this offering
(the &#8220;Private Placement Warrants&#8221;), at a price of $<span id="xdx_90D_ecustom--SaleOfWarrantsPricePerShare_iI_c20210712_zIEKHRMwHfeh"><ix:nonFraction name="KAL:SaleOfWarrantsPricePerShare" contextRef="AsOf2021-07-12_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">1.00</ix:nonFraction></span> per Private Placement Warrant, generating gross proceeds of $<span id="xdx_909_ecustom--GrossProceeds_c20210701__20210712__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zTZElVvtcrqc" title="Gross proceeds"><ix:nonFraction name="KAL:GrossProceeds" contextRef="From2021-07-012021-07-12_us-gaap_PrivatePlacementMember_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">7,250,000</ix:nonFraction></span>,
which is discussed in Note 4. Each Private Placement Warrant is exercisable to purchase one Class A ordinary share at $<span id="xdx_90E_ecustom--PricePerPrivateWarrant_iI_c20210712__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zkojVPplahp7" title="Price per private warrant"><ix:nonFraction name="KAL:PricePerPrivateWarrant" contextRef="AsOf2021-07-12_us-gaap_PrivatePlacementMember_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">11.50</ix:nonFraction></span> per share.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transaction
costs of the IPO amounted to $<span id="xdx_901_ecustom--TransactionCosts_iI_c20210712__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_z6fX8JGsN4x1" title="Transaction costs"><ix:nonFraction name="KAL:TransactionCosts" contextRef="AsOf2021-07-12_us-gaap_IPOMember_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">9,998,781</ix:nonFraction></span>, comprised of $<span id="xdx_90D_ecustom--UnderwritingFees_c20210701__20210712__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zQSLL2jxmpo1" title="Underwriting fees"><ix:nonFraction name="KAL:UnderwritingFees" contextRef="From2021-07-012021-07-12_us-gaap_IPOMember_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,875,000</ix:nonFraction></span> of underwriting fees paid at the time of the IPO, $<span id="xdx_908_ecustom--DeferredUnderwritingFees_c20210701__20210712__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_z1OIOGp5KaYi"><ix:nonFraction name="KAL:DeferredUnderwritingFees" contextRef="From2021-07-012021-07-12_us-gaap_IPOMember_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,031,250</ix:nonFraction></span> of deferred
underwriting fees, $<span id="xdx_907_eus-gaap--OtherOwnershipInterestsOfferingCosts_iI_c20210712__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zQ5DYGiA8TJk" title="Other ownership interests, offering costs"><ix:nonFraction name="us-gaap:OtherOwnershipInterestsOfferingCosts" contextRef="AsOf2021-07-12_us-gaap_IPOMember_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">655,031</ix:nonFraction></span> of other offering costs, and $<span id="xdx_904_ecustom--FairValueRepresentativeSharesCost_iI_c20210712__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_z1NcCQgUAWmb"><ix:nonFraction name="KAL:FairValueRepresentativeSharesCost" contextRef="AsOf2021-07-12_us-gaap_IPOMember_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,437,500</ix:nonFraction></span> of the fair value of the representative shares, and was all charged
to shareholders&#8217; equity.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Following
the closing of the IPO on July 12, 2021, $<span id="xdx_90F_ecustom--NetProceeds_iI_c20210712_zBL7iJhtnHv" title="Net proceeds"><ix:nonFraction name="KAL:NetProceeds" contextRef="AsOf2021-07-12_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">146,625,000</ix:nonFraction></span> ($<span id="xdx_902_ecustom--SaleOfStockPricesPerShare_iI_c20210712__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zDgyj4tfVqC2"><ix:nonFraction name="KAL:SaleOfStockPricesPerShare" contextRef="AsOf2021-07-12_us-gaap_IPOMember_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">10.20</ix:nonFraction></span> per Unit) from the net proceeds of the sale of the Units in the IPO, including
a portion of the proceeds from the sale of the Private Placement Warrants, was deposited in a trust account (&#8220;Trust Account&#8221;),
located in the United States with Continental Stock Transfer &amp; Trust Company acting as trustee, and may only be invested in U.S.
government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, having a maturity of <span id="xdx_90D_ecustom--MaturityTerms_dtD_c20210701__20210712__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zJDLB43D6Pd4" title="Maturity terms"><ix:nonNumeric contextRef="From2021-07-012021-07-12_us-gaap_IPOMember_custom_AgricoAcquisitionCorpMember" format="ixt-sec:durday" name="KAL:MaturityTerms">185</ix:nonNumeric></span> days
or less or in money market funds meeting certain conditions under Rule 2a-7 promulgated under the Investment Company Act which invest
only in direct U.S. government treasury obligations. Except with respect to interest earned on the funds held in the Trust Account that
may be released to the Company to pay taxes, if any, the proceeds from the IPO and the sale of the Private Placement Warrants will not
be released from the Trust Account (1) to the Company, until the completion of the initial Business Combination, or (2) to the public
shareholders, until the earliest of (a) the completion of the initial Business Combination, and then only in connection with those Class
A ordinary shares that such shareholders properly elected to redeem, subject to the limitations, (b) the redemption of any public shares
properly tendered in connection with a (A) shareholder vote to amend the amended and restated memorandum and articles of association
to modify the substance or timing of the Company&#8217;s obligation to provide holders of the Class A ordinary shares the right to have
their shares redeemed in connection with the initial Business Combination or to redeem <span id="xdx_907_ecustom--PublicSharesRedeemPercentage_iI_pid_dp_c20210712_zP6Es6WtCLT" title="Public shares redeem percentage"><ix:nonFraction name="KAL:PublicSharesRedeemPercentage" contextRef="AsOf2021-07-12_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>% of the public shares if the Company does
not complete the initial Business Combination within 21 months from the closing of the Initial public offering (the &#8220;Combination
Period&#8221;), or (B) with respect to any other provision relating to the rights of holders of the Class A ordinary shares or pre-initial
business combination activity, and (c) the redemption of the public shares if the Company has not consummated the initial Business Combination
within 21 months from the closing of the Initial public offering. Public shareholders who redeem their Class A ordinary shares in connection
with a shareholder vote described in clause (b) in the preceding sentence shall not be entitled to funds from the Trust Account upon
the subsequent completion of an initial Business Combination or liquidation if the Company has not consummated an initial Business Combination
within the Combination Period, with respect to such Class A ordinary shares so redeemed. The proceeds deposited in the Trust Account
could become subject to the claims of the Company&#8217;s creditors, if any, which could have priority over the claims of the public
shareholders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company will provide its public shareholders with the opportunity to redeem all or a portion of their public shares upon the completion
of the initial Business Combination either (i) in connection with a general meeting called to approve the initial Business Combination
or (ii) by means of a tender offer. The decision as to whether the Company will seek shareholder approval of a proposed initial Business
Combination or conduct a tender offer will be made by the Company, solely in its discretion. The shareholders will be entitled to redeem
their shares for a pro rata portion of the amount then on deposit in the Trust Account (initially approximately $<span id="xdx_905_ecustom--TrustAccountPricePerShare_c20210701__20210712_zbia2yc3WqU7" title="Trust account price per share"><ix:nonFraction name="KAL:TrustAccountPricePerShare" contextRef="From2021-07-012021-07-12_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">10.20</ix:nonFraction></span> per share, plus
any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Company is unable to complete a Business Combination within 12 months (or up to 21 months if the Company extends the period of time
to consummate a business combination by the full amount of time) from the closing of the Public Offering (the &#8220;Combination Period&#8221;)
or during any Extension Period, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably
possible but not more than ten business days thereafter, redeem the public shares, at a per-share price, payable in cash, equal to the
aggregate amount then on deposit in the trust account including interest earned on the funds held in the trust account and not previously
released to us to pay the Company&#8217;s franchise and income taxes (less up to $<span id="xdx_90A_ecustom--InterestNotPreviouslyReleasedOnTrustAccountToBeHeldToPayDissolutionExpenses_iI_c20210712__srt--RangeAxis__srt--MaximumMember_zljFMuJNeRmd" title="Interest to pay dissolution expenses"><ix:nonFraction name="KAL:InterestNotPreviouslyReleasedOnTrustAccountToBeHeldToPayDissolutionExpenses" contextRef="AsOf2021-07-12_srt_MaximumMember_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">50,000</ix:nonFraction></span> of interest to pay dissolution expenses), divided
by the number of then outstanding public shares, which redemption will completely extinguish public shareholders&#8217; rights as shareholders
(including the right to receive further liquidating distributions, if any), subject to applicable law, and (iii) as promptly as reasonably
possible following such redemption, subject to the approval of the Company&#8217;s remaining shareholders and board of directors, liquidate
and dissolve, subject in each case to the Company&#8217;s obligations under Cayman Islands law to provide for claims of creditors and
the requirements of other applicable law.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor, officers and directors have agreed to (i) waive their redemption rights with respect to their Founder Shares and Public Shares
in connection with the completion of the initial Business Combination, (ii) waive their redemption rights with respect to their Founder
Shares and Public Shares in connection with a shareholder vote to approve an amendment to the Company&#8217;s amended and restated certificate
memorandum and articles of association (A) that would modify the substance or timing of the Company&#8217;s obligation to redeem <span id="xdx_904_ecustom--PublicSharesRedeemPercentage_iI_pid_dp_c20210712_zDO5FxMnJU9f" title="Public shares redeem percentage"><ix:nonFraction name="KAL:PublicSharesRedeemPercentage" contextRef="AsOf2021-07-12_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>%
of the its Public Shares if the Company does not complete its initial Business Combination within the Combination Period or (B) with
respect to any other provision relating to shareholders&#8217; rights or pre-initial Business Combination activity, (iii) waive their
rights to liquidating distributions from the Trust Account with respect to their Founder Shares if the Company fails to complete an initial
Business Combination within the Combination Period, although they will be entitled to liquidating distributions from the Trust Account
with respect to any Public Shares they hold if the Company fails to complete the initial Business Combination within the prescribed timeframe,
and (iv) vote their Founder Shares and Public Shares in favor of the Company&#8217;s initial Business Combination.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in">&#160;<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor has agreed that it will be liable to the Company if and to the extent any claims by a third party for services rendered or products
sold to the Company, or a prospective target business with which the Company has entered into a written letter of intent, confidentiality
or similar agreement or business combination agreement, reduce the amount of funds in the trust account to below the lesser of (i) $<span id="xdx_908_ecustom--PublicSharePricePerShare_c20210712__20210712__us-gaap--RelatedPartyTransactionAxis__custom--SponsorMember_zI53njFUFCec" title="Public share price per share"><ix:nonFraction name="KAL:PublicSharePricePerShare" contextRef="From2021-07-122021-07-12_custom_SponsorMember_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">10.00</ix:nonFraction></span>
per public share and (ii) the actual amount per public share held in the trust account as of the date of the liquidation of the trust
account, if less than $<span id="xdx_907_ecustom--TrustAccountPerShares_c20210712__20210712_zGwQv79gh7Dj" title="Public share price per share"><ix:nonFraction name="KAL:TrustAccountPerShares" contextRef="From2021-07-122021-07-12_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">10.00</ix:nonFraction></span> per share due to reductions in the value of the trust assets, less taxes payable, provided that such liability
will not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights to the monies
held in the trust account (whether or not such waiver is enforceable) nor will it apply to any claims under the Company&#8217;s indemnity
of the underwriter of the Public Offering against certain liabilities, including liabilities under the Securities Act. However, the Company
has not asked its Sponsor to reserve for such indemnification obligations, nor has the Company independently verified whether its Sponsor
has sufficient funds to satisfy its indemnity obligations and believes that the Company&#8217;s Sponsor&#8217;s only assets are securities
of the Company. Therefore, the Company cannot assure that its Sponsor would be able to satisfy those obligations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Merger
Agreement</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 30, 2022, the Company entered into a Business Combination Agreement (the &#8220;Business Combination Agreement&#8221;) with (i)
Figgreen Limited, a private limited company incorporated in Ireland with registered number 606356 (&#8220;Pubco&#8221;), (ii) Kalera
Cayman Merger Sub, a Caymans Islands exempted company (&#8220;Cayman Merger Sub&#8221;), (iii) Kalera Luxembourg Merger Sub SARL, a limited
liability company incorporated under the laws of the Grand Duchy of Luxembourg (&#8220;Lux Merger Sub&#8221; and, together with Cayman
Merger Sub, the &#8220;Merger Subs&#8221;) and (iv) Kalera AS, a Norwegian private limited liability company (the &#8220;Kalera&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the Business Combination Agreement, (i) a merger will occur, pursuant to which Cayman Merger Sub will merge with and into Agrico,
with Agrico continuing as the surviving entity and as a wholly owned subsidiary of Pubco (the &#8220;First Merger&#8221;) and Agrico
will issue ordinary shares (the &#8220;Agrico Ordinary Shares&#8221;) to Pubco (the &#8220;Agrico Share Issuance&#8221;) and the holders
of Agrico Ordinary Shares will receive shares in the capital of Pubco and holders of warrants of Agrico (the &#8220;Agrico Warrants&#8221;)
will have their Agrico Warrants assumed by Pubco and adjusted to become exercisable for shares in the capital of Pubco, in each case
as consideration for the First Merger and the Agrico Share Issuance, (ii) at least one (1) business day following the First Merger and
subject thereto, the second merger will occur, pursuant to which Lux Merger Sub will merge with and into Kalera with Kalera as the surviving
entity of the second merger (the &#8220;Second Merger&#8221;) and in this context Kalera will issue shares to Pubco (the &#8220;Kalera
Share Issuance&#8221;), and (iii) immediately following the Second Merger and the Kalera Capital Reduction (as defined below), the shareholders
of Kalera (the &#8220;Kalera Shareholders&#8221;) (except Pubco) will receive shares in the capital of Pubco and the holders of Kalera&#8217;s
outstanding options (the &#8220;Kalera Options&#8221;) will receive options in the capital of Pubco, in each case as consideration for
the ordinary shares of Kalera (the &#8220;Kalera Shares&#8221;) and the Kalera Options being cancelled and ceasing to exist or being
assumed (as applicable) upon completion of the Second Merger by way of a capital reduction pursuant to the Luxembourg Companies Act (the
&#8220;Kalera Capital Reduction&#8221;). As a result of the transactions contemplated by the Business Combination Agreement, Kalera will
be a wholly owned subsidiary of Pubco.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
consummation of the First Merger, (i) each Class A ordinary share (the &#8220;Agrico Class A Ordinary Shares&#8221;) outstanding immediately
prior to the effective time of the First Merger (the &#8220;First Merger Effective Time&#8221;) will be automatically cancelled in exchange
for and converted into one ordinary share of Pubco (the &#8220;Pubco Ordinary Shares&#8221;), (ii) each Class B ordinary share (the &#8220;Agrico
Class B Ordinary Shares&#8221;) outstanding immediately prior to the First Merger Effective Time will be automatically cancelled in exchange
for and converted into one Pubco Ordinary Share, and (iii) each outstanding public Agrico Warrant (the &#8220;Agrico Public Warrants&#8221;)
and private Agrico Warrants will remain outstanding and will automatically be adjusted to become a Pubco Warrant.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
consummation of the Second Merger, each Kalera Share outstanding immediately prior to the Second Merger Effective Time will be cancelled
and cease to exist in the context of the Kalera Capital Reduction against the issuance of (i) the number of Pubco Ordinary Shares equal
to the Exchange Ratio (as defined below) (the aggregate number of Pubco Ordinary Shares so issued, the &#8220;Exchange Shares&#8221;)
and (ii) one CVR per Kalera Share. &#8220;Exchange Ratio&#8221; means 0.091. The number of Exchange Shares will be determined prior to
the Second Merger Effective Time in accordance with the terms of the Business Combination Agreement and will cause, assuming no public
shareholders of Agrico exercise their redemption rights, Kalera Shareholders to own approximately <span id="xdx_90B_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_c20220130__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--KaleraShareholdersMember_zzXthSxI2Rl4" title="Ownership percentage"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2022-01-30_custom_KaleraShareholdersMember_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">52</ix:nonFraction>%</span> of the issued and outstanding Pubco
Ordinary Shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Consideration</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
First Merger: Consideration to Agrico Security holders</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
first transaction that comprises the Business Combination is the First Merger, pursuant to which Cayman Merger Sub will merge with and
into Agrico, with Agrico surviving and being a wholly-owned subsidiary of Pubco.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
consummation of the First Merger, (i) each Agrico Class A ordinary share outstanding immediately prior to the First Merger Effective
Time will be automatically cancelled in exchange for and converted into one Pubco Ordinary Share (ii) each Agrico Class B ordinary share
outstanding immediately prior to the First Merger Effective Time will be automatically cancelled in exchange for and converted into one
Pubco Ordinary Share, and (iii) each outstanding Agrico Public Warrant and Agrico Private Warrant will remain outstanding and will automatically
be adjusted to become a Pubco Warrant, respectively. As a result of the First Merger and the conversion or automatic adjustment (as applicable)
of Agrico securities into securities of Pubco, the rights of Agrico security holders will change in material ways.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Second Merger: Consideration to Kalera Security holders</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
least one (1) business day following the First Merger and subject thereto, Pubco, Kalera and Lux Merger Sub will cause the Second Merger
to be consummated, pursuant to which Lux Merger Sub will merge with and into Kalera with Kalera as the surviving entity of the Second
Merger and in this context Kalera will issue shares to Pubco. Immediately following and in connection with the Second Merger, the Kalera
Shareholders (except Pubco) will receive shares in the capital of Pubco and contractual contingent value rights (each a &#8220;CVR&#8221;),
which represent the right to receive up to two contingent payments of Pubco Ordinary Shares, and the holders of the Kalera Options will
receive options in the capital of Pubco and, in the case of holders of In-the-Money Options, CVRs, in each case as consideration for
the Kalera Shares and the Kalera Options being cancelled and ceasing to exist or being assumed (as applicable) upon completion of the
Second Merger by way of the Kalera Capital Reduction. Each CVR represents a contingent right to receive additional Pubco Ordinary Shares,
issuable upon the achievement of certain milestones, including: <span id="xdx_901_ecustom--BusinessCombinationDescriptions_c20220101__20220331_zTWAChzjKQ9" title="Business combination descriptions"><ix:nonNumeric contextRef="From2022-01-012022-03-31_custom_AgricoAcquisitionCorpMember" name="KAL:BusinessCombinationDescriptions">(i) Pubco Ordinary Shares trading at or over a market price of $12.50;
and (ii) Pubco Ordinary Shares trading at or over a market price of $15.00, in each case, for 20 trading days within a 30 trading-day
period, based on volume-weighted average trading prices. The amount of shares issuable to each CVR holder for the achievement of each
milestone is, in each case, a pro rata portion of an amount of Pubco Ordinary Shares equivalent to 5% of the amount of Kalera Shares
outstanding as of immediately following the Kalera Capital Reduction on a fully-diluted basis</ix:nonNumeric></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
consummation of the Second Merger, each Kalera Share outstanding immediately prior to the Second Merger Effective Time will be cancelled
and cease to exist in the context of the Kalera Capital Reduction against the issuance of (i) the number of Pubco Ordinary Shares equal
to the Exchange Ratio and (ii) one CVR per Kalera Share.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Closing
of the Business Combination</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
consummation of the First Merger and related transactions (the &#8220;First Closing&#8221;) will take place on the fifth business day
following the satisfaction or waiver of the conditions to closing set forth in the Business Combination Agreement, unless Agrico and
Kalera agree in writing to another date or time. The consummation of the Business Combination (other than those transactions which occur
on the First Closing) (the &#8220;Second Closing&#8221; and together with the First Closing, the &#8220;Closings&#8221; and each, a &#8220;Closing&#8221;)
will take place on the first business day after the First Closing, unless Agrico and Kalera agree in writing to another date or time.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Liquidity,
Capital Resources and Going Concern Consideration</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of March 31, 2022, the Company had $<span id="xdx_90A_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_c20220331_zjbD51BFVn3h" title="Cash"><ix:nonFraction name="us-gaap:CashAndCashEquivalentsAtCarryingValue" contextRef="AsOf2022-03-31_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">288,426</ix:nonFraction></span> in cash and a working capital of $<span id="xdx_90E_ecustom--WorkingCapital_iI_c20220331_zrLEdnvLsmhc" title="Working capital"><ix:nonFraction name="KAL:WorkingCapital" contextRef="AsOf2022-03-31_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">81,284</ix:nonFraction></span>. The Company&#8217;s liquidity needs up to March
31, 2022 had been satisfied through a capital contribution from the Sponsor of $<span id="xdx_90C_ecustom--FounderSharesCost_c20220101__20220331_zjnrndreAM87" title="Founder shares cost"><ix:nonFraction name="KAL:FounderSharesCost" contextRef="From2022-01-012022-03-31_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">25,000</ix:nonFraction></span> (see Note 5) for the founder shares and the loan
under an unsecured promissory note from the Sponsor of up to $<span id="xdx_909_ecustom--UnsecuredPromissoryNote_c20220101__20220331_zyRnP799WKxg" title="Unsecured promissory note"><ix:nonFraction name="KAL:UnsecuredPromissoryNote" contextRef="From2022-01-012022-03-31_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">200,000</ix:nonFraction></span> (see Note 5), of which $<span id="xdx_90D_eus-gaap--RepaymentsOfDebt_c20210101__20211231_zwpGwd9GKSij" title="Repayments of debt"><ix:nonFraction name="us-gaap:RepaymentsOfDebt" contextRef="From2021-01-012021-12-31_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">171,356</ix:nonFraction></span> was borrowed and repaid in 2021.
In addition, in order to finance transaction costs in connection with a Business Combination, the Company&#8217;s Sponsor or an affiliate
of the Sponsor or certain of the Company&#8217;s officers and directors may, but are not obligated to, provide the Company Working Capital
Loans (see Note 5). As of March 31, 2022 and December 31, 2021, there were no amounts outstanding under any Working Capital Loans.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with the Company&#8217;s assessment of going concern considerations in accordance with Financial Accounting Standards Board&#8217;s
Accounting Standards Codification Topic 205-40, &#8220;Presentation of Financial Statements &#8211; Going Concern,&#8221; the Company
has until July 12, 2022, to consummate an initial business combination. It is uncertain that the Company will be able to consummate an
initial business combination by this time. If an initial business combination is not consummated by this date, there will be a mandatory
liquidation and subsequent dissolution of the Company. Additionally, the Company may not have sufficient liquidity to fund the working
capital needs of the Company through one year from the issuance of these financial statements. Management has determined that the liquidity
condition and mandatory liquidation, should an initial business combination not occur, and potential subsequent dissolution raises substantial
doubt about the Company&#8217;s ability to continue as a going concern. No adjustments have been made to the carrying amounts of assets
or liabilities should the Company be required to liquidate after July 12, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
unaudited condensed financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification
of the liabilities that might be necessary should the Company be unable to continue as a going concern.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
and Uncertainties</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management
is continuing to evaluate the impact of the COVID-19 pandemic and the Russia-Ukraine war and has concluded that while it is reasonably
possible that it could have a negative effect on the Company&#8217;s financial position, results of its operations and/or search for
a target company, the specific impact is not readily determinable as of the date of these unaudited condensed financial statements. The
unaudited condensed financial statements do not include any adjustments that might result from the outcome of this uncertainty.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</span></p>


</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-012022-03-31_custom_AgricoAcquisitionCorpMember" escape="true" name="us-gaap:SignificantAccountingPoliciesTextBlock"><p id="xdx_80B_eus-gaap--SignificantAccountingPoliciesTextBlock_zEbs72d3nDz6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
2 &#8212; <span>Significant Accounting Policies</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;<span id="xdx_826_zgH9FFMX7GJ3" style="display: none">SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</span></b></span></p>

<ix:nonNumeric contextRef="From2022-01-012022-03-31_custom_AgricoAcquisitionCorpMember" escape="true" name="us-gaap:BasisOfAccountingPolicyPolicyTextBlock"><p id="xdx_843_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_z2Pf7EbROtTa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Basis
of Presentation</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted
in the United States of America (&#8220;GAAP&#8221;) for interim financial information and in accordance with the instructions to Form
10-Q and Article 8 of Regulation S-X of the U.S. Securities and Exchange Commission (&#8220;SEC&#8221;). Certain information or footnote
disclosures normally included in unaudited condensed financial statements prepared in accordance with GAAP have been condensed or omitted,
pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information
and footnotes necessary for a complete presentation of financial position, results of operations, or cash flows. In the opinion of management,
the accompanying unaudited condensed financial statements include all adjustments, consisting of a normal recurring nature, which are
necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying unaudited condensed financial statements should be read in conjunction with the Company&#8217;s Prospectus which contains
the audited financial statements and notes thereto included in the Form 10-K annual report filed by the Company with the SEC on April
1, 2022. The interim results for the three months ended March 31, 2022 are not necessarily indicative of the results to be expected for
the year ending December 31, 2022 or for any future interim periods.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-012022-03-31_custom_AgricoAcquisitionCorpMember" escape="true" name="KAL:EmergingGrowthCompanyPolicyTextBlock"><p id="xdx_843_ecustom--EmergingGrowthCompanyPolicyTextBlock_z5qOrdQUNNz7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Emerging
Growth Company Status </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is an &#8220;emerging growth company,&#8221; as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart our
Business Startups Act of 2012, (the &#8220;JOBS Act&#8221;), and it may take advantage of certain exemptions from various reporting requirements
that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required
to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding
executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory
vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Further,
Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting
standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do
not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting
standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements
that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of
such extended transition period which means that when a standard is issued or revised and it has different application dates for public
or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies
adopt the new or revised standard. This may make comparison of the Company&#8217;s unaudited condensed financial statements with another
public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition
period difficult or impossible because of the potential differences in accounting standards used.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-012022-03-31_custom_AgricoAcquisitionCorpMember" escape="true" name="us-gaap:UseOfEstimates"><p id="xdx_844_eus-gaap--UseOfEstimates_zSWrYXLfdvp" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Use
of Estimates </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
preparation of the unaudited condensed financial statements in conformity with US GAAP requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited
condensed financial statements and the reported amounts of expenses during the reporting period. Making estimates requires management
to exercise significant judgement. It is at least reasonably possible that the estimate of the effect of a condition, situation or set
of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could
change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from
those estimates.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-012022-03-31_custom_AgricoAcquisitionCorpMember" escape="true" name="us-gaap:CashAndCashEquivalentsPolicyTextBlock"><p id="xdx_847_eus-gaap--CashAndCashEquivalentsPolicyTextBlock_zZGJmLsBRhyb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cash
and Cash Equivalents</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents.
The Company did not have any cash equivalents as of March 31, 2022 and December 31, 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-012022-03-31_custom_AgricoAcquisitionCorpMember" escape="true" name="us-gaap:MarketableSecuritiesPolicy"><p id="xdx_846_eus-gaap--MarketableSecuritiesPolicy_zS3Yw9xwjvpi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Marketable
Securities Held in Trust Account</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
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value. The Company&#8217;s portfolio of marketable securities held in the Trust Account is comprised of U.S. government securities, within
the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less, investments in money market
funds that invest in U.S. government securities, cash, or a combination thereof. Gains and losses resulting from the change in fair value
of these securities is included in gain on marketable securities held in Trust Account. The estimated fair values of the marketable securities
held in the Trust Account are determined using available market information.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
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All of the U.S. Treasury Securities will mature on February 24, 2022. The Company classified its U.S. Treasury Securities as held-to-maturity
in accordance with FASB ASC Topic 320 &#8220;Investments&#8212;Debt and Equity Securities&#8221;. Held-to-maturity securities are those
securities which the Company has the ability and intent to held until maturity. Held-to-maturity treasury securities are recorded at
amortized cost and adjusted for the amortization or accretion of premiums of discounts.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-01-012022-03-31_custom_AgricoAcquisitionCorpMember" escape="true" name="KAL:ScheduleOfUnrealizedHoldingLossAndFairValueOfHeldToMaturitySecuritiesTableTextBlock"><p id="xdx_890_ecustom--ScheduleOfUnrealizedHoldingLossAndFairValueOfHeldToMaturitySecuritiesTableTextBlock_zT4BvA9cRDjf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
carrying value approximates the fair value due to its short-term maturity. The carrying value, excluding gross unrealized holding loss
and fair value of held to maturity securities at December 31, 2021 are as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B7_zIiIXeLaT5Xi" style="display: none">SCHEDULE OF UNREALIZED HOLDING LOSS AND FAIR VALUE OF HELD TO MATURITY SECURITIES</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</ix:nonNumeric><p id="xdx_8AB_zdLsuc9P4P7l" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&#160;</p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-012022-03-31_custom_AgricoAcquisitionCorpMember" escape="true" name="KAL:OfferingCostsPolicyTextBlock"><p id="xdx_840_ecustom--OfferingCostsPolicyTextBlock_zi6rlP1sRE15" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Offering
Costs</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Offering
costs consisted of legal, accounting, underwriting fees and other costs incurred through the Initial Public Offering that were directly
related to the Initial Public Offering. Offering costs were allocated to the separable financial instruments issued in the Initial Public
Offering based on a relative fair value basis, compared to total proceeds received. Offering costs associated with issuance of the Class
A ordinary shares were charged against the carrying value of the Class A ordinary shares subject to possible redemption upon the completion
of the Initial Public Offering. The Company classifies deferred underwriting commissions as non-current liabilities as their liquidation
is not reasonably expected to require the use of current assets or require the creation of current liabilities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-012022-03-31_custom_AgricoAcquisitionCorpMember" escape="true" name="us-gaap:EarningsPerSharePolicyTextBlock"><p id="xdx_843_eus-gaap--EarningsPerSharePolicyTextBlock_zMN2aR7qndrd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Net
Loss Per Ordinary Share</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has two classes of shares, which are referred to as Class A ordinary shares and Class B ordinary shares. Earnings and losses
are shared pro rata between the two classes of shares. Net loss per ordinary share is computed by dividing net loss by the weighted-average
number of ordinary shares outstanding during the periods. We have not considered the effect of the warrants sold in the Initial Public
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loss per share, since their inclusion would be anti-dilutive under the treasury stock method. As a result, diluted net loss per ordinary
share is the same as basic net loss per ordinary share for the periods. Re-measurement associated with the Class A ordinary shares subject
to possible redemption is excluded from earnings per share as the redemption value approximates fair value.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in">&#160;</p>


<ix:nonNumeric contextRef="From2022-01-012022-03-31_custom_AgricoAcquisitionCorpMember" escape="true" name="us-gaap:ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock"><p id="xdx_897_eus-gaap--ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_zSayENJqipq8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B6_zIqsrETk0MG8" style="display: none">SCHEDULE OF BASIC AND DILUTED LOSS PER ORDINARY SHARE</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Basic and diluted net loss per share:</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt">Denominator:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 20pt; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weighted-average shares outstanding including ordinary shares subject to redemption <sup>(1)</sup> </span></td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_988_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_c20220101__20220331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_fKDEp_zxySOIklo296" title="Weighted-average shares outstanding including ordinary shares subject to redemption" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:WeightedAverageNumberOfSharesOutstandingBasic" contextRef="From2022-01-012022-03-31_custom_AgricoAcquisitionCorpMember_us-gaap_CommonClassAMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">14,518,750</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_987_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_c20220101__20220331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_fKDEp_zQcEJXxbyK1j" title="Weighted-average shares outstanding including ordinary shares subject to redemption" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:WeightedAverageNumberOfSharesOutstandingBasic" contextRef="From2022-01-012022-03-31_custom_AgricoAcquisitionCorpMember_us-gaap_CommonClassBMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">3,593,750</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_986_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_c20210101__20210331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_fKDEp_z5FsGbuAx4ql" title="Weighted-average shares outstanding including ordinary shares subject to redemption" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3713">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98B_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_c20210101__20210331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_fKDEp_z63k1rm6CMe9" title="Weighted-average shares outstanding including ordinary shares subject to redemption" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:WeightedAverageNumberOfSharesOutstandingBasic" contextRef="From2021-01-012021-03-31_custom_AgricoAcquisitionCorpMember_us-gaap_CommonClassBMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">2,291,667</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 2.5pt">Basic and diluted net loss per share</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98A_eus-gaap--EarningsPerShareBasic_pp2d_c20220101__20220331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zwJ05NhSYPi3" title="Basic and diluted net income (loss) per share" style="border-bottom: Black 2.5pt double; text-align: right">(<ix:nonFraction name="us-gaap:EarningsPerShareBasic" contextRef="From2022-01-012022-03-31_custom_AgricoAcquisitionCorpMember_us-gaap_CommonClassAMember" format="ixt:numdotdecimal" decimals="2" sign="-" unitRef="USDPShares">0.02</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_982_eus-gaap--EarningsPerShareBasic_pp2d_c20220101__20220331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zRsc4B0PcKMb" title="Basic and diluted net income (loss) per share" style="border-bottom: Black 2.5pt double; text-align: right">(<ix:nonFraction name="us-gaap:EarningsPerShareBasic" contextRef="From2022-01-012022-03-31_custom_AgricoAcquisitionCorpMember_us-gaap_CommonClassBMember" format="ixt:numdotdecimal" decimals="2" sign="-" unitRef="USDPShares">0.02</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98B_eus-gaap--EarningsPerShareBasic_pp2d_c20210101__20210331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zbSXeK66IK23" title="Basic and diluted net income (loss) per share" style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3721">&#8212;</span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98C_eus-gaap--EarningsPerShareBasic_pp2d_c20210101__20210331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_z6bxFY5zfNF9" title="Basic and diluted net income (loss) per share" style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl3723">&#8212;</span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p>

<!-- Field: Rule-Page --><div style="margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; width: 25%"><div style="border-top: Black 1.5pt solid; margin-top: 0pt; font-size: 1pt; margin-right: 0pt; margin-bottom: 0pt">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
                                            of March 31, 2021, excludes up to <span id="xdx_906_ecustom--SharesSubjectToForfeiture_c20220101__20220331_zjuzNF8YgRDe" title="Shares subject to forfeiture" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJBU0lDIEFORCBESUxVVEVEIExPU1MgUEVSIE9SRElOQVJZIFNIQVJFIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="KAL:SharesSubjectToForfeiture" contextRef="From2022-01-012022-03-31_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">468,750</ix:nonFraction></span> shares subject to forfeiture to the extent that
                                            the underwriter&#8217;s over-allotment option is not exercised in full or in part. On April
                                            9, 2021, the sponsor forfeited to the Company for no consideration an aggregate of <span id="xdx_900_ecustom--FounderShares_c20210401__20210409_z8jAvCqlh6Cc" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJBU0lDIEFORCBESUxVVEVEIExPU1MgUEVSIE9SRElOQVJZIFNIQVJFIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" title="Founder shares"><ix:nonFraction name="KAL:FounderShares" contextRef="From2021-04-012021-04-09_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,406,250</ix:nonFraction></span>
                                            Founder Shares, which the Company cancelled, resulting in a decrease in the total number
                                            of Founder Shares outstanding from <span id="xdx_909_ecustom--TotalNumberOfFounderSharesOutstanding_c20210401__20210409_zFPUV8FYphma" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJBU0lDIEFORCBESUxVVEVEIExPU1MgUEVSIE9SRElOQVJZIFNIQVJFIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" title="Number of founder shares outstanding"><ix:nonFraction name="KAL:TotalNumberOfFounderSharesOutstanding" contextRef="From2021-04-012021-04-09_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">5,000,000</ix:nonFraction></span> shares to <span id="xdx_907_ecustom--FounderShareOutstanding_c20210401__20210409_zhgzJIJwfUH3" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJBU0lDIEFORCBESUxVVEVEIExPU1MgUEVSIE9SRElOQVJZIFNIQVJFIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" title="Founder of shares outstanding"><ix:nonFraction name="KAL:FounderShareOutstanding" contextRef="From2021-04-012021-04-09_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">3,593,750</ix:nonFraction></span> shares.</span></td></tr></table>

</ix:nonNumeric><p id="xdx_8A2_zKKHk0UxMSwa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-012022-03-31_custom_AgricoAcquisitionCorpMember" escape="true" name="us-gaap:FairValueOfFinancialInstrumentsPolicy"><p id="xdx_847_eus-gaap--FairValueOfFinancialInstrumentsPolicy_zTwyZuk9kne" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fair
Value of Financial Instruments</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
fair value of the Company&#8217;s assets and liabilities, which qualify as financial instruments under FASB ASC 820, &#8220;Fair Value
Measurements and Disclosures,&#8221; approximates the carrying amounts represented in the balance sheets, primarily due to their short-term
nature.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-012022-03-31_custom_AgricoAcquisitionCorpMember" escape="true" name="us-gaap:SharesSubjectToMandatoryRedemptionChangesInRedemptionValuePolicyTextBlock"><p id="xdx_84B_eus-gaap--SharesSubjectToMandatoryRedemptionChangesInRedemptionValuePolicyTextBlock_zCOZKSHfdsne" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Class
A Ordinary Shares Subject to Possible Redemption</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company accounts for our Class A ordinary share subject to possible redemption in accordance with ASC 480. Class A ordinary shares subject
to mandatory redemption (if any) are classified as liability instruments and are measured at fair value. Conditionally redeemable Class
A ordinary shares (including Class A ordinary share that feature redemption rights that are either within the control of the holder or
subject to redemption upon the occurrence of uncertain events not solely within our control) are classified as temporary equity. At all
other times, Class A ordinary shares are classified as shareholders&#8217; equity. Our Class A ordinary shares feature certain redemption
rights that are considered to be outside of our control and subject to the occurrence of uncertain future events. Accordingly, at March
31, 2022 and December 31, 2021, <span id="xdx_905_ecustom--SharesSubjectToPossibleRedemption_iI_c20220331_zYvVcx4HawK8" title="Shares subject to possible redemption"><span id="xdx_909_ecustom--SharesSubjectToPossibleRedemption_iI_c20211231_znSnlPFHIoHc"><ix:nonFraction name="KAL:SharesSubjectToPossibleRedemption" contextRef="AsOf2022-03-31_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="KAL:SharesSubjectToPossibleRedemption" contextRef="AsOf2021-12-31_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">14,375,000</ix:nonFraction></ix:nonFraction></span></span> Class A ordinary shares subject to possible redemption are presented at redemption value as
temporary equity, outside of the shareholders&#8217; deficit section of our balance sheets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Immediately
upon the closing of the Initial Public Offering, the Company recognized the re-measurement from initial book value to redemption amount,
which approximates fair value. The change in the carrying value of Class A ordinary shares subject to possible redemption resulted in
charges against additional paid-in capital (to the extent available), accumulated deficit, and Class A ordinary shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<ix:exclude><!-- Field: Page; Sequence: 221; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->79<!-- Field: /Sequence --></td></tr></table></div>
    <div style="margin-right: 0pt; break-before: page; margin-top: 0pt; margin-bottom: 0pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-01-012022-03-31_custom_AgricoAcquisitionCorpMember" escape="true" name="us-gaap:SharesSubjectToMandatoryRedemptionDisclosureTextBlock"><p id="xdx_895_eus-gaap--SharesSubjectToMandatoryRedemptionDisclosureTextBlock_z4WaNT9y2VCg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of March 31, 2022 and December 31, 2021, the ordinary shares reflected on the balance sheets are reconciled in the following table:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BB_zORGomzkiteb" style="display: none">SCHEDULE OF ORDINARY SHARE REFLECTED ON THE BALANCE SHEET</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_490_20220101__20220331_ziqhhZF7NTa1" style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40A_ecustom--GrossProceedsFromIPO_zfUoE9BvJwIb" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%; text-align: left">Gross proceeds from IPO</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td id="xdx_983_ecustom--GrossProceedsFromIPO_c20211231__20211231_znfrRXUDvVfi" style="width: 16%; text-align: right"><ix:nonFraction name="KAL:GrossProceedsFromIPO" contextRef="From2022-01-012022-03-31_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD"><ix:nonFraction name="KAL:GrossProceedsFromIPO" contextRef="From2021-12-312021-12-31_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">143,750,000</ix:nonFraction></ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Less:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40A_eus-gaap--ProceedsFromIssuanceOfWarrants_iN_pp0p0_di_zroljzMuWGL7" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">Proceeds allocated to Public Warrants</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98F_eus-gaap--ProceedsFromIssuanceOfWarrants_iN_pp0p0_di_c20211231__20211231_zxreNumXwDV5" style="text-align: right">(<ix:nonFraction name="us-gaap:ProceedsFromIssuanceOfWarrants" contextRef="From2022-01-012022-03-31_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOfWarrants" contextRef="From2021-12-312021-12-31_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">5,287,763</ix:nonFraction></ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_40C_eus-gaap--ProceedsFromIssuanceOfCommonStock_iN_pp0p0_di_zcS9uylJ412j" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Offering costs related to Class A ordinary shares subject to possible redemption</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98B_eus-gaap--ProceedsFromIssuanceOfCommonStock_iN_pp0p0_di_c20211231__20211231_zOrT3IPiqeSa" style="text-align: right">(<ix:nonFraction name="us-gaap:ProceedsFromIssuanceOfCommonStock" contextRef="From2022-01-012022-03-31_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOfCommonStock" contextRef="From2021-12-312021-12-31_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">8,223,786</ix:nonFraction></ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Plus:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_403_ecustom--WarrantsOfferingCosts_pp0p0_zLZfC7yZx9W" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">Offering costs allocated to public warrants</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_984_ecustom--WarrantsOfferingCosts_pp0p0_c20211231__20211231_z9X2VFR4gTDj" style="text-align: right"><ix:nonFraction name="KAL:WarrantsOfferingCosts" contextRef="From2022-01-012022-03-31_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD"><ix:nonFraction name="KAL:WarrantsOfferingCosts" contextRef="From2021-12-312021-12-31_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">314,060</ix:nonFraction></ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_406_eus-gaap--TemporaryEquityAccretionToRedemptionValue_pp0p0_zOKZ7XyiISl7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left; padding-bottom: 1.5pt">Re-Measurement of Class A ordinary shares to redemption amount</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98C_eus-gaap--TemporaryEquityAccretionToRedemptionValue_pp0p0_c20211231__20211231_zRBuh7rUgpte" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:TemporaryEquityAccretionToRedemptionValue" contextRef="From2022-01-012022-03-31_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD"><ix:nonFraction name="us-gaap:TemporaryEquityAccretionToRedemptionValue" contextRef="From2021-12-312021-12-31_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">16,072,489</ix:nonFraction></ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_402_ecustom--OrdinarySharesSubjectToPossibleRedemptionValue_pp0p0_zWl5kuGQqEX1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt">Class A ordinary shares subject to possible redemption</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_983_ecustom--OrdinarySharesSubjectToPossibleRedemptionValue_pp0p0_c20210101__20211231_zMkstrbunUP5" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="KAL:OrdinarySharesSubjectToPossibleRedemptionValue" contextRef="From2022-01-012022-03-31_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD"><ix:nonFraction name="KAL:OrdinarySharesSubjectToPossibleRedemptionValue" contextRef="From2021-01-012021-12-31_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">146,625,000</ix:nonFraction></ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8AE_zl83tJbRYlD" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-012022-03-31_custom_AgricoAcquisitionCorpMember" escape="true" name="us-gaap:IncomeTaxPolicyTextBlock"><p id="xdx_847_eus-gaap--IncomeTaxPolicyTextBlock_zoRUMkqyOuc6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Income
Taxes</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company follows the asset and liability method of accounting for income taxes under FASB ASC 740, &#8220;Income Taxes.&#8221; Deferred
tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the unaudited
condensed financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets
and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences
are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in
income in the period that included the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets
to the amount expected to be realized.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASC
Topic 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax
positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than
not to be sustained upon examination by taxing authorities. The Company&#8217;s management determined that the Cayman Islands is the
Company&#8217;s major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as
income tax expense. As of March 31, 2022 and December 31, 2021, there were no unrecognized tax benefits and no amounts accrued for interest
and penalties. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material
deviation from its position. The Company&#8217;s management does not expect that the total amount of unrecognized tax benefits will materially
change over the next twelve months.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is considered to be an exempted Cayman Islands company with no connection to any other taxable jurisdiction and is presently
not subject to income taxes or income tax filing requirements in the Cayman Islands or the United States. As such, the Company&#8217;s
tax provision was zero for the periods presented.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-012022-03-31_custom_AgricoAcquisitionCorpMember" escape="true" name="us-gaap:ConcentrationRiskCreditRisk"><p id="xdx_843_eus-gaap--ConcentrationRiskCreditRisk_zwewZkpNK7Ud" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Concentration
of Credit Risk</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution,
which, at times, may exceed the Federal Depository Insurance Company coverage of $<span id="xdx_905_ecustom--FederalDepositoryInsuranceCompanyCoverage_c20220101__20220331_zzxbBInKJjB7"><ix:nonFraction name="KAL:FederalDepositoryInsuranceCompanyCoverage" contextRef="From2022-01-012022-03-31_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">250,000</ix:nonFraction></span>. The Company has not experienced losses on
these accounts and management believes the Company is not exposed to significant risks on such accounts.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<ix:exclude><!-- Field: Page; Sequence: 222; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-012022-03-31_custom_AgricoAcquisitionCorpMember" escape="true" name="us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock"><p id="xdx_844_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_zdUGAl5cPsWl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Recent
Accounting Pronouncements</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
August 2020, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued Accounting Standards Update (&#8220;ASU&#8221;) 2020-06,
Debt &#8212; Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging &#8212; Contracts in Entity&#8217;s
Own Equity (Subtopic 815-40) (&#8220;ASU 2020-06&#8221;) to simplify accounting for certain financial instruments. ASU 2020-06 eliminates
the current models that require separation of beneficial conversion and cash conversion features from convertible instruments and simplifies
the derivative scope exception guidance pertaining to equity classification of contracts in an entity&#8217;s own equity. The new standard
also introduces additional disclosures for convertible debt and freestanding instruments that are indexed to and settled in an entity&#8217;s
own equity. ASU 2020-06 amends the diluted earnings per share guidance, including the requirement to use the if-converted method for
all convertible instruments. ASU 2020-06 is effective January 1, 2024 for the Company and should be applied on a full or modified retrospective
basis, with early adoption permitted beginning on January 1, 2021. The Company is currently assessing the impact, if any, that ASU 2020-06
would have on its financial position, results of operations or cash flows.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management
does not believe that any other recently issued, but not effective, accounting standards, if currently adopted, would have a material
effect on the Company&#8217;s financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric></ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-012022-03-31_custom_AgricoAcquisitionCorpMember" escape="true" name="KAL:InitialPublicOfferingTextBlock"><p id="xdx_809_ecustom--InitialPublicOfferingTextBlock_zeVf1EGTnGe7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
3 &#8212; <span>Initial Public Offering</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;<span id="xdx_829_zJgq19lwsV2l" style="display: none">INITIAL PUBLIC OFFERING</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 12, 2021, the Company initially sold <span id="xdx_90A_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_pp0d_c20210701__20210712__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zSlJLFcdDfQb" title="Sale of units"><ix:nonFraction name="us-gaap:SaleOfStockNumberOfSharesIssuedInTransaction" contextRef="From2021-07-012021-07-12_us-gaap_IPOMember_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" unitRef="Shares">14,375,000</ix:nonFraction></span> Units, which includes the full exercise by the underwriters of the over-allotment
option to purchase an additional <span id="xdx_900_eus-gaap--StockIssuedDuringPeriodSharesIssuedForServices_pp0d_c20210701__20210712__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember_zl2LZS8nMSh6" title="Additional units of shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesIssuedForServices" contextRef="From2021-07-012021-07-12_us-gaap_OverAllotmentOptionMember_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" unitRef="Shares">1,875,000</ix:nonFraction></span> Units, at a purchase price of $<span id="xdx_902_eus-gaap--SaleOfStockPricePerShare_iI_pid_c20210712__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember_zpOixopJR4F3" title="Purchase price, per unit (in Dollars per share)"><ix:nonFraction name="us-gaap:SaleOfStockPricePerShare" contextRef="AsOf2021-07-12_us-gaap_OverAllotmentOptionMember_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">10.00</ix:nonFraction></span> per Unit. Each Unit consists of one share of Class A
ordinary share, and one-half of one redeemable warrant. <span id="xdx_904_eus-gaap--SaleOfStockDescriptionOfTransaction_c20210701__20210712_zIC4Ol70O0V6" title="Sale of stock, description of transaction"><ix:nonNumeric contextRef="From2021-07-012021-07-12_custom_AgricoAcquisitionCorpMember" name="us-gaap:SaleOfStockDescriptionOfTransaction">Each whole Public Warrant entitles the holder to purchase one Class A ordinary share at a price of $<span id="xdx_90F_eus-gaap--SharePrice_iI_pp2d_c20210712__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember_z8DGHBRpmfOb" title="Share price"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2021-07-12_us-gaap_OverAllotmentOptionMember_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="2" unitRef="USDPShares">11.50</ix:nonFraction></span> per share, subject to adjustment (See Note 7).</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with the closing of the IPO, the Company issued to Maxim <span id="xdx_905_eus-gaap--SharesIssued_iI_pp0d_c20220331__srt--RangeAxis__srt--MaximumMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z0MSUeIGYoy" title="Shares issued"><ix:nonFraction name="us-gaap:SharesIssued" contextRef="AsOf2022-03-31_srt_MaximumMember_us-gaap_CommonClassAMember_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" unitRef="Shares">143,750</ix:nonFraction></span> Class A ordinary shares (the &#8220;representative shares&#8221;).
In addition, Maxim has agreed not to transfer, assign or sell any such shares until the completion of the Company&#8217;s initial Business
Combination. In addition, Maxim has agreed (i) to waive its redemption rights with respect to such shares in connection with the completion
of the Company&#8217;s initial business combination and (ii) to waive its rights to liquidating distributions from the trust account
with respect to such shares if the Company fails to complete its initial business combination within 12 months (or up to 21 months if
we extend the period of time to consummate a business combination by the full amount of time) from the closing of the IPO.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-012022-03-31_custom_AgricoAcquisitionCorpMember" escape="true" name="KAL:PrivatePlacementDisclosureTextBlock"><p id="xdx_809_ecustom--PrivatePlacementDisclosureTextBlock_zDtp9NTglXtf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
4 &#8212; <span>Private Placement</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;<span id="xdx_82C_zHmwBooaswsg" style="display: none">PRIVATE PLACEMENT</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Simultaneously
with the closing of the IPO, the Sponsor purchased an aggregate of <span id="xdx_90E_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_c20220101__20220331__srt--OwnershipAxis__custom--SponsorMember_zQT4dhQf1L4j" title="Sale of ordinary shares"><ix:nonFraction name="us-gaap:SaleOfStockNumberOfSharesIssuedInTransaction" contextRef="From2022-01-012022-03-31_custom_SponsorMember_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">7,250,000</ix:nonFraction></span> Private Placement Warrants at a price of $<span id="xdx_905_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20220331__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zAWRhgt24Zsk" title="Exercise price (in Dollars per share)"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2022-03-31_us-gaap_PrivatePlacementMember_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">1.00</ix:nonFraction></span> per Private
Placement Warrant, for an aggregate purchase price of $<span id="xdx_902_ecustom--AggregatePurchasePrice_c20220101__20220331__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_znm2gMH4GwD" title="Additional aggregate purchase price"><ix:nonFraction name="KAL:AggregatePurchasePrice" contextRef="From2022-01-012022-03-31_us-gaap_PrivatePlacementMember_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">7,250,000</ix:nonFraction></span>, in a private placement. A portion of the proceeds from the private
placement was added to the proceeds from the IPO held in the Trust Account.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Private Placement Warrants are identical to the Public Warrants, except that the Private Warrants (i) will not be transferable, assignable
or salable until the completion of the initial Business Combination and (ii) will be entitled to registration rights (see Note 7).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in">&#160;<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-012022-03-31_custom_AgricoAcquisitionCorpMember" escape="true" name="us-gaap:RelatedPartyTransactionsDisclosureTextBlock"><p id="xdx_80A_eus-gaap--RelatedPartyTransactionsDisclosureTextBlock_zi6wFG4ASeKd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
5 &#8212; <span>Related Party Transactions</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;<span id="xdx_82A_zkmQcrkZjw6h" style="display: none">RELATED PARTY TRANSACTIONS</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Founder
Shares</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 25, 2021, the Sponsor was issued <span id="xdx_906_ecustom--OrdinarySharesIssue_c20210101__20210125__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_z1WEClZhHGHc" title="Ordinary shares issued (in Shares)"><ix:nonFraction name="KAL:OrdinarySharesIssue" contextRef="From2021-01-012021-01-25_us-gaap_CommonClassBMember_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">5,000,000</ix:nonFraction></span> Class B ordinary shares, par value $<span id="xdx_908_eus-gaap--CommonStockNoParValue_iI_c20210125__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zm4lqmCwqHC9" title="Ordinary shares par value (in Dollars per share)"><ix:nonFraction name="us-gaap:CommonStockNoParValue" contextRef="AsOf2021-01-25_us-gaap_CommonClassBMember_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.0001</ix:nonFraction></span> per share (the &#8220;Founder Shares&#8221;)
for $<span id="xdx_90A_ecustom--FounderSharesAmount_c20210101__20210125__us-gaap--SubsidiarySaleOfStockAxis__custom--FounderSharesMember_zmkzD05pcv83" title="Founder shares amount"><ix:nonFraction name="KAL:FounderSharesAmount" contextRef="From2021-01-012021-01-25_custom_FounderSharesMember_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">25,000</ix:nonFraction></span>, or approximately $<span id="xdx_90D_eus-gaap--SharesIssuedPricePerShare_iI_c20210125__us-gaap--SubsidiarySaleOfStockAxis__custom--FounderSharesMember_zzRFgH32gK96" title="Price per share (in Dollars per share)"><ix:nonFraction name="us-gaap:SharesIssuedPricePerShare" contextRef="AsOf2021-01-25_custom_FounderSharesMember_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.005</ix:nonFraction></span> per share, which proceeds were used to reduce the amount due to a related party. On April 9, 2021,
the sponsor forfeited to the Company for no consideration an aggregate of <span id="xdx_904_ecustom--AggregateOfFounderShares_iI_c20210409_zVYHYGyzWjhc" title="Aggregate of founder Shares"><ix:nonFraction name="KAL:AggregateOfFounderShares" contextRef="AsOf2021-04-09_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,406,250</ix:nonFraction></span> Founder Shares, which the Company cancelled, resulting
in a decrease in the total number of Founder Shares outstanding from <span id="xdx_903_ecustom--FounderSharesOutstanding_c20210409__20210409__srt--RangeAxis__srt--MaximumMember_zmq7cLSJSpo2" title="Founder shares outstanding"><ix:nonFraction name="KAL:FounderSharesOutstanding" contextRef="From2021-04-092021-04-09_srt_MaximumMember_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">5,000,000</ix:nonFraction></span> shares to <span id="xdx_90F_ecustom--FounderShareOutstanding_c20210409__20210409__srt--RangeAxis__srt--MinimumMember_zZRgiijNxSH3" title="Founder share outstanding"><ix:nonFraction name="KAL:FounderShareOutstanding" contextRef="From2021-04-092021-04-09_srt_MinimumMember_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">3,593,750</ix:nonFraction></span> shares, which included up to <span id="xdx_90E_ecustom--FounderSharesSubjectToForfeiture_iI_c20210409__us-gaap--SubsidiarySaleOfStockAxis__custom--FounderSharesMember_zRBLdGRyZGv7" title="Founder shares subject to forfeiture"><ix:nonFraction name="KAL:FounderSharesSubjectToForfeiture" contextRef="AsOf2021-04-09_custom_FounderSharesMember_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">468,750</ix:nonFraction></span>
founder shares subject to forfeiture to the extent that the underwriter&#8217;s over-allotment option was not exercised in full or in
part. Due to the underwriters&#8217; exercise of their full over-allotment on July 12, 2021, these <span id="xdx_903_ecustom--FounderSharesSubjectToForfeiture_iI_c20210712__us-gaap--SubsidiarySaleOfStockAxis__custom--FounderSharesMember_zvt7KxqjZRJf"><ix:nonFraction name="KAL:FounderSharesSubjectToForfeiture" contextRef="AsOf2021-07-12_custom_FounderSharesMember_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">468,750</ix:nonFraction></span> Founders Shares are no longer
subject to forfeiture.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_eus-gaap--RelatedPartyTransactionDescriptionOfTransaction_c20220101__20220331_z6CDlDAz4aAe" title="Related party transaction, description"><ix:nonNumeric contextRef="From2022-01-012022-03-31_custom_AgricoAcquisitionCorpMember" name="us-gaap:RelatedPartyTransactionDescriptionOfTransaction">The
Sponsor, officers and directors have agreed not to transfer, assign or sell any of their Founder Shares until the earliest of (A) one
year after the completion of the initial Business Combination and (B) subsequent to the initial Business Combination, (x) if the closing
price of the Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share sub-divisions, share dividends, reorganizations,
recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the initial
Business Combination, or (y) the date on which the Company completes a liquidation, merger, share exchange or other similar transaction
that results in all of the Public Shareholders having the right to exchange their ordinary shares for cash, securities or other property
(the &#8220;Lock-up&#8221;)</ix:nonNumeric></span>. Any permitted transferees would be subject to the same restrictions and other agreements of our Sponsor,
officers and directors with respect to any Founder Shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Promissory
Note &#8212; Related Party</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 22, 2021, the Sponsor agreed to loan the Company up to $<span id="xdx_908_ecustom--SponsorAgreedToLoan_iI_c20210122_zUWXTWsaJ6p2" title="Sponsor agreed to loan"><ix:nonFraction name="KAL:SponsorAgreedToLoan" contextRef="AsOf2021-01-22_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">200,000</ix:nonFraction></span> to be used for a portion of the expenses of the IPO. This loan
was non-interest bearing and payable after the date of the consummation of the Public Offering. In 2021, the Company borrowed and repaid
$<span id="xdx_902_eus-gaap--SecuritiesBorrowed_iI_c20211231_zBbP7XuoodY5" title="Securities borrowed"><ix:nonFraction name="us-gaap:SecuritiesBorrowed" contextRef="AsOf2021-12-31_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">171,356</ix:nonFraction></span>. As of March 31, 2022 and December 31, 2021, the Company had no outstanding borrowings under the promissory note.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Due
to Related Party</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor paid certain formation costs and deferred offering costs on behalf of the Company which were recorded as due to related party
in the amount $<span id="xdx_903_eus-gaap--RelatedPartyTaxExpenseDueToAffiliatesDeferred_c20200101__20201231_zubPIHzGJiQ8" title="Related party tax expense, due to affiliates, deferred"><ix:nonFraction name="us-gaap:RelatedPartyTaxExpenseDueToAffiliatesDeferred" contextRef="From2020-01-012020-12-31_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">56,266</ix:nonFraction></span> as of December 31, 2020, which were due upon demand. On January 25, 2021, the liability was reduced by $<span id="xdx_904_ecustom--FounderSharesCost_c20210120__20210125_zIoSfhjE9xG4" title="Founder shares cost"><ix:nonFraction name="KAL:FounderSharesCost" contextRef="From2021-01-202021-01-25_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">25,000</ix:nonFraction></span>
in exchange for the issuance of Founder Shares to the Sponsor. As of March 31, 2022 and December 31, 2021, there is $<span id="xdx_900_eus-gaap--DueToRelatedPartiesCurrentAndNoncurrent_iI_dxL_c20220331_z7LNnYRfSp7" title="Due to related parties::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl3818">0</span></span> and $<span id="xdx_906_eus-gaap--DueToRelatedPartiesCurrentAndNoncurrent_iI_c20211231_zIxDarIfsksj"><ix:nonFraction name="us-gaap:DueToRelatedPartiesCurrentAndNoncurrent" contextRef="AsOf2021-12-31_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">73,795</ix:nonFraction></span> due
to related party, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Working
Capital Loans</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, in order to finance transaction costs in connection with an intended Business Combination, the Sponsor or an affiliate of the
Sponsor, or certain of the Company&#8217;s officers and directors, may, but are not obligated to, loan the Company funds as may be required
(&#8220;Working Capital Loans&#8221;). If the Company completes a Business Combination, the Company would repay the Working Capital Loans
out of the proceeds of the Trust Account released to it. Otherwise, the Working Capital Loans may be repaid only out of funds held outside
the Trust Account. In the event that the initial Business Combination does not close, the Company may use a portion of the working capital
held outside the Trust Account to repay Working Capital Loans but no proceeds from the Trust Account would be used to repay the Working
Capital Loans. Up to $<span id="xdx_908_ecustom--WorkingCapitalLoans_c20220101__20220331_zZFJHmw626r1" title="Working capital loans"><ix:nonFraction name="KAL:WorkingCapitalLoans" contextRef="From2022-01-012022-03-31_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,500,000</ix:nonFraction></span> of the Working Capital Loans may be convertible into warrants of the post Business Combination entity
at a price of $<span id="xdx_90D_ecustom--WarrantPrice_iI_c20220331_zaRdWPemR7B8" title="Warrant price"><ix:nonFraction name="KAL:WarrantPrice" contextRef="AsOf2022-03-31_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">1.00</ix:nonFraction></span> per warrant at the option of the lender. Such warrants would be identical to the Private Placement Warrants. Except
as set forth above, the terms of such Working Capital Loans, if any, have not been determined and no written agreements exist with respect
to such loans. Prior to the completion of the initial Business Combination, the Company does not expect to seek loans from parties other
than the Sponsor, its affiliates or any members of the management team as the Company does not believe third parties will be willing
to loan such funds and provide a waiver against any and all rights to seek access to funds in the Company&#8217;s Trust Account. As of
March 31, 2022 and December 31, 2021, the Company had no borrowings under the working capital loans.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"></p>

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    <div style="margin-right: 0pt; break-before: page; margin-top: 0pt; margin-bottom: 0pt"><p style="margin: 0pt">&#160;</p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Administrative
Support Agreement</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Commencing
on the date that the Company&#8217;s securities are first listed, the Company agreed to reimburse an affiliate of the Sponsor for office
space, secretarial and administrative services provided to members of the management team, in the amount of $<span id="xdx_908_ecustom--AdministativeServices_c20220101__20220331_zua5c7T0Qu9a" title="Administative services"><ix:nonFraction name="KAL:AdministativeServices" contextRef="From2022-01-012022-03-31_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">10,000</ix:nonFraction></span> per month. Upon completion
of the initial Business Combination or the Company&#8217;s liquidation, it will cease paying these monthly fees. For three months ended
March 31, 2022 and March 31, 2021, $<span id="xdx_90B_eus-gaap--OperatingExpenses_c20220101__20220331_zude8YXn4pQe" title="Operating expenses"><ix:nonFraction name="us-gaap:OperatingExpenses" contextRef="From2022-01-012022-03-31_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">30,000</ix:nonFraction></span> and $<span id="xdx_901_eus-gaap--OperatingExpenses_c20210101__20210331_zFZFQQZqSYz2"><ix:nonFraction name="us-gaap:OperatingExpenses" contextRef="From2021-01-012021-03-31_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">0</ix:nonFraction></span> had been charged to operating expenses, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-012022-03-31_custom_AgricoAcquisitionCorpMember" escape="true" name="us-gaap:CommitmentsAndContingenciesDisclosureTextBlock"><p id="xdx_80E_eus-gaap--CommitmentsAndContingenciesDisclosureTextBlock_zeAkzuTyuMFd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
6 &#8212; <span>Commitments and Contingencies</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;<span id="xdx_82B_zvELC49UF5Yb" style="display: none">COMMITMENTS AND CONTINGENCIES</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Registration
Rights</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
holders of the Founder Shares, Private Placement Warrants, Class A ordinary shares underlying the Private Placement Warrants and securities
that may be issued upon conversion of Working Capital Loans will have registration rights pursuant to a registration rights agreement
to be signed prior to or on the effective date of the Public Offering. The holders of these securities are entitled to make up to three
demands, excluding short form demands, that the Company register such securities under the Securities Act. In addition, the holders have
certain &#8220;piggy-back&#8221; registration rights with respect to registration statements filed subsequent to the completion of the
Company&#8217;s initial Business Combination and rights to require the Company to register for resale such securities pursuant to Rule
415 under the Securities Act. However, the registration rights agreement provides that the Company will not permit any registration statement
filed under the Securities Act to become effective until termination of the applicable lock-up period. Notwithstanding the foregoing,
the underwriter may not exercise its demand and &#8220;piggyback&#8221; registration rights after five (<span id="xdx_905_ecustom--EffectiveDate_dtY_c20220101__20220331_zJ3UQswfFvRe" title="Effective date"><ix:nonNumeric contextRef="From2022-01-012022-03-31_custom_AgricoAcquisitionCorpMember" format="ixt-sec:duryear" name="KAL:EffectiveDate">5</ix:nonNumeric></span>) and seven (<span id="xdx_90C_ecustom--EffectiveDate_dtY_c20220101__20220331__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zjusEWNA4PEj"><ix:nonNumeric contextRef="From2022-01-012022-03-31_us-gaap_PrivatePlacementMember_custom_AgricoAcquisitionCorpMember" format="ixt-sec:duryear" name="KAL:EffectiveDate">7</ix:nonNumeric></span>) years after
the effective date of the registration statement for the initial public offering and may not exercise its demand rights on more than
one occasion. The Company will bear the expenses incurred in connection with the filing of any such registration statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Underwriting
Agreement</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
underwriter had a 45-day option from the date of the IPO to purchase up to an aggregate of <span id="xdx_90C_eus-gaap--SharesIssued_iI_c20220331__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember_zKVyL5EJmNc3" title="Shares issued"><ix:nonFraction name="us-gaap:SharesIssued" contextRef="AsOf2022-03-31_us-gaap_OverAllotmentOptionMember_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,875,000</ix:nonFraction></span> additional Units at the public offering
price less the underwriting commissions to cover over-allotments, if any. On July 12, 2021, the underwriter fully exercised its over-allotment
option.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
underwriters are entitled to a deferred underwriting fee of <span id="xdx_90A_ecustom--UnderwritingFeePercentage_pid_dp_c20220101__20220331_z2SQtgrYzCcb" title="Underwriting fee percentage"><ix:nonFraction name="KAL:UnderwritingFeePercentage" contextRef="From2022-01-012022-03-31_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">3.5</ix:nonFraction></span>% of the gross proceeds of the Public Offering, or $<span id="xdx_90E_ecustom--AggregateValue_c20220101__20220331_zo2v0VtZmhQ" title="Aggregate value"><ix:nonFraction name="KAL:AggregateValue" contextRef="From2022-01-012022-03-31_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,031,250</ix:nonFraction></span> in the aggregate.
The deferred fee will be payable to the underwriters from the amounts held in the Trust Account solely in the event that the Company
completes an initial Business Combination, subject to the terms of the underwriting agreement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Sponsor
Support Agreement</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with their entry into the Business Combination Agreement, Agrico and Kalera entered into the Sponsor Support Agreement with
DJCAAC LLC, a Delaware limited liability company (the &#8220;Sponsor&#8221;), pursuant to which the Sponsor agreed (i) to vote the Agrico
ordinary shares held by them in favor of the approval and adoption of the Business Combination Agreement and approval of the business
combination proposal and the Business Combination, (ii) to not transfer, during the period commencing on the date of the Sponsor Support
Agreement and ending on the earlier of (a) the First Closing and (b) the liquidation of Agrico, any Agrico ordinary shares owned by the
Sponsor, (iii) to not transfer any Lock-up Shares until the end of the Lock-up Period (each as defined therein), and (iv) to transfer
to Agrico, surrender and forfeit a certain amount of Agrico&#8217;s Class B ordinary shares in the event that the amount of Agrico ordinary
shares redeemed pursuant to the Redemption meet the threshold specified therein.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"></p>

<ix:exclude><!-- Field: Page; Sequence: 225; Value: 1 -->
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    <div style="margin-right: 0pt; break-before: page; margin-top: 0pt; margin-bottom: 0pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Company
Holders Support Agreements</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with their entry into the Business Combination Agreement, Agrico and Kalera entered into the Kalera Holders Support Agreement
with certain shareholders of Kalera, whose names appear on the signature pages thereto (such shareholders, the &#8220;Major Shareholders&#8221;,
and such agreement, the &#8220;Kalera Holders Support and Lock Up Agreement&#8221;), pursuant to which each Major Shareholder agreed
(i) to vote all of such Major Shareholder&#8217;s Covered Shares (as defined therein) held by them in favor of the approval and adoption
of the Business Combination Agreement and the Business Combination, (ii) to not transfer, prior to the date of the Second Closing, any
of such Major Shareholder&#8217;s Covered Shares, and (iii) to not transfer any Lock-up Shares until the end of the Lock-up Period (each
as defined therein).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with their entry into the Business Combination Agreement, Agrico and Kalera entered into the Kalera Holders Support Agreement
with certain shareholders of Kalera, whose names appear on the signature pages thereto (such shareholders, the &#8220;Non-Major Shareholders&#8221;,
and such agreement, the &#8220;Kalera Holders Support Agreement&#8221;), pursuant to which each Kalera Shareholder agreed (i) to vote
all of such Kalera Shareholder&#8217;s Covered Shares (as defined therein) held by them in favor of the approval and adoption of the
Business Combination Agreement and the Business Combination and (ii) to not transfer, prior to the date of the Second Closing, any of
such Kalera Shareholder&#8217;s Covered Shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-012022-03-31_custom_AgricoAcquisitionCorpMember" escape="true" name="us-gaap:StockholdersEquityNoteDisclosureTextBlock"><p id="xdx_807_eus-gaap--StockholdersEquityNoteDisclosureTextBlock_z5OBYWeEr0c" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
7 &#8212; <span>Shareholders&#8217; Deficit</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;<span id="xdx_828_znkU6TTa3y31" style="display: none">SHAREHOLDERS&#8217; EQUITY</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Preference
Shares</i></b> &#8212; The Company is authorized to issue <span id="xdx_902_eus-gaap--PreferredStockSharesAuthorized_iI_pp0d_c20220331_zGhH2TMnvuJb" title="Preferred shares, shares authorized"><ix:nonFraction name="us-gaap:PreferredStockSharesAuthorized" contextRef="AsOf2022-03-31_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" unitRef="Shares">1,000,000</ix:nonFraction></span> preference shares with a par value of $<span id="xdx_905_eus-gaap--PreferredStockParOrStatedValuePerShare_iI_c20220331_zun1G3JjP1ae" title="Preferred stock, par value (in Dollars per share)"><ix:nonFraction name="us-gaap:PreferredStockParOrStatedValuePerShare" contextRef="AsOf2022-03-31_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.0001</ix:nonFraction></span> and with such designations,
voting and other rights and preferences as may be determined from time to time by the Company&#8217;s board of directors. At March 31,
2022 and December 31, 2021, there were no preference shares issued or outstanding.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Class
A Ordinary Shares</i></b> &#8212; The Company is authorized to issue <span id="xdx_903_eus-gaap--CommonStockSharesAuthorized_iI_c20220331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zblKhoGB4lqf" title="Common stock, shares authorized (in shares)"><ix:nonFraction name="us-gaap:CommonStockSharesAuthorized" contextRef="AsOf2022-03-31_custom_AgricoAcquisitionCorpMember_us-gaap_CommonClassAMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">200,000,000</ix:nonFraction></span> Class A ordinary shares with a par value of $<span id="xdx_907_eus-gaap--CommonStockParOrStatedValuePerShare_iI_c20220331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z7QCDzXRbSr4" title="Common stock, par value (in dollars per share)"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2022-03-31_custom_AgricoAcquisitionCorpMember_us-gaap_CommonClassAMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.0001</ix:nonFraction></span>
per share. At March 31, 2022 and December 31, 2021, there were <span id="xdx_907_eus-gaap--CommonStockSharesIssued_c20220331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_pdd" title="Common stock, shares issued (in shares)"><span id="xdx_905_eus-gaap--CommonStockSharesIssued_iI_c20211231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zJ9qe0lhwwg5"><span id="xdx_907_eus-gaap--CommonStockSharesOutstanding_iI_c20220331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zkpQYarXlQm5"><span id="xdx_906_eus-gaap--CommonStockSharesOutstanding_iI_c20211231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zxjFQQMqMfE6"><ix:nonFraction name="us-gaap:CommonStockSharesIssued" contextRef="AsOf2022-03-31_custom_AgricoAcquisitionCorpMember_us-gaap_CommonClassAMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:CommonStockSharesIssued" contextRef="AsOf2021-12-31_custom_AgricoAcquisitionCorpMember_us-gaap_CommonClassAMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2022-03-31_custom_AgricoAcquisitionCorpMember_us-gaap_CommonClassAMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2021-12-31_custom_AgricoAcquisitionCorpMember_us-gaap_CommonClassAMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">143,750</ix:nonFraction></ix:nonFraction></ix:nonFraction></ix:nonFraction></span></span></span></span> Class A ordinary shares issued and outstanding, excluding <span id="xdx_904_ecustom--OrdinarySharesSubjectToPossibleRedemption_c20220101__20220331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zq7eIqsqCep8" title="Ordinary shares subject to possible redemption"><ix:nonFraction name="KAL:OrdinarySharesSubjectToPossibleRedemption" contextRef="From2022-01-012022-03-31_custom_AgricoAcquisitionCorpMember_us-gaap_CommonClassAMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">14,375,000</ix:nonFraction></span>
Class A ordinary shares subject to redemption.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Class
B Ordinary Shares</i></b> &#8212; The Company is authorized to issue <span id="xdx_901_eus-gaap--CommonStockSharesAuthorized_iI_c20220331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zG1hkwspXF4g" title="Common stock, shares authorized (in shares)"><ix:nonFraction name="us-gaap:CommonStockSharesAuthorized" contextRef="AsOf2022-03-31_custom_AgricoAcquisitionCorpMember_us-gaap_CommonClassBMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">20,000,000</ix:nonFraction></span> Class B ordinary shares with a par value of $<span id="xdx_90D_eus-gaap--CommonStockParOrStatedValuePerShare_c20220331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_pdd" title="Common stock, par value (in dollars per share)"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2022-03-31_custom_AgricoAcquisitionCorpMember_us-gaap_CommonClassBMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.0001</ix:nonFraction></span> per
share. On January 25, 2021, the Company issued <span id="xdx_901_eus-gaap--SharesIssued_c20210125__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_pp0d" title="Shares issued"><ix:nonFraction name="us-gaap:SharesIssued" contextRef="AsOf2021-01-25_us-gaap_CommonClassBMember_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" unitRef="Shares">5,000,000</ix:nonFraction></span> Class B ordinary shares to its Sponsor. On April 9, 2021, the Sponsor forfeited
to the Company for no consideration an aggregate of <span id="xdx_90D_ecustom--ForfeitedShares_iI_c20210409__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_z2elLI37DpM7" title="Forfeited shares"><ix:nonFraction name="KAL:ForfeitedShares" contextRef="AsOf2021-04-09_us-gaap_CommonClassBMember_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,406,250</ix:nonFraction></span> Class B ordinary shares, which the Company cancelled, resulting in a decrease
in the total number of Class B ordinary shares outstanding from <span id="xdx_90E_eus-gaap--CommonStockSharesOutstanding_iI_c20210409__srt--RangeAxis__srt--MaximumMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember__us-gaap--SubsidiarySaleOfStockAxis__custom--FounderSharesMember_z0ainqFYDPsb" title="Common stock, shares, outstanding"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2021-04-09_srt_MaximumMember_us-gaap_CommonClassBMember_custom_FounderSharesMember_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">5,000,000</ix:nonFraction></span> shares to <span id="xdx_90B_eus-gaap--CommonStockSharesOutstanding_iI_c20210409__srt--RangeAxis__srt--MinimumMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember__us-gaap--SubsidiarySaleOfStockAxis__custom--FounderSharesMember_zZcYtz60YKRb"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2021-04-09_srt_MinimumMember_us-gaap_CommonClassBMember_custom_FounderSharesMember_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">3,593,750</ix:nonFraction></span> shares. As a result of the underwriters&#8217;
election to fully exercise of their over-allotment option on July 12, 2021, the <span id="xdx_905_ecustom--ForfeitedShares_iI_c20210712__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zm9MBfliIzX2" title="Forfeited shares"><ix:nonFraction name="KAL:ForfeitedShares" contextRef="AsOf2021-07-12_us-gaap_CommonClassBMember_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">468,750</ix:nonFraction></span> shares were no longer subject to forfeiture.
As of March 31, 2022 and December 31, 2021, there were <span id="xdx_902_eus-gaap--CommonStockSharesIssued_iI_c20220331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zNDN1XMIDGO3" title="Common Stock, Shares, Issued"><span id="xdx_900_eus-gaap--CommonStockSharesIssued_iI_c20211231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zWHbYR0JVf36" title="Common Stock, Shares, Issued"><span id="xdx_90D_eus-gaap--CommonStockSharesOutstanding_iI_c20220331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zvej0h0oIGLg" title="Common stock, shares, outstanding"><span id="xdx_901_eus-gaap--CommonStockSharesOutstanding_iI_c20211231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zt708BPETVm8"><ix:nonFraction name="us-gaap:CommonStockSharesIssued" contextRef="AsOf2022-03-31_custom_AgricoAcquisitionCorpMember_us-gaap_CommonClassBMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:CommonStockSharesIssued" contextRef="AsOf2021-12-31_custom_AgricoAcquisitionCorpMember_us-gaap_CommonClassBMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2022-03-31_custom_AgricoAcquisitionCorpMember_us-gaap_CommonClassBMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2021-12-31_custom_AgricoAcquisitionCorpMember_us-gaap_CommonClassBMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">3,593,750</ix:nonFraction></ix:nonFraction></ix:nonFraction></ix:nonFraction></span></span></span></span> Class B ordinary shares issued or outstanding, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holders
are entitled to one vote for each Class B ordinary share. Holders of the Class A ordinary shares and holders of the Class B ordinary
shares will vote together as a single class on all matters submitted to a vote of the Company&#8217;s shareholders, except as required
by law. Unless specified in the Company&#8217;s amended and restated memorandum and articles of association, or as required by applicable
provisions of Cayman Islands law or applicable stock exchange rules, the affirmative vote of a majority of the ordinary shares that are
voted is required to approve any such matter voted on by the Company&#8217;s shareholders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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    <div style="margin-right: 0pt; break-before: page; margin-top: 0pt; margin-bottom: 0pt"><p style="margin: 0pt">&#160;</p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Class B ordinary shares will automatically convert into Class A ordinary shares at the time of the initial Business Combination on a
one-for-one basis (subject to adjustment for share sub-divisions, share dividends, reorganizations, recapitalizations and the like).
In the case that additional Class A ordinary shares, or equity-linked securities, are issued or deemed issued in excess of the amounts
offered in our initial public offering and related to the closing of the initial Business Combination, the ratio at which Class B ordinary
shares shall convert into Class A ordinary shares will be adjusted (unless the holders of a majority of the outstanding Class B ordinary
shares agree to waive such adjustment with respect to any such issuance or deemed issuance) so that the number of Class A ordinary shares
issuable upon conversion of all Class B ordinary shares will equal, in the aggregate, on an as-converted basis, <span id="xdx_90F_eus-gaap--SaleOfStockPercentageOfOwnershipBeforeTransaction_pid_dp_c20220101__20220331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zNP5E2DhfOw2" title="Sale of stock, percentage of ownership before transaction"><ix:nonFraction name="us-gaap:SaleOfStockPercentageOfOwnershipBeforeTransaction" contextRef="From2022-01-012022-03-31_custom_AgricoAcquisitionCorpMember_us-gaap_CommonClassBMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">20</ix:nonFraction></span>% of the sum of the
total number of all ordinary shares outstanding upon completion of the Public Offering (not including Class A ordinary shares issuable
to Maxim) plus all Class A ordinary shares and equity-linked securities issued or deemed issued in connection with the initial Business
Combination (excluding any shares or equity-linked securities issued, or to be issued, to any seller in the initial Business Combination,
any private placement-equivalent securities issued to our sponsor or its affiliates upon conversion of Working Capital loans).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Warrants
</b>&#8212; As of March 31, 2022, and December 31, 2021, there were <span id="xdx_90A_ecustom--PublicWarrants_c20220101__20220331_zhbCfAYdmzL4" title="Public warrants"><span id="xdx_901_ecustom--PublicWarrants_c20210101__20211231_zhPdD4FsdoU7"><ix:nonFraction name="KAL:PublicWarrants" contextRef="From2022-01-012022-03-31_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="KAL:PublicWarrants" contextRef="From2021-01-012021-12-31_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">7,187,500</ix:nonFraction></ix:nonFraction></span></span> public warrants and <span id="xdx_903_ecustom--PrivatePlacementWarrantsOutstandingShares_c20220101__20220331_zEkgPFtSBI25" title="Private placement warrants outstanding shares"><ix:nonFraction name="KAL:PrivatePlacementWarrantsOutstandingShares" contextRef="From2022-01-012022-03-31_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">7,250,000</ix:nonFraction></span> private placement warrants
outstanding. Each whole Public Warrant entitles the holder to purchase one Class A ordinary share at a price of $<span id="xdx_90C_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20220331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zFxPlbQyML7i" title="Exercise price (in Dollars per share)"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2022-03-31_custom_AgricoAcquisitionCorpMember_us-gaap_CommonClassAMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">11.50</ix:nonFraction></span> per share, subject
to adjustment. The Public Warrants will become exercisable on the later of twelve months from the closing of the Public Offering and
30 days after the completion of the initial Business Combination. Only a whole warrant may be exercised at a given time by a warrant
holder. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. The warrants will expire
five years after the completion of a Business Combination or earlier upon redemption or liquidation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has agreed that as soon as practicable, but in no event later than 30 calendar days after the closing of the initial Business
Combination, it will use commercially reasonable best efforts to file, and within 90 calendar days following the initial Business Combination
to have declared effective, a registration statement with the SEC covering the ordinary shares issuable upon exercise of the warrants,
to maintain a current prospectus relating to those ordinary shares until the warrants expire or are redeemed. If a registration statement
covering the ordinary shares issuable upon exercise of the warrants is not effective within the period specified above following the
consummation of the initial Business Combination, public holders of warrants may, until such time as there is an effective registration
statement and during any period when the Company shall have failed to maintain an effective registration statement, exercise warrants
on a cashless basis pursuant to the exemption provided by Section 3(a)(9) of the Securities Act of 1933, as amended, or the Securities
Act, provided that such exemption is available. If the Company&#8217;s ordinary shares are at the time of any exercise of a warrant not
listed on a national securities exchange such that it satisfies the definition of a &#8220;covered security&#8221; under Section 18(b)(1)
of the Securities Act, the Company may, at its option, require holders of public warrants who exercise their warrants to do so on a &#8220;cashless
basis&#8221; in accordance with Section 3(a)(9) of the Securities Act and, in the event the Company so elects, it will not be required
to file or maintain in effect a registration statement, but will be required to use its best efforts to register or qualify the shares
under applicable blue sky laws to the extent an exemption is not available. If that exemption, or another exemption, is not available,
holders will not be able to exercise their warrants on a cashless basis.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
no event will the Company be required to net cash settle any warrant. In the event that a registration statement is not effective for
the exercised warrants, the purchaser of a unit containing such warrant will have paid the full purchase price for the unit solely for
the Class A ordinary share underlying such unit.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Redemption
of Warrants for Cash When the Price per Class A Ordinary Share Equals or Exceeds $18.00.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Once
the warrants become exercisable, the Company may call the warrants for redemption (excluding the Private Placement Warrants):</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
                                            whole and not in part:</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">at
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<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">upon
                                            a minimum of 30 days&#8217; prior written notice of redemption to each warrant holder; and</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">if,
                                            and only if, the closing price of <span id="xdx_905_ecustom--DescriptionOfWarrantsForRedemption_c20220101__20220331_zlJOAici7cUh" title="Description of warrants for redemption"><ix:nonNumeric contextRef="From2022-01-012022-03-31_custom_AgricoAcquisitionCorpMember" name="KAL:DescriptionOfWarrantsForRedemption">the Class A ordinary shares equals or exceeds $18.00 per
                                            share</ix:nonNumeric></span> (as adjusted for share sub-divisions, share capitalizations, reorganizations, recapitalizations
                                            and the like) for any 20 trading days within a 30-trading day period ending on the third
                                            trading day prior to the date on which notice of the redemption is given to the warrant holders
                                            (the &#8220;Reference Value&#8221;).</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_eus-gaap--BusinessAcquisitionDescriptionOfAcquiredEntity_c20220101__20220331__us-gaap--BusinessAcquisitionAxis__custom--BusinessCombinationMember_zEAusTxk4BO1" title="Business acquisition description of acquired entity"><ix:nonNumeric contextRef="From2022-01-012022-03-31_custom_BusinessCombinationMember_custom_AgricoAcquisitionCorpMember" name="us-gaap:BusinessAcquisitionDescriptionOfAcquiredEntity">In
addition, if (x) the Company issues additional ordinary shares or equity-linked securities for capital raising purposes in connection
with the closing of the initial Business Combination at an issue price or effective issue price of less than $9.20 per share (with such
issue price or effective issue price to be determined in good faith by the Company&#8217;s board of directors and, in the case of any
such issuance to the Sponsor or its affiliates, without taking into account any Founder Shares held by the Sponsor or such affiliates,
as applicable, prior to such issuance) (the &#8220;Newly Issued Price&#8221;), (y) the aggregate gross proceeds from such issuances represent
more than 60% of the total equity proceeds, and interest thereon, available for the funding of the initial Business Combination on the
date of the consummation of the initial Business Combination (net of redemptions), and (z) the volume weighted average trading price
of the Company&#8217;s ordinary shares during the 20 trading day period starting on the trading day prior to the day on which the Company
consummates its initial Business Combination (such price, the &#8220;Market Value&#8221;) is below $9.20 per share, the exercise price
of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price,
and the $18.00 per share redemption trigger price described below under &#8220;Redemption&#8221; will be adjusted (to the nearest cent)
to be equal to 180% of the higher of the Market Value and the Newly Issued Price.</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Private Placement Warrants are identical to the Public Warrants, except that the Private Warrants (i) will not be transferable, assignable
or salable until the completion of the initial Business Combination and (ii) will be entitled to registration rights.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-012022-03-31_custom_AgricoAcquisitionCorpMember" escape="true" name="us-gaap:FairValueDisclosuresTextBlock"><p id="xdx_808_eus-gaap--FairValueDisclosuresTextBlock_zsHXMuYX0HF9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
8 &#8212; <span>Fair Value Measurements</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;<span id="xdx_82A_zKy3y5q1GZwk" style="display: none">FAIR VALUE MEASUREMENTS</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company follows the guidance in ASC 820 for its financial assets and liabilities that are re-measured and reported at fair value at each
reporting period, and non-financial assets and liabilities that are re-measured and reported at fair value at least annually.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
fair value of the Company&#8217;s financial assets and liabilities reflects management&#8217;s estimate of amounts that the Company would
have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction
between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company
seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable
inputs (internal assumptions about how market participants would price assets and liabilities). The following fair value hierarchy is
used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and
liabilities:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 96%; border-collapse: collapse; margin-left: 0.25in">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 1:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quoted prices
    in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions
    for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 2:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Observable inputs other
    than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted
    prices for identical assets or liabilities in markets that are not active.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 3:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unobservable inputs
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in">&#160;</p>

<ix:nonNumeric contextRef="From2022-01-012022-03-31_custom_AgricoAcquisitionCorpMember" escape="true" name="us-gaap:FairValueAssetsMeasuredOnRecurringBasisTextBlock"><p id="xdx_896_eus-gaap--FairValueAssetsMeasuredOnRecurringBasisTextBlock_zan2b1NqNIwk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table presents information about the Company&#8217;s assets that are measured at fair value on a recurring basis at March 31,
2022 and December 31, 2021, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair
value:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span id="xdx_8B8_ztEV5Bj1n3o" style="display: none">SCHEDULE OF FAIR VALUE ON A RECURRING BASIS</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Asset:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="width: 64%; text-align: left">Marketable securities held in Trust Account</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 12%; text-align: center">1</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td id="xdx_98A_eus-gaap--MarketableSecurities_iI_pp0p0_c20220331__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zuro9K73Mwi3" title="Marketable securities held in Trust Account" style="width: 12%; text-align: right"><ix:nonFraction name="us-gaap:MarketableSecurities" contextRef="AsOf2022-03-31_us-gaap_FairValueInputsLevel1Member_custom_AgricoAcquisitionCorpMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">146,651,498</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
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</ix:nonNumeric><p id="xdx_8A8_z60bD52IaULc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-012022-03-31_custom_AgricoAcquisitionCorpMember" escape="true" name="us-gaap:SubsequentEventsTextBlock"><p id="xdx_809_eus-gaap--SubsequentEventsTextBlock_zuvXOZw9Yyd6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note
9 &#8212; <span>Subsequent Events</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;<span id="xdx_82C_zBRcjC3YGAz1" style="display: none">SUBSEQUENT EVENTS</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the unaudited condensed
financial statements were issued. Based upon this review, other than the subsequent event discussed below, the Company did not identify
any other subsequent events that would have required adjustment or disclosure in the financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 20, 2022, the Company entered into an amended and restated warrant agreement (the &#8220;Amended and Restated Warrant Agreement&#8221;)
to amend and restate the warrant agreement, dated July 7, 2021 (the &#8220;Original Agreement&#8221;), by and between the Company and
Continental Stock Transfer &amp; Trust Company, a New York limited purpose trust company, in order to correct certain omitted language
and other typographical errors found in the Original Agreement. In particular, the Amended and Restated Warrant Agreement clarifies that
the Company&#8217;s private warrants and working capital warrants, if any, are identical to the public warrants that were included as
part of the units sold in the Company&#8217;s initial public offering.</span></p>

</ix:nonNumeric><p id="xdx_818_z0glPj5uqpH9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_002_4k2dkJaq1A3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</span></p>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PART
II</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>INFORMATION
NOT REQUIRED IN PROSPECTUS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM
13. OTHER EXPENSES OF ISSUANCE AND DISTRIBUTION.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth all expenses to be paid by the Registrant, other than underwriting discounts and commissions, in connection
with this offering.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Amount</b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 80%; text-align: left">SEC registration fee</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,070</span></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Accountants&#8217; fees and expenses</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Legal fees and expenses</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Printing fees</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Miscellaneous</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 2.5pt">Total Expenses</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">*</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
                                            fees are calculated based on the securities offered and the number of issuances and accordingly
                                            cannot be determined at this time.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM
14. INDEMNIFICATION OF DIRECTORS AND OFFICERS.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera&#8217;s
amended and restated articles of association provide for indemnification of its officers and directors to the maximum extent permitted
by law, including for any liability incurred in their capacities as such, except through their own actual fraud, or willful default.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kalera
plans to obtain insurance on behalf of its directors and executive officers. In connection with the Business Combination, we entered
into indemnification agreements with each of our directors and executive officers, which provide that we will indemnify each of our directors
and such officers to the fullest extent permitted by law.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Insofar
as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling us
pursuant to the foregoing provisions, we have been informed that in the opinion of the SEC such indemnification is against public policy
as expressed in the Securities Act and is therefore unenforceable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM
15. RECENT SALES OF UNREGISTERED SECURITIES.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following list sets forth information as to all Kalera securities sold in the last three years which were not registered under the Securities
Act.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
Closing, in connection with a settlement agreement with Maxim Partners LLC entered into in relation to the settlement of Maxim&#8217;s
fees as underwriter to the Agrico IPO, 275,000 Kalera Ordinary Shares were issued to Maxim Partners LLC.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 11, 2022 (the &#8220;PIPE Closing Date&#8221;), pursuant to the Securities Purchase Agreement entered into on July 7, 2022, Kalera
issued and sold to Armistice, and Armistice purchased, 2,300,000 Kalera Ordinary Shares, 200,000 Pre-Funded Warrants, 2,500,000 Series
A Warrants and 2,500,000 Series B Warrants. The Pre-Funded Warrants were immediately exercisable and were exercised in
full on September 8, 2022. The Series A Warrants will be exercisable six (6) months from the PIPE Closing Date at an exercise
price of $4.41 per share and will expire two (2) years from the PIPE Cosing Date. The Series B Warrants will be exercisable six (6) months
from the PIPE Closing Date at an exercise price of $4.41 per share and will expire five and a half (5.5) years from the PIPE Closing
Date.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None
of the foregoing transactions involved any underwriters, underwriting discounts or commissions, or any public offering. The Registrant
believes these transactions were exempt from registration under the Securities Act in reliance upon Section 4(a)(2) of the Securities
Act (or Regulation D or Regulation S promulgated thereunder), or Rule 701 promulgated under Section 3(b) of the Securities Act as transactions
by an issuer not involving any public offering or pursuant to benefit plans and contracts relating to compensation as provided under
Rule 701. The recipients of the securities in each of these transactions represented their intentions to acquire the securities for investment
only and not with a view to or for sale in connection with any distribution thereof, and appropriate legends were placed upon the stock
certificates issued in these transactions. All recipients had adequate access, through their relationships with us, to information about
the Registrant.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM
16. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES. </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Exhibits</i></b>.
We have filed the exhibits listed on the accompanying Exhibit Index of this Registration Statement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 12%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exhibit
    No.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 86%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Description</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1&#8224;&#8224;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form
of Placement Agency Agreement</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1909152/000162828022014243/rico-20220513.htm#i65ed6ba3011c4e66a24700749169d0d7_3490" style="-sec-extract: exhibit">Business Combination Agreement, dated as of January 30, 2022, by and among Agrico, Kalera, Pubco, Cayman Merger Sub and Lux Merger Sub (Incorporated by reference to Exhibit 2.1 to Amendment No. 2 to the Registration Statement on Form S-4 (File No. 333-264422), filed with the SEC on May 13, 2022)</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.2</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1909152/000162828022014243/rico-20220513.htm#i65ed6ba3011c4e66a24700749169d0d7_6809" style="-sec-extract: exhibit">First Amendment to the Business Combination Agreement, dated April 12, 2022, by and among Agrico, Kalera, Pubco, Cayman Merger Sub and Lux Merger Sub (Incorporated by reference to Exhibit 2.4 to Amendment No. 2 to the Registration Statement on Form S-4 (File No. 333-264422), filed with the SEC on May 13, 2022).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1909152/000162828022018407/exhibit31-super8xk.htm" style="-sec-extract: exhibit">Amended and Restated Constitution of Kalera plc (Incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K (File No. 001-41439), filed with the SEC on July 5, 2022</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1909152/000162828022018407/exhibit41-super8xk.htm" style="-sec-extract: exhibit">Amended and Restated Warrant Agreement for Kalera Warrants (Incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K (File No. 001-41439), filed with the SEC on July 5, 2022</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1909152/000162828022018407/exhibit42-super8xk.htm" style="-sec-extract: exhibit">Assignment and Assumption Agreement (Incorporated by reference to Exhibit 4.2 to the Current Report on Form 8-K (File No. 001-41439), filed with the SEC on July 5, 2022</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.4</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1909152/000162828022018407/exhibit44-super8xk.htm" style="-sec-extract: exhibit">Registration Rights Agreement (Incorporated by reference to Exhibit 4.4 to the Current Report on Form 8-K (File No. 001-41439), filed with the SEC on July 5, 2022</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.5</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1909152/000162828022018407/exhibit45-super8xk.htm" style="-sec-extract: exhibit">Maxim Registration Rights Agreement (Incorporated by reference to Exhibit 4.5 to the Current Report on Form 8-K (File No. 001-41439), filed with the SEC on July 5, 2022</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.6</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1909152/000162828022009921/exhibit48-sx4.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Secured Convertible Bridge Promissory Note, dated March 4, 2022, by and among Kalera A.S., Vindara Inc., Kalera GmbH, Lightrock Growth Fund I S.A., SICAV-RAIF, Canica AS and NOX Culinary General Trading Company LLC. (Incorporated by reference to Exhibit 4.7 to Amendment No. 2 to the Registration Statement on Form S-4 (File No. 333-264422), filed with the SEC on May 13, 2022)</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.7&#8224;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex4-7.htm">Amended and Restated Secured Convertible Bridge Promissory Note, dated August 22, 2022, by and among Kalera plc, Vindara Inc., Kalera GmbH, Lightrock Growth Fund I S.A., SICAV-RAIF, Canica AS, NOX Culinary General Trading Company LLC and De Jong Capital LLC</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.8&#8224;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex4-8.htm">Second Amended and Restated Secured Convertible Bridge Promissory Note, dated September 19, 2022 by and among Kalera plc, Vindara Inc., Kalera GmbH, Lightrock Growth Fund I S.A., SICAV-RAIF, Canica AS, NOX Culinary General Trading Company LLC, Macama AS and De Jong Capital LLC</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.9</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1909152/000162828022018904/kal-formofsecuritiespurcha.htm" style="-sec-extract: exhibit">Securities Purchase Agreement between Kalera plc and Armistice Capital Master Fund Ltd., dated July 7, 2022 (Incorporated by reference to Exhibit 1 to the Current Report on Form 8-K (File No. 001-41439), filed with the SEC on July 14, 2022</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.10</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1909152/000162828022018904/kal-formofregistrationrigh.htm" style="-sec-extract: exhibit">Registration Rights Agreement between Kalera plc and Armistice Capital Master Fund Ltd., dated July 7, 2022 (Incorporated by reference to Exhibit 2 to the Current Report on Form 8-K (File No. 001-41439), filed with the SEC on July 14, 2022</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.11&#8224;&#8224;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form
    of Warrant Agreement with respect to the Class A Warrants issued hereunder</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><p style="margin: 0">4.12<span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#8224;&#8224;</span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: bottom">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top">Form of pre-funded warrant agreement
    with respect to the pre-funded warrants issued hereunder</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right">4.13&#8224;&#8224;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: bottom">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top">Form of Warrant Agency Agreement</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1&#8224;&#8224;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion
    of Arthur Cox</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1#</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: bottom"></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1909152/000162828022013201/exhibit101-sx4a1.htm" style="-sec-extract: exhibit">Executive Employment Agreement between Kalera, Inc. and Fernando Cornejo, effective as of July 8, 2020 (Incorporated by reference to Exhibit 10.1 to Amendment No. 2 to the Registration Statement on Form S-4 (File No. 333-264422), filed with the SEC on May 13, 2022)</a></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.2#</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1909152/000162828022013201/exhibit102-sx4a1.htm" style="-sec-extract: exhibit">Executive Employment Agreement between Kalera, Inc. and Austin D. Martin, effective as of May 4, 2020 (Incorporated by reference to Exhibit 10.2 to Amendment No. 2 to the Registration Statement on Form S-4 (File No. 333-264422), filed with the SEC on May 13, 2022)</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.3#</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1909152/000162828022013201/exhibit103-sx4a1.htm" style="-sec-extract: exhibit">Kalera AS Incentive Stock Option Plan (Incorporated by reference to Exhibit 10.3 to Amendment No. 2 to the Registration Statement on Form S-4 (File No. 333-264422), filed with the SEC on May 13, 2022)</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.4#</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1909152/000162828022023791/exhibit991-sx8.htm" style="-sec-extract: exhibit">Kalera PLC 2022 Long-Term Stock Incentive Plan (Incorporated by reference to Exhibit 99.1 to the Registration Statement on Form S-8 (File No. 333-267117), filed with the SEC on August 26, 2022</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.5</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1842219/000121390021036705/ea144037ex10-1_agricoacq.htm" style="-sec-extract: exhibit">Agrico Letter Agreement (Incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed by Agrico Acquisition Corp. on July 13, 2021 - File No. 001-40586).</a></span></td></tr>
</table>

<p style="margin: 0pt 0pt 0pt 0">&#160;</p>

<p style="margin: 0pt 0pt 0pt 0"></p>

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<p style="margin: 0pt 0pt 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right; width: 12%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.6</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: bottom; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top; width: 86%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1842219/000121390021036705/ea144037ex10-2_agricoacq.htm" style="-sec-extract: exhibit">Agrico Investment Management Trust Agreement (Incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K filed by Agrico Acquisition Corp. on July 13, 2021 - File No. 001-40586).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.7</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1842219/000121390021036705/ea144037ex10-3_agricoacq.htm" style="-sec-extract: exhibit">Agrico Registration Rights Agreement (Incorporated by reference to Exhibit 10.3 to the Current Report on Form 8-K filed by Agrico Acquisition Corp. on July 13, 2021 - File No. 001-40586).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.8</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1842219/000121390022005308/ea154658ex10-1_agricoacq.htm" style="-sec-extract: exhibit">Sponsor Support Agreement, dated as of January 30, 2022, by and among DJCAAC LLC, Agrico Acquisition Corp. and Kalera AS (Incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed by Agrico Acquisition Corp. on February 3, 2022 - File No. 001-40586).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.9</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1842219/000121390022005308/ea154658ex10-2_agricoacq.htm" style="-sec-extract: exhibit">Kalera Holders Support and Lock-Up Agreement, by and among Kalera AS and the holders party thereto (Incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K filed by Agrico Acquisition Corp. on February 3, 2022 - File No. 001-40586).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.10</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1842219/000121390022005308/ea154658ex10-3_agricoacq.htm" style="-sec-extract: exhibit">Kalera Holders Support Agreement, by and among Kalera AS and the holders party thereto (Incorporated by reference to Exhibit 10.3 to the Current Report on Form 8-K filed by Agrico Acquisition Corp. on February 3, 2022 - File No. 001-40586).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.11</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1909152/000162828022009921/exhibit1012-sx4.htm" style="-sec-extract: exhibit">Loan and Security Agreement, dated April 14, 2022, by and among Kalera, Inc., the guarantors party thereto from time to time, and Farm Credit of Central Florida, ACA (Incorporated by reference to Exhibit 10.12 to Amendment No. 2 to the Registration Statement on Form S-4 (File No. 333-264422), filed with the SEC on May 13, 2022)</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.12</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1909152/000162828022014243/exhibit1014-sx4a2.htm" style="-sec-extract: exhibit">Executive Employment Agreement between Kalera, Inc. and James Leighton, effective as of May 11, 2022 (Incorporated by reference to Exhibit 10.14 to Amendment No. 2 to the Registration Statement on Form S-4 (File No. 333-264422), filed with the SEC on May 13, 2022)</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.13</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1909152/000162828022014243/exhibit1015-sx4a2.htm" style="-sec-extract: exhibit">Additional Compensation of President and Chief Executive Officer, effective as of May 9, 2022 (Incorporated by reference to Exhibit 10.15 to Amendment No. 2 to the Registration Statement on Form S-4 (File No. 333-264422), filed with the SEC on May 13, 2022).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.14#</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1909152/000162828022018407/exhibit1015-super8xk.htm" style="-sec-extract: exhibit">Indemnification Deed - Aric Nissen (Incorporated by reference to Exhibit 10.15 to the Current Report on Form 8-K (File No. 001-41439), filed with the SEC on July 5, 2022</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.15#</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1909152/000162828022018407/exhibit1016-super8xk.htm" style="-sec-extract: exhibit">Indemnification Deed - Austin Martin (Incorporated by reference to Exhibit 10.16 to the Current Report on Form 8-K (File No. 001-41439), filed with the SEC on July 5, 2022</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.16#</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1909152/000162828022018407/exhibit1017-super8xk.htm" style="-sec-extract: exhibit">Indemnification Deed - Brent de Jong (Incorporated by reference to Exhibit 10.17 to the Current Report on Form 8-K (File No. 001-41439), filed with the SEC on July 5, 2022</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.17#</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1909152/000162828022018407/exhibit1018-super8xk.htm" style="-sec-extract: exhibit">Indemnification Deed - Curtis McWilliams (Incorporated by reference to Exhibit 10.18 to the Current Report on Form 8-K (File No. 001-41439), filed with the SEC on July 5, 2022</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.18#</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1909152/000162828022018407/exhibit1019-super8xk.htm" style="-sec-extract: exhibit">Indemnification Deed - Dr. Jade Stinson (Incorporated by reference to Exhibit 10.19 to the Current Report on Form 8-K (File No. 001-41439), filed with the SEC on July 5, 2022</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.19#</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1909152/000162828022018407/exhibit1020-super8xk.htm" style="-sec-extract: exhibit">Indemnification Deed - Dr. Cristian Toma (Incorporated by reference to Exhibit 10.20 to the Current Report on Form 8-K (File No. 001-41439), filed with the SEC on July 5, 2022</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.20#</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1909152/000162828022018407/exhibit1021-super8xk.htm" style="-sec-extract: exhibit">Indemnification Deed - Dr. Henner Schwarz (Incorporated by reference to Exhibit 10.21 to the Current Report on Form 8-K (File No. 001-41439), filed with the SEC on July 5, 2022</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.21#</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1909152/000162828022018407/exhibit1022-super8xk.htm" style="-sec-extract: exhibit">Indemnification Deed - Dr. Faisal AIMeshal (Incorporated by reference to Exhibit 10.22 to the Current Report on Form 8-K (File No. 001-41439), filed with the SEC on July 5, 2022</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.22#</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1909152/000162828022018407/exhibit1023-super8xk.htm" style="-sec-extract: exhibit">Indemnification Deed - Fernando Cornejo (Incorporated by reference to Exhibit 10.23 to the Current Report on Form 8-K (File No. 001-41439), filed with the SEC on July 5, 2022</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.23#</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1909152/000162828022018407/exhibit1024-super8xk.htm" style="-sec-extract: exhibit">Indemnification Deed - Jim Leighton (Incorporated by reference to Exhibit 10.24 to the Current Report on Form 8-K (File No. 001-41439), filed with the SEC on July 5, 2022</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.24#</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1909152/000162828022018407/exhibit1026-super8xk.htm" style="-sec-extract: exhibit">Indemnification Deed - Maria Sastre (Incorporated by reference to Exhibit 10.26 to the Current Report on Form 8-K (File No. 001-41439), filed with the SEC on July 5, 2022</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.25#</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1909152/000162828022018407/exhibit1027-super8xk.htm" style="-sec-extract: exhibit">Indemnification Deed - Robert Arnall (Incorporated by reference to Exhibit 10.27 to the Current Report on Form 8-K (File No. 001-41439), filed with the SEC on July 5, 2022</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.26#</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1909152/000162828022018407/exhibit1028-super8xk.htm" style="-sec-extract: exhibit">Indemnification Deed - Sonny Perdue (Incorporated by reference to Exhibit 10.28 to the Current Report on Form 8-K (File No. 001-41439), filed with the SEC on July 5, 2022</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.27#</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1909152/000162828022018407/exhibit1029-super8xk.htm" style="-sec-extract: exhibit">Indemnification Deed - Umur Hursever (Incorporated by reference to Exhibit 10.29 to the Current Report on Form 8-K (File No. 001-41439), filed with the SEC on July 5, 2022</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><p style="margin: 0pt 0pt 0pt 0; font-family: Times New Roman, Times, Serif"><span style="font-size: 10pt">10.28</span><span style="font-size: 8pt">&#8224;&#8224;</span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Form of Securities Purchase Agreement</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">21.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1909152/000162828022018407/exhibit211-super8xk.htm" style="-sec-extract: exhibit">Subsidiaries of the Registrant (Incorporated by reference to Exhibit 21.1 to the Current Report on Form 8-K (File No. 001-41439), filed with the SEC on July 5, 2022</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.1&#8224;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex23-1.htm">Consent of Grant Thornton LLP</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.2&#8224;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex23-2.htm">Consent of Marcum</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.3&#8224;&#8224;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent
    of Arthur Cox (included in Exhibit 5.1). </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.1&#8224;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: bottom"><a href="#poa_001"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Power of attorney (included on the signature page to this Registration Statement on Form S-1).</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">107&#8224;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex107.htm">Filing Fee Table</a>.</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">+
Previously filed.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">#
Indicates management contract or compensatory plan or arrangement</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*
Portions of this exhibit have been omitted in accordance with Item 601 of Regulation S-K.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8224;
Filed herewith.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 8pt/120% Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0">&#8224;&#8224; To be filed by amendment.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM
17. UNDERTAKINGS.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
  <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td>
  <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The undersigned Registrant hereby undertakes:</span></td></tr>
</table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
                                            file, during any period in which offers or sales are being made, a post-effective amendment
                                            to this Registration Statement:</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
                                            include any prospectus required by section 10(a)(3) of the Securities Act;</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
                                            reflect in the prospectus any facts or events arising after the effective date of the registration
                                            statement (or the most recent post-effective amendment thereof) which individually or in
                                            the aggregate, represent a fundamental change in the information set forth in the registration
                                            statement. Notwithstanding the foregoing, any increase or decrease in volume of securities
                                            offered (if the total dollar value of securities offered would not exceed that which was
                                            registered) and any deviation from the low or high end of the estimated maximum offering
                                            range may be reflected in the form of prospectus filed with the Commission pursuant to Rule
                                            424(b) if, in the aggregate, the changes in volume and price represent no more than a 20%
                                            change in the maximum aggregate offering price set forth in the &#8220;Calculation of Registration
                                            Fee&#8221; table in the effective registration statement.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
                                            include any material information with respect to the plan of distribution not previously
                                            disclosed in the registration statement or any material change to such information in the
                                            registration statement;</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>provided,
however</i>, that paragraphs (a)(1)(i), (a)(1)(ii) and (a)(1)(iii) of this section do not apply if the registration statement is on form
S-1 and the information required to be included in a post- effective amendment by those paragraphs is contained in reports filed with
or furnished to the SEC by the registrant pursuant to section 13 or section 15(d) of the Exchange Act that are incorporated by reference
in the registration statement, or is contained in a form of prospectus filed pursuant to Rule 424(b) that is part of the registration
statement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">That,
                                            for the purpose of determining any liability under the Securities Act, each such post- effective
                                            amendment shall be deemed to be a new registration statement relating to the securities offered
                                            therein, and the offering of such securities at that time shall be deemed to be the initial
                                            bona fide offering thereof.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
                                            remove from registration by means of a post-effective amendment any of the securities being
                                            registered which remain unsold at the termination of the offering.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">That,
                                            for the purpose of determining liability under the Securities Act to any purchaser, each
                                            prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to
                                            an offering, other than registration statements relying on Rule 430B or other than prospectuses
                                            filed in reliance on Rule 430A, shall be deemed to be part
                                            of and included in the registration statement as of the date it is first used after effectiveness.
                                            Provided, however, that no statement made in a registration statement or prospectus that
                                            is part of the registration statement or made in a document incorporated or deemed incorporated
                                            by reference into the registration statement or prospectus that is part of the registration
                                            statement will, as to a purchaser with a time of contract of sale prior to such first use,
                                            supersede or modify any statement that was made in the registration statement or prospectus
                                            that was part of the registration statement or made in any such document immediately prior
                                            to such date of first use.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">That,
                                            for the purpose of determining liability of the registrant under the Securities Act to any
                                            purchaser in the initial distribution of the securities, the undersigned registrant undertakes
                                            that in a primary offering of securities of the undersigned registrant pursuant to this registration
                                            statement, regardless of the underwriting method used to sell the securities to the purchaser,
                                            if the securities are offered or sold to such purchaser by means of any of the following
                                            communications, the undersigned registrant will be a seller to the purchaser and will be
                                            considered to offer or sell such securities to such purchaser:</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
                                            preliminary prospectus or prospectus of the undersigned registrant relating to the offering
                                            required to be filed pursuant to Rule 424;</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
                                            free writing prospectus relating to the offering prepared by or on behalf of the undersigned
                                            registrant or used or referred to by the undersigned registrant;</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            portion of any other free writing prospectus relating to the offering containing material
                                            information about the undersigned registrant or its securities provided by or on behalf of
                                            the undersigned registrant; and</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
                                            other communication that is an offer in the offering made by the undersigned registrant to
                                            the purchaser.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Insofar
                                            as indemnification for liabilities arising under the Securities Act may be permitted to directors,
                                            officers and controlling persons of the registrant pursuant to the foregoing provisions,
                                            or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange
                                            Commission such indemnification is against public policy as expressed in the Act and is,
                                            therefore, unenforceable. In the event that a claim for indemnification against such liabilities
                                            (other than the payment by the registrant of expenses incurred or paid by a director, officer
                                            or controlling person of the registrant in the successful defense of any action, suit or
                                            proceeding) is asserted by such director, officer or controlling person in connection with
                                            the securities being registered, the registrant will, unless in the opinion of its counsel
                                            the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction
                                            the question whether such indemnification by it is against public policy as expressed in
                                            the Securities Act and will be governed by the final adjudication of such issue.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SIGNATURES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the requirements of the Securities Act of 1933, the Registrant has duly caused this Registration Statement on Form S-1 to be signed
on its behalf by the undersigned, thereunto duly authorized, in the city of Florida, Orlando, USA on the 7<sup>th </sup>day of October
2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td>&#160;</td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Kalera plc</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="width: 50%">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 5%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 45%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>/s/
    Fernando Cornejo </i></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fernando Cornejo</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial Officer</span></td></tr>
  </table>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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    <div style="margin-right: 0pt; break-before: page; margin-top: 0pt; margin-bottom: 0pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="poa_001"></span>POWER
OF ATTORNEY</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">KNOW
ALL PERSONS BY THESE PRESENT, that each person whose signature appears below does hereby constitute and appoint Fernando Cornejo, Jim
Leighton and Curtis McWilliams, and each of them singly, as his or her true and lawful attorneys-in-fact and agents, each with full power
of substitution and re-substitution, for him and in his name, place and stead, in any and all capacities, to sign any and all amendments
(including post-effective amendments) to this Registration Statement and to file the same, with all exhibits thereto, and other documents
in connection therewith, with the U.S. Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each
of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith
and about the premises, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that
said attorneys-in-fact and agents, or any of them, or their or his or her substitutes or substitutes, may lawfully do or cause to be
done by virtue hereof.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities
and on the dates indicated.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 26%; padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; vertical-align: bottom; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 50%; padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Title</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; vertical-align: bottom; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 20%; padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Date</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 2.65pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>/s/
    </i></span><i>Jim Leighton</i></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; vertical-align: top; padding-top: 2.65pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">President,
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    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; vertical-align: top; padding-top: 2.65pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">October
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  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 1.9pt; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jim
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 1.9pt; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 2.65pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>/s/
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    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; vertical-align: top; padding-top: 2.65pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
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    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; vertical-align: top; padding-top: 2.65pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">October
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  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 1.65pt; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fernando
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 2.65pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>/s/
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    <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif">
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 2.65pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>/s/
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    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; vertical-align: top; padding-top: 2.65pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
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    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; vertical-align: top; padding-top: 2.65pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">October
    7, 2022</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 1.65pt; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cristian
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif">
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    Director</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; vertical-align: top; padding-top: 2.65pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">October
    7, 2022</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif">
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    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    Director</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    7, 2022</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 1.65pt; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Umur
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
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    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    7, 2022</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 1.65pt; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maria
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 2.65pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>/s/
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    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; vertical-align: top; padding-top: 2.65pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Board
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    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; vertical-align: top; padding-top: 2.65pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">October
    7, 2022</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 1.65pt; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sonny
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 2.65pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>/s/
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    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; vertical-align: top; padding-top: 2.65pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Board
    Director</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; vertical-align: top; padding-top: 2.65pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">October
    7, 2022</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 1.65pt; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Faisal
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
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    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; vertical-align: top; padding-top: 2.65pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Board
    Director</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; vertical-align: top; padding-top: 2.65pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">October
    7, 2022</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 1.65pt; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Brent
    de Jong</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AUTHORIZED
REPRESENTATIVE</b></span></p>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the requirements of Section 6(a) of the Securities Act of 1933, the undersigned has signed this registration statement, solely in
its capacity as the duly authorized representative of Kalera plc in the City of Orlando, Florida on the <b style="font-style: normal; font-weight: normal">7</b><sup>th </sup>day of
<b style="font-style: normal; font-weight: normal">October,</b> 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 50%">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 5%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>/s/
Curtis McWilliams    </i></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Curtis McWilliams</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized Representative</span></td></tr>
  </table>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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{"company-data": {"conformed-name": "Kalera Public Ltd Co", "cik": "0001909152", "assigned-sic": "0100", "irs-number": "000000000", "state-of-incorporation": "L2", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-1", "act": "33", "file-number": "333-267797", "film-number": "221301580"}, "business-address": {"street1": "7455 EMERALD DUNES DR", "street2": "SUITE 2100", "city": "ORLANDO", "state": "FL", "zip": "32822", "phone": "407-559-5536"}, "mail-address": {"street1": "7455 EMERALD DUNES DR", "street2": "SUITE 2100", "city": "ORLANDO", "state": "FL", "zip": "32822"}}
As
filed with the Securities and Exchange Commission on October 7, 2022.
Registration
No. 333-
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
Form
S-1
REGISTRATION
STATEMENT
UNDER
THE
SECURITIES ACT OF 1933
Kalera
Public Limited Company
(Exact
Name of Registrant as Specified in Its Charter)
Republic
    of Ireland
0100
Not
    Applicable
(State
                                            or Other Jurisdiction of
Incorporation
    or Organization)
(Primary
                                            Standard Industrial
Classification
    Code Number)
(I.R.S.
                                            Employer
Identification
    Number)
10
Earlsfort Terrace
Dublin
2,
D02 T380
,
Ireland
Telephone
+ 353
01 920 1000
(Address,
including zip code, and telephone number, including area code, of Registrant's principal executive offices)
Fernando
Cornejo
Kalera
plc
7455
Emerald Dunes Dr.
Orlando
,
Florida
32822
+1
(407)
574-8204
(Name,
address, including zip code, and telephone number, including area code, of agent for service)
Copies
to:
David
                                            Dixter
Milbank
    LLP
100
    Liverpool Street
London,
    EC2M 2AT
United
    Kingdom
+44
    20 7615 3000
Barry
                                            I. Grossman
Sarah
    Williams
Matthew
    Bernstein
Ellenoff
    Grossman & Schole LLP
1345
    Avenue of the Americas, 11th Floor
New
    York, New York 10105
+1
    (212) 370-1300
Approximate
date of commencement of proposed sale to the public: From time to time after this Registration Statement becomes effective.
If
any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the
Securities Act of 1933 (the "Securities Act") check the following box. ☒
If
this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the
following box and list the Securities Act registration statement number of the earlier effective registration statement for the same
offering.☐
If
this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the
Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐
If
this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the
Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company,
or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller
reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large
    accelerated filer
☐
Accelerated
    filer
☐
Non-accelerated
    filer
☒
Smaller
    reporting company
☒
Emerging
    growth company
☒
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act.
☐
The
registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the
registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective
in accordance with Section 8(a) of the Securities Act or until this registration statement shall become effective on such date as the
U.S. Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.
The
information in this preliminary prospectus is not complete and may be changed. These securities may not be sold until the registration
statement filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities, nor
does it seek an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.
PRELIMINARY
    PROSPECTUS
Subject
    to Completion
October 7,
    2022
KALERA
PUBLIC LIMITED COMPANY
UP
TO 15,748,031
UNITS
consisting
of
Ordinary
Shares or Pre-Funded Warrants to Purchase Ordinary Shares and Class A Warrants to Purchase Ordinary Shares
We
are offering on a best efforts basis up to 15,748,031 Units, each consisting of one ordinary share of Kalera Public Limited Company,
a public limited company incorporated under the laws of the Republic of Ireland with registered number 606356 (the "Registrant"),
with a nominal value of $0.0001 (the "Kalera Ordinary Shares"), at an assumed public offering price of $1.27 per Kalera
Ordinary Share
1
, equal to the closing price of the Kalera Ordinary Shares on The Nasdaq Capital Market ("Nasdaq")
on October 6, 2022, along with one Class A Warrant to subscribe for one Kalera Ordinary Share for no additional consideration.
The
actual public offering price per Unit will be determined between us, the Placement Agent and the investors in the offering, and may be
at a discount to the current market price of the Kalera Ordinary Shares (provided that, in any event, the price per Ordinary Share shall
not less than the nominal value of such share, being $0.0001 per share as at the date hereof). Therefore, the assumed public offering
price used throughout this prospectus may not be indicative of the final public offering price.
Each
Class A Warrant will be immediately exercisable for one Kalera Ordinary Share at an exercise price of $     per share (which shall
be equal to 100% of the public offering price of each Kalera Ordinary Share sold in this offering, and in any event, not less than the nominal value of
such share, being $0.0001 per share as at the date hereof) and expire five years after the issuance date.
We
are also offering to each purchaser of Units that would otherwise result in the purchaser's beneficial ownership exceeding 4.99%
of outstanding Kalera Ordinary Shares immediately following the consummation of this offering the opportunity to acquire one pre-funded
warrant (in lieu of one Kalera Ordinary Share) and one Class A Warrant. A holder of pre-funded warrants will not have the right to exercise
any portion of its pre-funded warrants if the holder, together with its affiliates, would beneficially own in excess of 4.99% (or, at
the election of the holder, such limit may be increased to up to 9.99%) of the number of Kalera Ordinary Shares outstanding immediately
after giving effect to such exercise. Each pre-funded warrant will be exercisable for one Kalera Ordinary Share. The pre-funded exercise
price for each pre-funded warrant included in each Unit will be equal to the price per Unit including one Kalera Ordinary Share, minus
$0.0001, and the remaining non pre-funded exercise price of each pre-funded warrant will equal $0.0001 per Kalera Ordinary Share. The
pre-funded warrants will be immediately exercisable (subject to the beneficial ownership cap) and may be exercised at any time until
all of the pre-funded warrants are exercised in full. For each Unit including a pre-funded warrant that is issued (without regard to
any limitation on exercise set forth therein), the number of Units including a Kalera Ordinary Share we are offering will be decreased
on a one-for-one basis. The Kalera Ordinary Shares and pre-funded warrants, if any, can each be subscribed for and/ or acquired (as
applicable) in this offering only with the accompanying Class A Warrant as part of a Unit, but the components of the Units will immediately
separate upon issuance. See "
Description of Securities
" in this prospectus for more information.
Kalera
Ordinary Shares are listed on Nasdaq and began trading on Nasdaq on June 29, 2022 under the symbol KAL. On October 6, 2022, the
closing sale price of the Kalera Ordinary Shares was $1.27 per share.
There
is no established trading market for the pre-funded warrants or the Class A Warrants, and we do not expect an active trading market to
develop. We do not intend to list the pre-funded warrants or the Class A Warrants on any securities exchange or other trading market.
Without an active trading market, the liquidity of these securities will be limited.
We
are an "emerging growth company," as defined under the federal securities laws, and, as such, may elect to comply with certain
reduced public company reporting requirements for future filings.
1
Arthur Cox Note: The issue of warrants for consideration can attract a charge to Irish stamp duty. As a result, the consideration
should be payable for the Ordinary Share (the issue of which is not subject to Irish stamp duty) with the warrant issued for no additional
consideration. We have therefore kept this as is.
Investing
in our securities involves a high degree of risk. Before buying any securities, you should carefully read the discussion of the risks
of investing in our securities in "
Risk Factors
" beginning on page
7
of this prospectus.
You
should rely only on the information contained in this prospectus or any prospectus supplement or amendment hereto. We have not authorized
anyone to provide you with different information.
Number
of
Units
(1)
Per
    Unit
(1)
Total
Public Offering Price
$
$
Placement Agent fees
(2)(3)
$
$
Proceeds, before expenses, to us
$
$
(1)
Units
    consist of one Kalera Ordinary Share and one Class A Warrant.
(2)
The
    Placement Agent fee shall equal 7% of the public offering price of the securities sold by us in this offering.
(3)
The
    Placement Agent will receive compensation in addition to the placement agent fees described above. See "
Plan of Distribution
"
    for a description of compensation payable to the Placement Agent.
We
have engaged Maxim Group LLC ("Maxim") (the "Placement Agent") as our exclusive Placement Agent to use
its reasonable best efforts to solicit offers to purchase our securities in this offering. The Placement Agent has no obligation
to purchase any of the securities from us or to arrange for the purchase or sale of any specific number or dollar amount of the securities.
We
expect that the offering will end two trading days after we first enter into a securities purchase agreement relating to the offering
and the offering will settle delivery versus payment ("DVP")/receipt versus payment ("RVP"). Accordingly, we
and the Placement Agent have not made any arrangements to place investor funds in an escrow account or trust account since the Placement
Agent will not receive investor funds in connection with the sale and/or issuance (as applicable) of the securities offered hereunder.
We
have agreed to pay the Placement Agent the placement agent fee set forth in the table above and to provide certain other compensation
to the Placement Agent. See "
Plan of Distribution
" beginning on page 128 of this prospectus for more information
regarding these arrangements.
We
expect to deliver the Kalera Ordinary Shares and Class A Warrants, or pre-funded warrants and Class A Warrants, constituting the Units,
against payment in New York, New York on or about October    , 2022.
Neither
the Securities Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined
if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.
Maxim
Group LLC
The
date of this prospectus is        , 2022.
TABLE
OF CONTENTS
Page
Frequently Used Terms
ii
Cautionary Note Regarding Forward-Looking Statements
v
Prospectus Summary
1
The Offering
4
Risk Factors
7
Unaudited Pro Forma Condensed Combined Financial Information
43
Use of Proceeds
51
Market Price of and Dividends on the Registrant's Securities and Related Stockholder Matters
52
Capitalization
53
Dilution
54
Industry Overview
55
Information About Kalera
56
Management's Discussion and Analysis of Financial Condition and Results of Operations
74
Management
93
Executive Compensation
100
Certain Relationships, Related Party and Other Transactions
107
Principal Securityholders
110
Description of Securities
111
Description of Securities we are Offering
117
U.S. Federal Income Tax Considerations
119
Plan of Distribution
128
Legal Matters
130
Experts
131
Enforcement of Civil Liabilities
132
Where You Can Find Additional Information
133
Index to Financial Statements
F-1
You
should rely only on the information contained in this prospectus or in any free writing prospectus prepared by us or on our behalf. We
have not authorized any other person to provide you with different information. If anyone provides you with different or inconsistent
information, you should not rely on it. We are not making an offer to sell these securities in any jurisdiction where the offer or sale
is not permitted. You should assume that the information appearing in this prospectus is accurate only as of the date on the front cover
of this prospectus. Our business, financial condition, results of operations and prospects may have changed since that date.
i
FREQUENTLY
USED TERMS
Unless
otherwise stated or unless the context otherwise requires, the term "Kalera", the "Company", "Registrant",
"we", "us" and "our" refer to Kalera Public Limited Company, a public limited company incorporated
in Ireland with registered number 606356, and where appropriate, our wholly owned subsidiaries.
In
this document:
"$"
means the currency in dollars of the United States of America.
"2022
Plan" means the 2022 Long-Term Stock Incentive Plan of Kalera.
"Agrico"
means Agrico Acquisition Corp., a Cayman Islands exempted company.
"Agrico
Articles" means the Amended and Restated Memorandum and Articles of Association of Agrico adopted on July 7, 2021.
"Agrico
Class A ordinary shares" means the class A ordinary shares of Agrico, par value $0.0001 per share.
"Agrico
Class B ordinary shares" means the class B ordinary shares of Agrico, par value $0.0001 per share.
"Agrico
Initial Shareholders" means holders of Founder Shares prior to the Agrico IPO, including the Sponsor.
"Agrico
IPO" means the initial public offering of Agrico Units consummated on July 12, 2021.
"Agrico
Ordinary Shares" means Agrico Class A ordinary shares and Agrico Class B ordinary shares.
"Agrico
Public Warrant" means each whole warrant (other than the Private Placement Warrants), entitling the holder thereof to purchase
one Agrico ordinary share at a price of $11.50 per share.
"Agrico
Share Issuance" means the issuance by Agrico of Agrico Ordinary Shares to Kalera.
"Agrico
Shareholders" means the holders of Agrico Shares prior to the Business Combination, including the Agrico Initial Shareholders and
members of the Agrico management team, provided that each Agrico Initial Shareholder's and member of Agrico's management
team's status as an "Agrico Shareholder" shall only exist with respect to such Agrico Shares.
"Agrico
Shares" means Class A ordinary shares of Agrico issued as part of the Agrico Units sold in the Agrico IPO.
"Agrico
Units" means the Agrico units issued in the Agrico IPO, each consisting of one ordinary share and one-half of one Agrico Public
Warrant.
"Agrico
Warrants" means Private Placement Warrants and Agrico Public Warrants, collectively.
"Armistice"
means Armistice Capital Master Fund Ltd.
"Armistice
Warrants" means the Series A Warrants and the Series B Warrants.
"Business
Combination" means the transactions contemplated by the Business Combination Agreement.
"Business
Combination Agreement" means the Business Combination Agreement, dated as of January 30, 2022, as amended from time to time, by
and among Agrico, Kalera SA, Kalera, Cayman Merger Sub and Lux Merger Sub.
ii
"Cayman
Merger Sub" means Kalera Cayman Merger Sub, a Cayman Islands exempted company.
"Closing"
means the consummation of the transactions contemplated under the Business Combination Agreement.
"Code"
means the Internal Revenue Code of 1986, as amended.
"CVR"
means one contractual contingent value right per Kalera Share which shall represent the right to receive up to two contingent payments
of Kalera Ordinary Shares
"CVR
Agreement" means the Contingent Value Rights Agreement entered into by Kalera and the Rights Agent party thereto.
"CVR
Shares" means the Kalera Ordinary Shares issuable pursuant to the CVRs upon the satisfaction of certain conditions.
"Exchange
Act" means the Securities Exchange Act of 1934, as amended.
"First
Closing" means the consummation of the First Merger and the related transactions thereby.
"First
Closing Date" means the date on which all conditions of the First Closing are satisfied.
"First
Merger" means the first merger pursuant to which Cayman Merger Sub merged with and into Agrico, with Agrico continuing as the surviving
entity of the First Merger and as a wholly owned subsidiary of Kalera.
"First
Merger Effective Time" has the meaning assigned to it in the Business Combination Agreement.
"Founder
Shares" means Agrico Class B ordinary shares initially purchased by the Sponsor in a private placement prior to the Agrico IPO,
of which 1,796,875 are currently outstanding.
"IRS"
means the Internal Revenue Service of the United States.
"Kalera"
means Kalera Public Limited Company, a public limited company incorporated under the laws of the Republic of Ireland.
"Kalera
Articles" means the consolidated articles of association of Kalera, as amended from time to time.
"Kalera
Capital Reduction" means certain of the Kalera SA Shares and all the Kalera SA Options being cancelled and ceasing to exist or
being assumed (as applicable) upon completion of the Second Merger by way of a capital reduction pursuant to the Luxembourg Companies
Act.
"Kalera
Options" has the meaning assigned to the term "Pubco Options" in the Business Combination Agreement.
"Kalera
Ordinary Shares" means the ordinary shares of Kalera.
"Kalera
SA" means Kalera S.A., a public limited company incorporated in Luxembourg.
"Kalera
SA Options" has the meaning assigned to the term "Kalera Options" in the Business Combination Agreement.
"Kalera
SA Shareholders" means the holders of Kalera SA Shares.
"Kalera
SA Shares" the ordinary shares of Kalera SA.
iii
"Kalera
Warrant" means each one whole warrant entitling the holder thereof to subscribe for one Kalera Ordinary Share at a purchase price
of $11.50 per share.
"Lux
Holdco" means Kalera S.A.
"Lux
Merger Sub" means Kalera Luxembourg Merger Sub SARL, a Luxembourg limited liability company (société à responsabilité
limitée).
"Luxembourg
Company Law" means the Luxembourg law dated August 10, 1915 on commercial companies, as amended.
"Maxim"
means Maxim Group, LLC, acting as placement agent.
"Merger
Subs" means collectively, Cayman Merger Sub and the Lux Merger Sub.
"Nasdaq"
means the The Nasdaq Capital Market.
"New
Kalera Options" means the 904,505 stock options outstanding under the 2022 Plan.
"New Restricted
Stock Units" means the 607,446 restricted stock units outstanding under the 2022 Plan.
"Placement Agent" means
Maxim.
"Private
Placement Warrants" means the Agrico Warrants purchased by the Sponsor and Maxim in a private placement at the time of the Agrico
IPO for a purchase price of $1.00 per warrant, each of which is exercisable for one ordinary share.
"Redemption"
means the right of the holders of Agrico Shares to have their shares redeemed in accordance with the procedures set forth in the Prospectus.
"Redemption
Price" means an amount equal to a pro rata portion of the aggregate amount on deposit in the Trust Account two (2) days prior to
the completion of the Business Combination calculated in accordance with the Agrico Articles (as equitably adjusted for shares splits,
shares dividends, combinations, recapitalizations and the like after the Closing).
"SEC"
means the U.S. Securities and Exchange Commission.
"Second
Closing" means the consummation of the Business Combination (other than those transactions which occur on the First Closing).
"Second
Closing Date" means the date on which all conditions of the Second Closing were satisfied.
"Second
Merger" means the second merger pursuant to which Lux Merger Sub merged with and into Kalera SA with Kalera SA as the surviving
entity of such merger.
"Second
Merger Effective Time" has the meaning assigned to it in the Business Combination Agreement.
"Securities"
means the Kalera Ordinary Shares and Kalera Warrants offered and sold under this registration statement.
"Securities
Act" means the U.S. Securities Act of 1933, as amended.
"Securities
Purchase Agreement" means the securities purchase agreement entered into on July 7, 2022 between Kalera and Armistice.
"Series
A Warrants" means the 2,500,000 series A warrants issued to Armistice on July 11, 2022, exercisable six months from their date
of issuance at an exercise price of $4.41 per share and expiring two years from their date of issuance.
"Series
B Warrants" means the 2,500,000 series B warrants issued to Armistice on July 11, 2022, exercisable six months from their date
of issuance at an exercise price of $4.41 per share and expiring five and a half years from their date of issuance.
"Sponsor"
means DJCAAC LLC, a Delaware limited liability company and each of the persons set forth on Schedule I to the Sponsor Support Agreement.
"Sponsor
Support Agreement" means the agreement among the Sponsor, Agrico and Kalera SA entered into on January 30, 2022.
"Trust
Account" means the trust account that held a portion of the proceeds of the Agrico IPO and the concurrent sale of warrants to the
Sponsor in a private placement.
"U.S.
GAAP" means United States generally accepted accounting principles.
iv
CAUTIONARY
NOTE REGARDING FORWARD-LOOKING STATEMENTS
Some
of the information in this prospectus constitutes forward-looking statements for the purposes of federal securities laws. You can identify
these statements by forward-looking words such as "may," "might," "could," "will," "would,"
"should," "expect," "possible," "potential," "anticipate," "contemplate,"
"believe," "estimate," "plan," "predict," "project," "intends,"
and "continue" or similar words. You should read statements that contain these words carefully because they:
●
discuss
    future expectations; or
●
state
    other "forward-looking" information.
Forward-looking
statements in this prospectus may include, for example, statements about:
●
the
    expected benefits and costs of the Business Combination;
●
changes
    in Kalera's strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects and
    plans;
●
the
    implementation, market acceptance and success of Kalera's business models;
●
the
    impact of health epidemics, including the coronavirus SARS-CoV-2 ("COVID-19"), pandemic, on Kalera's business and
    the actions Kalera may take in response thereto;
●
Kalera's
    expectations regarding its ability to obtain and maintain intellectual property protection and not infringe on the rights of others;
●
expectations
    regarding the time during which Kalera will be an emerging growth company under the JOBS Act;
●
Kalera's
    future capital requirements and sources and uses of cash;
●
Kalera's
    ability to obtain funding for its operations;
●
Kalera's
    business, expansion plans and opportunities;
●
the
    outcome of any known and unknown litigation and regulatory proceedings; and
Kalera
believes it is important to communicate its expectations to its security holders. However, there may be events in the future that Kalera
is not able to predict accurately or over which it has no control. The risk factors and cautionary language discussed in this prospectus,
including in the section titled "Risk Factors," provide examples of risks, uncertainties and events that may cause actual
results to differ materially from the expectations described by Kalera in such forward-looking statements, including among other things:
●
changes
    adversely affecting the vertical farming industry and the development of existing or new technologies;
●
the
    effect of the COVID-19 pandemic on Kalera's business;
●
the
    ability of Kalera to obtain financing to address its liquidity, operating or capital expenditure needs or other financing objectives
    on favorable terms, if at all;
v
●
the
    potential restrictive terms, dilutive impact or other material adverse effects of the terms of any financing arrangements entered
    into by Kalera;
●
the
    outcome of any legal proceedings that may be instituted against Kalera;
●
lack
    of useful financial information for an accurate estimate of future capital expenditures;
●
possibility
    of continuing to incur losses for the foreseeable future;
●
potential
    delay in the completion of new facilities;
●
the
    competitiveness of the agriculture industry;
●
the
    difficulty of controlling customer perception of Kalera's brand;
●
the
    limits that are imposed on Kalera by the amount of facilities in operation at a given time;
●
distribution
    agreements with third parties;
●
consolidation
    of customers or suppliers;
●
consumer
    preferences and spending habits;
●
the
    volatility of energy costs.
●
changes
    in applicable laws or regulations, including environmental and export control laws;
●
the
    ability to retain key employees;
●
Kalera's
    business strategy and plans;
●
Kalera's
    ability to target and retain customers and suppliers;
●
the
    failure to build Kalera's finance infrastructure and improve its accounting systems and controls;
●
whether
    and when Kalera might pay dividends; and
●
the
    ability of Kalera to source its materials from an ethically and sustainably sourced supply chain.
You
are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this prospectus.
All
forward-looking statements included herein attributable to Kalera or any person acting on Kalera's behalf are expressly qualified
in their entirety by the cautionary statements contained or referred to in this section. Except to the extent required by applicable
laws and regulations, Kalera undertakes no obligations to update these forward-looking statements to reflect events or circumstances
after the date of this prospectus or to reflect the occurrence of unanticipated events.
vi
PROSPECTUS
SUMMARY
This
summary highlights information contained in greater detail elsewhere in this prospectus. This summary is not complete and does not contain
all the information that may be important to you. You should read the entire prospectus carefully before making your investment decision
with respect to our Units. You should carefully consider, among other things, the financial statements included elsewhere in this prospectus
and the related notes, and the sections titled "Risk Factors," "Business" and "Management's Discussion
and Analysis of Financial Condition and Results of Operations" included elsewhere in this prospectus. Unless expressly indicated
or the context requires otherwise, the terms the "Company," "Kalera," the "Registrant," "we,"
"us" and "our" in this prospectus refer to Kalera Public Limited Company, and where appropriate, our wholly-owned
subsidiaries.
Kalera
is a leading vertical farming company. We utilize proprietary technology and plant and seed science to sustainably grow local, delicious,
nutrient-rich, pesticide-free, non-GMO leafy greens year-round. In contrast to produce that requires costly and extended long-haul supply
chains, our leafy greens are delivered within hours of harvesting, always fresh, and maintain a longer shelf life. Our high-yield, automated,
data-driven hydroponic production facilities have been designed for rapid roll-out with attractive unit economics to grow leafy greens
faster, cleaner and in a manner that is better for the environment than traditional farming. Given our cost-efficient production process
from seed to harvest and capital discipline, we are able to sell our "better than organic" produce at competitive prices.
With our mission to serve humanity, wherever we are, fresh, safe, sustainable and affordable nourishment, we aim to become a global leader
in controlled-environment agriculture (
"CEA"
) for leafy greens addressing an expanding $50 billion addressable market
opportunity for vertical farming products.
Kalera
was incorporated under the laws of the Republic of Ireland as a private limited company, for purposes of a business combination. Kalera
was re-registered as an Irish public limited company on March 29, 2022 and changed its name to "Kalera Public Limited Company"
on April 4, 2022. Kalera owns no material assets and does not operate any businesses.
The
mailing address of Kalera's principal executive offices are 7455 Emerald Dunes Dr., Suite 2100, Orlando Florida 32822, and its
phone number is. +1 (407) 574-8204. Kalera's corporate website address is https://www.kalera.com. Kalera's website and the
information contained on, or that can be accessed through, the website is not deemed to be incorporated by reference in, and is not considered
part of, this prospectus.
Kalera
announces material information to the public through a variety of means, including filings with the Securities and Exchange Commission,
press releases, public conference calls, Kalera's website (https://www.kalera.com/), and its investor relations website (https://investors.kalera.com/).
Kalera uses these channels, as well as social media, including its LinkedIn account (https://www.linkedin.com/company/kalera) to communicate
with investors and the public news and developments about Kalera and other matters. Therefore, Kalera encourages investors, the media,
and others interested in the Company to review the information it makes public in these locations, as such information could be deemed
to be material information.
Stock
Exchange Listing
Kalera
Ordinary Shares and Kalera Warrants are currently listed on Nasdaq under the symbols KAL and KALWW, respectively.
1
Summary
of Risk Factors
Our
business is subject to numerous risks and uncertainties, including those highlighted in the section title "Risk Factors."
Such risks include, but are not limited to:
●
Substantial
    doubt regarding Kalera's ability to continue as a going concern or maintain adequate liquidity to fund its operations;
●
Kalera
    is in an early commercial phase, and is highly dependent on a successful roll-out and commercialization of its products;
●
Kalera
    lacks useful financial information for the accurate estimation of its future capital expenditures and unit economics;
●
Kalera
    is an early stage company with a history of losses and expects to continue to incur losses going forward;
●
Kalera
    may be unable to successfully integrate &ever in order to realize the anticipated benefits;
●
Kalera's
    growth plans depend on deploying new production facilities, which will require significant expenditures;
●
Inflation
    and increases in operating costs could materially and adversely impact Kalera;
●
Kalera's
    success, competitive position and future revenues will depend in part on its ability to further develop and protect its intellectual
    property and know-how;
●
Kalera's
    commercial success is dependent on its ability to enter into produce distribution agreements and other agreements with third parties;
●
Kalera
    uses a limited number of distributors for the substantial majority of its sales;
●
Consolidation
    of customers or the loss of a significant customer could negatively impact Kalera's sales and profitability;
●
Kalera
    may face difficulties as it expands its operations into geographical locations in which it has no prior operating experience;
●
Kalera
    may not be able to identify suitable acquisition candidates or consummate acquisitions on acceptable terms;
●
The
    failure of suppliers to perform their obligations, Kalera's inability to replace or renew supply agreements, or disruptions
    in the supply chain;
●
Estimates
    of market opportunity and forecasts of market growth may prove to be inaccurate or not materialize;
●
Failure
    to retain and motivate Kalera's senior management may adversely affect its operations and growth prospects;
●
Kalera
    is reliant on key personnel and the ability to attract new, qualified personnel;
●
Ingredient,
    packaging and energy costs are volatile and may rise significantly;
2
●
Kalera
    relies on information technology systems and any inadequacy, failure, interruption or security breaches of those systems, including
    a cybersecurity incident or other technology disruptions, may harm its ability to effectively operate its business;
●
The
    recent development of the coronavirus (COVID-19) pandemic and its multiple variants;
●
Conducting
    business internationally, and international geopolitical events and economic factors, create operational, financial and tax risks
    for Kalera's business;
●
Kalera's
    management has limited experience in operating a U.S. public company;
●
Potential
    dilutive impact, restrictions or other terms in Kalera's financing arrangements;
●
Each
    of Kalera and Agrico has identified a material weakness in its internal control over financial reporting and Kalera may be unable
    to establish and maintain effective internal control over financial reporting;
●
Nasdaq
    may delist Kalera's securities on its exchange;
●
The
    market price of Kalera's securities may be volatile and fluctuate substantially, which could result in substantial losses for
    investors and may subject Kalera to securities litigation suits;
●
Kalera's
    ability to utilize its federal net operating loss and tax credit carryforwards may be limited under applicable laws;
●
The
    grant and future exercise of registration rights;
●
Sales
    or perceived sales of a substantial number of Kalera's securities could adversely affect the market price of such securities
    and impact Kalera's ability to raise additional capital in the future;
●
The
    issuance of the CVR Shares could materially dilute Kalera Shareholders;
●
Kalera
    may be a passive foreign investment company, which could result in adverse U.S. federal income tax consequences to U.S. investors;
●
Kalera
    may be considered a U.S. corporation for U.S. federal income tax purposes, which could result in adverse U.S. federal tax consequences
    to Kalera and its investors; and
●
Kalera's
    operations are subject to FDA, USDA, EPA and OSHA governmental regulation and state regulation and Kalera is exposed to risks related
    to regulatory processes and changes in regulatory environment.
3
THE
OFFERING
Securities
    offered by us hereunder
Up
                                            to 15,748,031
Units on a best efforts basis, at an assumed public offering price of $1.27 per Kalera
                                            Ordinary Shares with no additional consideration payable for the Class A Warrant. Each Unit
                                            consists of one Kalera Ordinary Share and one Class A Warrant.
We
are also offering to each purchaser, with respect to the purchase of Units that would otherwise result in the purchaser's beneficial
ownership exceeding 4.99% of our outstanding Ordinary Shares immediately following the consummation of this offering, the opportunity
to acquire one pre-funded warrant in lieu of one Kalera Ordinary Share. A holder of pre-funded warrants will not have the right to exercise
any portion of its pre-funded warrant if the holder, together with its affiliates, would beneficially own in excess of 4.99% (or, at
the election of the holder, such limit may be increased to up to 9.99%) of the number of Kalera Ordinary Shares outstanding immediately
after giving effect to such exercise. Each pre-funded warrant will be exercisable for one Kalera Ordinary Share. The pre-funded exercise
price payable per pre-funded warrant will be equal to the price per Kalera Ordinary Share, minus $0.0001, and the non pre-funded exercise
price of each pre-funded warrant will equal $0.0001 per share. The pre-funded warrants will be immediately exercisable (subject to the
beneficial ownership cap) and may be exercised at any time in perpetuity until all of the pre-funded warrants are exercised in full.
The
Units will not be certificated or issued in stand-alone form. The Kalera Ordinary Shares and/or pre-funded warrants and the Class A Warrants
comprising the Units are immediately separable upon issuance and will be issued separately in this offering.
4
Description
    of the Class A Warrants
Each
                                            Class A Warrant will have an exercise price of $     per share (which shall be equal
                                            to 100% of the public offering price of each unit sold in this offering, and in any
                                            event, not less than the nominal value of such share, being $0.0001 per share as at the date
                                            hereof), will be exercisable upon issuance and will expire five years from issuance.
                                            Each Class A Warrant is exercisable for Kalera Ordinary Share, subject to adjustment in the
                                            event of stock dividends, stock splits, adjustments, stock combinations, reclassifications,
                                            reorganizations or similar events affecting our Ordinary Shares as described herein.
                                            This prospectus also relates to the offering of the Kalera Ordinary Shares issuable upon
                                            exercise of the Class A Warrants. For more information regarding the Class A Warrants, you
                                            should carefully read the section titled "
Description of Securities
" in
                                            this prospectus.
Public
    Offering Price
$    
    per Unit.
Kalera
    Ordinary Shares outstanding prior to this offering
23,877,828
    Kalera Ordinary Shares.
Kalera
    Ordinary Shares to be outstanding after this offering
Up
                                            to 15,748,031 shares
at an assumed public offering price of $1.27 per Kalera Ordinary Share, equal to the
                                            closing price of our Ordinary Shares on Nasdaq on October 6, 2022, or pre-funded
                                            exercise price of $     per pre-funded warrant.
5
Use
    of Proceeds
We
                                            estimate that our
net proceeds from the maximum offering amount of the sale of Units in this offering will
                                            be approximately $     million, after deducting placement agent fees and estimated offering
                                            expenses payable by us, based on an assumed offering price of $1.27 per Kalera Ordinary
                                            Share, equal to the closing price of the Kalera Ordinary Shares on Nasdaq on October 6,
                                            2022, or pre-funded exercise price of $9 per pre-funded warrant.
We
intend to use the net proceeds of this offering for general corporate purposes. Ultimately, our management will have discretion and flexibility
in applying the net proceeds of this offering. We may use the proceeds of this offering for purposes with which you do not agree. See
"
Risk Factors-Risks Relating to the Offering-Since we have broad discretion in how we use the proceeds from this offering, we
may use the proceeds in ways with which you disagree.
" See the section titled "
Use of Proceeds
" appearing
elsewhere in this prospectus for more information.
Listing
Kalera
    Ordinary Shares are listed on Nasdaq and began trading on Nasdaq on June 29, 2022 under the symbol KAL. We do not intend to list
    the Class A Warrants or pre-funded warrants offered hereunder on any stock exchange. There are no established public trading markets
    for the Class A Warrants or the pre-funded warrants, and we do not expect such markets to develop. Without an active trading market,
    the liquidity of the Class A Warrants and the pre-funded warrants will be limited.
Risk
    Factors
See
    the section titled "
Risk Factors
" and other information included in this prospectus for a discussion of factors
    that you should consider carefully before deciding to invest in our securities.
Lock-Up
    Restrictions
We
    and each of our directors and officers
are subject
    to certain lock-up restrictions as identified in the section titled "
Plan of Distribution-Lock-Up Agreements
."
The
number of Kalera Ordinary Shares shown above to be outstanding after this offering is based on the Kalera Ordinary Shares outstanding
as of October 6, 2022 and excludes:
●
904,505
    Kalera Ordinary Shares issuable under our 2022 Plan;
●
364,000
    Kalera Ordinary Shares issuable in relation to the Kalera Options;
●
607,446
    Kalera Ordinary Shares issuable in relation to the New Restricted Stock Units;
●
14,437,500
    Kalera Ordinary Shares issuable upon exercise of the Kalera Warrants;
●
5,000,000
    Kalera Ordinary Shares issuable upon exercise of the Armistice Warrants;
●
4,000,000
    Kalera Ordinary Shares issuable upon the conversion of the Second Amended and Restated Secured Convertible Bridge Promissory Note;
    and
●
Kalera
    Ordinary Shares issuable pursuant to the CVRs upon the satisfaction of certain conditions under the CVR Agreement.
Except
as otherwise noted, all information in this prospectus reflects and assumes (i) no sale of pre-funded warrants in this offering, which,
if sold, would reduce the number of Kalera Ordinary Shares that we are offering on a one-for-one basis and (ii) no exercise of Class
A Warrants issued in this offering.
For
additional information concerning the offering, see the section titled "Plan of Distribution" beginning on page
128
of this prospectus
.
6
RISK
FACTORS
An
investment in our securities involves a high degree of risk. You should carefully consider the risks described below before making an
investment decision. The value of your investment in Kalera will be subject to significant risks affecting Kalera and inherent in the
industry in which Kalera operates. If any of the events described below occur, the business and financial results could be adversely
affected in a material way. This could cause the trading price of Kalera Ordinary Shares to decline, perhaps significantly,
and you therefore may lose all or part of your investment. Please see the section titled "Where You Can Find Additional Information"
in this prospectus. The risks set out below are not exhaustive and do not comprise all of the risks associated with an investment in
Kalera. Additional risks and uncertainties not currently known to Kalera or which Kalera currently deems immaterial may also have a material
adverse effect on Kalera's business, financial condition, results of operations, prospects and/or its share price.
Risks
Relating to Kalera's Business and the Industry in Which it Operates
There
is substantial doubt about Kalera's ability to continue as a going concern, and Kalera will need to raise additional capital in
the future in order to execute its roll-out and commercialization strategy or for other purposes, which may not be available on favorable
terms, or at all.
Kalera's
operating losses and accumulated deficits raise substantial doubt about its ability to continue as a going concern. Kalera will need
to raise additional capital in order to execute and complete its roll-out and commercialization strategy, and to fund its operations.
While the exact timing and amount of our future funding plans depend on many factors, we are exploring various funding and
liquidity opportunities, including further issuances of equity and/or equity-linked securities, the incurrence of additional debt, the restructuring of our existing debt,
the potential for strategic investments by private investors and asset sales.
There
is a risk that adequate sources of funds may not be available at all, or not available at acceptable terms and conditions, when needed.
Kalera may need to seek additional funds through public or private equity or debt financings or other sources, such as strategic collaborations.
If Kalera raises additional funds by issuing additional equity securities, or through instruments convertible into equity securities,
the existing shareholders may be significantly diluted. Further, equity or debt financings may result in issuance of securities with
priority as to liquidation and dividend and other rights more favorable than shares, imposition of debt covenants and repayment obligations,
or other restrictions that may adversely affect Kalera's business. If funding is insufficient at any time in the future, Kalera
may be unable to fund its current and ongoing roll-out and commercialization strategy and lose business opportunities and thereby risk
failing to respond to competitive pressures. Failure to obtain the necessary capital when needed could force Kalera to delay, limit,
reduce or terminate its product development or commercialization efforts.
In
addition, Kalera may seek additional capital due to favorable market conditions or strategic considerations even if Kalera believes that
it has sufficient funds for current or future operating plans. There can be no assurance that financing will be available to Kalera on
favorable terms, or at all. If Kalera for any reason does not obtain additional funding as needed in the future, this could have a material
adverse effect on its revenues, profitability, liquidity, cash flow, financial position and/or prospects.
7
Kalera
is in an early commercial phase, and is highly dependent on a successful roll-out and commercialization of its products.
Kalera
is in an early commercial phase, and is highly dependent on succeeding with its roll-out and commercialization strategy in order to deliver
future operating profits. In 2020, Kalera started to execute a strategy for rapid capacity expansion based on installing and operating
large-scale production facilities allowing it to target and expand its customer base to large US regional and national accounts such
as grocery chains, distributors and contract food service companies. Kalera has until recently solely been present in the US produce
market, with a roll-out and commercialization plan for establishing its business throughout the US, by building new large-scale production
facilities in US cities and areas that it currently is not present in and that provide attractive markets. Through the acquisition (the
"
&ever Acquisition
") of the vertical farming company &ever GmbH ("&ever") in October 2021,
and the purchase of NOX Culinary General Trading Company LLC's 50% remaining interest in &ever Middle East Holding Ltd. ("
&ever
ME
") to own 100% of &ever ME, Kalera has also added operations in Germany, Kuwait and Singapore. Going forward, Kalera
is seeking to further expand its US and international operations.
Kalera's
failure to execute its roll-out and commercialization strategy or to manage its growth effectively could adversely affect its business,
financial condition, results of operations, cash flow and/or prospects. In addition, there can be no guarantee that even if Kalera successfully
implements its strategy, it would result in Kalera achieving its business and financial objectives, taking advantage of market opportunities,
satisfying customer requirements or securing additional customer commitments, any of which could adversely affect Kalera's business,
financial condition and results of operations. Indeed, as vertical farming itself is a relatively new concept, the industry and Kalera's
markets may fail to grow or grow more slowly than expected. Kalera's management team will review and evaluate the business strategy
with the board of directors on a regular basis, and Kalera may decide to alter or discontinue elements of its business strategy and may
adopt alternative or additional strategies in response to the operating environment or competitive situation or other factors or events
beyond its control.
Kalera
lacks useful financial information for the accurate estimation of its future capital expenditures and unit economics.
As
a result of Kalera being in an early commercial phase, there is a lack of useful financial information for the accurate estimation of
future capital expenditures and unit economics. This applies in particular to Kalera's Orlando, Atlanta, Houston, Denver, and Kuwait
facilities, which commenced operations in February 2020, September 2021 (post electrical component upgrades), October 2021, April 2022
and March 2020 respectively, and on which its estimates of capital expenditure and unit economics for new facilities are based. Any failure
by Kalera to estimate its capital expenditure and unit economics accurately could limit its ability to implement its roll-out and commercial
strategy and to accurately forecast future cash flow needs. In addition, the economics for new facilities can also be subject to adverse
changes or developments affecting any new facilities and that could impair Kalera's ability to produce the business results and
prospects as expected. Such adverse changes and developments include, but are not limited to, natural disasters, fire, power interruptions,
disease outbreaks or pandemics (such as COVID-19), or changes in customer demand.
Kalera
is an early stage company with a history of losses and expects to continue to incur losses going forward.
Kalera
is an early stage company and has incurred significant operating losses since its incorporation. Historically, Kalera has financed its
operations mainly through the sale of equity securities and in part through diverse financing arrangements. Going forward, Kalera expects
to continue to incur operating losses for the foreseeable future and no assurances can be given on when, or if at all, Kalera will achieve
profitability from its operations. The extent of Kalera's losses going forward will depend, in part, on its future expenses and
its ability to generate revenue. Achieving profitability is dependent on a number of factors, amongst others, Kalera succeeding with
its roll-out and commercialization strategy, but also the operating environment, the competitive environment and other factors or events
beyond its control.
8
Kalera
expects the rate at which it will incur losses to be significantly higher in future periods as it:
●
expands
    its commercial production capabilities and incurs construction costs associated with building its facilities;
●
completes
    the buildout of its facilities in Honolulu, Columbus, Seattle, St Paul, and Singapore;
●
identifies
    and invests in future growth opportunities, including new or expanded facilities and new product lines and potentially undertaking
    future acquisitions such as the &ever acquisition;
●
integrates
    the business of &ever;
●
increases
    its spending on research, innovation and development;
●
increases
    its expenditures associated with its supply chain;
●
increases
    its sales and marketing activities to increase brand awareness and the sales of its products and develops its distribution infrastructure;
    and
●
incurs
    additional general and administrative expenses, including increased finance, legal and accounting expenses, to support its growing
    operations and infrastructure.
The
abovementioned efforts may be more expensive than Kalera currently estimates or such investments may not result in additional or commensurately
higher revenue, which would further increase its losses. In addition, its revenue growth may slow or decline for a number of other reasons,
including reduced demand for its products, increased competition, a decrease in the growth or reduction in size of its overall market,
the impacts to its business from the COVID-19 pandemic, or if Kalera cannot capitalize on growth opportunities. Kalera may never succeed
in becoming profitable and, even if it does, it may never generate revenue or sustainable income that is significant enough to maintain
profitability. Should any of these risks materialize, it could have a material and adverse effect on its business, financial condition,
results of operations, cash flows, time to market and prospects.
Kalera's
business may suffer if it does not achieve the anticipated benefits of the &ever Acquisition.
Kalera
expects to achieve certain benefits as a result of the &ever Acquisition. There can be no assurances that Kalera will realize the
expected benefits currently anticipated from the &ever Acquisition or that &ever will perform according to Kalera's projections
following the &ever Acquisition. A failure to achieve any of the anticipated benefits of the &ever Acquisition or a failure of
&ever to perform according to Kalera's projections could adversely affect Kalera's business, financial condition and
results of operations.
Kalera
may be unable to successfully integrate &ever in order to realize the anticipated benefits of the &ever Acquisition or do so
within the intended time frame.
Kalera
has and will be required to devote significant management attention and resources to integrating the business practices and operations
of &ever with Kalera. This integration may prove to be more difficult, costly and time-consuming than expected, which could cause
us not to realize some or all of the anticipated benefits from the &ever Acquisition. Potential difficulties we may encounter as
part of the integration process include the following:
9
●
any
    delay in the integration of management teams, strategies, operations, products and services;
●
diversion
    of the attention of management of Kalera or &ever as a result of the &ever Acquisition;
●
differences
    in business backgrounds, corporate cultures and management philosophies that may delay successful integration;
●
the
    ability to retain key employees;
●
potential
    unknown liabilities and unforeseen increased expenses or delays associated with the &ever Acquisition, including costs to integrate
    &ever beyond current estimates; and
●
the
    disruption of, or the loss of momentum in, either Kalera's or &ever's ongoing operations or inconsistencies in standards,
    controls, procedures and policies.
Any
of these factors could adversely affect &ever's ability to maintain relationships with customers, suppliers, employees and
other constituencies or Kalera's ability to achieve the anticipated benefits of the &ever Acquisition or could reduce earnings
or otherwise adversely affect Kalera's business, financial condition and results of operations after the &ever Acquisition.
Kalera's
growth plans depend on deploying new production facilities, which will require significant expenditures and may be subject to delays
in construction and unexpected costs due to governmental approvals and permitting requirements, reliance on third parties for construction,
delays relating to material delivery and supply chains, and fluctuating material prices.
Kalera's
build-out of new production facilities will be dependent on a number of key inputs and their related costs including materials such as
steel, aluminum, plastic materials, electronic components, horticultural lights, and other supplies, as well as access to electricity,
internet, and other local utilities. Any significant interruption or negative change in the availability or economics of the supply chain
for key inputs for new facility build-out could materially impact Kalera's business, financial condition and operating results.
Kalera plans to rely on local contractors for the building of its production facilities. If Kalera or its contractors encounter unexpected
costs, delays or other problems in building any production facility, Kalera's financial position and ability to execute on its
growth strategy could be negatively affected. Any inability to secure required materials and services to build out such facility, or
to do so on appropriate terms, could have a materially adverse impact on Kalera's business, financial condition and operating results.
Kalera may also face unexpected delays in obtaining the required governmental permits and approvals in connection with the build-out
of its planned facilities which could require significant time and financial resources and delay its ability to operate these facilities.
The
costs to procure such materials and services to build new facilities may fluctuate widely based on the impact of numerous factors beyond
the Kalera's control including, international, economic and political trends, foreign currency fluctuations, inflation, global
or regional consumptive patterns, speculative activities and increased or improved production and distribution methods.
COVID-19
continues to impact worldwide economic activity, and the governments of many countries, states, cities and other geographic regions have
taken preventative or protective actions, which are creating disruption in global supply chains such as closures or other restrictions
on the conduct of business operations of manufacturers, suppliers and vendors. The recovery from COVID-19 also may have risks in that
increased economic activity globally or regionally may result in high demand for, and constrained access to, materials and services required
for Kalera to construct and commission new facilities, which may lead to increased costs or delays that could materially and adversely
affect Kalera's business.
10
Global
demand on shipping and transport services may cause delays in key input supply, which could impact Kalera's ability to obtain materials
or build its production facilities in a timely manner. These factors could otherwise disrupt the Group's operations and could negatively
impact its business, financial condition and results of operations. Logistical problems, unexpected costs, and delays in production facility
construction, whether or not caused by the COVID-19 pandemic, which cannot be directly controlled by Kalera, may cause prolonged disruption
to or increased costs of third-party transportation services used to ship materials, which could negatively affect the Kalera's
facility building schedule, and more generally its business, financial condition, results of operations and prospects. If Kalera experiences
significant unexpected delays in construction, it may have to delay or limit its growth depending on the timing and extent of the delays,
which could harm Kalera's business, financial condition and results of operation.
Inflation
and increases in operating costs could materially and adversely impact Kalera's business, financial position, results of operations,
and cash flows.
The
cost of producing and supplying Kalera's products is affected by many factors, some of which can be volatile and some of which
may be challenging. The cost of producing and supplying Kalera's products could be impacted by significant inflation in labor,
raw materials, energy and other items necessary to produce and supply our products. Kalera may not be able to increase prices to pass
through all cost inflation or to improve its productivity sufficiently to nullify such impact of cost inflation, which could have a material
adverse impact on Kalera's business, financial condition, results of operations, and cash flows.
A
delay in the completion of, or cost overruns in relation to, the construction of new facilities may affect Kalera's ability to
achieve its operational plan and full schedule of production, thereby adversely impacting Kalera's business and results of operations.
As
of the date of this prospectus, Kalera has three large-scale facilities under construction, which are expected to be completed during
2022 and 2023. For the large-scale facilities, Kalera leases buildings but bears the cost associated with customizing the buildings for
its vertical farming operations. For customizing the buildings, Kalera relies on third party constructors and other service providers.
Any delay by such third parties in the completion of construction may result in a decrease in revenues expected to be received by Kalera
from operations as a result of the commencement of full-scale operations on a date later than originally expected, thereby adversely
impacting Kalera's business and results of operations, especially if completion of construction is delayed on several large-scale
production facilities at the same time. The construction of new facilities is also subject to other risks that may cause delays or cost
overruns, including issues tied to material delivery, supply chains, fluctuating material prices, transportation services, electricity
and other local utilities. These risks may in turn cause disruptions to operations and the need to implement changes in production to
adapt to such delays, including the commissioning of systems before final completion, all of which could have a material adverse effect
on production and Kalera's business, results of operations, cash flows, financial condition and/or prospects.
Production
ramp-up time is dependent on a number of factors, all of which may affect full schedule of production and yields achieved
Kalera
currently has five large-scale facilities in operation, all in production ramp-up phase. The estimated time it takes to ramp-up the production
and the production yields achieved are subject to several factors, some of which are beyond Kalera's control. For example, COVID-19,
which significantly impacted the foodservice industry in Central Florida and beyond, resulted in lower production needs. As a consequence,
Kalera may have to slow down the ramp-up of its production from a large-scale facility and Kalera may also need to alter the proportion
or production that is planned for either the retail market or the food service industry.
11
Obtaining
good production yields, is dependent on a number of factors, where the most important is achieving good environmental conditions at the
facilities, hereunder temperature, humidity and sufficient airflow. Additional factors include supplying adequate light to the crops,
water, and fertilizers. Climate control, air flow, lighting, water treatment, irrigation, and nutrient dosage equipment may break down
due to several possible causes, some of which are beyond Kalera's control. Returning down equipment back to operation after a breakdown
event may be delayed due to slow response time by manufacturers, suppliers, dealers, or repair service providers and/or by delayed availability
of replacement parts.
Ramping
up and maintaining strong production yields is also dependent on availability and development of a trained work force. Lack of a trained
work force may negatively affect production ramp-up plans and yields achieved.
Should
the production ramp-up phase take longer than projected at one or several facilities or if Kalera does not succeed in obtaining strong
production yields, this could have a material adverse effect on production and Kalera's business, results of operations, cash flows,
financial condition and/or prospects.
The
industry in which Kalera operates is highly competitive and Kalera may not be able to compete successfully in such industry.
Kalera
competes in an industry still under establishment that is increasingly competitive. The competition is comprised of both traditional
farming and companies in CEA. Kalera expects to continue to experience competition from both existing and new competitors, some of which
are more established and who may have (i) greater capital and/or commercial, marketing and technical resources, (ii) longer operating
histories and/or (iii) superior brand recognition. Kalera's competitors may be able to adapt more quickly to new or emerging technologies,
changes in customer requirements and changes in the regulatory environment. In addition, current and potential competitors have established
or may establish financial or strategic relationships among themselves or with existing or potential customers or other third parties.
Accordingly, new competitors or alliances among competitors could emerge and rapidly acquire significant market share. Kalera's
competitors may also improve their relative competitive position by successfully introducing new products or products that can be substituted
for Kalera's products, improving their production processes, or expanding their capacity or production capabilities. This could
put pressure on Kalera to reduce its prices, resulting in lower profitability or, in the alternative, cause Kalera to lose market share
if Kalera fails to reduce prices. If Kalera is unable to keep pace with its competitors' product and manufacturing process innovations
or cost position, it could harm Kalera's results of operations, financial condition and cash flows.
Further,
Kalera believes that competitive pressure will likely increase as early entrants into the market start to show revenue growth and profitability.
If Kalera is unable to remain competitive, this could have a material adverse effect on its revenues, profitability, liquidity, cash
flow, financial positions and/or prospects.
If
Kalera fails to develop and maintain its brand, its business could suffer.
Kalera's
continuing mission is to build an iconic vertical farming brand that is focused on sustainable and technology driven agriculture. Kalera's
success depends on its ability to maintain and grow the value of the Kalera brand. Maintaining, promoting and positioning Kalera's
brand and reputation will depend on, among other factors, the success of Kalera's product offerings, food safety, quality assurance,
marketing and merchandising efforts, Kalera's continued focus on the environment and sustainability and Kalera's ability
to provide a consistent, high-quality consumer and customer experience. If Kalera is unable to promote its brand successfully or if its
competitors' marketing efforts are more effective, Kalera could fail to capture market share. In addition, any negative publicity,
regardless of its accuracy, could impair Kalera's business.
12
There
can be no assurance that Kalera's products will always comply with the standards set for its products. In addition, Kalera has
no control over its products once purchased by consumers. Accordingly, consumers may use Kalera's products in a manner that is
inconsistent with Kalera's directions or store Kalera's products for long periods of time, which may adversely affect the
quality and safety of Kalera's products. If consumers do not perceive Kalera's products to be safe or of high quality, then
the value of Kalera's brand would be diminished, and its business, results of operations and financial condition would be adversely
affected. Real or perceived quality or food safety concerns or failures to comply with applicable food regulations and requirements,
whether or not ultimately based on fact and whether or not involving Kalera (such as incidents involving Kalera's competitors)
may have a substantial and adverse effect on Kalera's brand, reputation and operating results.
Further,
the growing use of social and digital media by Kalera, Kalera's customers and third parties increases the speed and extent that
information or misinformation and opinions can be shared. Negative publicity about Kalera, Kalera's partners, any person associated
with Kalera, including board members and key employees and/or Kalera's products on social or digital media, or in general, could
seriously damage Kalera's brand and reputation. Brand value is based on perceptions of subjective qualities, and any incident that
erodes the trust and loyalty of Kalera's consumers, customers or distributors, including adverse publicity or a governmental investigation,
litigation or regulatory enforcement action, could significantly reduce the value of Kalera's brand and significantly damage its
business. If Kalera does not achieve and maintain a favorable perception of its brand, its business, financial condition and results
of operations could be adversely affected.
Kalera's
success, competitive position and future revenues will depend in part on its ability to further develop and protect its intellectual
property and know-how.
Kalera's
intellectual property mainly relates to production processes and methods, plant nutrient mixture formulas, custom hardware, software
code, and its trademarks. Our intellectual property forms the foundation of Kalera and drives the key elements of the business strategy.
Any failure by Kalera in protecting its intellectual property rights adequately could result in its competitors offering similar products,
potentially resulting in the loss of some of its competitive advantage and a decrease in its revenue which would adversely affect its
business, prospects, financial condition, operating results and/or prospects. Kalera's success depends, at least in part, on its
ability to further develop and protect its intellectual property. Kalera relies on a combination of patents, trade secrets, including
know-how, limiting access to key information, confidentiality provisions in agreements, confidentiality procedures and IT security to
protect its intellectual property rights. Kalera cannot give any assurance that the measures implemented to protect intellectual property
rights will give satisfactory protection, that its intellectual property rights can be successfully defended and asserted in the future
or that third parties will not infringe upon or misappropriate any such rights. Adequate remedies may not be available in the event of
an unauthorized use or disclosure of its production expertise or proprietary plant science. Intellectual property disputes and proceedings
and infringement claims could be burdensome and may result in a significant distraction for management and significant expense. Whether
or not measures to secure the intellectual property and other confidential information are successful, such information may still become
known to existing or new competitors or be independently developed.
Kalera's
failure to process, obtain or maintain adequate protection of its intellectual property rights for any reason, may have a material adverse
effect on Kalera's business, results of operations, financial condition and/or prospects.
Where
Kalera believes patent protection is not appropriate or obtainable, Kalera relies on trade secrets to protect some of its technology
and proprietary information. However, trade secrets can be difficult to protect. The misappropriation or other activities that may compromise
Kalera's trade secrets may lead to a reduction or loss of its competitive advantages resulting from such trade secrets. Further,
litigating a claim that a third party had misappropriated Kalera's trade secrets would be expensive and time consuming, and the
outcome may be unpredictable. Moreover, if Kalera's competitors independently develop similar knowledge, methods and know-how,
it will be difficult for Kalera to enforce its rights and its business could be harmed.
13
Further,
Kalera may be required to make significant capital investments into the research and development of production methods, plant nutrient
mixture formulas, custom hardware and software codes and other intellectual property as Kalera develops, improves and scales its processes,
technologies and products, and failure to fund and make these investments, or underperformance of the technology funded by these investments,
could severely impact Kalera's business, financial condition, results of operations and prospects.
Kalera
currently relies on a limited number of facilities for all of its operations.
As
of the date of this prospectus, Kalera has five large-scale facilities in operation. Adverse changes or developments affecting any of
these facilities could impair its ability to produce its products and fulfill its contractual obligations. Any shutdown or period of
reduced production at a single facility, which may be caused by regulatory noncompliance or other issues, as well as other factors beyond
its control, such as severe weather conditions, natural disaster, fire, power interruption, work stoppage, disease outbreaks or pandemics
(such as COVID-19), equipment failure or delay in supply delivery, would significantly disrupt its ability to grow and deliver its produce
in a timely manner, meet its contractual obligations and operate its business. As an example, Kalera's Atlanta facility experienced
intermittent faults on electrical components that drive the grow lights. The intermittent outages forced delays in shipments to new customers,
which negatively impacted revenues in May, June, and July 2021.
The
equipment in Kalera's facilities is costly to replace or repair, and its equipment supply chains may be disrupted in connection
with pandemics, such as COVID-19, trade wars or other factors. If any material amount of its machinery were damaged, it would be unable
to predict when, if at all, Kalera could replace or repair such machinery or find suitable alternative machinery, which could adversely
affect its business, financial condition, results of operations and prospects. Any insurance coverage that Kalera has acquired may not
be sufficient to cover all of its potential losses and may not continue to be available to it on acceptable terms, or at all.
Kalera's
commercial success is dependent on its ability to enter into produce distribution agreements and other agreements with third parties.
Kalera's
large-scale production facilities generally serve customers within a 300-mile radius of the relevant facility. As Kalera continues its
roll-out plan by building new facilities, Kalera may be dependent on entering into new produce distribution agreements with new customers
located within the target radius or renegotiating existing produce distribution agreements to also cover such new areas. Should Kalera
be unsuccessful in entering into new produce distribution agreements, this could in turn have a material adverse effect on its business,
results of operations, financial condition and/or prospects.
Kalera
uses a limited number of distributors and large retailers for the substantial majority of its sales, and if it experiences the loss of
one or more of its distributors or large retailers and cannot replace them in a timely manner, Kalera's results of operations may
be adversely affected.
Many
customers purchase Kalera's products through food distributors which purchase, store, sell, and deliver its products to food service
providers or retailers. Alternatively, some large retail customers may purchase products directly from Kalera. For the six months ended
June 30, 2022, Kalera's largest customers in terms of their respective percentage of sales included the following: Publix (26%),
H-E-B Grocery (16%), Kroger (10%), Sysco (9%), Harvill's Produce Co. (9%) and US Foods (5%). For the foreseeable future,
Kalera expects that most of its sales will be made through a core number of distributors or directly to a core number of large retailers.
Kalera does not have short-term or long-term commitments or minimum purchase volumes in its contracts with the distributors or large
retailers that ensure future sales of its products. If Kalera loses one or more of its significant distributors or large retailers and
cannot replace the distributor or large retailer or do so in a timely manner, its business, results of operation and financial condition
may be materially adversely affected.
14
Consolidation
of customers or the loss of a significant customer could negatively impact Kalera's sales and profitability.
Supermarkets
in North America continue to consolidate. This consolidation has produced larger, more sophisticated organizations with increased negotiating
and buying power that are able to resist price increases, as well as operate with lower inventories, decrease the number of brands that
they carry and increase their emphasis on private label products, all of which could negatively impact Kalera's business. The consolidation
of retail customers also increases the risk that a significant adverse impact on their business could have a corresponding material adverse
impact on Kalera's business.
The
loss of any large customer, the reduction of purchasing levels or the cancellation of any business from a large customer for an extended
length of time could negatively impact Kalera's sales and profitability. Furthermore, as retailers consolidate, they may reduce
the number of branded products they offer in order to accommodate private label products and generate more competitive terms from branded
suppliers. Consequently, Kalera's financial results may fluctuate significantly from period to period based on the actions of one
or more significant retailers. A retailer may take actions that affect Kalera for reasons that it cannot always anticipate or control,
such as their financial condition, changes in their business strategy or operations, the introduction of competing products or the perceived
quality of its products. Despite operating in different channels, Kalera's retailers sometimes compete for the same consumers.
Because of actual or perceived conflicts resulting from this competition, retailers may take actions that negatively affect Kalera.
Kalera
may face difficulties as it expands its operations into geographical locations in which it has no prior operating experience.
Kalera's
growth strategy includes developing new vertical farming facilities and the expansion of its product lines.
Kalera's
newest facilities include those in Atlanta, Georgia, which began operations in March 2021, Houston, Texas, which began operations in
October 2021, and Denver, which began operations in April 2022. Internationally, Kalera's newest facility is in Kuwait, acquired
through the &ever Acquisition, which began operations in March 2020 and continued ramp-up in October 2021 after Kuwait's COVID-19
related international travel ban had been lifted. Any substantial delay in bringing these facilities up to full production on our current
schedule may hinder Kalera's ability to produce all of the estimated produce and/or achieve its expected financial performance.
Even if Kalera's new facilities are brought up to full production according to our current schedule, they may not provide all of
the operational and financial benefits Kalera expects to receive.
Identifying,
planning, developing, constructing and finishing new large-scale vertical farming facilities has required and will continue to require
substantial time, efforts and resources. Kalera may be unsuccessful in identifying available sites that are conducive to its planned
projects, and even if identified, Kalera may ultimately be unable to lease or purchase the land for any number of reasons. Additionally,
if Kalera overestimates market demand and expands into new locations too quickly, Kalera may have significantly underutilized assets
and may experience reduced profitability. If Kalera does not accurately align capacity at its facilities with demand, its business, financial
condition and results of operations could be adversely affected. Kalera intends to further expand its footprint in order to enter into
new markets, including new international locations. It may be difficult for Kalera to understand and accurately predict taste preferences
and purchasing habits of consumers in these new geographic markets. It is costly to establish, develop and maintain wide ranging operations
and develop and promote its brand in multiple markets. As Kalera expands its business into new locations, Kalera may encounter regulatory,
legal, personnel, technological and other difficulties that increase its expenses and/or delay its ability to become profitable in such
locations, which may have a material adverse effect on its business and brand.
15
A
continued rollout of Kalera's in-store grow towers and grow boxes is dependent on Kalera being able to reach agreements with new
supermarket chains. Further, Kalera may spend time and resources developing facilities at the expense of other appropriate facilities,
which may ultimately have been a better selection or more profitable location, or the project start date for new facilities may have
to be postponed due to existing facilities and/or other operations and projects requiring more resources than originally estimated.
A
key element of Kalera's growth strategy depends on Kalera's ability to develop, produce and market new products and improvements
to its existing products that meet its standards for quality and appeal to consumer preferences. The success of Kalera's innovation
and product development efforts is affected by its ability to anticipate changes in consumer preferences, the technical capability of
its innovation staff in developing and testing product prototypes, including complying with applicable governmental regulations, and
the success of its management and sales and marketing teams in introducing and marketing new products. Failure to develop, produce and
market new products that appeal to consumers may lead to a decrease in Kalera's growth, sales and profitability. The development
and introduction of new products requires substantial research, development and marketing expenditures, which Kalera may be unable to
recoup if the new products do not gain widespread market acceptance. Kalera may invest in product opportunities that are not ultimately
successful or profitable. If Kalera is unsuccessful in meeting its objectives with respect to new or improved products, its business
could be harmed.
Kalera's
sales and operating results will be adversely affected if it fails to implement our growth strategy successfully or if it invests resources
in a growth strategy that ultimately proves unsuccessful as Kalera expands its operations into new geographical locations.
Kalera
may not be able to identify suitable acquisition candidates or consummate acquisitions on acceptable terms, and as Kalera acquires companies
or technologies in the future, they could prove difficult to integrate, disrupt Kalera's core business, dilute stockholder value
and adversely impact Kalera's business and operating results and the value of your investment.
As
part of Kalera's business strategy, it regularly evaluates investments in, or acquisitions of, complementary businesses, joint
ventures, services, products and technologies. Kalera acquired Vindara, Inc. ("
Vindara
") and &ever in 2021. Kalera
intends to continue to pursue complementary acquisitions in the future, expand its customer base and provide access to new markets and
increase benefits of scale. Acquisitions involve certain known and unknown risks that could cause actual growth or operating results
to differ from expectations. For example:
●
Kalera
                                            may not be able to identify suitable acquisition candidates or to consummate acquisitions
                                            on acceptable terms;
●
Kalera
                                            may pursue additional international acquisitions, which could pose more risks than domestic
                                            acquisitions;
●
Kalera
                                            competes with others to acquire complementary products, technologies and businesses, which
                                            may result in decreased availability of, or increased price for, suitable acquisition candidates;
16
●
Kalera
                                            may not be able to obtain the necessary financing, on favorable terms or at all, to finance
                                            any or all of its potential acquisitions;
●
Kalera
                                            may ultimately fail to consummate an acquisition even if Kalera announces that it plans to
                                            acquire a technology, product or business; and
●
acquired
                                            technologies, products or businesses may not perform as Kalera expects and Kalera may fail
                                            to realize anticipated revenue and profits.
In
addition, Kalera's acquisition strategy may divert management's attention away from Kalera's existing business, resulting
in the loss of key customers or employees, and expose Kalera to unanticipated problems or legal liabilities, including responsibility
as a successor for undisclosed or contingent liabilities of acquired businesses or assets.
If
Kalera fails to conduct due diligence on its potential targets effectively, Kalera may, for example, not identify problems at target
companies or fail to recognize incompatibilities or other obstacles to successful integration. Kalera's inability to successfully
integrate future acquisitions could impede Kalera from realizing all of the benefits of those acquisitions and could severely weaken
its business operations. The integration process may disrupt Kalera's business and, if new technologies, products or businesses
are not implemented effectively, may preclude the realization of the full benefits expected by Kalera, which could harm its results of
operations. In addition, the overall integration of new technologies, products or businesses may result in unanticipated challenges,
expenses, liabilities and competitive responses. The difficulties integrating an acquisition include, among other things:
●
issues
                                            in integrating the target company's technologies, products or businesses with ours;
●
incompatibility
                                            of marketing and administration methods;
●
maintaining
                                            employee morale and retaining key employees;
●
integrating
                                            the cultures of both companies;
●
preserving
                                            important strategic customer relationships;
●
consolidating
                                            corporate and administrative infrastructures and eliminating duplicative operations; and
●
coordinating
                                            and integrating geographically separate organizations.
In
addition, even if the operations of an acquisition are integrated successfully, Kalera may not realize the full benefits of the acquisition,
including the synergies, cost savings or growth opportunities that Kalera expects. These benefits may not be achieved within the anticipated
time frame, or at all. Further, acquisitions may cause Kalera to:
●
issue
                                            consideration shares or carry out share issues to fund the purchase price for the acquisition,
                                            both of which could dilute shareholders' ownership percentages;
●
use
                                            a substantial portion of available cash resources;
●
increase
                                            its interest expense, leverage and debt service requirements if Kalera incurs additional
                                            debt to pay for an acquisition;
●
assume
                                            liabilities for which it does not have indemnification from the former owners; further, indemnification
                                            obligations may be subject to dispute or concerns regarding the creditworthiness of the former
                                            owners;
17
●
record
                                            goodwill and non-amortizable intangible assets that are subject to impairment testing and
                                            potential impairment charges;
●
experience
                                            volatility in earnings due to changes in contingent consideration related to acquisition
                                            earn-out liability estimates;
●
incur
                                            amortization expenses related to certain intangible assets;
●
lose
                                            existing or potential contracts as a result of conflict of interest issues;
●
become
                                            subject to adverse tax consequences or deferred compensation charges;
●
incur
                                            large and immediate write-offs; or
●
become
                                            subject to litigation.
Consumer
satisfaction is important to Kalera's success, and the lack thereof, may have a material effect on its financial performance.
The
market in which Kalera operates is subject to changes in consumer preference, perception and spending habits. Kalera's products
are ultimately sold to consumers which may have different product criteria and expectations with regard to leafy greens, such as, but
not limited to, cleanness, pesticide-free, non-GMO, locally grown, nutrient rich, quality in general and price. Failing to meet one or
more of such criteria can reduce consumer satisfaction for Kalera's products, and result in consumers not buying them. Unsatisfied
consumers may further generate negative publicity and affect our reputation. Even if Kalera meets one or more of the aforementioned criteria,
other factors could result in the consumers not buying our products, amongst others, consumer income and spending habits among consumers,
concerns regarding vertical farming as opposed to traditional farming, consumers not being able to differentiate the quality of Kalera's
products from those of its competitors, competitors being able to market and advertise their products towards consumers better, Kalera
not being successful in identifying trends in consumer preferences and growing or developing products that respond to such trends in
a timely manner, shifts in the perceived value for Kalera products relative to alternatives or consumer confidence in and perception
of the safety and quality of our products. Should consumers, for any reason, not buy Kalera's products, this may impact the willingness
of Kalera's customers, which are predominantly distributors to the foodservice market segment and retailers, to continue to do
business with Kalera, which in turn would have a material adverse effect on our business, results of operations, financial condition
and/or prospects.
The
failure of suppliers to perform their obligations, Kalera's inability to replace or renew supply agreements when they expire, or
disruptions in the supply chain could increase Kalera's cost of goods sold, interrupt production, result in a loss of customers
or damage to Kalera's reputation, or otherwise adversely affect Kalera's results of operations.
Aside
from the raw materials used in our production process, Kalera's facilities require certain other materials, such as LED grow lights
and racks to be supplied on time and in the correct quantities in order to function properly. If Kalera is unable to secure agreements
for the necessary amount of such supplies, if the terms of such agreements are not honored or if a supplier terminates an agreement,
Kalera will be required to obtain alternate sources for the relevant materials. Kalera may not be able to obtain these materials in sufficient
quantities, on economic terms, or in a timely manner, and Kalera may not be able to enter into long-term supply agreements on terms as
favorable to it, if at all. A lack of availability of any such materials could limit Kalera's production capabilities and prevent
Kalera from fulfilling customer orders, and therefore harm its reputation as well as our business, results of operations, financial condition
and/or prospects.
18
For
example, Kalera has an arrangement with Signify pursuant to which Signify is the exclusive supplier for LED grow lights for Kalera's
farms. Any inability to maintain or renew this relationship on favorable terms, or at all, could have a material adverse effect on Kalera's
financial condition and results of operations.
In
addition, Kalera screens suppliers for quality, if those suppliers are unable to fulfill orders on a timely basis or choose to terminate
or otherwise breach contractual arrangements, Kalera may not be able to obtain products from alternate sources or in a timely manner.
The loss of one or more significant suppliers or a supplier of certain key products, or a significant change in the business strategies
of Kalera's suppliers, could interrupt production.
Estimates
of market opportunity and forecasts of market growth may prove to be inaccurate or not materialize, and even if the market in which Kalera
competes achieves the forecasted growth, its business could fail to grow at similar rates, if at all.
According
to IndexBox, the global market for lettuce and chicory has seen stable growth with a CAGR of 1.2% from 2007 to 2017, and is projected
to continue its stable development, resulting in an increased market volume in the years to come. Projections, market opportunity estimates
and estimates on future market growth, including those included in this prospectus are subject to significant uncertainty and are based
on assumptions and estimates that may not prove to be accurate, particularly in light of the ongoing COVID-19 pandemic and the related
economic impact. The variables that go into the calculation of expected market opportunity are subject to change over time, and there
is no guarantee that any particular number or percentage of customers covered by these market opportunity estimates will purchase our
products at all or generate any particular level of revenue for us. Any expansion in Kalera's market depends on a number of factors,
including the cost and perceived value associated with our products and those of Kalera's competitors. Even if the market in which
Kalera competes meets the size estimates and growth forecast, Kalera's business could fail to grow at the rate anticipated, if
at all. Kalera's growth is subject to many factors, including success in implementing its business strategy, which is subject to
many risks and uncertainties.
Failure
to retain and motivate Kalera's senior management may adversely affect its operations and growth prospects.
Kalera's
success relies upon the continued service of certain members of its senior management, particularly those with specialist scientific
knowledge such as Dr. Cristian Toma, our Chief Science Officer and Co-Founder, and Dr. Jade Stinson, President and Co-Founder of Vindara.
Such executives have been primarily responsible for determining the strategic direction of Kalera's business and for executing
its growth strategy and are integral to its brand, culture and the reputation Kalera enjoys with suppliers, distributors, customers and
consumers. The loss of the services of any executives could have a material adverse effect on its business and prospects, as Kalera may
not be able to find suitable individuals to replace them on a timely basis, if at all. In addition, any such departure could be viewed
in a negative light by investors and analysts, which may cause the price of Kalera's common stock to decline.
Kalera
is reliant on key personnel and the ability to attract new, qualified personnel.
Kalera
is highly dependent upon having a highly qualified team and is therefore reliant on key personnel and the ability to retain and attract
new, qualified personnel, particularly those with experience in plant science and genetics. The loss of a key person might impede the
achievement of Kalera's development and commercial objectives. Competition for key personnel with the required competences and
experience is intense, and the competition for such personnel is expected to continue to increase. Many of the companies that Kalera
competes with for experienced employees have greater resources than Kalera and may be able to offer more attractive terms of employment.
There is no assurance that Kalera will be able to recruit the required new key personnel in the future. Any failure to retain or attract
such personnel could result in Kalera not being able to successfully implement its strategy, which could have a material and adverse
effect on Kalera's business, financial condition, results of operations, cash flows and/or prospects.
19
Ingredient,
packaging and energy costs are volatile and may rise significantly, which may negatively impact the profitability of Kalera's business.
Kalera
purchases large quantities of raw materials, including seeds, nutrients and growing media. In addition, Kalera purchases and uses significant
quantities of cardboard, film and plastic to package its products. Costs of ingredients and packaging are volatile and can fluctuate
due to conditions that are difficult to predict, including global competition for resources, weather conditions, consumer demand and
changes in governmental trade and agricultural programs. Volatility in the prices of raw materials and other supplies that Kalera purchases
could increase its cost of sales and reduce our profitability. In addition, energy costs are one of the most significant elements in
Kalera's cost of goods sold because of the LED grow lights are used in its facilities, making Kalera vulnerable to any spikes in
price and also to power outages. Without an energy supply our facilities can keep plants alive for a maximum of four (4) days, meaning
that a prolonged disruption in the supply of energy would be devastating for Kalera's produce. Kalera may not be able to implement
price increases for its products to cover any increased costs, and any price increases Kalera does implement may result in lower sales
volumes. If Kalera is not successful in managing its ingredient, packaging and energy costs, if Kalera is unable to increase our prices
to cover increased costs or if such price increases reduce its sales volumes, then such increases in costs will adversely affect its
business, financial condition, results of operations, cash flow and/or prospects.
Kalera
faces risks inherent in the agriculture business, including the risks of diseases and pests.
Kalera
produces lettuce and leafy greens inside controlled environment growing facilities. As such, Kalera is subject to the risks inherent
in an agricultural business, such as insects, plant and seed diseases and similar agricultural risks, which may include crop losses.
Although its grocery is grown in climate-controlled circumstances, there can be no assurance that natural elements will not have an effect
on production. In particular, plant diseases, such as root rot, virus, or pest infestations, can destroy all or a significant portion
of its produce and could eliminate or significantly reduce production at a growing facility.
Although
Kalera uses cleanroom technologies and procedures to reduce the risks of diseases and pests, such risks may not be totally eliminated.
In addition, diseases and pests can make their way into facilities from outside sources over which Kalera has limited or no control.
Diseases and pests can be inadvertently brought in by employees, from seeds and vendors and from the trucks that transport supplies to
the facilities. Once a disease or pest is introduced, Kalera will need to quickly identify the problem and take remedial action in order
to preserve the growing season. Failure to identify and remediate any diseases or pests in a timely manner could cause the loss of all
or a portion of Kalera's crop and result in substantial time and resources to resume operations. Crop losses as a result of these
agricultural risks could negatively impact Kalera's business, prospects, financial condition, results of operations and cash flows.
20
The
outbreak of COVID-19 may have significant negative effects on Kalera's business.
Kalera's
performance is affected by the global economic conditions in the market in which it operates. The global economy has been experiencing
a period of uncertainty since the outbreak of COVID-19, which was recognized as a pandemic by the World Health Organization in March
2020. The global outbreak of COVID-19, and the extraordinary health measures and restrictions on a local and global basis imposed by
authorities across the world has, and may continue to cause, disruptions in Kalera's value chain. Moreover, as a result of COVID-19,
national authorities adopted several laws and regulations with immediate effect and which provide a legal basis for the government to
implement measures in order to limit the contagion and the consequences of COVID-19. Companies have also taken precautions, such as requiring
employees to work remotely, imposing travel restrictions and temporarily closing businesses. To the extent that these restrictions remain
in place, or are re-imposed, additional prevention and mitigation measures are implemented in the future, or there is uncertainty about
the effectiveness of these or any other measures to contain or treat COVID-19, there is likely to be an adverse impact on global economic
conditions and consumer confidence and spending, which could materially and adversely affect Kalera's operations and demand for
its products. There may also be significant reductions or volatility in consumer demand for Kalera's products due to the temporary
inability of consumers to purchase these products due to illness, quarantine or financial hardship, shifts in demand away from one or
more of our products, decreased pantry-loading activity, any of which may negatively impact Kalera's results, including as a result
of an increased difficulty in planning for operations and future growing seasons.
Some
of the consequences for Kalera, more specifically, have been:
●
Some
                                            of Kalera's key customers, such as US Foods, FreshPoint and Levy, are predominantly
                                            distributors to the foodservice industry customers, and sales through these channels have
                                            been negatively impacted by temporary shutdowns due to COVID-19. This reduced demand for
                                            Kalera's products from these customers as the hospitality industry was forced to close
                                            for months and was not able to receive orders.
●
COVID-19
                                            has significantly impacted the foodservice industry in Central Florida and beyond resulting
                                            in lower production needs. As a consequence, Kalera had to slow down the ramp-up of its production
                                            from the large-scale facility in Orlando and reconfigure the facility to service the retail
                                            market. Since January 2021, sales from the Orlando facility have rapidly increased particularly
                                            driven by the recovery in Orlando's food service market as the economy reopened after
                                            the COVID-19 shutdown.
●
Kalera's
                                            on-site HyCube installation supplying Marriott's Orlando World Center resort has been
                                            affected due to a slow-down of hotel activities.
While
Kalera is currently working on scaling up its operations, the COVID-19 crisis is continuously changing, and new laws and regulations
that could directly, or indirectly, affect its operations may enter into force. The effects of the COVID-19 pandemic could in turn negatively
affect its revenue and operations going forward, where the severity of the COVID-19 pandemic and the exact impacts for it are highly
uncertain. The extent of COVID-19's effect on Kalera's operational and financial performance will depend on future developments,
including the duration, spread and intensity of the pandemic, all of which are uncertain and difficult to predict considering the rapidly
evolving landscape. As a result, it is not currently possible to ascertain the overall impact of COVID-19 on Kalera's business.
However, if the pandemic continues to persist as a severe worldwide health crisis, the disease could negatively impact Kalera's
business, financial condition results of operations and cash flows, and may also have the effect of heightening many of the other risks
described in this "Risk Factors" section. In addition, similar risks to those described for COVID-19 may occur in case of
a future outbreak of another pandemic or a similar global health threat.
Kalera
relies on information technology systems and any inadequacy, failure, interruption or security breaches of those systems, including a
cybersecurity incident or other technology disruptions, may harm its ability to effectively operate its business.
Kalera
uses computers, software and technology in almost all critical parts of our business operations. Such use gives rise to cybersecurity
risks, including security breaches, espionage, system disruption, theft and inadvertent release of information. Cybersecurity incidents
are increasing in their frequency, sophistication and intensity, with third-party phishing and social engineering attacks in particular
increasing in connection with the COVID-19 pandemic. Kalera's business involves sensitive information and intellectual property,
including technological know-how, private information about employees and financial and strategic information about it and its current
and targeted business partners.
21
Kalera
is dependent on various information technology systems, including, but not limited to, networks, applications and outsourced services
in connection with the current and planned operation of its business. A failure of these information technology systems to perform as
anticipated could cause Kalera's business to suffer. For example, Kalera uses Cloud-based and IoT-based automation and "big
data" analytics and AI for precise control of air and water quality, temperature and humidity, light, and nutrients in our operations.
If this software does not perform as anticipated, Kalera's equipment used in production may receive inadequate or erroneous information
about the condition of the vegetables being grown, which may result in increased mitigation expenses, waste, additional labor expenses
and partial or full loss of the produce.
While
Kalera has implemented and updates its measures to prevent security breaches and cyber incidents, Kalera has experienced certain cyber
incidents in the past and its preventative measures and incident response efforts are not a guarantee that cyber incidents or breaches
will not occur in the future. The theft, destruction, loss, misappropriation or release of sensitive information or intellectual property,
or interference with Kalera's information technology systems or the technology systems of third parties on which Kalera relies,
could result in business disruption, negative publicity, brand damage, violation of privacy laws, loss of customers and distributors,
potential liability and competitive disadvantage all of which could negatively impact Kalera's business, financial condition, results
of operations and/or prospects.
In
addition, Kalera's information technology systems may be vulnerable to damage or interruption from circumstances beyond our control,
including fire, natural disasters, systems failures, viruses and security breaches. Any such damage or interruption could negatively
impact Kalera's business, financial condition, results of operations, cash flows, and/or prospects.
Conducting
business internationally, and international geopolitical events and economic factors, create operational, financial and tax risks for
Kalera's business.
Kalera's
business plan includes operations in international markets, including North America, Europe the Middle East and South-East Asia, and
the eventual expansion into other international markets. Conducting and launching operations on an international scale requires close
coordination of activities across multiple jurisdictions and time zones and consumes significant management resources. If Kalera fails
to coordinate and manage these activities effectively, its business, financial condition, prospects or results of operations could be
adversely affected. International sales entail a variety of risks, including currency exchange fluctuations, challenges in staffing and
managing foreign operations, tariffs and other trade barriers, unexpected changes in legislative or regulatory requirements of foreign
countries into which Kalera sells its products and services, difficulties in obtaining export licenses or in overcoming other trade barriers,
laws and business practices favoring local companies, political and economic instability, difficulties protecting or procuring intellectual
property rights, and restrictions resulting in delivery delays and significant taxes or other burdens of complying with a variety of
foreign laws.
Further,
global geopolitical events and international conflicts, including the ongoing military conflict between Russia and Ukraine, as well as
the economic sanctions implemented by the United States and other countries against Russia in response thereto, may negatively impact
markets, increase energy and transportation costs, and cause weaker macro-economic conditions. Although the length and impact of the
ongoing military conflict is highly unpredictable, the conflict between Russia and Ukraine could lead to market disruptions, including
significant volatility in commodity prices, credit and capital markets, as well as supply chain interruptions, all of which could impact
Kalera's business, financial condition and results of operations.
22
In
addition, the corporate structure of Kalera and its subsidiaries have entities in several jurisdictions such as Luxembourg, Ireland and
the Cayman Islands. Conducting operations in international markets as described above, subject to tax risk. The expected tax treatment
of Kalera and its subsidiaries relies on current tax laws and regulations, as well as certain tax treaties between the aforementioned
different jurisdictions. As such, unexpected changes, interpretation, application or enforcement practice in respect of legislative or
regulatory requirements of such tax laws in foreign countries in which Kalera or any of its subsidiaries is incorporated, tax resident
and/or conducting operations and sales in, including but not limited to, changes in treatment of sales and results of operations earned
in foreign and offshore jurisdictions, value added tax, cessation of tax treaties and recognition of tax law principles in other jurisdictions,
as well as other changes in corporate tax law, may adversely affect Kalera's business, financial conditions, prospects or result
of operations.
Kalera's
management has limited experience in operating a public company and the requirements of being a public company may strain Kalera's
resources, divert management's attention and affect the ability to attract and retain qualified board members and officers.
Kalera's
executive officers have limited experience in the management of a publicly traded company. Kalera's management team may not successfully
or effectively manage its transition to a U.S. public company that will be subject to significant regulatory oversight and reporting
obligations under U.S. federal securities laws. Their limited experience in dealing with the increasingly complex laws pertaining to
public companies could be a significant disadvantage in that it is likely that an increasing amount of their time may be devoted to these
activities which will result in less time being devoted to the management and growth of the combined company, which could harm Kalera's
business, prospects and results of operations. Kalera may not have adequate personnel with the appropriate level of knowledge, experience,
and training in the accounting policies, practices or internal controls over financial reporting required of public companies in the
United States. The development and implementation of the standards and controls necessary for the combined company to achieve the level
of accounting standards required of a public company in the United States may require costs greater than expected. It is possible that
the combined company will be required to expand its employee base and hire additional employees to support its operations as a public
company, which will increase its operating costs in future periods. Compliance with these rules and regulations will increase Kalera's
legal and financial compliance costs, make some activities more difficult, time-consuming or costly and increase demand on Kalera's
systems and resources.
Risks
Relating to Financing and Market Risk
Fluctuations
in currency exchange rates and changes to international trade agreements, tariffs, import and excise duties, taxes or other governmental
rules and regulations may impact Kalera's capital expenses and operational income.
Through
the acquisition of &ever, Kalera expanded its operations to beyond the United States to also include Germany, Kuwait and Singapore
(large-scale facility under construction), and Kalera may also establish operations in additional countries. Hence, Kalera will earn
revenues, pay expenses, own assets and incur liabilities in currencies other than the U.S. Dollar. Kalera's consolidated financial
statements are presented in U.S. Dollars, hence revenues, income and expenses, as well as assets and liabilities arising from any international
operations must be converted into U.S. Dollars at exchange rates in effect during or at the end of each reporting period. Increases or
decreases in the value of the U.S. Dollar against other currencies and changes to international trade agreements, tariffs, import and
excise duties, taxes or other governmental rules and regulations will accordingly affect Kalera's operating revenues, operating
income and the value of balance sheet items.
23
The
Farm Credit Loan and Security Agreement imposes significant operating and financial restrictions, which may have a material adverse effect
on Kalera's business.
The
loan and security agreement dated April 14, 2022, by and among Kalera, Inc., (a wholly owned subsidiary of Kalera SA), as borrower, the
guarantors party thereto from time to time, and Farm Credit of Central Florida, ACA, as lender (the "
Farm Credit Loan and Security
Agreement
"), imposes significant operating and financial restrictions, including, but not limited to:
●
incurring
                                            additional debt;
●
making
                                            investments;
●
merging,
                                            dissolving, liquidating or consolidating, or selling, transferring, licensing, leasing or
                                            disposing of all or substantially all of our assets;
●
making
                                            dividends and distributions;
●
entering
                                            into transactions with affiliates;
●
selling,
                                            transferring, licensing, leasing or disposing of certain assets;
●
engaging
                                            in any material line of business substantially different from those lines of business conducted
                                            by us on the date of the Farm Credit Loan and Security Agreement;
●
agreeing
                                            to certain restrictions on the ability of subsidiaries to make payments to our company, to
                                            transfer property to our company, to guarantee our indebtedness or to become a loan party
                                            under the Farm Credit Loan and Security Agreement;
●
agreeing
                                            to certain restrictions on the ability to create liens; and
●
creating
                                            liens or using assets as security in other transactions.
As
a result of such agreement, Kalera is limited as to how it may conduct business and accordingly, such agreement may result in a material
adverse effect on Kalera's financial condition and results of operations. Kalera or its subsidiaries may enter into additional
agreements which may include similar restrictions as those referenced above. The terms of any future indebtedness could include more
restrictive covenants. There can be no assurance that Kalera will be able to maintain compliance with these covenants or the debt service
obligations associated with its indebtedness, and, if it fails to do so, there can be no assurances that it will be able to obtain waivers
from the applicable lenders or investors and/or amend any of these arrangements. Moreover, the obligations under the Farm Credit Loan
and Security Agreement are secured and the lender thereunder will have a claim against the assets securing the related debt obligations
of Kalera, Inc. that will have priority to claims of Kalera equity securityholders generally. Additionally, the Farm Credit Loan and
Security Agreement is required to be guaranteed by certain subsidiaries of Kalera (excluding Kalera Real Estate Holdings, LLC), effectively
providing for claims against such subsidiaries which are structurally senior to Kalera equity securityholders generally. Future financing
arrangements will likely have similar guarantee, collateral and other restrictive terms that may have a material adverse impact on the
value of Kalera's securities.
For
more information see "Management's Discussion and Analysis of Financial Condition and Results of Operations-Liquidity and
Capital Resources-Farm Credit Loan and Security Agreement."
24
The
terms of the Secured Convertible Bridge Promissory Note may have a negative impact on Kalera's business and the value of Kalera's
securities and may result in substantial dilution to Kalera's equity securityholders.
On
March 4, 2022, Kalera SA entered into the Secured Convertible Bridge Promissory Note. The agreement provides for certain terms which
may have a negative impact on Kalera's business. Obligations under such agreement mature within one year of the applicable drawdown
date and carry a 10% pre-payment premium, if the pre-payment is effected prior to the consummation of the Business Combination. The Secured
Convertible Bridge Promissory Note was amended and replaced by the Amended and Restated Secured Convertible Bridge Promissory Note on
August 22, 2022, which was in turn amended and replaced by the Second Amended and Restated Secured Convertible Bridge Promissory Note
on September 19, 2022.
The
obligations under the Secured Convertible Bridge Promissory Note are secured and the creditors thereunder will have a claim against the
assets securing the related debt obligations that will have priority to claims of Kalera equity securityholders generally. Additionally,
the Secured Convertible Bridge Promissory Note is guaranteed by a subsidiary of Kalera, effectively providing for claims against such
subsidiary which are structurally senior to Kalera equity securityholders generally.
The
Secured Convertible Bridge Promissory Note is convertible into Kalera Ordinary Shares, subject to certain terms and conditions, which
may result in dilution to Kalera equity securityholders.
For
more information, please see "
Certain Relationships, Related Party and Other Transactions—Related Person Transactions—Secured
Convertible Bridge Promissory Note
" for more information.
Risks
Relating to Finance and Accounting
Agrico
has identified a material weakness in its internal control over financial reporting. This material weakness could continue to adversely
affect Agrico's and/or Kalera's ability to report results of operations and financial condition accurately and in a timely
manner.
Agrico
is responsible for establishing and maintaining adequate internal control over financial reporting designed to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with
accounting principles generally accepted in the United States of America. Agrico's management is likewise required to disclose
any changes and material weaknesses identified through such evaluation in those internal controls. A material weakness is a deficiency,
or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material
misstatement of annual or interim financial statements will not be prevented or detected on a timely basis.
On
November 15, 2021, the audit committee of the board of directors of Agrico concluded, after discussion with Agrico's management,
that Agrico's audited balance sheet as of July 12, 2021 filed as Exhibit 99.1 to the Agrico's Current Report on Form 8-K
filed with the SEC on July 21, 2021, should no longer be relied upon due to the restatement of Agrico Class A ordinary shares as temporary
equity.
Agrico's
Chief Executive Officer and Chief Financial Officer carried out an evaluation of the effectiveness of the design and operation of Agrico's
disclosure controls and procedures. Based upon their re-evaluation, Agrico's Chief Executive Officer and Chief Financial Officer
concluded that Agrico's disclosure controls and procedures were not effective during the period of time the error described above
persisted, due to a material weakness in internal controls over financial reporting in analyzing complex financial instruments. In light
of this material weakness, Agrico performed additional analysis as deemed necessary to ensure that Agrico's unaudited interim financial
statements were prepared in accordance with U.S. generally accepted accounting principles. Agrico reflected the restatements in Note
2 of the financial statements included in Agrico's Quarterly Report on Form 10-Q for the period ended September 30, 2021, filed
with the SEC on November 15, 2021.
25
Any
failure to maintain internal controls could adversely impact Agrico's and/or Kalera's ability to report its financial position
and results of operations on a timely and accurate basis. If Agrico's and/or Kalera's financial statements are not accurate,
investors may not have a complete understanding of its operations. Likewise, if Agrico's and/or Kalera's financial statements
are not filed on a timely basis, Agrico and/or Kalera could be subject to sanctions or investigations by the stock exchange on which
its securities are listed, the SEC or other regulatory authorities. In either case, there could result a material adverse effect on Agrico's
and/or Kalera's business. Ineffective internal controls could also cause investors to lose confidence in reported financial information,
which could have a negative effect on the trading price of Agrico and/or Kalera's securities.
There
can be no assurance that the measures Agrico has taken and plans to take in the future will remediate the material weakness identified
or that any additional material weaknesses or restatements of financial results will not arise in the future due to a failure to implement
and maintain adequate internal control over financial reporting or circumvention of these controls. In addition, even if Agrico and/or
Kalera is successful in strengthening its controls and procedures, in the future those controls and procedures may not be adequate to
prevent or identify irregularities or errors or to facilitate the fair presentation of financial statements.
Kalera
has identified a material weakness in its internal control over financial reporting and may identify additional material weaknesses in
the future or fail to maintain an effective system of internal control over financial reporting, which may result in material misstatements
of the Kalera consolidated financial statements or cause Kalera to fail to meet its periodic reporting obligations.
As
a private limited liability company incorporated in Norway, Kalera has not been required to document and test its internal controls over
financial reporting, nor has management been required to certify the effectiveness of its internal controls, and its auditors have not
been required to opine on the effectiveness of its internal control over financial reporting. Similarly, Kalera has not been subject
to the SEC's internal control reporting requirements. Kalera is subject to the requirement for management to certify the effectiveness
of its internal controls and, in due course, will become subject to the requirement with respect to auditor attestation on internal control
effectiveness.
In
connection with the audit of Kalera's consolidated financial statements as of and for the year ended December 31, 2021, Kalera
and its independent registered public accounting firm identified a material weakness in Kalera's internal control over financial
reporting. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting such that
there is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or
detected on a timely basis.
The
material weakness that Kalera and its independent registered public accounting firm identified, occurred because Kalera did not have
sufficient resources with the adequate technical skills to identify and evaluate significant accounting positions, estimates and conclusions
and relied upon third party experts for the annual calculation of its tax provisions due to global acquisitions with complex tax structures.
Due to inadequate procedures resulting from the loss of key accounting personnel at year end, timely reviews were not completed to ensure
an appropriate level of precision in such calculations and overall financial statement presentation disclosures.
Management,
with oversight from the Audit Committee and Board of Directors is in the process of implementing a remediation plan for this material
weakness, including, among other things, hiring additional tax accounting and financial reporting personnel and implementing process
level and management review controls to ensure the income tax provision calculations and overall financial statement presentation disclosures
are complete and accurate and to identify and address emerging risks.
26
There
can be no assurance that Kalera's efforts will remediate this deficiency in internal control over financial reporting or that additional
material weaknesses in Kalera's internal control over financial reporting will not be identified in the future. Kalera's
failure to implement and maintain effective internal control over financial reporting could result in errors in its or Kalera's
consolidated financial statements that could result in a restatement of Kalera and/or Kalera's financial statements, may subject
Kalera and/or Kalera to litigation and investigations, and could cause Kalera and/or Kalera to fail to meet our reporting obligations,
any of which could diminish investor confidence in Kalera and/or Kalera, cause a decline in the price of Kalera's common stock
and limit Kalera's ability to access capital markets.
If
Kalera discovers a material weakness in its internal control over financial reporting or otherwise fails to maintain effective internal
control over financial reporting, Kalera's ability to report its financial results on a timely and accurate basis and the market
price of its ordinary shares may be adversely affected.
The
Sarbanes-Oxley Act of 2002 (the "
Sarbanes-Oxley Act
") requires, among other things that Kalera evaluate the effectiveness
of its internal control over financial reporting and disclosure controls and procedures. Prior to the completion of the Business Combination,
Kalera was a company not subject to the Sarbanes-Oxley Act and did not have the necessary business processes and related internal controls
formally designed and implemented, coupled with the appropriate resources with the appropriate level of experience and technical expertise,
to oversee Kalera's business processes and controls. To comply with the Sarbanes-Oxley Act, Kalera may incur substantial cost,
expend significant management time on compliance-related issues and hire additional accounting, financial and internal audit staff with
appropriate public company experience and technical accounting knowledge. Moreover, if Kalera is not able to comply with the requirements
of the Sarbanes-Oxley Act in a timely manner or if Kalera or its independent registered public accounting firm identify deficiencies
in Kalera's internal control over financial reporting that are deemed to be material weaknesses, Kalera could be subject to sanctions
or investigations by the stock exchange on which its securities are listed, the SEC or other regulatory authorities, which would require
additional financial and management resources. Any failure to maintain effective disclosure controls and procedures or internal control
over financial reporting could have a material adverse effect on Kalera's business, prospects and operating results, and cause
a decline in the price of Kalera's securities.
If
Kalera is unable to establish and maintain an effective internal control environment, and build its finance infrastructure, investors
may lose confidence in the accuracy of Kalera's financial reports.
As
a U.S. public company, Kalera will operate in an increasingly demanding regulatory environment, which requires it to comply with the
Sarbanes-Oxley Act, the regulations of Nasdaq, the rules and regulations of the SEC, expanded disclosure requirements, accelerated reporting
requirements and more complex accounting rules. Company responsibilities required by the Sarbanes-Oxley Act include establishing corporate
oversight and adequate internal control over financial reporting and disclosure controls and procedures. Effective internal controls
are necessary for Kalera to produce reliable financial reports and are important to help prevent financial fraud. Commencing with its
fiscal year ending the year in which the Business Combination was completed, Kalera must perform system and process evaluation and testing
of its internal controls over financial reporting to allow management to report on the effectiveness of its internal controls over financial
reporting in its Form 10-K filing for that year, as required by Section 404 of the Sarbanes-Oxley Act. Prior to Closing of the Business
Combination, Kalera had never been required to test its internal controls within a specified period and, as a result, it may experience
difficulty in meeting these reporting requirements in a timely manner.
27
Kalera
anticipates that the process of building its accounting and financial functions and infrastructure will require significant additional
professional fees, internal costs and management efforts. Kalera expects that it will need to implement a new internal system to combine
and streamline the management of its financial, accounting, human resources and other functions. However, such a system would likely
require Kalera to complete many processes and procedures for the effective use of the system or to run its business using the system,
which may result in substantial costs. Any disruptions or difficulties in implementing or using such a system could adversely affect
Kalera's controls and harm its business. Moreover, such disruption or difficulties could result in unanticipated costs and diversion
of management's attention. In addition, Kalera may discover additional weaknesses in its system of internal financial and accounting
controls and procedures that could result in a material misstatement of its financial statements. A control system, no matter how well
designed and operated, can provide only reasonable, not absolute, assurance that the control system's objectives will be met. Because
of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that misstatements due to
error or fraud will not occur or that all control issues and instances of fraud will be detected.
Kalera
may fail to establish and maintain effective internal control over financial reporting, in which case Kalera's internal control
over financial reporting may not prevent or detect all errors and all fraud. Kalera also may not be able to detect errors and fraud on
a timely basis and its financial statements may be materially misstated. Although, the process of identifying the resources that Kalera
will need to ensure the establishment and maintenance of effective internal controls for its current business has begun, there is no
guarantee that such assessment will be accurate and post-Closing of the Business Combination, the complexity of Kalera's business
is likely to increase as it implements its business strategy and its business grows, and such increase in complexity will increase the
difficulty of maintaining effective internal controls. If Kalera fails to establish and maintain effective internal control over financial
reporting, its business and results of operations could be harmed, and investors may lose confidence in the accuracy and completeness
of its financial reports, which could cause the price of its securities to decline. In addition, Kalera could become subject to investigations
by Nasdaq, the SEC or other regulatory authorities, which could require additional management attention and which could adversely affect
Kalera's business.
The
market price of Kalera's securities has been and may continue to be volatile and fluctuate substantially, which could result in
substantial losses for Kalera's investors and may subject Kalera to securities litigation suits.
The
price of the Kalera Ordinary Shares and Kalera Warrants has been and may continue to be volatile. From June 29, 2022, the date Kalera
securities began trading on Nasdaq, through October 6, 2022, the price of the Kalera Ordinary Shares fluctuated from low of $1.06
to a high of $13.30, and the price of the Kalera Warrants fluctuated from a low $0.068 to a high $0.489.
Fluctuations
in the price of Kalera's securities could contribute to the loss of all or part of your investment. The trading price of Kalera's
securities could continue to be volatile and subject to wide fluctuations in response to various factors, some of which are beyond Kalera's
control. Any of the factors listed below could have a material adverse effect on your investment in Kalera's securities and Kalera's
securities may trade at prices significantly below the price you paid for them. In such circumstances, the trading price of Kalera's
securities may not recover and may experience a further decline.
In
addition to the other risks described in this "Risk Factors" section, the following factors could also cause Kalera's
financial condition and results of operations to fluctuate on a quarterly basis:
●
actual
                                            or anticipated fluctuations in Kalera's quarterly financial results or the quarterly
                                            financial results of companies perceived to be similar to it;
●
changes
                                            in the market's expectations about Kalera's operating results;
●
success
                                            of competitors;
●
Kalera's
                                            operating results failing to meet the expectation of securities analysts or investors in
                                            a particular period;
28
●
changes
                                            in financial estimates and recommendations by securities analysts concerning Kalera or the
                                            vertical farming or agriculture industry in general;
●
operating
                                            and share price performance of other companies that investors deem comparable to Kalera;
●
Kalera's
                                            ability to bring its products and technologies to market on a timely basis, or at all;
●
changes
                                            in laws and regulations affecting Kalera's business;
●
Kalera's
                                            ability to meet compliance requirements;
●
commencement
                                            of, or involvement in, litigation involving Kalera;
●
changes
                                            in Kalera's capital structure, such as future issuances of securities or the incurrence
                                            of additional debt;
●
the
                                            volume of Kalera's shares available for public sale, including the significant percentage
                                            of securities being offered for resale pursuant to this prospectus;
●
any
                                            major change in the Kalera board of directors or management;
●
amounts
                                            of Kalera's shares by Kalera's directors, executive officers or significant shareholders
                                            or the perception that such sales could occur; and
●
general
                                            economic and political conditions such as recessions, interest rates, fuel prices, international
                                            currency fluctuations, pandemic such as COVID-19 and acts of war or terrorism.
Fluctuations
in Kalera's operating results and cash flow could, among other things, give rise to short-term liquidity issues. In addition, its
revenue, key operating metrics and other operating results in future quarters may fall short of the expectations of investors and financial
analysts, which could have an adverse effect on the price of Kalera's securities.
Kalera's
ability to utilize its U.S. federal net operating loss and tax credit carryforwards may be limited under Sections 382 and 383 of the
Code
The
limitations apply if a corporation undergoes an "ownership change," which is generally defined as a greater than 50 percentage
point change (by value) in its equity ownership by certain stockholders over a three-year period. If Kalera has experienced an ownership
change at any time since its incorporation, it may already be subject to limitations on its ability to utilize its existing U.S. federal
income tax net operating losses and other tax attributes to offset taxable income. In addition, future changes in Kalera's stock
ownership, which may be outside of its control, may trigger an ownership change and, consequently, Section 382 and 383 limitations. Similar
provisions of state tax law may also apply to limit Kalera's use of accumulated state tax attributes. As a result, if we earn net
taxable income, Kalera's ability to use its pre-change net operating loss carryforwards and other tax attributes to offset such
taxable income may be subject to limitations, which could potentially result in increased future income tax liability to Kalera.
29
Risks
Relating to the Offering
The
best efforts structure of this offering may have an adverse effect on our business plan.
The
Placement Agent is offering the Units in this offering on a best efforts basis. The Placement Agent is not required to purchase any securities,
but will use their best efforts to sell the securities offered. As a "best efforts" offering, there can be no
assurance that the offering contemplated hereby will ultimately
be consummated or will result in any proceeds being made available to us. The success of this offering will impact our ability to use
the proceeds to execute our business plan.
Since
we have broad discretion in how we use the proceeds from this offering, we may use the proceeds in ways with which you disagree.
We
intend to use the net proceeds of this offering for general corporate purposes. Our management will have significant flexibility in applying
the net proceeds of this offering. You will be relying on the judgment of our management with regard to the use of these net proceeds,
and you will not have the opportunity, as part of your investment decision, to assess whether the proceeds are being used appropriately.
It is possible that the net proceeds will be invested in a way that does not yield a favorable, or any, return for us. The failure of
our management to use such funds effectively could have a material adverse effect on our business, financial condition, prospects, financial
condition, operating results and cash flow.
The
Class A Warrants and pre-funded warrants are speculative in nature.
The
Class A Warrants and pre-funded warrants offered hereby do not confer any rights of share ownership on their holders, such as voting
rights or the right to receive dividends, but rather merely represent the right to acquire Kalera Ordinary Shares at a fixed price. Specifically,
commencing on the date of issuance, holders of the pre-funded warrants may acquire the Kalera Ordinary Shares issuable upon exercise
of such warrants at an exercise price of $0.0001 per share and holders of the Class A Warrants may acquire the Kalera Ordinary Shares
issuable upon the exercise of such warrants at a non pre-funded exercise price of $0.0001 per share (not less than the nominal
value of such share, being $0.0001 per share as at the date hereof). Moreover, following this offering, the market value of the Class
A Warrants and pre-funded warrants is uncertain and there can be no assurance that the market value of the Class A Warrants and pre-funded
warrants will equal or exceed their public offering price.
There
is no public market for the Class A Warrants or pre-funded warrants being offered in this offering and we do not expect one to develop.
There
is presently no established public trading market for the Class A Warrants or pre-funded warrants being offered in this offering and
we do not expect a market to develop. In addition, we do not intend to apply to list the Class A Warrants or pre-funded warrants on any
securities exchange or nationally recognized trading system, including Nasdaq. Without an active market, the liquidity of the Class A
Warrants and pre-funded warrants will be limited.
Risks
Relating to Share Ownership
Sales
or perceived sales of a substantial number of Kalera's securities could adversely affect the market price of such securities and
impact Kalera's ability to raise additional capital in the future.
In
order for us to meet our existing operating and capital expenditure requirements and to be able to successfully pursue our business
plan, we require additional equity and/or debt funding in the short term. While the exact timing and amount of our future funding
plans depend on many factors, we are exploring various funding and liquidity opportunities, including further issuances of equity
and/or equity-linked securities, the incurrence of additional debt, the restructuring of our existing debt, the potential for
strategic investments by private investors and asset sales. In addition, we are in discussions for a sale leaseback transaction with
a third-party lender, and additional equipment financing that could bring up to $22 million for future capital expenditures. Despite
these ongoing efforts, we may be unable to obtain any such additional financing on reasonable terms or at all.In addition, our
ability to raise additional capital through the sale of equity or convertible debt securities could be significantly impacted by the
sales of a substantial number of our securities in the public market or otherwise, or the perception or anticipation that such sales
could occur.
30
There
are currently (i) up to 14,437,500 Kalera Ordinary Shares issuable upon exercise of Kalera Warrants, (ii) up to 4,000,000 Kalera Ordinary
Shares issuable upon the conversion of the Second Amended and Restated Secured Convertible Bridge Promissory Note and (iii) up to 5,000,000
Kalera Ordinary Shares issuable upon exercise of private warrants held by Armistice as of July 11, 2022. Kalera Warrants are immediately
exercisable at an exercise price of $11.50 per Kalera Warrant. The Second Amended and Restated Secured Convertible Bridge Promissory
Note is immediately convertible, at a conversion price of $3.50 per share. The warrants held by Armistice will become exercisable on
January 11, 2023 at an exercise price of $4.41 per warrant. Issuance and a subsequent sale of a significant number of these securities
in the public market, or the perception that such issuance and sale could occur, could significantly reduce the market price of Kalera's
securities.
In
addition, 1,796,875 Kalera Ordinary Shares and 6,171,875 Kalera Warrants held by the Sponsor are subject to a lock up restriction beginning
on the First Closing Date. After the lock-up period expires, these securities will become eligible for sale in the public market. Sales
of a significant number of these securities in the public market, or the perception that such sales could occur, could also reduce the
market price of Kalera's securities.
The
above-described sales, or the possibility that such sales could occur, and any resulting reduction in the market price of Kalera's
securities, could make it more difficult for Kalera to sell equity securities and raise capital in the future at a time and at a price
that it deems appropriate. See "
Management's Discussion and Analysis of Financial Condition And Results Of Operations-Liquidity
and Capital Resources.
".
The
issuance of the CVR Shares could materially dilute Kalera Shareholders
As
additional consideration for the Second Merger and the Company Capital Reduction certain Kalera security holders received the CVRs. Each
CVR represents a contingent right to receive additional Kalera Ordinary Shares, issuable upon the achievement of certain milestones,
including: (i) Kalera Ordinary Shares trading at or over a market price of $12.50; and (ii) Kalera Ordinary Shares trading at or over
a market price of $15.00, in each case, for 20 trading days within a 30 trading-day period, based on volume-weighted average trading
prices. The amount of shares issuable to each CVR holder for the achievement of each milestone is, in each case, a pro rata portion of
an amount of Kalera Ordinary Shares equivalent to approximately 5% of the amount of Kalera SA Shares outstanding as of immediately following
the Kalera Capital Reduction on a fully diluted basis. If the CVR Shares are issued, the ownership of Kalera Shareholders will be diluted.
The foregoing description of the CVRs is not complete and is qualified in its entirety by reference to the Business Combination Agreement
and the form of CVR Agreement annexed thereto.
The
price of Kalera's securities in the public market may fluctuate significantly and could result in investors' losing all or
a part of their investment.
The
trading volume and price of Kalera's securities may fluctuate significantly in response to a number of factors beyond Kalera's
control, including but not limited to:
●
actual
                                            or anticipated fluctuations in Kalera's revenue, financial condition and operating
                                            results, including fluctuations in Kalera's quarterly and annual results;
●
announcements
                                            of innovations by Kalera or Kalera's competitors;
●
overall
                                            conditions in Kalera's industry and the markets in which Kalera operates;
●
market
                                            conditions or trends in the food sales industry or in the economy as a whole;
●
addition
                                            or loss of significant customers or other developments with respect to significant customers;
●
adverse
                                            developments concerning Kalera's suppliers;
31
●
changes
                                            in laws or regulations applicable to Kalera's products and changes in the regulatory
                                            environment in which Kalera operates;
●
Kalera's
                                            ability to effectively manage its growth;
●
announcements
                                            by Kalera or Kalera's competitors of significant acquisitions, strategic partnerships,
                                            joint ventures or capital commitments;
●
changes
                                            in management and additions or departures of key personnel;
●
negative
                                            publicity or announcements, including those relating to any of Kalera's substantial
                                            shareholders or key personnel, whether or not justifiable, including involvement in insolvency
                                            proceedings and failed attempts in takeovers or joint ventures;
●
competition
                                            from existing products or new products that may emerge;
●
fluctuations
                                            in the valuation of companies perceived by investors to be comparable to Kalera;
●
litigation
                                            or regulatory matters;
●
changes
                                            in tax laws;
●
announcement
                                            or expectation of additional financing efforts;
●
Kalera's
                                            cash position;
●
share
                                            price and volume fluctuations attributable to inconsistent trading volume levels of the shares;
●
the
                                            expiration of contractual lock-up agreements with directors and certain members of management;
●
changes
                                            in accounting practices;
●
effectiveness
                                            of Kalera's internal controls; and
●
other
                                            events or factors, many of which are beyond Kalera's control and other unforeseen events
                                            and liabilities.
Furthermore,
stock markets experience price fluctuations that affect market prices of equity securities of many companies, including early stage growth
companies. These fluctuations may or may not be related to the direct operating performance of those companies. These broad market and
industry fluctuations, as well as general economic, political and market conditions such as recessions, interest rate changes, tariffs
or international currency fluctuations, may negatively impact the market price of Kalera's securities.
No
assurance can be given that an active and liquid trading market for Kalera's securities will develop or be maintained. The market
value of Kalera's securities could be substantially affected by the extent to which a strong secondary market develops for Kalera's
securities.
32
Kalera
may be a passive foreign investment company, or "PFIC," which could result in adverse U.S. federal income tax consequences
to U.S. investors.
If
Kalera is a PFIC for any taxable year (or portion thereof) that is included in the holding period of a U.S. Holder (as defined in the
section of this registration statement captioned "Certain Material U.S. Tax Consequences") of Kalera securities, the U.S.
Holder may be subject to adverse U.S. federal income tax consequences and may be subject to additional reporting requirements. Based
on the current and anticipated composition of the income, assets and operations of Kalera and its subsidiaries, it is not expected that
Kalera will be a PFIC for U.S. federal income tax purposes for the current taxable year or in foreseeable future taxable years. However,
this is a factual determination that depends on, among other things, the composition of Kalera's income and assets, and the market
value of its shares and assets, including the composition of income and assets and the market value of shares and assets of its subsidiaries,
from time to time. Kalera's actual PFIC status for its current taxable year or any future taxable year will not be determinable
until after the end of such taxable year. Accordingly, there can be no assurances with respect to Kalera's status as a PFIC for
its current taxable year or any subsequent taxable year. U.S. Holders are urged to consult their own tax advisors regarding the possible
application of the PFIC rules to holders of Kalera securities. For a more detailed explanation of the tax consequences of PFIC classification
to U.S. Holders, see "
Certain Material U.S. Tax Consequences-U.S. Federal Income Tax Considerations of Owning Kalera Ordinary
Shares and Warrants-Passive Foreign Investment Company Considerations.
"
The
IRS may not agree that Kalera should be treated as a non-U.S. corporation for U.S. federal income tax purposes.
Under
current U.S. federal income tax law, a corporation generally will be considered to be a U.S. corporation for U.S. federal income tax
purposes if it is created or organized in the United States or under the law of the United States or of any State. Accordingly, under
generally applicable U.S. federal income tax rules, Kalera, which is incorporated and treated as a tax resident in Ireland, would generally
be classified as a non-U.S. corporation for U.S. federal income tax purposes. Section 7874 of Code and the Treasury regulations promulgated
thereunder, however, contain specific rules that may cause a non-U.S. corporation to be treated as a U.S. corporation for U.S. federal
income tax purposes. If it were determined that Kalera is treated as a U.S. corporation for U.S. federal income tax purposes under Section
7874 of the Code and the Treasury regulations promulgated thereunder, Kalera would be liable for U.S. federal income tax on its income
in the same manner as any other U.S. corporation and certain distributions made by Kalera to holders of Kalera Ordinary Shares who are
not U.S. Holders may be subject to U.S. withholding tax.
Based
on the terms of the Business Combination and certain factual assumptions, Kalera does not currently expect that it should be treated
as a U.S. corporation for U.S. federal income tax purposes under Section 7874 of the Code after the Business Combination. However, the
application of Section 7874 of the Code is complex, subject to detailed regulations (the application of which is uncertain in various
respects and would be impacted by changes in such U.S. Treasury regulations with possible retroactive effect) and subject to certain
factual uncertainties Accordingly, there can be no assurance that the IRS will not challenge the status of Kalera as a non-U.S. corporation
for U.S. federal income tax purposes under Section 7874 of the Code or that such challenge would not be sustained by a court.
If
the IRS were to successfully challenge under Section 7874 of the Code Kalera's status as a non U.S. corporation for U.S. federal
income tax purposes, Kalera and certain Kalera shareholders may be subject to significant adverse tax consequences, including a higher
effective corporate income tax rate on Kalera and the application of U.S. withholding taxes on dividends paid on Kalera shares to non-U.S.
shareholders, subject to reduction under an applicable income tax treaty.
Investors
should consult their own tax advisors regarding the application of Section 7874 of the Code to the Business Combination and the tax consequences
to Kalera and its shareholders if the classification of Kalera as a non-U.S. corporation is not respected.
33
Concentration
of ownership among Kalera's existing executive officers, directors and their affiliates may prevent new investors from influencing
significant corporate decisions.
Kalera's
directors and executive officers and their affiliates as a group own approximately 28.8% of Kalera outstanding ordinary shares. As a
result, these shareholders are able to exercise a significant level of influence over all matters requiring shareholder approval, including
the election of directors, any amendment of the amended and restated articles of association and approval of significant corporate transactions.
This influence could have the effect of delaying or preventing a change of control or changes in management and will make the approval
of certain transactions difficult or impossible without the support of these shareholders.
Kalera
qualifies as an "emerging growth company" and benefits from reduced disclosure requirements. Kalera cannot be certain if
such reduced disclosure requirements will make its ordinary shares less attractive to investors and make it more difficult to compare
Kalera's performance with other public companies.
Kalera
qualifies as an "emerging growth company," as defined in the JOBS Act, and intends to take advantage of certain exemptions
from various reporting requirements that are applicable to other public companies that are not "emerging growth companies,"
including not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure
obligations regarding executive compensation in its periodic reports and proxy statements and exemptions from the requirements of holding
a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.
Kalera may take advantage of these exemptions for so long as it is an "emerging growth company," which is until the earliest
of (i) the last day of the fiscal year in which the market value of Kalera Ordinary Shares that are held by non-affiliates equals or
exceeds $700 million as of June 30 of that fiscal year, (ii) the last day of the fiscal year in which it has total annual gross revenue
of $1.07 billion or more during such fiscal year (as indexed for inflation), (iii) the date on which it has issued more than $1 billion
in non-convertible debt in the prior three-year period or (iv) the last day of the fiscal year following the fifth anniversary of the
date of the first sale of Agrico's Units in the Agrico IPO. Kalera cannot predict if investors will find its ordinary shares less
attractive because it will rely on these exemptions. If some investors find Kalera Ordinary Shares less attractive as a result, there
may be a less active trading market for Kalera Ordinary Shares and its stock price may be more volatile.
As
an "emerging growth company", Kalera will elect to use the extended transition period for complying with new or revised accounting
standards under Section 102(b)(2) of the JOBS Act, that allows Kalera to delay the adoption of new or revised accounting standards that
have different effective dates for public and private companies until those standards apply to private companies. As a result of this
election, Kalera's financial statements may not be comparable to companies that comply with public company effective dates.
Kalera
does not expect to declare any dividends in the foreseeable future.
Kalera
does not anticipate declaring any cash dividends to holders of its common equity in the foreseeable future. Consequently, investors may
need to rely on sales of their shares after price appreciation, which may never occur, as the only way to realize any future economic
gains on their investment.
There
is no guarantee that Kalera Warrants will be in-the-money at the time they become exercisable, and they may expire worthless.
The
exercise price for the Kalera Warrants is $11.50 per Kalera Ordinary Share. There is no guarantee that any of the Kalera Warrants will
be in-the-money following the time they become exercisable and prior to their expiration, and as such, the Kalera Warrants may expire
worthless.
34
Kalera
may redeem the unexpired warrants prior to their exercise at a time that is disadvantageous to warrant holders, thereby making their
warrants worthless, and exercise of a significant number of the warrants could adversely affect the market price of Kalera Ordinary Shares.
Kalera
will have the ability to redeem outstanding Kalera Warrants at any time after they become exercisable and prior to their expiration,
at a price of $0.01 per warrant, provided that the last reported sales price of Kalera Ordinary Shares equals or exceeds $18.00 per share
(as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) on each of twenty (20) trading days
within any thirty (30) trading day period commencing after the Kalera Warrants become exercisable and ending on the third (3rd) trading
day prior to the date on which notice of redemption is given and provided that there is an effective registration statement covering
Kalera Ordinary Shares issuable upon exercise of the Kalera Warrants. If and when the warrants become redeemable by Kalera, Kalera may
not exercise the redemption right if the issuance of the Kalera Ordinary Shares upon exercise of the warrants is not exempt from registration
or qualification under applicable state blue sky laws or Kalera is unable to effect such registration or qualification. Redemption of
the outstanding Kalera Warrants could force you to: (i) exercise your Kalera Warrants and pay the exercise price therefor at a time when
it may be disadvantageous for you to do so, (ii) sell your Kalera Warrants at the then-current market price when you might otherwise
wish to hold your Kalera Warrants or (iii) accept the nominal Redemption Price which, at the time the outstanding Kalera Warrants are
called for redemption, is likely to be substantially less than the market value of your Kalera Warrants. Additionally, if a significant
number of Kalera Warrant holders exercise their Kalera Warrants instead of accepting the nominal Redemption Price, the issuance of these
shares would dilute other equity holders, which could reduce the market price of the Kalera Ordinary Shares. Because the $18.00 trading
price referred to above substantially exceeds the current trading price of $1.27 of the Kalera Ordinary Shares and Kalera has
registered for resale a substantial number of Kalera Ordinary Shares, the sale of which could cause the price of the Kalera Ordinary
Shares to decrease, Kalera may be unable to redeem the Kalera Warrants and such warrants may expire worthless.
Risks
Relating to Legal and Regulatory Compliance
Kalera's
operations are subject to FDA, FTC, USDA, EPA and OSHA governmental regulation and state regulation and Kalera is exposed to risks related
to regulatory processes and changes in regulatory environment, including, but not limited to the Produce Safety Rule, GMPs and the Preventative
Controls Rule.
The
manufacture and marketing of food products is highly regulated in the United States, and Kalera is subject to a variety of laws and regulations.
These laws and regulations apply to many aspects of its business, including the manufacture, packaging, labeling, distribution, advertising,
sale, quality, and safety of its products, as well as the health and safety of its employees and the protection of the environment. Following
the acquisition of &ever, Kalera is also subject to laws and regulations in international jurisdictions, including, but not necessarily
limited to, Germany, Kuwait and Singapore.
In
the United States, Kalera is subject to regulation by various government agencies, including the U.S. Food and Drug Administration ("
FDA
"),
the Federal Trade Commission ("
FTC
"), the Occupational Safety and Health Administration ("
OSHA
"),
the Environmental Protection Agency ("
EPA
"), and U.S. Department of Agriculture ("
USDA
"), as well
as various state and local agencies. Further, regulations outside the United States, Germany, Kuwait and Singapore by various international
regulatory bodies could also apply in the future as Kalera, under its current roll-out plan, is seeking to establish its business internationally.
In addition, Kalera could be adversely affected by violations of the U.S. Foreign Corrupt Practices Act, or FCPA, and similar worldwide
anti-bribery laws, which generally prohibit companies and their intermediaries from making improper payments to non-U.S. officials or
other third parties for the purpose of obtaining or retaining business. While Kalera has policies that mandate compliance with these
anti-bribery laws, its internal control policies and procedures may not protect it from reckless or criminal acts committed by its employees
or agents. Violations of these laws, or allegations of such violations, could disrupt its business and result in a material adverse effect
on our results of operations, cash flows and financial condition.
35
In
addition, depending on customer specification, Kalera may be subject to certain voluntary, third-party standards, such as Global Food
Safety Initiative, or GFSI, standards and review by voluntary organizations, such as the Council of Better Business Bureaus' National
Advertising Division. Kalera could incur costs, including fines, penalties and third-party claims, because of any violations of, or liabilities
under, such requirements, including any competitor or consumer challenges relating to compliance with such requirements. The loss of
third-party accreditation could result in lost sales and customers, and may adversely affect Kalera's business, results of operation,
and financial condition. In connection with the marketing and advertisement of our products, Kalera could be the target of claims relating
to false or deceptive advertising, including under the auspices of the FTC and the consumer protection statutes of some states.
The
regulatory environment in which we operate could change significantly and adversely in the future. Any change in manufacturing, labeling
or packaging requirements for our products may lead to an increase in costs or interruptions in production, either of which could adversely
affect our operations and financial condition. New or revised government laws and regulations could result in additional compliance costs,
mandate significant and costly changes to the way Kalera implements its products, and threaten its ability to serve certain markets,
and, in the event of non-compliance, civil remedies, including fines, injunctions, withdrawals, recalls, or seizures and confiscations,
warning letters, restrictions on the marketing or manufacturing of products, or refusals to permit the import or export of products,
as well as potential criminal sanctions, any of which may adversely affect its business, results of operations, cash flows, financial
condition, operating revenue, profitability and/or prospects.
Food
safety and foodborne illness incidents or advertising or product mislabeling may materially adversely affect Kalera's business
by exposing it to lawsuits, product recalls, or regulatory enforcement actions, increasing its operating costs and reducing demand for
Kalera's product offerings.
Selling
food for human consumption involves inherent legal and other risks, and there is increasing governmental scrutiny of and public awareness
regarding food safety. Unexpected side effects, illness, injury or death related to allergens, foodborne illnesses or other food safety
incidents caused by products that Kalera sells could result in the discontinuance of sales of these products, or otherwise result in
increased operating costs, regulatory enforcement actions, or harm to its reputation. Shipment of adulterated or misbranded products,
even if inadvertent, can result in criminal or civil liability. Such incidents could also expose Kalera to product liability, negligence,
or other lawsuits, including consumer class action lawsuits. Any claims brought against Kalera may exceed or be outside the scope of
our existing or future insurance policy coverage or limits. Any judgment against Kalera that is more than its policy limits or not covered
by its policies or not subject to insurance would have to be paid from its cash reserves, which would reduce its capital resources.
The
occurrence of foodborne illnesses or other food safety incidents could also adversely affect the price and availability of affected raw
materials, resulting in higher costs, disruptions in supply and a reduction in sales. Furthermore, any instances of food contamination
or regulatory noncompliance, whether or not caused by its actions, could compel Kalera or its customers, depending on the circumstances,
to conduct a recall in accordance with FDA regulations, and comparable state laws. Food recalls could result in significant losses due
to their costs, the destruction of product inventory, lost sales due to the unavailability of the product for a period of time and potential
loss of existing distributors or customers and a potential negative impact on our ability to attract new customers due to negative consumer
experiences or because of an adverse impact on our brand and reputation. The costs of a recall could be outside the scope of its existing
or future insurance policy coverage or limits.
36
In
addition, food companies have been subject to targeted, large-scale tampering as well as to opportunistic, individual product tampering,
and we, like any food company, could be a target for product tampering. Forms of tampering could include the introduction of foreign
material, chemical contaminants, and pathogenic organisms into consumer products as well as product substitution. FDA regulations require
businesses like ours to analyze, prepare, and implement mitigation strategies specifically to address tampering designed to inflict widespread
public health harm. If Kalera does not adequately address the possibility, or any actual instance, of product tampering, Kalera could
face possible seizure or recall of its products, suspension of its facilities' registrations, and/or the imposition of civil or
criminal sanctions, which could materially adversely affect its business, financial condition, cash flows, operating results and/or prospects.
Litigation
or legal proceedings could expose Kalera to significant liabilities and have a negative impact on its reputation or business.
Kalera
may become subject to claims, litigation, disputes and other legal proceedings from time to time. Kalera evaluates these claims, litigation,
disputes and other legal proceedings to assess the likelihood of unfavorable outcomes and to estimate, if possible, the amount of potential
losses. Based on these assessments and estimates, Kalera may establish reserves, as appropriate. These assessments and estimates are
based on the information available to management at the time and involve a significant amount of management judgment. Actual outcomes
or losses may differ materially from our assessments and estimates.
Under
the terms of the engagement letter executed between BofA Securities and Kalera, Kalera agreed to indemnify and hold harmless BofA Securities
and its officers, directors, employees and agents from and against any losses and claims arising in any manner out of or in connection
with the services that BofA Securities provided to Kalera thereunder. Accordingly, if any claims, litigation, disputes or other legal
proceedings are brought by third parties against BofA Securities in relation to the services it provided to Kalera, Kalera will be liable
to pay for or reimburse BofA Securities for the losses and costs it incurs unless the losses and costs are finally judicially determined
to have resulted from the gross negligence or willful misconduct of BofA or its officers, directors, employees and agents.
Even
when not merited or whether or not Kalera ultimately prevails, the defense of these lawsuits may divert management's attention,
and Kalera may incur significant expenses in defending these lawsuits. The results of litigation and other legal proceedings are inherently
uncertain, and adverse judgments or settlements in some of these legal disputes may result in adverse monetary damages, penalties or
injunctive relief against Kalera, which could negatively impact its financial position, cash flows or results of operations. An unfavorable
outcome of any legal dispute could imply that Kalera becomes liable for damages or will have to modify its business model. Further, any
product liability or negligence claim against Kalera in US courts may, if successful, result in damages being awarded that contain punitive
elements and therefore may significantly exceed the loss or damage suffered by the successful claimant. Any claims or litigation, even
if fully indemnified or insured, could damage our reputation and make it more difficult to compete effectively or to obtain adequate
insurance in the future. A settlement or an unfavorable outcome in a legal dispute could have an adverse effect on Kalera's business,
financial condition, results of operations, cash flows, time to market and/or prospects.
Furthermore,
while Kalera maintains insurance for certain potential liabilities, such insurance does not cover all types and amounts of potential
liabilities and is subject to various exclusions as well as caps on amounts recoverable. Even if Kalera believes a claim is covered by
insurance, insurers may dispute its entitlement to recovery for a variety of potential reasons, which may affect the timing and, if the
insurers prevail, the amount of our recovery.
37
Kalera
is subject to stringent environmental regulation and could therefore become subject to environmental litigation, proceedings, and investigations.
Kalera's
past and present business operations and ownership/leasing and operation of real property are subject to stringent federal, state, and
local environmental laws and regulations pertaining to the discharge of materials into the environment, and the handling and disposition
of wastes (including solid and hazardous wastes) or otherwise relating to protection of the environment. Compliance with these laws and
regulations, and the ability to comply with any modifications to these laws and regulations, is material to Kalera's business.
New matters or sites may be identified in the future that will require additional investigation, assessment, or expenditures. Future
discovery of contamination of property underlying or in the vicinity of our present properties or facilities could require us to incur
additional expenses. The occurrence of any of these events, the implementation of new laws and regulations, or stricter interpretation
of existing laws or regulations, could adversely affect its business, financial condition, results of operations, cash flows, time to
market and/or prospects.
Changes
in tax laws may materially adversely affect Kalera's or any of its subsidiaries' business, prospects, financial condition
and operating results.
New
income, sales, use or other tax laws, statutes, rules, regulations or ordinances could be enacted at any time, which could adversely
affect our business, prospects, financial condition and operating results. Further, existing tax laws, statutes, rules, regulations or
ordinances could be interpreted, changed, modified or applied adversely to Kalera or any of its subsidiaries. For example, U.S. federal
tax legislation enacted in 2017, informally titled the Tax Cuts and Jobs Act, enacted many significant changes to the U.S. tax laws.
Additional tax legislation is currently pending in the United States Congress. We are unable to predict what tax proposals may be proposed
or enacted in the future or what effect such changes would have on Kalera's business, but such changes, to tax legislation, regulations,
policies or practices, could affect Kalera's financial position and overall or effective tax rates in the future in countries where
we have operations and where Kalera is organized or a resident of for tax purposes, and increase the complexity, burden and cost of tax
compliance. We urge investors to consult with their legal and tax advisers regarding the implication of potential changes in tax laws
on an investment in Kalera's securities.
Risks
Relating to Irish Law
Kalera
is incorporated in Ireland; Irish law differs from the laws in effect in the United States and may afford less protection to our shareholders.
Kalera
is an Irish incorporated public limited company. There is some uncertainty as to whether the courts of Ireland would recognize or enforce
judgments of U.S. courts obtained against us or our directors or officers based on the civil liabilities provisions of the U.S. federal
or state securities laws or hear actions against us or those persons based on those laws. The U.S. and Ireland do not currently have
a treaty providing for the reciprocal recognition and enforcement of judgments (other than arbitration awards) in civil and commercial
matters, and, accordingly, common law rules apply in determining whether a judgment obtained in a U.S. court is enforceable in Ireland.
Although there are processes under Irish law for enforcing a judgment of a U.S. court, including by seeking summary judgment in a new
action in Ireland, those processes are subject to certain established principles and conditions, and there can be no assurance that an
Irish court would enforce a judgment of a U.S. court in this way and thereby impose civil liberty on us or our directors or officers.
38
As
an Irish company, we are governed by the Irish Companies Act and the common law of Ireland, which differs in some material respects from
laws generally applicable to U.S. corporations and shareholders, including, among others, differences relating to interested director
and officer transactions and shareholder lawsuits. Likewise, the duties of directors and officers of an Irish company generally are owed
to the company only. Shareholders of Irish companies generally do not have a personal right of action against directors or officers of
the company and may exercise such rights of action on behalf of the company only in limited circumstances. Accordingly, holders of our
securities may have more difficulty protecting their interests than would holders of securities of a corporation incorporated in a jurisdiction
of the U.S.
Transfers
of Class A Warrants or pre-funded warrants may be subject to Irish stamp duty.
Any
transfer of your Class A Warrants and/or pre-funded warrants could be subject to Irish stamp duty (currently at the rate of 1% of the
higher of the price paid or the market value of the warrants transferred). Payment of Irish stamp duty is generally a legal obligation
of the transferee. The potential for Irish stamp duty could adversely affect the price of your Class A Warrants and/or pre-funded warrants.
In
certain limited circumstances, dividends paid by Kalera may be subject to Irish dividend withholding tax.
Kalera
does not intend to pay dividends on Kalera Ordinary Shares in the foreseeable future. If Kalera were to declare and pay dividends, in
certain limited circumstances, Irish dividend withholding tax (currently at a rate of 25%) may arise in respect of dividends paid on
the Kalera Ordinary Shares. A number of exemptions from dividend withholding tax exist such that shareholders resident in the U.S. and
other exempt countries may be entitled to exemptions from dividend withholding tax.
Submission
will be made to the Irish Revenue Commissioners to confirm that shareholders resident in the U.S. that hold their Kalera Ordinary Shares
through DTC will not be subject to dividend withholding tax, provided the addressees of the beneficial owners of such Kalera Ordinary
Shares in the records of the brokers holding such Kalera Ordinary Shares are recorded as being in the U.S. (and such brokers have further
transmitted the relevant information to a qualifying intermediary appointed by Kalera). It is expected that this confirmation should
be granted. However, other holders of Kalera Ordinary Shares may be subject to dividend withholding tax, which could adversely affect
the price of their Kalera Ordinary Shares.
After
the transactions, dividends received by Irish residents and certain other shareholders may be subject to Irish income tax.
Shareholders
entitled to an exemption from Irish dividend withholding tax on dividends received from Kalera will not be subject to Irish income tax
in respect of those dividends unless they have some connection with Ireland other than their shareholding in Kalera (for example, they
are resident in Ireland). Shareholders who receive dividends subject to Irish dividend withholding tax will generally have no further
liability to Irish income tax on those dividends.
Kalera
Ordinary Shares or Kalera Warrants or other securities issued by Kalera received by means of a gift or inheritance could be subject
to Irish capital acquisitions tax.
Irish capital acquisitions
tax ("
CAT
") could apply to a gift or inheritance of Kalera Ordinary Shares or Kalera Warrants or other securities
issued by Kalera irrespective of the place of residence, ordinary residence or domicile of the parties. This is because Kalera Ordinary
Shares and Kalera Warrants or other securities issued by Kalera should be regarded as property situated in Ireland. The person who receives
the gift or inheritance has primary liability for CAT. Gifts and inheritances passing between spouses are exempt from CAT. Children have
a tax-free threshold of €335,000 in respect of taxable gifts or inheritances received from their parents.
It
is recommended that each shareholder consult his or her own tax advisor as to the tax consequences of holding Kalera Ordinary Shares
and Kalera Warrants or other securities issued by Kalera in, and receiving distributions from, Kalera.
39
Provisions
in the Kalera Articles and under Irish law could make an acquisition of Kalera more difficult, may limit attempts by Kalera shareholders
to replace or remove Kalera's management, may limit shareholders' ability to obtain a favorable judicial forum for disputes
with Kalera or Kalera's directors, officers, or employees, and may limit the market price of the Kalera Ordinary Shares and/or
Kalera Warrants.
Provisions
in the Kalera Articles may have the effect of delaying or preventing a change of control or changes in Kalera's management. The
Kalera Articles include provisions that:
●
require
                                            that Kalera's board of directors is classified into three classes of directors with
                                            staggered three-year terms;
●
permit
                                            the board of directors to establish the number of directors and fill any vacancies and newly
                                            created directorships; and
●
prohibit
                                            shareholder action by written consent without unanimous approval of all holders of Kalera
                                            Ordinary Shares.
The
Kalera Articles contain exclusive forum provisions for certain claims, which could limit Kalera's shareholders' ability to
obtain a favorable judicial forum for disputes with Kalera or Kalera's directors, officers or employees.
The
Kalera Articles provide that unless Kalera consents in writing to the selection of an alternative forum, the federal district courts
of the United States of America shall, to the fullest extent permitted by law, be the exclusive forum for the resolution of any complaint
asserting a cause of action arising under the Exchange Act or the Securities Act (the "
Federal Forum Provision
").
Moreover, Section 22 of the Securities Act creates concurrent jurisdiction for federal and state courts over all claims brought to enforce
any duty or liability created by the Securities Act or the rules and regulations thereunder. Kalera's decision to adopt the Federal
Forum Provision followed a decision by the Supreme Court of the State of Delaware holding that such provisions are facially valid under
Delaware law. While there can be no assurance that federal or state courts will follow the holding of the Delaware Supreme Court or determine
that the Federal Forum Provision should be enforced in a particular case, application of the Federal Forum Provision means that suits
brought by Kalera's shareholders to enforce any duty or liability created by the Securities Act must be brought in federal court
and cannot be brought in state court.
Section
27 of the Exchange Act creates exclusive federal jurisdiction over all claims brought to enforce any duty or liability created by the
Exchange Act or the rules and regulations thereunder and the Kalera Articles confirm that the federal district courts of the United States
of America will be the exclusive forum for resolving any complaint asserting a cause of action arising under the Exchange Act. Accordingly,
actions by Kalera's shareholders to enforce any duty or liability created by the Exchange Act or the rules and regulations thereunder
must be brought in federal court.
Any
person or entity purchasing or otherwise acquiring or holding any interest in any of Kalera's securities shall be deemed to have
notice of and consented to Kalera's exclusive forum provisions, including the Federal Forum Provision. Additionally, Kalera's
shareholders cannot waive compliance with the federal securities laws and the rules and regulations thereunder. These provisions may
lead to Kalera's shareholders incurring increased costs if they were to bring a claim against Kalera, and may limit Kalera's
shareholders' ability to bring a claim in a judicial forum they find favorable for disputes with Kalera or Kalera's directors,
officers, or other employees, which may discourage lawsuits against Kalera and Kalera's directors, officers, and other employees
and agents. Alternatively, if a court were to find the choice of forum provision contained in the Kalera Articles to be inapplicable
or unenforceable in an action, Kalera may incur additional costs associated with resolving such action in other jurisdictions, which
may have an adverse effect on Kalera's business, financial condition and results of operations.
40
As
a matter of Irish law, Kalera's shareholders are bound by the provisions of the Kalera Articles. An Irish court would be expected
to recognize the exclusive jurisdiction of the federal district courts of the United States of America in respect of causes of action
arising under the Exchange Act or the Securities Act.
As
an Irish public limited company, certain capital structure decisions regarding Kalera will require the approval of the shareholders of
Kalera, which may limit Kalera's flexibility to manage its capital structure.
Irish
law generally provides that a board of directors may allot and issue shares (or rights to subscribe for or convert into shares) if authorized
to do so by a company's constitution or by an ordinary resolution. Such authorization may be granted for up to the maximum of a
company's authorized but unissued share capital and for a maximum period of five years, at which point it must be renewed by another
ordinary resolution. The Kalera Articles authorizes the board of directors of Kalera to allot shares up to the maximum of Kalera's
authorized but unissued share capital for a period of five years from the date of adoption of such articles. This authorization will
need to be renewed by ordinary resolution upon its expiration and at periodic intervals thereafter. Under Irish law, an allotment authority
may be given for up to five years at each renewal, but governance considerations may result in renewals for shorter periods or for less
than the maximum permitted number of shares being sought or approved.
While
Irish law also generally provides shareholders with pre-emptive rights when new shares are issued for cash, it is possible for the Kalera
Articles, or for shareholders of Kalera in a general meeting, to exclude such pre-emptive rights. The Kalera Articles exclude pre-emptive
rights for a period of five years from the date of adoption of such articles. This exclusion will need to be renewed by special resolution
upon its expiration and at periodic intervals thereafter. Under Irish law, a disapplication of pre-emption rights may be authorized for
up to five years at each renewal, but governance considerations may result in renewals for shorter periods or for less than the maximum
permitted number of unissued shares being sought or approved.
Irish
law requires Kalera to have available "distributable profits" to pay dividends to shareholders and generally to make share
repurchases and redemptions.
Under
Irish law, Kalera may only pay dividends and make other distributions (and, generally, make share repurchases and redemptions) only out
of distributable reserves. Distributable reserves, broadly means, the accumulated realized profits of Kalera, so far as not previously
utilized in a distribution or capitalization less accumulated realized losses, so far as not previously written off in a reduction or
reorganization of capital, and include reserves created by way of a reduction of capital. In addition, no dividend may be paid or other
distribution, share repurchase or redemption made by Kalera unless the net assets of Kalera are equal to, or exceed, the aggregate of
Kalera's called up share capital plus its un-distributable reserves and the dividend or other distribution, share repurchase or
redemption does not reduce Kalera's net assets below such aggregate. Un-distributable reserves include the un-denominated capital,
the capital redemption reserve fund and the amount by which Kalera accumulated unrealized profits, so far as not previously utilized
by any capitalization exceed Kalera's accumulated unrealized losses, so far as not previously written off in a reduction or reorganization
of capital and any other reserve that Kalera is prohibited from distributing by applicable law.
The
determination as to whether or not Kalera has sufficient distributable reserves to fund a dividend must be made by reference to the "relevant
financial statements" of Kalera. The "relevant financial statements" are either the last set of unconsolidated annual
audited financial statements or unaudited financial statements properly prepared in accordance with the Irish Companies Act, which give
a "true and fair view" of Kalera's unconsolidated financial position in accordance with accepted accounting practice
in Ireland. The "relevant financial statements" must be filed in the Companies Registration Office (the official public registry
for companies in Ireland) prior to the making of the distribution.
41
Kalera,
as a new parent company with no operational history, has no distributable profits of its own. Accordingly, in order to pay dividends
or make other distributions, share repurchases or redemptions, Kalera will need to generate distributable profits from its business activities
or otherwise create distributable profits by alternative means, including a reduction of capital.
Creation
of distributable reserves requires the approval of Kalera shareholders by special resolution passed at a general meeting of shareholders,
together with the sanction of the High Court of Ireland. Although the creation of distributable reserves in this manner is an established
mechanism, the sanction of the High Court of Ireland is discretionary and there is no guarantee it will be granted.
In
the event that distributable reserves of Kalera are not, for whatever reason, generated from its business activities or created by alternative
means, no dividends may be paid or other distributions, share repurchases or redemptions made by Kalera. Kalera does not anticipate paying
any dividends for the foreseeable future. There can be no assurances that Kalera will ever pay any dividend or other distribution to
shareholders, regardless of whether Kalera has sufficient distributable reserves.
Attempted
takeovers of Kalera are subject to the Irish Takeover Rules and will be under the supervisory jurisdiction of the Irish Takeover Panel.
Kalera
is subject to the Irish Takeover Rules, which regulate the conduct of takeovers of, and certain other relevant transactions affecting,
Irish incorporated public limited companies listed on certain stock exchanges, including Nasdaq. The Irish Takeover Rules are administered
by the Irish Takeover Panel, which has supervisory jurisdiction over such transactions. Among other matters, the Irish Takeover Rules
operate to ensure that no offer is frustrated or unfairly prejudiced and, in situations involving multiple bidders, that there is a level
playing field. For example, pursuant to the Irish Takeover Rules, the Kalera board will not be permitted, without shareholder approval,
to take certain actions which might frustrate an offer for Kalera shares once the Kalera board has received an approach that might lead
to an offer or has reason to believe that an offer is, or may be, imminent.
Under
the Irish Takeover Rules, a person, or persons acting in concert, who acquire(s), or consolidate(s), control of Kalera may be required
to make a mandatory cash offer for the remaining shares of Kalera.
Under
the Irish Takeover Rules, in certain circumstances, a person, or persons acting in concert, who acquire(s), or consolidate(s), control
of Kalera may be required to make a mandatory cash offer for the remaining shares of Kalera at a price not less than the highest price
paid for the shares by that person or its concert parties during the previous 12 months. Save with the consent of the Irish Takeover
Panel, this mandatory offer requirement is triggered: (i) if an acquisition of shares would result in a person or persons acting in concert
holding shares representing 30% or more of the voting rights of Kalera and (ii) where a person, or persons acting in concert, already
hold(s) shares representing between 30% and 50% of the voting rights of Kalera, if an acquisition of shares would result in the percentage
of the voting rights of Kalera held by such person, or persons acting in concert, increasing by more than 0.05% within a 12-month period.
In the case of an issuance of new shares, the Irish Takeover Panel will typically waive the mandatory offer requirement in circumstances
where the issuance has been approved in advance by simple majority vote given at a general meeting of independent Kalera shareholders
convened in accordance with the requirements (including as to disclosure) of the Irish Takeover Rules. The mandatory offer requirements
do not apply to a single holder, holding shares representing more than 50% of the voting rights of Kalera.
Anti-takeover
provisions in the Kalera constitution could make an acquisition of Kalera ordinary shares more difficult.
The
Kalera Articles contain provisions that may delay or prevent a change of control, discourage bids at a premium over the market price
of Kalera ordinary shares, adversely affect the market price of Kalera ordinary shares, and adversely affect the voting and other rights
of holders of Kalera ordinary shares. These provisions include: (i) permitting the Kalera board of directors to issue preference shares
without the approval of holders of Kalera ordinary shares, with such rights, preferences and privileges as they may designate and (ii)
allowing the Kalera board of directors to adopt a shareholder rights' plan upon such terms and conditions as it deems expedient
in the interests of Kalera.
42
UNAUDITED
PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION
Defined
terms included below shall have the same meaning as terms defined and included elsewhere in this prospectus.
Introduction
At
Closing, Kalera SA (f/k/a Kalera AS), a
société anonyme
existing under the laws of the Grand Duchy of Luxembourg,
having its registered office at 15, boulevard Franklin D. Roosevelt, L-2450 Luxembourg, Grand Duchy of Luxembourg, registered with the
Luxembourg Trade and Companies Register (
Registre de Commerce et des Sociétés, Luxembourg
) under number B256011
incorporated pursuant to a deed on 11 June 2021, consummated the Business Combination pursuant to that certain Business Combination Agreement,
dated January 30, 2022, by and among (i) Agrico, (ii) Kalera, (iii) Cayman Merger Sub, (iv) Lux Merger Sub and (v) Kalera AS, a Norwegian
private limited liability company.
The
Merger Subs were formed solely as vehicles for consummating the Business Combination, and the Merger Subs were direct wholly owned subsidiaries
of Kalera. As of Closing, the Merger Subs ceased to have a separate legal existence and Kalera SA became a wholly owned subsidiary of
Kalera. As soon as reasonably practicable after Closing, Agrico will elect to be treated as a "disregarded entity" for U.S.
federal income tax purposes, and its process of liquidation will start. Pursuant to the Business Combination Agreement:
a.
On
                                            June 27, 2022, Cayman Merger Sub merged with and into Agrico, with Agrico continuing as the
                                            surviving entity and as a wholly owned subsidiary of Kalera (the "First Merger").
                                            Agrico issued Agrico Class A ordinary shares to Kalera (the "Agrico Share Issuance"),
                                            and, in each case as consideration for the First Merger and the Agrico Share Issuance:
i.
Agrico
                                            Shareholders received shares in the capital of Kalera, and
ii.
the
                                            holders of Agrico Warrants (as defined below) had their Agrico Warrants assumed by Kalera
                                            and automatically adjusted to become exercisable for shares in the capital of Kalera.
b.
On
                                            June 28, 2022, by way of the Kalera Capital Reduction pursuant to the Luxembourg Companies
                                            Act, and in each case as consideration for the ordinary shares of Kalera SA and the Kalera
                                            SA options being cancelled and ceasing to exist or being assumed (as applicable) upon completion
                                            of the Second Merger:
c.
Kalera
                                            SA shareholders (except Kalera) received shares in the capital of Kalera,
i.
The
                                            holders of in-the-money Kalera SA options received options in the capital of Kalera, and
ii.
Kalera
                                            SA options that were out-of-the money were cancelled.
iii.
Immediately
                                            following the Kalera Capital Reduction, on June 28, 2022, Lux Merger Sub merged with and
                                            into Kalera SA, with Kalera SA as the surviving entity of the Second Merger. Kalera SA issued
                                            shares to Kalera.
Accounting
for the Business Combination
The
Business Combination is accounted for as a reverse recapitalization, with no goodwill or other intangible assets recorded, in accordance
with United States ("U.S.") generally accepted accounting principles ("GAAP"). Under this method of accounting,
Agrico is treated as the "acquired" company for financial reporting purposes. Accordingly, for accounting purposes, the Business
Combination is treated as the equivalent of the Company issuing stock for the net assets of Agrico, accompanied by a recapitalization.
The net assets of Agrico are stated at historical cost, with no goodwill or other intangible assets recorded. Operations prior to the
Business Combination are those of the Company.
43
The
Company has been determined to be the accounting acquirer based on evaluation of the following facts and circumstances:
●
Members
                                            of Kalera's senior management and Board of Directors will comprise all key management
                                            positions and more than 90% of the Board of Directors of the combined company;
●
Kalera
                                            will have the majority voting interest in the combined company
●
Kalera
                                            will have the ability to appoint the majority of the new Board and elect those directors
                                            through its majority voting power;
●
The
                                            Company's subsidiaries will comprise the ongoing operations of the combined company;
●
The
                                            Company is larger in relative size to that of Agrico; and
●
The
                                            combined company will continue to operate under the Kalera trade name.
Basis
of Pro Forma Presentation
The
adjustments presented on the unaudited pro forma condensed statements of operations and comprehensive loss for the six months ended June
30, 2022 and year ended December 31, 2021, have been identified and presented to provide relevant information necessary for an accurate
understanding of the combined company upon consummation of the Business Combination. The unaudited pro forma condensed combined statement
of operations and comprehensive loss for the six months ended June 30, 2022 combines the historical unaudited consolidated statement
of operations of Kalera for the six months ended June 30, 2022 and the historical unaudited statement of operations of Agrico for the
period ended June 28, 2022 and has been prepared to reflect the Business Combination as if it occurred on January 1, 2021. The unaudited
pro forma combined statement of operations and comprehensive loss for the year ended December 31, 2021 combines the historical audited
consolidated statement of operations of Kalera for the year ended December 31, 2021 and the historical audited statement of operations
of Agrico for the year ended December 31, 2021 and has been prepared to reflect the Business Combination as if it occurred on January
1, 2021.
The
unaudited pro forma adjustments are based on information currently available. Assumptions and estimates underlying the unaudited pro
forma adjustments are described in the accompanying notes. Actual results may differ materially from the assumptions used to present
the accompanying unaudited pro forma condensed combined financial information.
The
unaudited pro forma condensed combined statements of operations do not necessarily reflect what the combined Company's results
of operations would have been had the Business Combination occurred on the date indicated. The unaudited pro forma condensed combined
statements of operations also may not be useful in predicting the future results of operations of the combined company. The actual financial
results of operations may differ significantly from the pro forma amounts reflected herein due to a variety of factors.
44
The
unaudited pro forma condensed combined financial information should be read in conjunction with the accompanying notes. See
Note 1,
Basis of Presentation
, to the Unaudited Pro Forma Condensed Combined Financial Information for information about the sources used
to derive the unaudited pro forma financial information. In addition, the unaudited pro forma condensed combined financial information
was based on and should be read in conjunction with the following historical financial statements and the accompanying notes, which are
included in this proxy statement:
●
historical
                                            audited financial statements of Agrico as of and for the year ended December 31, 2021
●
historical
                                            audited combined financial statements of Kalera Public Limited Company as of and for
                                            the year ended December 31, 2021
●
historical
                                            unaudited condensed financial statements of Agrico as of and for the three months ended March
                                            31, 2022
●
historical
                                            unaudited combined financial statements of Kalera Public Limited Company as of and for the
                                            six months ended June 30, 2022
Further,
unaudited pro forma condensed combined financial information should be read in conjunction with the sections of this proxy statement
entitled "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "The Company's
Management's Discussion and Analysis of Financial Condition and Results of Operations." The unaudited pro forma condensed
combined financial information may have footing differences resulting from decimal numbers not presented herein.
45
UNAUDITED
PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS
FOR
THE SIX MONTHS ENDED JUNE 30, 2022
(in
thousands, except share and per share data)
Kalera
PLC
(Historical)
Agrico Acquisition Corp. (Historical)
Transaction Accounting Adjustments
Notes
Pro Forma Combined
Net sales
$
2,766
$
—
$
—
$2,766
Cost of goods sold (exclusive of depreciation and amortization shown separately below)
(11,279
)
(11,279)
Selling, general, and administrative expenses
(35,012
)
7,533
(b)
(24,479)
Depreciation and amortization
(5,516
)
(5,516)
Impairment loss
(64,252
)
(64,252)
Formation, operating and transaction cost
—
(1,111
)
(7,533
)
(b)
(8,644)
Operating loss
(113,293
)
(1,111
)
—
(114,404)
Interest (expense) income, net
(817
)
189
(189
)
(a)
(817)
Change in fair value of earnout liabilities
17,250
17,250
Other income
647
647
Loss from operations before income tax
(96,213
)
(922
)
(189
)
(97,324)
Income tax benefit
1,288
—
1,288
Loss before equity in net earnings loss of affiliate
(94,925
)
(922
)
(189
)
(96,036)
Equity in net loss of affiliate
48
48
Net loss
$
(94,973
)
$
(922
)
$
(189
)
$(96,084)
Net loss per share - basic and diluted
$
4.97
$(5.02)
Weighted average common shares outstanding – basic and diluted
19,125
19,125
46
UNAUDITED
PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS
FOR
THE YEAR ENDED DECEMBER 31, 2021
(in
thousands, except share and per share data)
Kalera
PLC
(Historical)
Agrico Acquisition Corp. (Historical)
Transaction Accounting Adjustments
Notes
Pro Forma Combined
Net sales
$
2,855
$
$
$
2,855
Cost of goods sold (exclusive of depreciation and amortization shown seperately below)
(9,634
)
(9,634
)
Selling, general, and administrative expenses
(43,270
)
(43,270
)
Depreciation and amortization
(7,199
)
(7,199
)
Impairment loss
(1,051
)
(1,051
)
Formation, operating and transaction cost
(430
)
(393
)
-
(823
)
Operating loss
(58,729
)
(393
)
-
(59,122
)
Interest (expense) income, net
(1,634
)
20
(20
)
(c)
(1,634
)
Other income
1,538
1,538
Loss from operations before income tax
(58,825
)
(373
)
(20
)
(59,218
)
Income tax benefit
1,814
9,374
(d)
11,188
Loss before equity in net earnings loss of affiliate
(57,011
)
(373
)
9,354
(48,030
)
Equity in net loss of affiliate
982
982
Net loss
$
(57,994
)
$
(373
)
$
9,354
$
(49,012
)
Net loss per share - basic and diluted
$
(3.06
)
$
(2.59
)
Weighted average common shares outstanding – basic and diluted
18,947
18,947
47
1. Basis
of Presentation
The
unaudited pro forma condensed combined financial information has been prepared in accordance with Article 11 of Regulation S-X as amended
by the final rule, Release No. 33-10786 "Amendments to Financial Disclosures about Acquired and Disposed Businesses." Release
No. 33-10786 replaces the existing pro forma adjustment criteria with simplified requirements to depict the accounting for the transaction
("Transaction Accounting Adjustments") and present the reasonably estimable synergies and other transaction effects that
have occurred or are reasonably expected to occur ("Management's Adjustments") in the notes to the Unaudited Pro Forma
Condensed Combined Financial Information. Kalera Public Limited Company ("Kalera" or "Successor") has
elected not to present Management's Adjustments and is only presenting Transaction Accounting Adjustments in the unaudited pro
forma condensed combined financial information.
Management
has made significant estimates and assumptions in its determination of the pro forma adjustments. As the pro forma combined financial
information has been prepared based on these preliminary estimates and assumptions, the final amounts recorded may differ materially
from the information presented.
The
unaudited pro forma condensed combined statement of operations for the six months ended June 30, 2022 and year ended December 31, 2021,
presents pro forma effects to the Business Combination as if they had been completed on January 1, 2021.
The
unaudited pro forma condensed combined statement of operations for the six months ended June 30, 2022 and the audited statement of operations
for the year ended December 31, 2021, have been prepared using and should be read in conjunction with the following, which are included
in this proxy statement:
●
Agrico's
                                            unaudited condensed statement of operations for the three months ended March 31, 2022, and
                                            the related notes;
●
Kalera's
                                            unaudited consolidated statement of operations for the six months ended June 30, 2022, and
                                            the related notes;
●
Agrico's
                                            historical audited statement of operations for the year ended December 31, 2021, and the
                                            related notes;
●
Kalera's
                                            historical audited combined statement of operations for the year ended December 31, 2021,
                                            and the related notes;
The
unaudited pro forma condensed combined financial information has been prepared to give effect to the redemption for cash of 14,347,974
or 99.81% shares of Agrico Common Stock for an aggregate redemption payment of $146,349,335.
The
unaudited pro forma condensed combined financial information does not give effect to any anticipated synergies, operating efficiencies,
tax savings, or cost savings that may be associated with the Business Combination. The combined company will incur additional costs after
the Business Combination in order to satisfy its obligations as a reporting public company with the Securities Exchange Commission ("SEC").
No adjustment to the unaudited pro forma condensed combined statement of operations has been made for these items as the amounts are
not yet known.
48
The
pro forma adjustments reflecting the consummation of the Business Combination are based on certain currently available information at
the Closing of the transaction and certain assumptions and methodologies that Kalera believes are reasonable under the circumstances.
The unaudited condensed pro forma adjustments, which are described in the accompanying notes, may be revised as additional information
becomes available and is evaluated. Therefore, it is likely that the actual adjustments will differ from the pro forma adjustments, and
it is possible the differences may be material. Kalera believes that its assumptions and methodologies provide a reasonable basis for
presenting all of the significant effects of the Business Combination contemplated based on information available to management at the
time and that the pro forma adjustments give appropriate effect to those assumptions and are properly applied in the unaudited pro forma
condensed combined financial information.
The
unaudited pro forma condensed combined financial information is not necessarily indicative of what the actual results of operations and
financial position would have been had the Business Combination taken place on the date indicated, nor are they indicative of the future
consolidated results of operations or financial position of the combined company.
2. Accounting
Policies
Since
Agrico had substantially no business operations as a blank check company, its limited accounting policies were not in conflict with those
of Kalera. Accordingly, the combined company uses the accounting policies of Kalera as described in Note 2 to Kalera's audited
consolidated financial statements as of December 31, 2021, and for the year ended December 31, 2021, included by reference in this filing.
As a result, the unaudited pro forma condensed combined financial information does not assume any differences in accounting policies.
Adjustments
to Unaudited Pro Forma Condensed Combined Statements of Operations
The
unaudited pro forma condensed combined statements of operations have been prepared for informational purposes only.
The
pro forma condensed combined provision for income taxes does not necessarily reflect the amounts that would have resulted had the combined
company filed consolidated income tax returns during the periods presented.
Management
has made significant estimates and assumptions in its determination of the pro forma adjustments. As the unaudited pro forma condensed
combined financial information has been prepared based on these preliminary estimates, the final amounts recorded may differ materially
from the information presented.
The
pro forma basic and diluted earnings (loss) per share amounts presented in the unaudited pro forma condensed combined statements of operations
are based upon the number of the combined company's weighted average shares outstanding, assuming the Business Combination had
occurred on January 1, 2021.
The
Business Combination pro forma Transaction Accounting Adjustments included in the unaudited pro forma condensed combined statement of
operations for the six months ended June 30, 2022, are as follows:
a)
Adjustment
                                            to remove interest income on cash and cash equivalents held in Trust Account.
b)
One-time,
                                            non-recurring transaction cost related to acquisition previously included in selling, general,
                                            and administrative expenses.
The
Business Combination pro forma Transaction Accounting Adjustments included in the unaudited pro forma condensed combined statement of
operations for the year ended December 31, 2021 are as follows:
c)
Adjustment
                                            to remove interest income on cash and cash equivalents held in Trust Account.
d)
Adjustment
                                            for income taxes, applying a statutory tax rate of 15.83% for the year ended December 31,
                                            2021.
49
3. Net
Loss per Share
Represents
the unaudited loss per share calculated based on the recapitalization resulting from the Business Combination, assuming the shares were
outstanding since January 1, 2021. As the Business Combination is being reflected as if it had occurred at the beginning of the periods
presented, the calculation of weighted average shares outstanding for basic and diluted net earnings (loss) per share assumes that the
shares issuable relating to the Business Combination have been outstanding for the entire periods presented. The following tables set
forth the computation of pro forma basic and diluted earnings (loss) per share for the six months ended June 30, 2022 and for the year
ended December 31, 2021; amounts are stated in thousands of U.S. Dollars, except for share and per share amounts.
Six months ended June 30, 2022
Pro Forma
Common Stock
Numerator:
Net Loss
$
(96,084
)
Denominator:
Weighted average shares outstanding - basic and diluted
19,125
Net loss per ordinary share:
Basic and diluted
$
(5.02
)
Year ended December 31, 2021
Pro Forma
Common Stock
Numerator:
Net Loss
$
(49,012
)
Denominator:
Weighted average shares outstanding - basic and diluted
18,947
Net loss per ordinary share:
.
Basic and diluted
$
(2.59
)
50
USE
OF PROCEEDS
We estimate that
our net proceeds from the maximum offering amount of the sale of the Units in this offering will be approximately $     million,
after deducting placement agent fees and estimated offering expenses payable by us, based on an assumed offering price of $1.27
per Kalera Ordinary Share, equal to the closing price of Kalera Ordinary Shares on Nasdaq on October 6, 2022, or pre-funded exercise
price of $9 per pre-funded warrant.
We
intend to use the net proceeds of this offering for general corporate purposes.
Our
management will have discretion and flexibility in applying the net proceeds of this offering. We may use the proceeds of this offering
for purposes with which you do not agree. See "
Risk Factors-Risks Relating to the Offering-Since we have broad discretion in
how we use the proceeds from this offering, we may use the proceeds in ways with which you disagree.
"
51
MARKET
PRICE OF AND DIVIDENDS ON THE REGISTRANT'S SECURITIES AND
RELATED
STOCKHOLDER MATTERS
Market
Information and Holders
Kalera
Ordinary Shares are currently listed on Nasdaq under the symbol KAL.
On
October 6, there were 3 holders of record of Kalera Ordinary Shares and 3 holders of record of Kalera Warrants.
The
outstanding Kalera Ordinary Shares as of October 6, 2022, are as follows:
●
23,877,828
                                            Kalera Ordinary Shares prior to any exercise of outstanding Kalera Warrants, Kalera
                                            Options, New Kalera Options, New Restricted Stock Units or Armistice Warrants.
●
49,191,279
                                            Kalera
Ordinary Shares after giving effect to the exercise of all outstanding Kalera Warrants, Kalera
                                            Options, New Kalera Options, New Restricted Stock Units and Armistice Warrants.
Dividend
Policy
We
have never declared or paid any cash dividends on our ordinary shares, and we do not currently intend to pay any cash dividends on our
ordinary shares in the foreseeable future. We currently intend to retain all available funds and any future earnings to support operations
and to finance the growth and development of our business. Any future determination to pay dividends will be made at the discretion of
our board of directors subject to applicable laws and will depend upon, among other factors, our operating results, financial condition,
contractual restrictions and capital requirements. Our future ability to pay cash dividends on our capital stock may be limited by any
future debt instruments or preferred securities.
52
CAPITALIZATION
The
following table sets forth our capitalization and indebtedness as of June 30, 2022:
●
on
                                            an actual basis;
●
on
                                            an as adjusted basis, to give effect to the Farm Credit Loan and Security Agreement, the
                                            Secured Convertible Bridge Promissory Note, as amended, and the Securities Purchase Agreement; and
●
on
                                            an as further adjusted basis, to give effect to (i) the issuance and sale of up to 15,748,031
                                            Units consisting of one Kalera Ordinary Share and one Class A Warrant to subscribe
                                            for one Kalera Ordinary Share at an assumed public offering price of $1.27 per
                                            Kalera Ordinary Share at the maximum offering amount (with no additional consideration payable
                                            for the Class A Warrant), and (ii) total expenses of each offering amount, which include
                                            registration, filing and listing fees, printing fees and legal and accounting expenses amounting
                                            to $    and the Placement Agent fee of 7% of the public offering price.
(All figures in thousands of U.S. dollars, except for share amounts)
As of June 30, 2022 (unaudited)
As Adjusted (unaudited)
As Further Adjusted (unaudited) (maximum offering amount)
Cash and cash equivalents
$
3,335
Debt
Debt
32,859
$
42,359
Non-current operating lease liabilities
63,647
63,647
Total debt
96,506
106,006
Equity
Common stock, $.0001 par, 72,400,000 authorized, 21,377,828 and 18,946,567 issued & outstanding as of June 30, 2022
2
2
Additional paid in capital
305,826
315,076
Accumulated other comprehensive loss
(12,068
)
(12,068
)
Accumulated deficit
(157,579
)
(157,579
)
Total shareholders' equity
136,181
136,181
Total capitalization
275,057
275,057
53
DILUTION
If
you invest in our securities in this offering, your ownership interest will be diluted immediately to the extent of the difference between
the public offering price per share of the Kalera Ordinary Shares and pre-funded warrants and the as adjusted net tangible book value
per share of Kalera Ordinary Shares after this offering.
The
historical net tangible book value of Kalera Ordinary Shares as of June 30, 2022 was $136,181 thousand or $6.37 per share. Historical
net tangible book per share represents the amount of our total tangible assets less total liabilities, divided by the number of Kalera
Ordinary Shares outstanding as of June 30, 2022.
As
adjusted to give effect to the Secured Convertible Bridge Promissory Note, as amended, and the Securities Purchase Agreement,
the pro forma net tangible book value of Kalera Ordinary Shares as of June 30, 2022 was $   
thousand or $     per share. Pro forma net tangible book was determined by dividing the net
tangible book value of the contributed assets and liabilities by the Kalera Ordinary Shares issued or issuable by us
in exchange for such contributions in the Secured Convertible Bridge Promissory Note, as amended, and the Securities Purchase
Agreement respectively.
Dilution
to New Investors if the Maximum Offering Amount is sold
As
adjusted to give effect to the sale by us of up to       Units, each consisting of one of Kalera
Ordinary Share or one pre-funded warrant and one Class A Warrant, offered by this prospectus at the public offering price of
$     per Kalera Ordinary Share or pre-funded exercise price of $     per pre-funded
warrant, and after deducting the estimated placement agent fees and commissions and estimated offering expenses payable
by us, our adjusted pro forma net tangible book value as of June 30, 2022 would have been $     million, or $   
per share. This represents an immediate decrease in net tangible book value per share of $     to existing stockholders and
immediate dilution of approximately $      per share to new investors purchasing Kalera Ordinary Shares in this offering.
Dilution per share to new investors is determined by subtracting as adjusted pro forma net tangible book value per share
after this offering from the public offering price per share paid by new investors.
The
following table illustrates this calculation on a per share basis:
Public
    offering price per Unit
$
Historical
    net tangible book value per share as of June 30, 2022
$
6.37
Pro
    forma net tangible book value per share as of June 30, 2022
$
Decrease
    in net tangible book value per share attributable to new investors in this offering
$
As-adjusted
                                            pro forma net tangible book value per share as of June 30, 2022, after giving effect
                                            to this offering
$
Dilution
    per share to new investors in this offering
$
The
number of Kalera Ordinary Shares shown above to be outstanding after this offering is based on the Kalera Ordinary Shares outstanding
as of      , 2022 and excludes:
●
904,505
    Kalera Ordinary Shares issuable under our 2022 Plan;
●
364,000
    Kalera Ordinary Shares issuable in relation to the Kalera Options;
●
607,446
    Kalera Ordinary Shares issuable in relation to the New Restricted Stock Units;
●
14,437,500
    Kalera Ordinary Shares issuable upon exercise of the Kalera Warrants; and
●
Kalera
    Ordinary Shares issuable pursuant to the CVRs upon the satisfaction of certain conditions under the CVR Agreement.
It
also assumes (i) no sale of pre-funded warrants in this offering, which, if sold, would reduce the number of Kalera Ordinary Shares that
we are offering on a one-for-one basis and (ii) no exercise of the Class A Warrants issued in this offering.
54
INDUSTRY
OVERVIEW
This
section provides an overview of the industry in which Pubco currently operates. References in this section to "we," "us"
or "Kalera" refer to Kalera and its consolidated subsidiaries.
The
United Nations forecasts that global food production will need to increase at least 70% by 2050 to feed the growing global population,
far outstripping the growth in arable land given that 80% of arable land is already in use today and stretching the planet's water
resources even further. Climate change is redistributing water resources around the world, and traditional farming areas are being displaced.
By producing products in tailored production facilities, vertical farming uses less water, grows plants faster, is not affected by seasonality,
and yields significantly more crops per square foot than traditional farming methods. This benefits the environment - with lower water
usage, no reliance on arable land, and lower carbon emissions as a result of growing crops closer to where they are consumed rather than
having them transported - and also our health. The availability of clean water is shrinking due to a combination of environmental, industrial,
political, and social factors. A big part of our growing water imbalance comes from traditional farming methods - it is estimated that
70% of the world's total water withdrawals come from agriculture, and this increases up to 90% for developing nations. Our recirculated
irrigation system consumes on average 95% less water than traditional field farming, helping to enable a more water sustainable future
for food.
Vertical
Farming Landscape
We
mainly operate in the lettuce and chicory market. According to IndexBox, the global market volume for lettuce and chicory was around
27 million tons in 2017, exhibiting a stable average annual rate of increase of 1.2% between 2007 and 2017. The lettuce and chicory market
is projected to continue its stable development, growing at over 1% per annum from 2019 to 2025, resulting in an estimated market volume
of 29 million tons in 2025. The global lettuce and chicory market, excluding logistics costs, retail marketing costs and margins, amounted
to over $30 billion in 2017, representing an increase of 16% against the preceding year.
Additionally,
according to Research Nester, the United States microgreens market is projected to register a CAGR of 10.1% from 2020 to 2025. According
to Research Nester, in terms of value, the U.S. microgreens market of $185 million forecasted in 2020 is projected to grow to $307 million
by 2025. By sales channel, the restaurant market segment dominates the market owing to the fact that microgreens are likely to influence
produce shopping requirements in the near future. Microgreens are increasingly being treated as a culinary trend across the country's
cuisines. The ongoing culinary trend for microgreen preference across United States cuisines together with the increasing supply to the
hospitality market segment is likely to enhance the sale of microgreens in the future.
We
believe that we are well positioned to take advantage of these macro- and micro-trends by building high-tech sustainable lettuce, microgreens
and herb production capacity in the United States and internationally. We seek to expand in certain markets and communities that do not
have accessibility to local and fresh produce. We believe that our revenue growth will allow us to capture an increased share of the
broader U.S. lettuce and chicory and microgreens categories. This is supported by a number of key drivers, including the growing mainstream
acceptance of our products, heightened consumer awareness of the role that food and nutrition play in long-term health and wellness,
and increasing awareness of the reduced negative impact that vertical farming has on the environment as compared to traditional farming.
Geographically,
we primarily operate in the US, which is the world's second largest producer of lettuce with approximately 8.6 billion heads of
lettuce produced in 2020 according to the United States Department of Agriculture (USDA). The US lettuce production is concentrated around
Arizona and California. Hence, supply to many of the largest US cities implies transportation, often by trucks, which increases costs
and results in average spoilage of over 20%, according to the USDA. Today, shipping to the East Coast of the US translates to a $6-8/case
transportation cost for California and Arizona-sourced produce. Depending on variety and packaging, transportation costs can average
between $0.3-0.6/lbs. By deploying our production facilities close to our markets, we can significantly reduce transportation costs.
In addition, earlier store arrival of our products adds approximately ten to 14 days longer shelf life than traditional farmed products,
providing significant potential to reduce costs from waste.
We
focus our product varieties on the leafy and romaine lettuce market and not traditional head (Iceberg) lettuce. According to the USDA,
in 2020, leafy and romaine lettuce production totaled approximately 4.6 billion heads - approximately the same as traditional head (Iceberg)
lettuce volume. Produce attributes, such as higher nutrition and more prominent taste, as well as consumer awareness, has resulted in
leafy and romaine lettuce steadily taking market share from traditional head lettuce.
55
INFORMATION
ABOUT KALERA
Shareholders
should read this section in conjunction with the more detailed information about Kalera contained in this prospectus, including Kalera's
audited and unaudited financial statements and the other information appearing in the section titled "Management's Discussion
& Analysis of Financial Condition and Results of Operations." In this section, references to "we," "us,"
"Kalera" and "our" are intended to refer to Kalera and its consolidated subsidiaries.
Overview
Kalera
is a leading vertical farming company. We utilize proprietary technology and plant and seed science to sustainably grow local, delicious,
nutrient-rich, pesticide-free, non-GMO leafy greens year-round. In contrast to produce that requires costly and extended long-haul supply
chains, our leafy greens are delivered within hours of harvesting, always fresh, and maintain a longer shelf life. Our high-yield, automated,
data-driven hydroponic production facilities have been designed for rapid roll-out with attractive unit economics to grow leafy greens
faster, cleaner and in a manner that is better for the environment than traditional farming. Given our cost-efficient production process
from seed to harvest and capital discipline, we are able to sell our "better than organic" produce at competitive prices.
With our mission to serve humanity, wherever we are, fresh, safe, sustainable and affordable nourishment, we aim to become a global leader
in controlled-environment agriculture ("CEA") for leafy greens addressing an estimated $50 billion addressable market opportunity
for vertical farming products. As of December 31, 2021, Kalera's market share was estimated at about 0.01%. For more information,
see "
Risks Relating to Kalera's Business and the Industry in Which it Operates-Kalera lacks useful financial information
for the accurate estimation of its future capital expenditures and unit economics
" and "
Risks Relating to Kalera's
Business and the Industry in Which it Operates-Kalera is an early stage company with a history of losses and expects to continue to incur
losses going forward
" for more information.
We
currently have four large-scale facilities operating in the US in Orlando, Atlanta, Houston and Denver, and one in Kuwait through our
October 2021 acquisition of vertical farming company &ever. Additionally, we have five farms in development in Seattle, Honolulu,
St. Paul, Columbus and Singapore. As of September 2022, farm openings have been reprioritized: our focus is on the development of the
St.Paul, Seattle and Singapore facilities, while construction of the Honolulu and Colombus facilities has been temporarily paused.
Our
indoor production facilities are strategically located proximate to population and distribution centers, including markets isolated from
farmland that have traditionally struggled to secure local and reliable sources of food. Given our expanding facility footprint, we expect
to be the first truly pan-US vertical farming company able to serve both regional and national accounts. In addition, our acquisition
of &ever has allowed us to establish beachheads in attractive international markets for vertical farming. Our sustainably grown and
locally sourced high quality leafy greens, marketed under our Kalera brand, appeal to a broad range of customers across the foodservice,
grocery, resort, hospitality, cruise line, airline and restaurant industries. Our key customers include US Foods, Gordon Food Service,
Harvill's Produce, Marriott, Levy, FreshPoint (a Sysco company), Publix, Kroger, H-E-B, Trader Joe's, Lowe's, Safeway,
King Soopers, Fred Meyer, Disney and Universal Studios.
56
Our
facilities are designed to achieve strong unit economics driven by our proprietary technology to optimize yields and our cost and investment
discipline. Our vertically integrated platform and innovative production methods facilitate precise control of seed development, nutrients
and environmental variables to accelerate grow cycles and generate high yields of leafy greens per square foot. We use certain standardized
equipment to avoid costly over-engineering, adhering to an ROI-driven approach to automation that instills discipline with respect to
capital investment. We prioritize utilizing existing warehouses that we retrofit and lease or purchase and our highly customizable growing
layouts, modular and replicable structural designs minimize costs while affording us rapid scaling capabilities. As a consequence, we
believe we are one of the leaders in vertical farming in terms of yield and capital expenditures per square foot and the first and only
one to be vertically integrated from seed to harvest. Underpinning our innovative production process are our proprietary plant and seed
science, production system automation, and our Internet of Things ("
IoT
"), big data and AI capabilities that we have
perfected through over 12 years of research and development and have been complemented by the acquisitions of Vindara and &ever.
Our technology allows us to optimize nutrient mixtures, light recipes, temperature and humidity, resulting in nutrient- dense greens
with consistent high quality year-round. Our clean room technology includes advanced air and water filtration and decontamination adapted
from semiconductor and biomedical industries. We also utilize cultivation methods that avoid contamination of hardware, seeds, and media.
As a result, we are able to eliminate the use of harmful chemicals and pesticides from our production process to generate consistent,
high yields of pristine, crisp, flavorful, and nutritious produce.
By
the nature of our business, we have a strong ESG profile. We are at the forefront of CEA, which is transforming produce farming, addressing
mounting global challenges with regard to water stress, arable land erosion, fresh produce availability, quality and safety, and the
climate impact of traditional, long-distance perishable food supply chains. Our hydroponic facilities produce several hundred times more
output per square foot than traditional farming, use 99% less land and without seasonal and regional limitations. In addition, our advanced
recirculated irrigation systems consume on average 95% less water than traditional field farming and with significantly reduced risk
of environmentally harmful runoffs. Our advanced plant and seed science and cleanroom technology ensure that our produce is free of contamination
and bacteria, including human pathogens, without the use of harmful chemicals and pesticides. We are committed to developing ESG indicator
tracking and reporting processes and systems, in accordance to accepted reporting standards. As our expanding list of production facilities
becomes fully operational, data collection will expand in support of ESG KPI reporting. We believe that vertical farming will be a major
contributor towards a more sustainable future and we aim to be a global leader in that endeavor.
Our
first large-scale operating facility in Orlando has a production capacity of approximately 0.8 million lbs. per year, our other large-scale
operating facilities in Atlanta and Houston each have a production capacity of approximately 2.6 and 3.3 million lbs. per year, respectively,
and our large-scale operating facility in Denver has a production capacity of approximately 2.9 million lbs. of leafy greens and 50 thousand
lbs. of microgreens per year. Going forward, we intend to continue to invest in the construction of new facilities, plant and seed science,
operational improvements and technology for CEA as we believe demand for our products will continue to accelerate across our distribution
channels.
57
Kalera
Hydroponics
Hydroponics
is a soil-less method of growing plants using mineral nutrients dissolved in water. If a plant is given exactly what it needs, when it
needs it, and in the amount that it needs, the plant should be as healthy as is genetically possible and can be grown in a very efficient
way. There are several benefits of our use of hydroponics compared to traditional farming, with a high degree of sustainability and resource
efficiency, summarized as follows:
Clean
    and safe
●
Free
                                            of contamination and bacteria: E-coli outbreaks have been linked to traditional romaine lettuce
                                            growers
●
No
    harmful chemicals, hormones, additives, pesticides, fungicides or insecticides
●
Non-GMO
    seeds
Healthy
●
Consistent
                                            quality, rich in minerals, vitamins and antioxidants
●
Avoids
    the loss of nutritional value found with traditional (US West Coast grown) fresh produce, which can be significant for certain nutritive
    elements
Sustainable
●
Produced
                                            locally and safe, reducing transportation emissions and extending shelf-life ten to 14 days
●
Approximately
    95% reduction in water consumption and 99% less land
No
    seasons
●
Reducing
    unpredictability from changing climates, product becomes available 365 days a year
●
Product
    categories by choice, not by market availability or seasonality
Space
    efficient
●
Significantly
                                            better yields due to growth environment and vertical distribution
●
Several
    hundred times more output per square foot than traditional farming
Branding
    potential
●
Product
    seen by us as "better than organic" which increases our ability to develop strong customer engagement
A
notable advantage of hydroponics compared to field grown produce is the isolation of the crop from the soil, which often introduces problems
such as diseases, pests, salinity, poor structure and/or drainage. Furthermore, all our hydroponic systems are enclosed to provide temperature
control, reduce evaporative water loss, and to reduce disease and pest infestations.
Industry
and Market Opportunity
The
United Nations forecasts that global food production will need to increase at least 70% by 2050 to feed the growing global population,
far outstripping the growth in arable land given that 80% of arable land is already in use today and stretching the planet's water
resources even further. Climate change is redistributing water resources around the world, and traditional farming areas are being displaced.
By producing products in tailored production facilities, vertical farming uses less water, grows plants faster, is not affected by seasonality,
and yields significantly more crops per square foot than traditional farming methods. This benefits the environment - with lower water
usage, no reliance on arable land, and lower carbon emissions as a result of growing crops closer to where they are consumed rather than
having them transported - and also our health. The availability of clean water is shrinking due to a combination of environmental, industrial,
political, and social factors. A big part of our growing water imbalance comes from traditional farming methods - it is estimated that
70% of the world's total water withdrawals come from agriculture, and this increases up to 90% for developing nations. Our recirculated
irrigation system consumes on average 95% less water than traditional field farming, helping to enable a more water sustainable future
for food.
We
mainly operate in the lettuce and chicory market. According to IndexBox, the global market volume for lettuce and chicory was around
27 million tons in 2017, exhibiting a stable average annual rate of increase of 1.2% between 2007 and 2017. The lettuce and chicory market
is projected to continue its stable development, growing at over 1% per annum from 2019 to 2025, resulting in an estimated market volume
of 29 million tons in 2025. The global lettuce and chicory market, excluding logistics costs, retail marketing costs and margins, amounted
to over $30 billion in 2017, representing an increase of 16% against the preceding year.
58
Additionally,
according to Research Nester, the United States microgreens market is projected to register a CAGR of 10.1% from 2020 to 2025, and, in
terms of value, the U.S. microgreens market of $185 million forecasted in 2020 is projected to grow to $307 million by 2025. By sales
channel, the restaurant market segment dominates the market because microgreens are likely to influence produce shopping requirements
in the near future. Microgreens are increasingly being treated as a culinary trend across the country's cuisines. The ongoing culinary
trend for microgreen preference across United States cuisines together with the increasing supply to the hospitality market segment is
likely to enhance the sale of microgreens in the future.
We
believe that we are well positioned to take advantage of these macro- and micro-trends by building high-tech sustainable lettuce, microgreens
and herb production capacity in the United States and internationally. We seek to expand in certain markets and communities that do not
have accessibility to local and fresh produce. We believe that our revenue growth will allow us to capture an increased share of the
broader U.S. lettuce and chicory and microgreens categories. This is supported by a number of key drivers, including the growing mainstream
acceptance of our products, heightened consumer awareness of the role that food and nutrition play in long-term health and wellness,
and increasing awareness of the reduced negative impact that vertical farming has on the environment as compared to traditional farming.
Geographically,
we primarily operate in the US, which is the world's second largest producer of lettuce with approximately 8.6 billion heads of
lettuce produced in 2020 according to the United States Department of Agriculture (USDA). United States lettuce production is concentrated
around Arizona and California. Hence, supply to many of the largest US cities implies transportation, often by trucks, which increases
costs and results in average spoilage of over 20%, according to the USDA. Today, shipping to the East Coast of the US translates to a
$6-8/case transportation cost for California and Arizona-sourced produce. Depending on variety and packaging, transportation costs can
average between $0.3-0.6/lbs. By deploying our production facilities close to our markets, we can significantly reduce transportation
costs. In addition, earlier store arrival of our products adds approximately ten to 14 days longer shelf life than traditional farmed
products, providing significant potential to reduce costs from waste.
We
focus our product varieties on the leafy and romaine lettuce market and not traditional head (Iceberg) lettuce. According to the USDA,
in 2020, leafy and romaine lettuce production totaled approximately 4.6 billion heads - approximately the same as traditional head (Iceberg)
lettuce volume. Produce attributes, such as higher nutrition and more prominent taste, as well as consumer awareness, has resulted in
leafy and romaine lettuce steadily taking market share from traditional head lettuce.
Our
Strengths and Competitive Advantages
We
believe that the following strengths and competitive advantages position us to generate significant growth and pursue our objective to
become the leader in CEA for leafy greens.
Portfolio
of Fresh, Great-tasting, Healthy and Sustainable Products Supported by a Leading Technology Stack
We
sustainably grow premium, fresh, clean, nutrient-rich leafy greens that are sold at competitive prices. We produce various types of lettuces,
baby leaves, microgreens, and other leafy greens and herbs that are grown from non-GMO seeds and are marketed as "better than organic"
as some organic produce may use small amounts of pesticides. Due to our meticulous and clean approach to growing, our product is safer,
tastier, richer in minerals, vitamins and other beneficial nutrients than conventionally farmed produce. For example, our unique "Local
Living Lettuce" is harvested with its root ball intact and remains alive until the buyer twists off its roots resulting in a great
tasting and nutrient dense product. Important from a sustainability standpoint, our products have a longer shelf life than traditional
farmed produce, and combined with earlier store arrival, this provides significant potential to reduce the cost and environmental damage
generated from food waste.
59
Underpinning
our ability to produce high quality greens in a sustainable manner is our proprietary plant and seed science, production process automation,
clean room technology adapted from semiconductor and biomedical industries, and our IoT, big data and AI capabilities that we have perfected
through over 12 years of research and development. The acquisitions of Vindara and &ever have further bolstered our technology stack
from seed to harvest. Our technology allows us to optimize seed development, nutrient mixtures, light recipes, and temperature and humidity
controls resulting in accelerated grow cycles and highly nutritious greens with consistent high quality year-round. We currently have
custom optimized recipes for over 150 produce varieties. Our plant and seed science and engineering know-how are protected or in process
thereof by a portfolio of 43 granted, 10 published and 38 pending patents.
Scalable
Business Model Accessing Local Markets with a Global Footprint
We
have a proven approach to rolling out new large-scale vertical farming facilities in retrofitted, leased or purchased warehouses with
an expected construction time of under one year. With established supply chains for key technology and equipment, modular designs based
on components that can be reused in various configurations and pre-tested software, we can efficiently replicate facility design and
processes. This gives us visibility with respect to expected capital expenditures and timing involved for a new facility roll-out.
Our
indoor production facilities are strategically situated close to our target markets which allow us to significantly reduce the length
of time and costs inherent in the conventional produce value chain. This enables our produce to be sold to the consumer within hours
of harvest, as opposed to over two weeks that is typical of conventionally farmed products that may need to travel thousands of miles
before arriving in the hands of the final consumer. With our expanding facility footprint, we expect to be the first truly pan-US vertical
farming company able to serve both regional and national accounts. In addition, our acquisition of &ever has allowed us to establish
beachheads in attractive global markets like Kuwait and Singapore. Our largest and most recently opened production facilities in Atlanta
and Houston continue to operate reliably and are on track to meet production capacity targets and throughput yields.
60
Large
and Actionable Pipeline of New Facilities
Our
intention is to have seven large-scale operating facilities in operation by the end of 2022 under a well-defined roll-out schedule. We
intend to place our facilities in locations that are close to population and distribution centers, including areas isolated from farmland
(such as islands) so that communities without access to local, fresh produce will be able to enjoy a stable year-round supply of leafy
greens. In addition to plans to unlock additional capacity domestically, we aim to open facilities outside the US, including our large-scale
Singapore facility which is currently under construction and expected to open in the second half of 2022, to enable us to supply regional,
national and global customers. As we continue to open our facilities, expand our footprint and bolster our customer relationships, we
expect to be able to decrease the duration of a facility's full sales ramp.
Compelling
Economic Profile
Our
facilities are designed to achieve strong unit economics driven by our proprietary technology to optimize yields and our cost and capital
expenditure discipline. Our innovative production methods facilitate precise control of nutrients and environmental variables to generate
higher yields of leafy greens per square foot. We have carefully standardized the specifications of key equipment to avoid costly over-engineering.
We prioritize utilization of existing warehouses that we retrofit and lease and our highly customizable growing layouts, modular and
replicable structural designs minimize costs while affording us rapid scaling capabilities. We adhere to an ROI-driven approach to automation
that focuses on automating the most-labor intensive operations first and only after a careful cost-benefit analysis, while still leveraging
our existing technology to the fullest extent. As a consequence, we believe we are one of the leaders in vertical farming in terms of
yield (lbs. of production output per square foot) and capital expenditures per lb. of annual output.
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Furthermore,
we expect the acquisitions of Vindara and &ever to be accretive to our unit economics beginning in 2022 by significantly increasing
the output from our current and future facilities by reducing the grow cycle and increasing yields, in addition to additional revenue
streams from the sale of customized seeds and baby leaf products. While we already have advanced operating systems in place, the acquisition
of Vindara allows us to improve our products and capabilities, not through complex technical changes but through the input-the seeds.
Vindara's seeds are better suited to our growing environments and generate substantially better results with amplified appearance,
nutrition, flavor, and increased yields.
World
Class Leadership Team Fully Committed to the Highest ESG Standards
We
are led by a proven and experienced executive management team with global experience that are poised to accelerate US and international
growth at Kalera in the coming years. Our highly experienced corporate and facility management team has more than 175 years of combined
management experience. This includes 20 years of combined senior level experience managing supply chains, sales, marketing and operations
in the food industry, and 12 years of sustainable agriculture experience. We have also assembled a world-class CEA operations team that
is complemented by our experienced executives. The team's experience, focus and enthusiasm for our mission is the foundation for
the growth and success of the Company.
Sound
environmental and sustainability practices are core to who we are at Kalera. We believe that vertical farming will be a major contributor
towards a more sustainable future and we aim to be a global leader in that endeavor. We are committed to developing ESG indicator tracking
and reporting processes and systems, in accordance to accepted reporting standards. As our expanding list of production facilities becomes
fully operational, data collection will expand in support of ESG KPI reporting.
Our
Strategies
We
intend to achieve our growth plan and build sustainable competitive advantages through the following strategies:
Roll-out
of New Production Facilities in the United States and Internationally
We
are committed to prioritizing investment in our infrastructure and capabilities in order to support our strategic expansion plans so
we can capture as much of the $30 billion total global addressable market opportunity for lettuce and chicory as possible. After the
success of the Orlando, Atlanta, and Houston large-scale facilities, we opened a new large-scale facility in Denver in April 2022, and
we plan to open two additional large-scale facilities across the US, in St. Paul in 2022 and Seattle during early 2023, and one large-scale
facility internationally in Singapore. Our intention is to have seven large-scale operating facilities in operation globally by the end
of 2022 and we expect our network of facilities to become more dense as demand for our products grows.
Staying
at the Forefront of Plant and Seed Science and Technology
We
spent more than 12 years perfecting our plant and seed science so that our produce is great tasting, healthy and sustainable. As of the
date of this prospectus, we believe that we are one of the most advanced CEA companies. We believe that our focus on continuous improvement
to further enhance our nutrient management algorithms, light recipes, product varieties, and expertise will allow us to continue to maintain
competitive advantages in the sector. In addition, we believe inorganic initiatives, such as acquisitions, will provide further opportunities
to bolster our capabilities. For example, in March 2021 Kalera completed the acquisition of Vindara, which was the first company to develop
seeds specifically designed for use in vertical indoor farm environments as well as other CEA farming methods. Vindara seeds offer growers
the opportunity to capitalize on significantly higher yield potential, production efficiencies and product customization in a fraction
of the time through reducing the grow cycle. Vindara's breeding process shortens development time from the usual five to seven
years to just one to one-and-a-half years and shaves several days off of the plant grow cycle, resulting in increased output and optimizing
yield and profitability. As a result, we expect Kalera's growth rates, yields and seed costs will improve as Vindara's seed
technology is implemented.
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Expansion
of Product Lines
We
intend to strengthen our product offerings by improving the formulations of our existing portfolio of products and by creating new products
that expand our portfolio. We are continuously refining our products to improve their color, texture, flavor, firmness and nutritional
value and testing new produce varieties and recipes to enhance all the benefits of our products. In addition, we believe we can further
differentiate ourselves in the sector by growing custom plants that are unique to each customer.
Our
acquisition of Vindara is also expected to accelerate our product development both within our existing market segment as well as in other
lettuce and leafy greens varieties including high yield basil and spinach, and in entirely new categories such as strawberries. Vindara
has already demonstrated substantial yield improvements in indoor-grown Romaine, with more varieties and crops in the pipeline. The acquisition
of Vindara also gives us the option of generating value through the development of custom seed for the indoor farming industry at large,
eliminating the limitations of traditional seeds and providing customers greater control over their produce. In addition, our acquisition
of vertical farming company &ever will allow us to develop our baby leaf products including spinach, arugula, kale, pak choi, mesclun
and mustard, among others. Combined with Vindara seed technology, we believe we are a worldwide leader in the vertical farming industry
with global reach and an international brand.
Partnerships
and Acquisitions
We
are constantly reviewing opportunities for partnerships and acquisitions. Driven by the successful transaction with Vindara to accelerate
development of seeds internally and for the Agtech industry, and our acquisition of &ever, we continue to evaluate opportunities
to acquire companies with unique technologies to improve our portfolio of precision agriculture products and capabilities.
We
have spent years perfecting and fine-tuning our technology to position the Company as one of the industry leaders in CEA and development
of advanced technology for food production. Driven by all internal research initiatives, we also collaborate with leading academic and
research institutions in plant science for specific niche projects within advanced agriculture techniques. As we accelerate our growth
over the next few years, we will seek continue to develop such strategic relationships and projects related to enhancing and expanding
our capabilities and development of technologies for indoor farming.
Our
Products
We
produce various types of lettuces, baby leaves, microgreens, and other leafy greens and herbs. These products are grown from non-GMO
seeds and are marketed as "better than organic" as traditional organic produce may use small amounts of pesticides. Our flagship
product is Kalera Krunch, and we also sell other kinds of lettuce such as Butter Lettuce, Red Oak Leaf, Baby Romaine, and Frisée.
Our products are excellent sources of several beneficial minerals such as potassium, calcium, phosphorous, and magnesium and are packed
with vitamins A, C, and K, folates, phenols, and antioxidants. We also grow specialized microgreens from non-GMO seeds. These microgreens
are delicate, colorful, and tasty, and include, cilantro, red sorrel, pea shoots and basil.
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Our
Facilities
In
2021, we expanded our operations through our acquisition of &ever and our announcements of additional production facilities from
our existing operating facilities in Orlando (Florida), Atlanta (Georgia) and Houston (Texas), with our expansion to Denver (Colorado)
in April 2022, and planned expansion to St Paul (Minnesota), Seattle (Washington), Columbus (Ohio), and Honolulu (Hawaii). These facilities
will make us the first pan-US vertical farming company with an ability to serve customers at the regional and national level. Other than
the HyCube facility, which we own (except for the land on which it is located), all of the buildings for the current and new production
facilities are leased pursuant to long-term lease agreements with an average of ten years with an option to extend these up to an additional
ten years. Through our acquisition of &ever, we also operate a farm in Kuwait and have one farm under construction in Singapore.
Our production facilities in operation and under construction are depicted below:
Orlando
Facility
Driven
by the success of the HyCube system discussed below, we started construction of our first large-scale facility by retrofitting an existing
warehouse in Orlando in July 2019. The Orlando facility was completed in early 2020 and started farming operations in February 2020.
This was the first time a vertical farm was completed in less than nine months while having a total production capacity of approximately
0.8 million lbs. per year, which was a record for the vertical farming industry. The Orlando facility has received much attention from
both local and national dignitaries, including a visit from U.S. Secretary of Agriculture, Sonny Perdue in June 2020.
Atlanta
Facility
Having
successfully opened the Orlando facility in February 2020, we announced in April 2020 that we would open a new state-of-the-art farming
facility in Atlanta, Georgia. The Atlanta facility complements our domestic and international expansion plan focused on growing an abundance
of leafy greens in close proximity to our consumers. We began construction in 2020 and the facility began farming operations in March
2021 with total capacity of approximately 2.6 million lbs. per year. Atlanta is our third largest operating facility as of the date of
this prospectus.
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Houston
Facility
Construction
began on our Houston facility in July 2020 and was completed in the third quarter of 2021. Houston is currently our largest facility
with a total capacity of 3.3 million lbs. per year. The Houston facility is focused on production and growing enhancements, including
latest generation of lighting, improved airflow, and increased automation of the production lines meant to increase yield and efficiency.
Denver
Facility
We
announced our plan to open a facility in Denver, Colorado in October 2020. Construction on the nearly 90,000-square-foot facility was
completed and the facility officially started operations in April 2022. The Denver facility, with the addition of microgreens, allows
us to expand our portfolio beyond full head and cut leaf to better serve our customers with clean, nutrition-dense leafy greens. This
large-scale facility uses cutting edge technology and has a production capacity of approximately 2.9 million lbs. of leafy greens and
50 thousand lbs. of microgreens per year. This facility will generate more than 60 employment opportunities for the local community.
Kuwait
City Facility
Our
facility located in Kuwait City, Kuwait, which was acquired as part of the &ever acquisition, was a partnership with NOX Management,
an investment arm of IFA Group which owns food markets, restaurant chains, retail chains, and food distributors. The Kuwait City facility
started operations in March 2020, with ramp-up resuming in October 2021 after Kuwait's international travel ban had been lifted,
and has a total capacity of approximately 280 thousand lbs. of baby leaf products per year. As part of the &ever acquisition agreement,
the Company was granted an option to acquire 100% of the joint venture in the future, and the Company exercised that option on October
13, 2021.
Orlando
Headquarters and R&D Center
Our
corporate headquarters and R&D center are located at 7455 Emerald Dunes Drive, Suite 2100, Orlando FL 32822, where we occupy a newly
retrofitted space of approximately 19,000 square feet of office, laboratory, and warehouse. The R&D center includes multiple climate
controlled research grow rooms, laboratories and other additional dedicated areas.
HyCube
at Orlando World Center Marriott
We
decided in 2016 to expand into commercial operations by partnering with Marriott Hotels at their Orlando World Center Marriott, a hotel
and convention center near Orlando and which it is now the largest Marriott in the world with 2,008 rooms, 28-story building, houses
Hawk's Landing Golf Center and the Marriott Vacation Club resorts of Marriott's Sabal Palms, Marriott's Royal Palms,
and Marriott's Imperial Palm Villages. The 200-acre resort property is home to our HyCube, a small-scale hydroponic farming facility
that can produce up to 90,000 lbs. per year which are sold to Marriott which then serves them in the resorts' restaurants. We continue
to operate this facility and it has become an icon for our marketing efforts due to its modern visual appearance in addition to its value
proposition of supplying guests with fresh, on-site grown greens that are served within hours of harvesting.
New
Facilities
New
facilities that will open in 2022 and 2024 will allow us to continue extending our geographic footprint in order to serve regional and
national customers. These include Seattle (Washington), , St Paul (Minnesota), Columbus (Ohio), Honolulu (Hawaii) and Singapore.
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Our
Proprietary Technology Platform
Our
hydroponic production systems and processes have been developed over 12 years in several areas: advanced plant and seed science, clean
room technologies and procedures, and precision hydroponics through data science and distributed control systems.
Over
the years we have developed and continue to perfect optimized hydroponic nutrient solution formulations and methods for controlling their
balance throughout the growing cycle. In a closed irrigation and fertilization system like ours, the perfect balance of nutrients in
an optimized formulation degrades progressively throughout the grow cycle due to differing rates of nutrient uptake for the various essential
elements present in the liquid. As a consequence, many closed-system hydroponics operators simply dump the unbalanced nutrient solution
and start with a fresh solution for each batch. This traditional approach has two major drawbacks: first, the nutrient solution is perfectly
balanced only at the beginning of the grow cycle, leading to lower marketable yields; and second, it has a greater environmental impact
from both higher water usage and from nutrient-rich effluents ending up in the water table. By contrast, our approach overcomes these
drawbacks by implementing an element-specific monitoring program in which the concentration of fourteen individual essential elements
is tracked during the grow cycle using ion-specific measurements, followed by adjustments of individual element concentrations in order
to maintain an optimal nutrient balance at all times. Using this approach, we avoid runoffs of nutrient rich liquid to the water table,
while maintaining optimal control of the nutrient solution balance. We have also designed proprietary nutrient distribution systems,
certain aspects of which are protected by one US patent.
An
additional objective of our plant and seed science work is the enhancement of the nutritive value of our produce for the benefit of the
consumer. For example, we have conducted research in collaboration with University of Florida resulting in optimized light recipes leading
to significantly higher levels of antioxidants in red leaf lettuce, and anthocyanins, compounds in plants that may offer health-promoting
benefits by protecting cells from free radicals.
With
the recent acquisition of Vindara, we have added the ability to develop seeds optimized for CEA, without the use of genetic editing or
modification. Vindara's big data analytics and machine learning approach allows for the accelerated development of plant varieties
optimized not only for yield, but also targeting certain taste, color, shape and texture characteristics demanded by the market. With
Vindara, we have the ability to create customer-defined varieties. This capability is currently unique in CEA, and we are at the leading
edge of addressing the plant genetics optimization aspects of precision agriculture without the use of gene editing or genetic modification.
Additionally,
with the recent acquisition of &ever, we have expanded our technology base, patents and IP - especially in advanced production process
automation and optimized grow media, management team, and customer base. This acquisition also allows Kalera to offer a broad range of
products in the industry, including: whole head, teen and baby leaf, cut leaf, and microgreens.
We
have selected and adapted clean room technologies and procedures from the semiconductor and biomedical industries for use in vertical
farming, including air and water filtration and decontamination, surface sanitation, and cleaning in place of irrigation piping. We use
nanofiltration and advanced oxidization technologies, and residual free sanitation to achieve these goals. Access to production, harvest
and post-harvest areas is highly controlled: personnel must wear protective clothing, hair covers, beard nets, and gloves and sanitized
shoes. Incoming materials and supplies are sanitized prior to being introduced to the protected environment. By relying on this multi-faceted
approach, we are able to eliminate the use of pesticides, as well as eliminate sources of human pathogen contamination such as E-Coli.
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We
have developed the HyCubeOS, an advanced distributed automation and process data collection system based on a hybrid Cloud architecture,
and on IoT sensors. Essential plant growing variables (temperature, humidity, carbon dioxide levels, lights, nutrients, and maintenance
events) are under strict control and monitored around the clock over the internet. Compared to most existing commercial systems that
cannot meet precise vertical farming parameters, our system integrates large arrays of IoT sensors (as opposed to a few centralized sensors),
uses adaptive ion-specific nutrient dosing controls (as opposed to traditional controls using global measures of nutrient concentrations),
and is deployed via a distributed, resilient and scalable cluster-based hybrid Cloud architecture (as opposed to traditional centralized
process control systems). Unlike most IoT-based sensing applications, which tend to send the sensor data directly to the Cloud for further
processing, we have implemented an IoT architecture that leverages edge computers as well as the Cloud. Our approach sidesteps the latency
issues specific to device-to-Cloud communications and is more robust with respect to data security. We have designed our own IoT sensors
for collecting climate and carbon dioxide level data and our own edge computers, together with the software that controls them, such
that we do not need to rely on external suppliers of such systems.
We
are integrating the HyCubeOS with our Enterprise Resource Planning ("ERP") system via a data warehouse. While the HyCubeOS
records and controls production process inputs, the ERP system tracks process, the ERP system tracks process outputs, i.e., production
yields. By integrating the HyCubeOS with the ERP system, we are creating a Machine Learning platform for predictive analytics, outlier
detection, and complex data visualization.
Regulatory
Environment
We
are subject to extensive laws and regulations in the US administered by various federal, state and local government agencies in the United
States, such as the FDA, the Federal Trade Commission (the "
FTC
"), the Environmental Protection Agency (the "
EPA
"),
the Occupational Safety and Health Administration ("
OSHA
"), and the U.S. Department of Agriculture. These laws and
regulations apply to the processing, packaging, distribution, sale, marketing, labeling, quality, safety, and transportation of our products,
as well as our occupational safety and health practices. Under various federal statutes and implementing regulations, these agencies,
among other things, prescribe the requirements and establish the standards for quality and safety and regulate our products and the manufacturing,
labeling, marketing, promotion, and advertising thereof.
67
Among
other regulatory requirements, the facilities in which our products are grown, packed or processed may be required to register with the
FDA (depending on specific growing, packing, and processing operations), comply with regulatory schemes including Standards for the Growing,
Harvesting, Packing, and Holding of Produce for Human Consumption (the "
Produce Safety Rule
"), Current Good Manufacturing
Practices ("
GMPs
"), Hazard Analysis, and Risk-Based Preventive Controls for Human Food (the "
Preventive Controls
Rule
") and FDA and USDA labeling and marketing requirements, as amended by the Food Safety Modernization Act of 2011 ("
FSMA
"),
the Organic Food Production Act, among other laws and regulations implemented by the FDA, the USDA, and other regulators. FSMA regulations
are still being developed and implemented, including product traceability requirements recently proposed, which would be directly applicable
to our products. The FDA and the USDA have the authority to inspect facilities depending on the type of product and operations involved.
The FDA and the USDA also require that certain nutrition and product information appear on product labels and, more generally, that labels
and labeling be truthful and non-misleading. Similarly, the FTC requires that our marketing and advertising be truthful, non-misleading,
not deceptive to consumers, and not otherwise an unfair means of competition. We are also restricted by FDA and USDA from making certain
types of claims about our products, including nutrient content claims, health claims, organic claims, and claims regarding the effects
of our products on any structure or function of the body, whether express or implied, unless we satisfy certain regulatory requirements.
We are also subject to parallel state and local food safety regulation, including registration and licensing requirements for our facilities,
enforcement of standards for our products and facilities by state and local health agencies, and regulation of our trade practices in
connection with selling our products.
In
addition to federal regulatory requirements in the United States, certain states impose their own manufacturing and labeling requirements.
For example, every state in which our products are manufactured requires facility registration with the relevant state food safety agency,
and those facilities are subject to state inspection as well as federal inspection. Further, states can impose state-specific labeling
requirements.
We
are also subject to labor and employment laws, laws governing advertising, privacy laws, safety regulations and other laws, including
consumer protection regulations that regulate retailers or govern the promotion and sale of merchandise. Our operations, and those of
our distributors and suppliers, are subject to various laws and regulations relating to environmental protection and worker health and
safety matters. Further, when we start operating or selling internationally, we will be subject to the regulatory agencies and requirements
of the relevant countries.
Competitive
Landscape
We
operate in the highly competitive organic and natural foods market segment. Our competition includes large-scale conventional operations
both domestically and internationally. In this market, competitive positioning is based on, among other things, product quality, brand
recognition and loyalty, product variety, taste, product packaging and package design, shelf space, reputation, price, promotion and
nutritional claims.
We
are able to compete successfully with imported goods, including from Canada and Mexico with high quality produce that addresses U.S.
consumer preferences for higher quality, improved product safety, year-round availability, and product innovation at reasonable prices.
We also face competition from domestic and international greenhouse operators, as well as from other emerging high-tech agricultural
startups such as vertical farms. Vertical farming has received increased interest in recent years with several competitors emerging.
Some of our key competitors include, but are not limited to, AeroFarms, Bowery Farming, Infarm, Plenty, and Spread.
Employees
As
of December 31, 2021, we had approximately 438 full-time employees. We have never experienced a labor-related work stoppage. We consider
our relations with our employees to be very strong. Moving forward, we expect to employ approximately 60 employees for each new standard
facility that we put in operation.
68
We
are a technology-driven company, but people will always remain at the heart of our purpose and practices. Our culture is based on empowering
people to play a key role in accelerating innovation and cooperation in the work environment. Our model is built on entrusting our teams
at each facility and location to shape a worldwide organization. Our core values are: "Do the Right Thing, Always!", "Own
it, All of It!", and "Grow the Future!". We implemented these core values to help foster an ownership and responsibility
oriented culture. We also implemented a number of policies including diversity, equality, cooperation, and dignity in the work place.
With the hiring of our Head of Human Resources, we implemented these core values during 2020 so that every employee embraces our culture
and values at the time of joining Kalera.
Intellectual
Property Rights
Our
intellectual property mainly relates to production processes and methods, plant nutrient mixture formulas, custom hardware and software
code as well as our trademarks and is an inherent part of our business strategy. The U.S. Patents and Trademark Office issued a patent
on November 24, 2020 for our application "Hydroponics Apparatus, System and Method". The German Patent and Trademark Office
issued a patent on January 18, 2018 to &ever GmbH (f/k/a Farmers Cut GmbH) titled "Climatically Sealed Climate Cell for Cultivating
Plants Indoors". Kalera (including through its acquisition of &ever GmbH) and Vindara currently have applications for 16 patent
families. Our main trademarks are "Kalera", "HyCube", "HyTaste" and "Pick-to-Plate".
We believe our success depends, at least in part, on our ability to further develop and protect our intellectual property and we rely
on a combination of patents, trade secrets and know-how which are protected through limiting access to key information, confidentiality
provisions in agreements, confidentiality procedures and IT security. We have 43 granted patents throughout the United States, Europe,
Turkey, Hong Kong and Australia. These granted patents will expire between 2036 and 2038. We also have 10 published patents in the United
States, Europe, Canada, China and the Republic of Korea. Further, we have 38 pending patent applications throughout Europe and Asia.
Research
and Development
We
perform internal R&D activities to perfect our nutrient, light, and environment recipes for all varieties growing in our system.
We also have research initiatives for trialing plant varieties suitable or optimized for our We are also subject to labor and employment
laws, laws governing advertising, privacy laws, safety regulations and other laws, including consumer protection regulations that regulate
retailers or govern the promotion and sale of merchandise. Our operations, and those of our distributors and suppliers, are subject to
various laws and regulations relating to environmental protection and worker health and safety matters. Further, when we start operating
or selling internationally, we will be subject to the regulatory agencies and requirements of the relevant countries.
Competitive
Landscape
We
operate in the highly competitive organic and natural foods market segment. Our competition includes large-scale conventional operations
both domestically and internationally. In this market, competitive positioning is based on, among other things, product quality, brand
recognition and loyalty, product variety, taste, product packaging and package design, shelf space, reputation, price, promotion and
nutritional claims.
We
are able to compete successfully with imported goods, including from Canada and Mexico with high quality produce that addresses U.S.
consumer preferences for higher quality, improved product safety, year-round availability, and product innovation at reasonable prices.
We also face competition from domestic and international greenhouse operators, as well as from other emerging high-tech agricultural
startups such as vertical farms. Vertical farming has received increased interest in recent years with several competitors emerging.
Some of our key competitors include, but are not limited to, AeroFarms, Bowery Farming, Infarm, Plenty, and Spread.
69
Intellectual
Property Rights
Our
intellectual property mainly relates to production processes and methods, plant nutrient mixture formulas, custom hardware and software
code as well as our trademarks and is an inherent part of our business strategy. The U.S. Patents and Trademark Office issued a patent
on November 24, 2020 for our application "Hydroponics Apparatus, System and Method". The German Patent and Trademark Office
issued a patent on January 18, 2018 to &ever GmbH (f/k/a Farmers Cut GmbH) titled "Climatically Sealed Climate Cell for Cultivating
Plants Indoors". Kalera (including through its acquisition of &ever GmbH) and Vindara currently have applications for 16 patent
families. Our main trademarks are "Kalera", "HyCube", "HyTaste" and "Pick-to-Plate".
We believe our success depends, at least in part, on our ability to further develop and protect our intellectual property and we rely
on a combination of patents, trade secrets and know-how which are protected through limiting access to key information, confidentiality
provisions in agreements, confidentiality procedures and IT security. We have 43 granted patents throughout the United States, Europe,
Turkey, Hong Kong and Australia. These granted patents will expire between 2036 and 2038. We also have 10 published patents in the United
States, Europe, Canada, China and the Republic of Korea. Further, we have 38 pending patent applications throughout Europe and Asia.
Research
and Development
We
perform internal R&D activities to perfect our nutrient, light, and environment recipes for all varieties growing in our system.
We also have research initiatives for trialing plant varieties suitable or optimized for our growing systems. We are developing advanced
plant nutrient management algorithms and procedures, as well as data analytics and Machine Learning methods for advanced plant production
process control on an ongoing basis.
Legal
Proceedings
From
time to time, we may become involved in litigation, disputes and other legal proceedings arising in the course of our business. As at
the date of this prospectus, we are not, nor have we been during the course of the preceding 12 months, involved in any legal, governmental
or arbitration proceedings which may have or have had a material adverse effect on our business, financial condition, results of operations
or cash flows.
Corporate
Information and History
Kalera
S.A. is a public limited company (société anonyme) organized under the laws of Luxembourg which has was incorporated on
June 11, 2021. Kalera AS is a private limited liability company organized under the laws of Norway, which was incorporated on March 6,
2013. Kalera PLC is a public limited company organized under the laws of Ireland, which was incorporated on June 19, 2017 as Figgreen
Limited, a private limited company. Kalera PLC was reregistered as an Irish public limited company on March 29, 2022 and changed its
name from "Figgreen Public Limited Company" to "Kalera Public Limited Company" on April 4, 2022. Kalera, Inc.
is a US private C-corp company and is the operating entity for Kalera's business. Kalera, Inc. was incorporated in 2010 in the
state of Delaware. Kalera has entered into all customer and lease agreements pertaining to Kalera's vertical farming business.
The company's offices are located in Orlando, Florida.
The
Business Combination
Pursuant
to the Business Combination Agreement, dated January 30, 2022 (the "Business Combination Agreement"), on June 28, 2022 Kalera
SA and Lux Merger Sub on one hand and Agrico and Cayman Merger Sub on the other hand consummated the mergers and the Kalera Capital Reduction,
as a result of which the holders of Agrico Ordinary Shares received shares in the capital of Kalera, holders of Agrico Warrants had their
Agrico Warrants assumed by Kalera and automatically adjusted to become exercisable for shares in the capital of Kalera, Kalera SA Shareholders
(except Kalera) received shares in the capital of Kalera, the holders of the Kalera SA Options received options in the capital of Kalera,
and Kalera SA became a wholly owned subsidiary of Kalera (the transactions contemplated by the Business Combination Agreement collectively,
the "Business Combination").
70
Organizational
Structure
The
following chart depicts our organizational structure prior to giving effect to the Business Combination and the related transactions.
The subsidiaries identified below as owned by Kalera AS in the pre-Business Combination organizational chart remained owned by Kalera
S.A. following the Business Combination.
The
following chart depicts our organizational structure after giving effect to the Business Combination and the related transactions
(3)
.
(1)
Does
                                            not include Kalera ordinary shares expected to be issuable to former warrant holders of Agrico
                                            pursuant to warrants to be issued or assumed by Kalera in connection with the Business Combination.
(2)
Does
                                            not include Kalera ordinary shares expected to be issuable to optionholders of Kalera pursuant
                                            to options assumed by Kalera in connection with the Business Combination. As of October
                                            6, 2022, there was an aggregate of 364,000 Kalera employee stock options assumed by
                                            Kalera in connection with the Business Combination outstanding.
71
(3)
Upon
                                            closing of the Business Combination, Agrico became be a wholly owned subsidiary of Kalera.
                                            The voluntary winding-up of Agrico is expected to commence, and voluntary liquidators are
                                            expected to be appointed, by the passing of a special shareholder resolution. Upon the appointment
                                            of a voluntary liquidator, the powers of the directors are expected to cease and the business
                                            of Agrico is expected to be discontinued except to the extent necessary to facilitate the
                                            winding-up. During the winding-up process, liabilities of Agrico are expected to be assumed
                                            by Kalera. The liquidator is expected to notify the Cayman Islands Registrar of Companies
                                            of the commencement of the winding-up and publish a notice in the Cayman Islands Government
                                            Gazette informing creditors of the same. Notice must be published in the Cayman Islands Government
                                            Gazette prior to the final general meeting of Agrico at which the accounts of the liquidation
                                            and the conduct of the liquidation will be presented for shareholder approval. This notice
                                            must be published at least 21 days in advance of the meeting. Notice of the final meeting
                                            must also be given to all shareholders. Following such notice, final general meeting of Agrico
                                            is expected to be held, following which, the liquidator is expected to make a final return
                                            to the Cayman Islands Registrar of Companies. Three months later, Agrico is expected to be
                                            deemed formally dissolved.
Kalera
has limited activity other than being the ultimate holding company. In addition to Kalera, Inc., Kalera has four other wholly owned subsidiaries:
●
Iveron
    Materials Inc.
●
Vindara,
    Inc.
●
Kalera
    Real Estate Holdings LLC
●
&ever
    GmbH
Iveron
Materials Inc.
Iveron
Materials Inc. is a US private C-corp company established for our geopolymer concrete business (which is conducted separately from our
vertical farming business). As of the date of this prospectus, Iveron Materials Inc. holds a license to patented technology related to
geopolymer concrete, however no revenue generating activities are carried out. Iveron Materials Inc.'s offices are located in Orlando,
Florida.
Vindara,
Inc.
On
March 10, 2021 we acquired Vindara, the first company to deliver genetic seed varieties bred exclusively for use in fast growing, high-tech
indoor farming and other types of CEA operations. CEA farms no longer have to utilize standard outdoor seeds that have been bred for
resistance to disease and pests at the expense, in many cases, of rich flavor, texture, and high nutritional content. Founded in 2018
and originally based in the North Carolina Research Triangle, the company utilizes machine learning to breed tailor-made seeds in a compressed
timeframe of only 12 to 18 months rather than traditional breeding methods that need five to seven years to achieve similar results.
Vindara breeds the seeds entirely through analytics rather than gene-editing or GMOs. This acquisition by Kalera represents what we believe
to be the first instance of a combination between a leading vertical farming platform and the scientific leader in indoor seed development.
Vindara is operating out of our headquarters in Orlando and Vindara's Co-Founder and President, Dr. Jade Stinson, has joined our
senior management team in Orlando as part of the transaction. We expect this acquisition to bring significant improvements to our operations
and a new revenue stream through the selling of customized seeds to other farming companies to complement our precision agriculture portfolio
of products.
Kalera
Real Estate Holdings, LLC
On
February 11, 2021, we incorporated Kalera Real Estate Holdings, LLC in the state of Delaware as the main legal entity to consolidate
all real estate operations. On March 12, 2021, Kalera Real Estate Holdings, LLC completed the acquisition of a property in St. Paul,
Minnesota to be converted into a vertical farm. Kalera Real Estate Holdings, LLC will manage all real estate operations separately from
our leafy greens production operations. By developing or purchasing select real estate facilities through low-cost real estate financing
structures, we expect to reduce our operating expenses and improve our unit economics.
72
Kalera
GmbH (formerly &ever GmbH)
On
October 1, 2021, we acquired all of the shares in &ever, a global leader in baby leaf indoor farming, for a total consideration reflecting
an enterprise value for &ever GmbH of EUR 130 million on a cash and debt free basis as of July 1, 2021. Prior to the acquisition,
&ever was a vertical farm company headquartered in Germany with operations in the Middle East, Asia and Europe. Founded in 2015,
&ever focuses on the highly automated production of baby leaf products including spinach, arugula and cilantro using proprietary
technology and operations, enabling output of various scale from in-store grow-towers to mega-farms.
We
believe this transformational acquisition not only accelerates Kalera's geographical footprint with a farm operating in Kuwait
and one under construction in Singapore, but expands our technology base, patents and IP, management team, and customer base. It also
allows Kalera to offer a broad range of products in the industry, including: whole head, teen and baby leaf, cut leaf, and microgreens.
Combined with Vindara seed technology from our previous Vindara acquisition, we believe Kalera is now a worldwide leader in the vertical
farming industry with a truly global reach and international brand.
The
table below shows our key milestones and important events from our incorporation and to the date of this prospectus:
Year
Event
2010
Established
    Kalera, Inc.
2014
Tradeport
    R&D facility became operational.
2017
Started
    construction of Orlando World Center Marriott (HyCube) facility.
2018
Commenced
    operations at the Orlando World Center Marriott (HyCube) facility.
2019
Started
    construction for the first large-scale facility by retrofitting an existing warehouse in Orlando.
2020
The
    large-scale facility in Orlando was completed and started to operate.
2020
Started
    construction of three new large-scale facilities in Atlanta, Houston and Denver.
2020
Registered
    and traded on the NOTC-list in Norway.
2020
Completed
    several private placements raising net proceeds over $145 million.
2020
Announced
    expansion to three new locations: Honolulu, Seattle and Columbus.
2021
Acquired
    Vindara, Inc. a seed development company for indoor farms.
2021
Incorporated
    Kalera Real Estate Holdings, LLC and acquired a property in St Paul, Minnesota that will be converted into a vertical farm.
2021
The
    large-scale facilities in Atlanta and Houston were completed and started to operate.
2021
Additional
    blue chip customers added, including Kroger, Disney, Walmart and H-E-B.
2021
Acquired
    &ever GmbH.
2022
The
    large-scale facility in Denver was completed and started to operate.
2022
The
    Business Combination with Agrico was completed.
2022
Kalera
    Ordinary Shares started trading on Nasdaq.
73
MANAGEMENT'S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The
following "Management's Discussion and Analysis of Financial Condition and Results of Operation" should be read in
conjunction with the "Information about Kalera" section and the consolidated financial statements of Kalera Public
Limited Company which are included elsewhere in this prospectus. The financial information contained herein is taken or derived from
such consolidated financial statements, unless otherwise indicated. The following discussion and analysis set forth below contains forward-looking
statements. Kalera's actual results could differ materially from those that are discussed in these forward-looking statements as
a result of many factors. The factors that could cause or contribute to such differences include those discussed below and elsewhere
in this prospectus, particularly under "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements".
Amounts presented in "Management's Discussion and Analysis of Financial Condition and Results of Operations" are presented
in thousands of U.S. dollars, except per share, percentage and ratio figures. Unless the context otherwise requires, all references in
this section to "Kalera" refer to Kalera SA prior to the Closing and to Kalera following the Closing of the Business Combination.
Overview
We
are a hydroponics company combining plant science, clean room technology, and big data analytics. We grow clean, high quality, nutrient
rich greens in a cost efficient and sustainable way near the point of consumption.
We
produce, sell, and distribute a diverse portfolio of leafy green vegetables, microgreens and herbs under the global Kalera brand. We
sell our products to foodservice companies, resorts, hospitality, cruise lines, airlines, grocery chains and restaurant chains. The product
is beneficial for customers, retailers, foodservices and chefs, as it is healthy and fresh. It has a longer shelf life than conventional
farmed produce, consistent quality, and is available at an affordable price.
We
utilize unique growing methods that combine optimized nutrients and light recipes, clean room standards and precise environmental controls
to produce our safe, nutrient rich, clean, pesticide free, non-GMO products with consistent high quality throughout the entire year.
Because
of our controlled environment, and vertical growing methodology, we are able to produce 300 times more volumes per square feet than conventional
farming. In addition, we produce our leafy greens all year round, regardless of outdoor growing seasons.
With
indoor facilities situated right where the demand is, we are able to supply an abundance of product locally, eliminating the need to
travel long distances when shipping perishable products and ensuring the highest quality and freshness.
Our
Assets and Operations
We
currently have announced seven large-scale indoor hydroponic facilities in the US, including our Orlando, Atlanta, Houston and Denver
facilities which have commenced operations in 2020, 2021 and 2022. Internationally, we have announced two large-scale indoor hydroponic
facilities, including our Kuwait facility which has commenced operations, and our Singapore facility which is under construction. Our
indoor production facilities are strategically located proximate to population and distribution centers, including markets isolated from
farmland. In contrast to produce that requires costly and extended long-haul supply chains, our leafy greens are delivered within hours
of harvesting, always fresh, and maintain a longer shelf life. Given our expanding facility footprint, we expect to be the first truly
pan-US vertical farming company able to serve both regional and national accounts.
74
Our
sustainably grown and locally sourced high-quality leafy greens, currently marketed under our Kalera brand, appeal to a broad range of
customers across the foodservice, grocery, resort, hospitality, cruise line, airline and restaurant industries. Some of our key customers
include US Foods, Gordon Food Service, Harvill's Produce, Marriott, Levy, FreshPoint (a Sysco company), Publix, Kroger, H-E-B,
King Soopers, Disney and Universal Studios.
Overall
Trends and Outlook
Business
Trends
Net
revenue for the three and six months ended June 30, 2022 were $1,289 thousand and $2,766 thousand, respectively, compared to $489 thousand
and $828 thousand for the comparable prior year periods. We have generated losses since inception. Our net loss in the three and six
months ended June 30, 2022 were approximately $(78,655) thousand and $(94,973) thousand, respectively, compared to $(7,676) thousand
and $(12,580) thousand for the comparable prior year periods as we invested in key talent acquisition and operating expenses during each
of the periods ended June 30, 2022 and 2021 as we continue to expand our facility footprint. As of June 30, 2022, Kalera has five operation
large-scale facilities in Orlando, Atlanta, Houston, Denver and Kuwait with aggregate production capacity of approximately 9.9 million
lbs. and 50 thousand lbs. of microgreens per year. Going forward, we intend to continue to invest in the construction of new facilities,
plant and seed science, operational improvements and technology for Controlled Environment ("CEA") as we believe demand for
our products will continue to accelerate across our distribution channels.
Strategy
We
believe that we are well positioned to take advantage of macro- and micro-trends by building high-tech sustainable lettuce, microgreens
and herb production capacity in the United States and internationally. We seek to expand in certain markets and communities that do not
have accessibility to local and fresh produce. We believe that our revenue growth will allow us to capture an increased share of the
broader U.S. lettuce and chicory and microgreens categories. This is supported by a number of key drivers, including the growing mainstream
acceptance of our products, heightened consumer awareness of the role that food and nutrition play in long-term health and wellness,
and increasing awareness of the reduced negative impact that vertical farming has on the environment as compared to traditional farming.
Kalera
seeks to achieve its growth plan through five main avenues, namely:
●
Roll-out
    in additional US cities:
●
International
    growth;
●
Expansion
    of business line;
●
Expansion
    of product line; and
●
M&A
    and partnerships
During
2020 and 2021, Kalera opened seven new facilities in the U.S. (certain of which are currently under construction):
●
Atlanta,
    Georgia
●
Houston,
    Texas
●
Denver,
    Colorado
75
●
Columbus,
    Ohio
●
Honolulu,
    Hawaii
●
Seattle,
    Washington
●
St.
    Paul, Minnesota
During
2021, Kalera had opened two new international facilities following the acquisition of Kalera GmbH
(formerly &ever GmbH)
:
●
Kuwait
●
Singapore
                                            (currently under construction)
Kalera
aims to continue its growth plan in domestic markets, as well as in new, international markets. As of June 30, 2022, Kalera has five
large-scale facilities in operation and announced five additional large-scale facilities. In connection with its expansion plans, the
Company has a strong pipeline of new potential locations over the next 18 months. In addition, Kalera seeks to continue investing in
its organization, to support the increased production footprint.
To
address this sustained expansion plan, Kalera has developed rapid roll-out capabilities related to design, buildout and installation,
centered around the following key aspects:
●
Established
    supply chains for key technology and equipment;
●
Replicable
    experience on design, installation, lease agreements and work relationships with architects and design companies;
●
A
    proven ability to manage multiple construction projects at a time;
●
Using
    general contractors and sub-contractors to provide supervision, manpower and materials to cover construction project workloads as
    needed;
●
Modular
    designs – based on components that can be reused in various configurations; and
●
Standardization
    – shorten lead times and internal review by design teams to create streamlined franchise style builds.
We
have a proven approach to rolling out new vertical farming facilities in retrofitted, leased warehouses with an expected construction
time of under one year for facilities up to approximately 75,000 square feet. With established supply chains for key technology and equipment,
modular designs based on components that can be reused in various configurations and pre-tested software, we can efficiently replicate
facility design and processes. This gives us visibility with respect to expected capital expenditures and timing involved for a new facility
roll-out. In addition, three facilities are currently under construction and incorporate multiple design improvements over our first
large-scale facility in Orlando and are expected to deliver unit cost savings of around 5% comparatively.
In
addition to the roll-out plan, Kalera also has a keen focus on capital productivity and unit economics, aiming to deliver strong return
on capital.
Our
growth strategy includes the expansion of our product line. We intend to strengthen our product offerings by improving the formulations
for our existing portfolio of products and by creating new products that expand our portfolio. We are continuously refining our products
to improve their color, texture, flavor, firmness and nutritional value. In addition, we are continually testing new varieties and recipes
to enhance all the benefits of our products in addition to bringing a differentiation factor to the sector by growing custom plants that
are unique to each customer.
76
Demand
We
mainly operate in the lettuce and chicory market. The global market volume for lettuce and chicory was around 27 million tons in 2017.
This market has seen relatively stable growth with a CAGR of 1.2% from 2007 to 2017 according to IndexBox. This market is projected to
continue its stable development, growing at over 1% per annum from 2019 to 2025 , resulting in an estimated market volume of 29 million
tons in 2025. The global lettuce and chicory market, excluding logistics costs, retail marketing costs and margins, amounted to over
$30 billion in 2017, representing an increase of 16% against the preceding year.
Additionally,
according to Research Nester, the United States microgreens market is projected to register a CAGR of 10.1% from 2020 to 2025. According
to Research Nester, in terms of value, the U.S. microgreens market is projected to grow to $307 million by 2025. By sales channel, the
restaurant market segment dominates the market owing to the fact that microgreens are likely to influence produce shopping requirements
in the near future. Microgreens are increasingly being treated as a culinary trend across the country's cuisines. The ongoing culinary
trend for microgreen preference across United States cuisines together with the increasing supply to the hospitality market segment is
likely to enhance the sale of microgreens in the future.
Pricing
Foodservice
and retail pricing remains firm and in-line with expectations. We continue to price our products competitively compared to competing
organic products and other CEA produce based on our retail surveys and buyer conversations.
Acquisitions
Vindara
On
March 10, 2021 Kalera acquired a leading indoor seed developer, Vindara. Founded in 2018 in the North Carolina Research Triangle, Vindara
is the first company to deliver seed varieties bred explicitly for use in fast growing, high-tech indoor farming operations and for other
types of CEA operations.
This
transaction provided Kalera with a vertically integrated structure by combining a scientific leader in indoor seed development with a
leading vertical farming platform.
We
expect this deal to be accretive to our unit economics starting in 2022 by:
●
Significantly
    increasing the output from Kalera's current and future facilities by reducing the grow cycle and providing Kalera benefits
    of higher yields;
●
Lowering
    cost of goods sold by reducing seed costs and improving energy efficiency/automation;
●
Significantly
    improving Kalera's future unit economics;
●
Further
    differentiating Kalera's products and giving us improved ability to optimize color, texture, flavor, firmness and nutrient
    profile;
●
Accelerating
    and expanding Vindara's seed research and development programs focused on the indoor farming sectors to support overall CEA
    market share growth;
77
●
Developing
    a strong product pipeline beyond leafy greens to include high yield basil, spinach, and strawberries;
●
Accelerating
    the development cycle of proprietary products with and for customers while also generating value through the development of custom
    seed for the indoor farming industry at large;
●
Providing
    additional revenue generation opportunities to the CEA global market.
Vindara
has already demonstrated substantial yield improvements in indoor-grown romaine, with more varieties and crops in the pipeline.
The
acquisition will accelerate Kalera's product development both within its existing market segment to other lettuce varieties and
leafy greens including basil and spinach, and to entirely new categories such as strawberries.
Kalera
GmbH (formerly &ever GmbH)
On
October 1, 2021, Kalera acquired 100% of the shares of &ever for a total of $33,610 thousand in cash and 27,856,081 Kalera shares.
●
Founded
    in 2015, &ever focuses on the highly automated production of baby leaf products including spinach, arugula and cilantro using
    proprietary technology and operations, enabling output of various scale from in-store grow-towers to mega-farms.
●
This
    transaction represents the first instance of consolidation between vertical farmers: it combines a leader in plant science and unit
    economics for full head leafy greens with a leader in baby leaf production and technology to create a global vertical farming leader.
●
The
    transaction is complementary to Vindara's acquisition, increasing Vindara's market reach and positioning worldwide.
On
October 13, 2021, Kalera completed the acquisition of the remaining 50% of &ever ME for a total of $1,899 thousand in cash and 2,724,499
shares of Kalera common stock.
Kalera
operating expenses increased during the six and three months ended June 30, 2022, compared to prior year periods due to a higher research
and development expenses related to the acquired seed varieties for indoor farming and automated production technologies.
Update
Regarding Impact and Expected Future Impact of COVID-19 on Our Company
The
spread of the COVID-19 pandemic drove the decision to modify our business strategy to meet the demand for our products in the retail
sector. The foodservice sector, our core target market, was closed or operating at less than normal capacity for example, less than 25%
capacity in Central Florida during 2020. During 2021, the foodservices industry gradually recovered with large venues such as convention
centers and entertainment centers re-opening during the third quarter of year-ending December 31, 2021. This affected our ability to
increase sales.
As
we seek to continue to rapidly grow our net revenues, we face several challenges. The extent of COVID-19's effect on our operational
and financial performance will depend on future developments, including the duration, spread and intensity of COVID-19 (including any
resurgences), impact of the new COVID-19 variants and the rollout and uptake of COVID-19 vaccines, and the level of social and economic
restrictions imposed in the United States and abroad in an effort to curb the spread of the virus, all of which are uncertain and difficult
to predict considering the rapidly evolving landscape.
78
How
We Generate Revenue
Kalera
recognizes revenue through the sale of various varieties of lettuce and micro-greens which are sold to food retail and distribution customers.
Kalera recognizes revenue for the sale of the product upon shipment or delivery to the customer based on terms of the sale. Revenue is
measured as the amount of consideration Kalera expects to receive in exchange for delivering products. In the six months ended June 30,
2022, our largest customers in terms of their respective percentage of our sales included the following: Publix (26%), H-E-B Grocery
(16%), Kroger (10%), Sysco (9%), Harvill's Produce Co. (6%), and US Foods (5%). We expect that most of our sales will be made through
a core number of distributors and large retailers for the foreseeable future. We do not have short-term or long-term commitments or minimum
purchase volumes in our contracts with them that ensure future sales of our products.
How
We Evaluate Our Operations
Net
Loss
We
measure performance based on our overall return to shareholders based on consolidated net income or net loss. We do not review a measure
of operating result at a lower level than the consolidated company and we only have one reportable segment.
EBITDA
and Adjusted EBITDA
We
view EBITDA as an important indicator of performance. We define EBITDA as net income/(loss) plus net interest expense, income taxes,
depreciation and amortization. We define Adjusted EBITDA as EBITDA further adjusted for any foreign exchange gains/(losses), share-based
compensation expense and non-recurring items if identified. EBITDA and Adjusted EBITDA are supplemental measure utilized by our management
and other users of our financial statements such as investors, research analysts and others, to assess the financial performance of our
assets without regard to financing methods, capital structure or historical cost basis. Adjusted EBITDA is a key performance measure
that our management uses to assess our operating performance. It facilitates internal comparisons of our operating performance on a more
consistent basis. We use these performance measure for business planning purposes and forecasting. We believe that EBITDA and Adjusted
EBITDA enhances an investor's understanding of our financial performance as they are useful in assessing our operating performance
from period-to-period by excluding certain items that we believe are not representative of our core business.
Note
Regarding Non-GAAP Financial Measures
EBITDA
and Adjusted EBITDA are not financial measures presented in accordance with accounting principles generally accepted in the United States
of America ("GAAP"). We believe that the presentation of these non-GAAP financial measures will provide useful information
to investors in assessing our financial condition and results of operations. Net loss is the GAAP measure most directly comparable to
EBITDA and Adjusted EBITDA. Our non-GAAP financial measures should not be considered as alternatives to the most directly comparable
GAAP financial measure. Each of these non-GAAP financial measures has important limitations as analytical tools because they exclude
some but not all items that affect the most directly comparable GAAP financial measures. You should not consider EBITDA or Adjusted EBITDA
in isolation or as substitutes for analysis of our results as reported under GAAP. Because EBITDA and Adjusted EBITDA may be defined
differently by other companies in our industry, our definitions of these non-GAAP financial measures may not be comparable to similarly
titled measures of other companies, thereby diminishing their utility.
79
Risk
Factors Affecting Operating Results
We
are subject to a number of challenges that may adversely affect our businesses. These challenges are discussed under the headings "
Risk
Factors"
and "
Cautionary Note Regarding Forward-Looking Statements.
"
Factors
Impacting Comparability of Our Financial Results
During
2021 and the six months ended June 30, 2022 we opened Atlanta, Houston and Denver large-scale facilities that increased our production
capacity by a total of 8.8 million lbs. of lettuce per year and 50 thousands lbs. of microgreens. This represents an increase in total
production capacity of 1,000% when compared to our Orlando facility which was the only fully operating large scale facility during the
six months ended June 30, 2021 following by the Atlanta facility that opened in May 2021.
During
2021, we also completed three acquisitions in the plant science and seed sectors including Vindara, a developer of seeds that are specifically
designed for indoor farms; &ever GmbH, a developer of technology and vertical farms based out of Germany with operations in Kuwait
and Singapore. Driven by the three acquisitions Kalera's operating expenses increased during the three and six months ended June
30, 2022, compared to the prior year periods.
On
June 28, 2022, Kalera completed the business combination with Agrico which increased the operating expenses during the three months ended
June 30, 2022.
Results
of Operations
Comparison
of the Three and Six Months Ended June 30, 2022 and June 30, 2021
The
following table sets forth our historical operating results for the periods indicated:
(In
thousands, except percentages)
Unaudited Three Months Ended June 30,
Unaudited Six Months Ended June 30,
2022
2021
$ Change
2022
2021
$ Change
Net sales
$
1,289
$
489
$
800
$
2,766
$
828
$
1,938
Cost of goods sold (exclusive of depreciation and amortization shown separately below)
(6,271
)
(1,702
)
(4,569
)
(11,279
)
(2,645
)
(8,634
)
(4,982
)
(1,213
)
(3,769
)
(8,513
)
(1,817
)
(6,696
)
Operating expenses:
Selling, general, and administrative expenses
(24,612
)
(5,947
)
(18,665
)
(35,012
)
(10,234
)
(24,778
)
Depreciation and amortization
(2,963
)
(607
)
(2,356
)
(5,516
)
(775
)
(4,741
)
Impairment loss
(64,252
)
—
(64,252
)
(64,252
)
—
(64,252
)
Total operating expenses
(91,827
)
(6,554
)
(85,273
)
(104,780
)
(11,009
)
(93,771
)
Operating loss
(96,809
)
(7,767
)
(89,042
)
(113,293
)
(12,826
)
(100,467
)
Interest (expense) income, net
(588
)
11
(599
)
(817
)
166
(983
)
Change in fair value of earnout liabilities
17,250
—
17,250
17,250
—
17,250
Other income
982
80
902
647
80
567
Loss from operations before income tax
(79,165
)
(7,676
)
(71,489
)
(96,213
)
(12,580
)
(100,883
)
Income tax benefit
533
—
533
1,288
—
1,288
Loss before equity in net loss of affiliate
(78,632
)
(7,676
)
(70,956
)
(94,925
)
(12,580
)
(99,595
)
Equity in net loss of affiliate
23
—
23
48
—
48
Net loss
$
(78,655
)
$
(7,676
)
$
(70,979
)
$
(94,973
)
$
(12,580
)
$
(99,643
)
The
following sections discuss and analyze the changes in the significant line items in our unaudited condensed consolidated statements of
operations for the comparison period identified.
80
Reconciliation
of GAAP to Non-GAAP
The
following table presents a reconciliation of net loss, the most directly comparable financial measure calculated and presented in accordance
with GAAP, to Adjusted EBITDA:
Three Months Ended
June 30,
Six Months Ended
June 30,
(Dollars in thousands)
2022
2021
2022
2021
Net loss for the period
$
(78,655
)
$
(7,676
)
$
(94,973
)
$
(12,580
)
Interest expense
588
(11
)
817
(166
)
Income tax benefit
(533
)
—
(1,288
)
—
Depreciation and amortization
2,963
607
5,516
775
EBITDA
(75,637
)
(7,080
)
(89,928
)
(11,971
)
Loss on equity method investment
23
—
48
—
Impairment loss
64,252
—
64,252
—
Change in fair value of earnout liabilities
(17,250
)
—
(17,250
)
—
Other income
(982
)
—
(647
)
—
Share-based compensation expense
7,985
568
8,797
1,002
One time accounting, consulting, and legal fees
7,533
153
7,533
153
Adjusted EBITDA
$
(14,076
)
$
(6,359
)
$
(27,195
)
$
(10,816
)
Net
Sales
Net
sales for the three and six months ended June 30, 2022 were $1,289 thousand and $2,766 thousand, respectively, compared to $489 thousand
and $828 thousand for the comparable prior year periods. The net sales increase is reflective of the opening of new farming facilities
in 2022 in addition to facilities opened in the second half of 2021 that were fully operational in the first six months of 2022.
Cost
of Goods Sold (exclusive of depreciation and amortization)
Cost
of goods sold for the three and six months ended June 30, 2022 increased 268.4% and 326.4% to $(6,271) thousand and $(11,279) thousand,
respectively, compared to $(1,702) thousand and $(2,645) thousand for the comparable prior year periods. This includes all fixed (roughly
86%) and variable costs (roughly 14%) for the Orlando, Atlanta, Houston, Denver, and Kuwait farms. Inventory costs include the costs
of producing our products which include direct material costs such as seeds and nutrients, salaries and wages of the employees directly
involved in farming production, farming facility costs including utility costs, insurance, maintenance, and other costs directly attributed
to the vertical farming process and facilities.
Selling,
General & Administrative Expense
Selling,
general and administrative expenses, for the three and six months ended June 30, 2022 increased 313.9% and 242.1% to $(24,612) thousand
and $(35,012) thousand, respectively, compared to $(5,947) thousand and $(10,234) thousand for the comparable prior year periods. The
increase in selling, general and administrative expenses was primarily due to increases in the number of corporate employees and related
employee expenses required to manage the growing business and also expenses related to three acquisitions during 2021. The increase in
the three months ended June 30, 2022 was driven mainly by approximately $7,500 thousand legal and accounting expenses related to the
business combination that closed on June 28, 2022 and stock based compensation expenses of $7,200 thousand for the three and six months
ended June 30, 2022 to reflect the unrecognized fair market value of the cancelled options under the Business Combination Agreement.
81
Depreciation
& Amortization Expense
Depreciation
and amortization expense for the three and six months ended June 30, 2022 increased 388.1% and 611.7% to $(2,963) thousand and $(5,516)
thousand, respectively, compared to $(607) thousand and $(775) thousand for the comparable prior year periods. The increase in depreciation
and amortization expense was due to the increase in property, plant, and equipment primarily put into service in order to operate the
new farming facilities and amortization expense of intangible assets acquired during the three acquisitions in 2021.
Impairment
loss
Because
of the June 30, 2022 stock price decrease, reporting of losses and decline in current market valuation of companies in our industry,
management concluded that impairment indicators were present and thus performed a detailed quantitative analysis of our long-lived assets
and goodwill. Based on the difference between the Company's market capitalization versus the Company computed value on June 30,
2022, the Company recognized a goodwill impairment loss of $(64,252) thousand for the three and six months ended June 30, 2022 compared
to $0 thousand in the comparable prior year periods.
Net
Interest Expense
Interest
expense, net consists of expenses related farm credit debt and convertible debt less income received as interest on our cash deposits.
Net interest expense for the three and six months ended June 30, 2022 were $(588) thousand and $(817) thousand, respectively, compared
to net interest income of $11 thousand and $166 thousand for the comparable prior year periods. The change in net interest expense was
due to the interest incurred on finance obligation related to our failed sale-leaseback transaction that included building and equipment
for failed sale-leaseback transaction, interest incurred on our convertible debt arrangement that we entered into in March 2022 and interest
incurred on our farm credit facility we entered into in April 2022.
Change
in fair market value
A
gain of $17,250 thousand was recorded in the three months and six months ended June 30, 2022 for the change in the fair market value
of the earnout liability compared to $0 thousand in the comparable prior year periods.
Other
Income
Other
income for the three and six months ended June 30, 2022 were $982 thousand and $647 thousand, respectively, compared to $80 thousand
and $80 thousand for the comparable prior year periods. The change in other income was due to insurance reimbursement received in June
2022 off set by other expenses related our failed sale-leaseback transaction.
Income
Taxes
An
income tax benefit of $533 thousand and $1,288 thousand were recorded during the three and six months ended June 30, 2022, respectively,
due to the recognition of deferred tax benefits for intangible asset amortization associated with our acquired businesses. No income
tax benefit or expense was recorded for the three and six months ended June 30, 2021. A valuation allowance was recorded as of June 30,
2022 and 2021, on substantially all of our domestic and foreign deferred tax assets. Management does not anticipate that the benefits
from these deferred tax assets will be realized in the near term.
Net
Loss
As
a result of the foregoing, net losses for the three and six months ended June 30, 2022 was $(78,655) thousand and $(94,973) thousand,
respectively, compared to net losses of $(7,676) thousand and $(12,580) thousand for the comparable prior year periods.
82
Comparison
of Years Ended December 31, 2021 and December 31, 2020
Net
Sales
(USD in thousands)
Fiscal Year
2021
2020
Net sales
$
2,855
$
887
Net
sales increased to $2,855 thousand in 2021, from $887 thousand in 2020. The net sales increase is reflective of the opening of new farming
facilities in 2021 and an increase in sales from existing facilities, as net sales in 2020 were generated primarily from sales from our
Orlando facility which began operations in March 2020, in addition to sales from our smaller HyCube facility.
Cost
of Goods Sold (exclusive of depreciation and amortization)
(USD in thousands)
Fiscal Year
2021
2020
Cost of goods sold (exclusive of depreciation and amortization)
$
9,634
$
1,935
Cost
of goods sold increased 398% to $9,634 thousand in 2021, from $1,935 thousand in 2020. Inventory costs include the costs of producing
our products which include direct material costs such as seeds and nutrients, salaries and wages of the employees directly involved in
farming production, farming facility costs including utility costs, insurance, maintenance, and other costs directly attributed to the
vertical farming process and facilities. During 2021, we experienced increased sales which resulted in additional costs of goods sold.
During 2021 and 2020, our facilities operated at higher capacity than was required to meet demand in order to test and condition the
systems in new production facilities. As a result, cost of goods sold was in excess of net sales and included costs of leafy greens produced
but not sold totaling $6,475 thousand and $1,828 thousand for the years ended December 31, 2021 and 2020 respectively.
During
2020, the Orlando facility was operated at a higher capacity than was required to meet demand in order to test all our farming production
systems as Orlando was the first large-scale hydroponic farming facility of its kind. Similarly, we operated the Atlanta and Houston
facilities at a higher capacity than was required to meet demand in order to test all our farming production systems in these two farms
that incorporated new technologies and were Kalera's second generation of farms compared to the Orlando farm. Driven by salaries
and wages, utility costs, maintenance and raw materials in excess of demand, our cost of goods sold which include costs of products produced
but not sold prior to spoilage, were higher than our net sales.
Selling,
General & Administrative Expense
(USD in thousands)
Fiscal Year
2021
2020
Selling, general and administrative expenses
$
28,621
$
6,467
Selling,
general and administrative expenses, which include primarily the corporate functions expenses and are expenses not directly associated
with production, were at $28,621 thousand for fiscal 2021, compared to $6,467 thousand for fiscal 2020. The increase in selling, general
and administrative expenses was primarily due to increases in the number of corporate employees and related employee expenses required
to manage the growing business and also expenses related to three acquisitions during 2021.
83
Depreciation
& Amortization Expense
(USD in thousands)
Fiscal Year
2021
2020
Depreciation and amortization
$
4,009
$
967
Depreciation
and amortization expense which included depreciation on property, plant and equipment, net and amortization of operating lease right-of-use
assets was at $4,009 thousand for fiscal 2021, compared to $967 thousand for fiscal 2020. The increase in depreciation and amortization
expense was due to the increase in property, plant, and equipment primarily put into service in order to operate the new farming facilities
which opened in 2021.
Net
Interest Expense
(USD in thousands)
Fiscal Year
2021
2020
Interest expense, net
$
(1,634
)
$
(503
)
Interest
expense, net consists of expenses related to payments for outstanding lease liabilities and debt during 2021 and 2020 less income received
as interest on our cash deposits. Net interest expense in fiscal 2021 was at $1,634 thousand, compared to $503 thousand in fiscal 2020.
The change in net interest expense was due to the interest paid on lease liabilities that included new farms that opened during 2021
and that opened or will open during 2022. In addition, during 2021 Kalera raised debt from DNB Bank for a total of $34,000 thousand that
was fully repaid during the fourth quarter of 2021. Interest for this credit facility accounted for $279 thousand in interest expense
during 2021. .
Gain
on Forgiveness of Debt
(USD in thousands)
Fiscal Year
2021
2020
Gain on forgiveness of debt
$
—
$
328
Gain
on forgiveness of debt in fiscal year 2020 was the result of forgiveness of the loan received under the U.S. Government sponsored Payment
Protection Program stimulus package for small and medium-sized enterprises following the COVID-19 pandemic outbreak. There was no forgiveness
of debt during fiscal year 2021.
Net
Loss
(USD in thousands)
Fiscal Year
2021
2020
Net loss
$
(40,057
)
$
(8,657
)
As
a result of the foregoing, net loss was at $40,057 thousand for fiscal 2021, compared to a loss of $8,657 thousand for fiscal 2020.
Income
Taxes
An
income tax benefit was recorded during the year ended December 31, 2021, due to the recognition of deferred tax benefits for intangible
asset amortization associated with our acquired businesses. No income tax benefit or expense was recorded for the year ended December
31, 2020. A valuation allowance was recorded as of December 31, 2021 and 2020, on substantially all of our domestic and foreign deferred
tax assets. Management does not anticipate that the benefits from these deferred tax assets will be realized in the near term.
84
Liquidity
and Capital Resources
The
large-scale high-tech CEA business is capital-intensive, and we expect to continue to expend significant resources related to our expansion
plans. These expenditures are expected to include working capital, costs associated with planting and harvesting, such as the purchase
of seeds and growing supplies, and the cost of attracting and retaining a skilled labor force. Financial projections for the year ended
December 31, 2022 provided by us to Agrico on December 21, 2021 were premised on certain assumptions that relied on trading conditions
during Q3 2021, which no longer apply. In light of the net loss incurred in H1 2022 as well as current trading conditions, including
increases in inflation and interest rates, volatility in financial and credit markets, the ongoing COVID-19 pandemic, the ongoing military
conflict involving Russia and Ukraine, and the impact thereof on the global supply chain and the global economy, revenue and therefore
cash flows from operating activities for 2022 are expected to be less than what had been projected and provided to the board of Agrico
on December 21, 2021.
In
connection with the Business Combination, approximately 14.4 million Agrico Class A Shares were redeemed which represented a significant
portion of the publicly traded shares outstanding immediately prior to the Business Combination and resulted in only $276,058 of cash
from the Agrico trust account becoming available to us in connection with the Closing of the Business Combination. In addition, the Business
Combination produced liabilities that had previously been incurred by Agrico and which have become payable by us. The above have resulted
in the deterioration of our liquidity position in the short term. In considering our capital requirements and sources of liquidity, we
have not relied on the receipt of proceeds from the exercise of Kalera Warrants and, since the exercise price of Kalera Warrants exceeds
the recent trading prices for Kalera Ordinary Shares, it is unlikely that we will receive significant proceeds, if any, from the exercise
of Kalera Warrants in the near future. As a result of the above, we expect further issuances of debt and/or equity to meet our expected
capital requirements.
Our
primary liquidity requirements are for operating expenses, working capital, and capital expenditures to support the growth in our business.
Historically, we have funded our operations and growth through debt and equity raises. In 2021, we received $61,696 thousand in net proceeds
from our capital raises.
In the first half of 2022 we have received total of $30,000 thousand in
new debt by $10,000 thousand convertible debt and $20,000 thousand farm credit loan.
In July 2022, we received $9,250 thousand
in net proceeds as consideration for the issuance and sale of 2,300,000 Kalera Ordinary Shares, 200,000 Pre-Funded Warrants, 2,500,000
Series A Warrants and 2,500,000 Series B Warrants to Armistice. In the third quarter of 2022, we received $4,000
thousand
convertible debt and $6,000
thousand farm credit loan. There was no conversion of
loans to equity through September 30, 2022.
In the fourth quarter of 2022 we expect further issuances of debt and/or equity to
meet our expected liquidity needs.
In
order for us to meet our existing operating and capital expenditure requirements and to be able to successfully pursue our business plan,
we require additional equity and/or debt funding in the short term. While the exact timing and amount of our future funding plans depend
on many factors, we are exploring various funding and liquidity opportunities, including further issuances of equity and/or equity-linked
securities, the incurrence of additional debt, the restructuring of our existing debt, the potential for strategic investments by private
investors and asset sales. In addition, we are in discussions for a sale leaseback transaction with a third-party lender, and additional
equipment financing that could bring up to $22 million for future capital expenditures. Despite these ongoing efforts, we may be unable
to obtain any such additional financing on reasonable terms or at all.
Our
ability to raise additional capital through the sale of equity or convertible debt securities could be significantly impacted by the
sales of a substantial number of our securities in the public market or otherwise, or the perception or anticipation that such sales
could occur. There are currently (i) up to 14,437,500 Kalera Ordinary Shares issuable upon exercise of Kalera Warrants, (ii) up to 4,000,000
Kalera Ordinary Shares issuable upon the conversion of the Second Amended and Restated Secured Convertible Bridge Promissory Note and
(iii) up to 5,000,000 Kalera Ordinary Shares issuable upon exercise of Series A Warrants and Series B Warrants. Kalera Warrants are immediately
exercisable at an exercise price of $11.50 per Kalera Warrant. The Second Amended and Restated Secured Convertible Bridge Promissory
Note is immediately convertible, at a conversion price of $3.50 per share. Series A Warrants and Series B Warrants will become exercisable
on January 11, 2023 at an exercise price of $4.41 per warrant. Issuance and a subsequent sale of a significant number of these securities
in the public market, or the perception that such issuance and sale could occur, could significantly reduce the market price of Kalera's
securities.
85
In
addition, 1,796,875 Kalera Ordinary Shares and 6,171,875 Kalera Warrants held by the Sponsor are subject to a lock up restriction beginning
on the First Closing Date. After the lock-up period expires, these securities will become eligible for sale in the public market. Sales
of a significant number of these securities in the public market, or the perception that such sales could occur, could also reduce the
market price of Kalera's securities. The above-described sales, or the possibility that such sales could occur, and any resulting
reduction in the market price of our securities, could make it more difficult for us to sell equity securities and raise capital in the
future at a time and at a price that we deem appropriate. See "
Risk Factors-Sales or perceived sales of a substantial number
of Kalera's securities could adversely affect the market price of such securities and impact Kalera's ability to raise additional
capital in the future
."
We
could potentially use our available financial resources sooner than we currently expect and may incur additional indebtedness to meet
future financing needs. Adequate additional funding may not be available to use on acceptable terms or at all. In addition, although
we anticipate being able to obtain additional financing through non-dilutive means, we may be unable to do so. Our failure to raise capital
as and when needed could have significant negative consequences for our business, financial condition and results of consolidated operations.
Our future capital requirements and the adequacy of available funds will depend on many factors, including those set forth in "
Risk
Factors-Sales or perceived sales of a substantial number of Kalera's securities could adversely affect the market price of such
securities and impact Kalera's ability to raise additional capital in the future
."
Summary
of Cash Flows
A
summary of our cash flows from operating, investing and financing activities is presented in the following table:
(Dollars in thousands)
Six Months Ended June 30,
2022
2021
Net cash used in operating activities
$
(32,432
)
$
(6,992
)
Net cash used in investing activities
(20,921
)
(51,236
)
Net cash provided by financing activities
39,641
29,158
Cash and cash equivalents, beginning of year
16,146
113,353
Effect of exchange rate changes on cash
901
—
Cash and cash equivalents, end of period
$
3,335
$
84,283
Net
Cash Used by Operating Activities.
Net cash used by operating activities was at $(32,432) thousand for the six months ended June
30, 2022, compared to $(6,992) thousand for the six months ended June 30, 2021. The increase in cash used in operating activities was
primarily due to expenses from new facilities that opened in the second half of 2021 and during 2022 and the expenses related to the
closing of Business Combination on June 28, 2022.
86
Net
Cash Used in Investing Activities.
Net cash used in investing activities was at $(20,921) thousand for the six months ended June
30, 2022, compared to $(51,236) thousand for the six months ended June 30, 2021. Net cash used in investing activities for the six months
ended June 30, 2022, was primarily driven by investments in the Denver, Seattle and St. Paul farming production facilities. Net cash
in investing activities for the six months ended June 30, 2021, was primarily driven by investments in the Atlanta, Houston, Denver,
and Seattle farming production facilities in addition to the acquisition of Vindara.
Net
Cash Provided by Financing Activities.
Net cash provided by financing activities was at $39,641 thousand for the six months ended
June 30, 2022, compared to $29,158 thousand for the six months ended June 30, 2021. The change was primarily driven by issuance of convertible
debt, sale of property, plant and equipment for failed sale-leaseback and farm credit loan during the six months ended June 30, 2022
compared to private placements to finance the cash consideration of the Vindara acquisition during the six months ended June 30, 2021.
Secured
Convertible Bridge Promissory Note
On
March 4, 2022, Kalera entered into the Secured Convertible Bridge Promissory Note, which was amended and restated in August 22, 2022
(the "Amended and Restated Secured Convertible Bridge Promissory Note") and September 19, 2022 (the "Second Amended
and Restated Secured Convertible Bridge Promissory Note") . For more information, please see
"Certain Relationships, Related
Party and Other Transactions—Related Person Transactions—Secured Convertible Bridge Promissory Note"
for more information.
Farm
Credit Loan and Security Agreement
On
April 14, 2022, Kalera, Inc. (a wholly owned subsidiary of Kalera AS), as borrower, entered into the Farm Credit Loan and Security Agreement
with Farm Credit of Central Florida, ACA ("
Farm Credit
"), under which Farm Credit agreed to make (i) revolving loans
in an aggregate principal amount up to $10 million and (ii) one or more term loans in an aggregate principal amount up to $20 million.
As of September 19, 2022, the aggregate principal amount outstanding under the Farm Credit Loan and Security Agreement is $26 million.
Farm
Credit Eligibility/Farm Credit Equity.
The
Farm Credit Loan and Security Agreement requires that the borrower maintain its status as an entity eligible to borrow from a federally
chartered farm credit system lending institution organized under the Farm Credit Act of 1971, as the same may be amended or supplemented
from time to time.
The
Farm Credit Loan and Security Agreement also requires that the borrower acquire equity in the lender in such amounts and at such times
as the lender may require in accordance with its bylaws and capital plan (as each may be amended or otherwise modified from time to time),
except that the maximum amount of equity that the borrower may be required to purchase in the lender in connection with the loans made
by the lender may not exceed the maximum amount permitted by the bylaws and capital plan of the lender on the closing date of the agreement.
Maturity.
The
revolving facility under the Farm Credit Loan and Security Agreement matures on the second anniversary of the date of the agreement,
unless commitments thereunder are terminated earlier in accordance with the terms of the agreement. The term loan facility may be drawn
upon within the first 24 months of the Farm Credit Loan and Security Agreement and matures on the tenth anniversary of such agreement.
Interest.
Each
revolving loan will bear interest at an annual rate equal to the prime rate plus 0.625% and each term loan will bear interest at an annual
rate equal to the prime rate plus 0.75%.
87
Guarantees
and Security.
The
obligations under the Farm Credit Loan and Security Agreement are required to be guaranteed by all existing and future subsidiaries of
the borrower other than Kalera Real Estate Holdings LLC.
The
obligations under the Farm Credit Loan and Security Agreement are secured by a continuing security interest and lien in substantially
all of assets and property of the loan parties, as more fully described in the Farm Credit Loan and Security Agreement, except for any
Excluded Assets (as defined in the Farm Credit Loan and Security Agreement). Excluded Assets include, among others, as specified in the
agreement, the loan parties' real property, and any "intent-to-use" application for registration of a trademark.
The
Farm Credit Loan and Security Agreement contains customary affirmative and negative covenants, including, among other things, restrictions
on indebtedness, liens, investments, mergers, dispositions, and dividends and other distributions.
The
Farm Credit Loan and Security Agreement requires compliance with certain financial covenants. These financial covenants include (a) a
minimum Liquidity (as defined in the Farm Credit Loan and Security Agreement), (ii) a maximum Consolidated Funded Debt to Capital Ratio
(as defined in the Farm Credit Loan and Security Agreement), and (iii) a maximum Consolidated Funded Debt to EBITDA Ratio (as defined
in the Farm Credit Loan and Security Agreement). So long as any term loans are outstanding under the agreement, commencing with the fiscal
quarter ending June 30, 2022, on a quarterly basis, the borrower would be required to maintain a minimum Liquidity equal to the projected
scheduled aggregate principal and interest payments with respect to the term loan for the three-year period immediately following such
fiscal quarter end. On a yearly basis, commencing with the fiscal year ending December 31, 2022, the borrower would be required, as of
the end of each fiscal year, to maintain a maximum Consolidated Funded Debt to Capital Ratio of forty-five percent (45%). On a yearly
basis, commencing with the fiscal year ending December 31, 2024, the borrower would be required, as of the end of each fiscal year, to
maintain a maximum Consolidated Funded Debt to EBITDA Ratio of 3.25 to 1.00. On June 30, 2022, the Company is in compliance with the
debt covenants, except the quarterly liquidity requirement, where the company had a covenant technical violation. Farm Credit provided
a waiver for this violation for the quarter ended June 30, 2022.
The
Farm Credit Loan and Security Agreement also includes customary events of default, including failure to pay principal, interest or certain
other amounts when due, violation of covenants, material inaccuracy of representations and warranties, certain bankruptcy and insolvency
events, certain undischarged judgments, invalidity of guarantees or grant of security interest (except with respect to immaterial assets),
breach of certain material contractual obligations, uninsured loss of any collateral, and change of control, in certain cases subject
to certain thresholds and grace periods. If any event of default occurs and continues, Farm Credit may terminate its commitment to make
loans, declare all of the obligations under the Farm Credit Loan and Security Agreement to be immediately due and payable, without presentment,
demand, protest or other notice of any kind, and exercise all rights and remedies available to it under the Farm Credit Loan and Security
Agreement or applicable law.
Related
Party Transactions
Other
than the convertible loan arrangement and the Secured Convertible Bridge Promissory Note mentioned above and the service contract entered
into with the Chairman of the Board of Directors as further described in Note 7 of our 2021 annual Financial Statements, the Company
has not had any related party transactions for the periods covered by the historical financial information included in this report.
88
Future
Capital Needs
Our
ability to generate sufficient cash to fund our operations depends generally on our results of operations and the availability of future
financing or the ability to issue equity and debt.
Commitments
and Contractual Obligations
Our
contractual obligations and commitments principally include obligations associated with our operating leases and finance obligation as
set forth in the following table as of June 30, 2022:
In thousands
Operating Leases
Finance Obligation
Reminder of 2022
$
2,544
$
283
2023
5,165
621
2024
5,259
640
2025
5,346
656
2026
5,425
673
Thereafter
86,294
11,858
Total undiscounted operating lease payments
110,033
14,731
Off-balance
Sheet Arrangements
As
of June 30, 2022, we did not have any off-balance sheet arrangements as defined in Item 303(a)(4)(ii) of Regulation S-K.
Emerging
Growth Company Status and Smaller Reporting Company Status
We
are an "emerging growth company" as defined in Section 2(a) of the Securities Act and have elected to take advantage of the
benefits of the extended transition period for new or revised financial accounting standards, although we may decide to early adopt such
new or revised accounting standards to the extent permitted by such standards. We expect to use this extended transition period for complying
with new or revised accounting standards that have different effective dates for public and non-public companies until the earlier of
the date we (i) are no longer an emerging growth company or (ii) affirmatively and irrevocably opt out of the extended transition period
provided in the JOBS Act. This may make it difficult or impossible to compare our financial results with the financial results of another
public company that is either not an emerging growth company or is an emerging growth company that has chosen not to take advantage of
the extended transition period exemptions because of the potential differences in accounting standards used.
In
addition, we intend to rely on the other exemptions and reduced reporting requirements provided by the JOBS Act. Subject to certain conditions
set forth in the JOBS Act, if, as an emerging growth company, we intend to rely on such exemptions, we are not required to, among other
things: (a) provide an auditor's attestation report on Kalera's system of internal control over financial reporting pursuant
to Section 404(b) on the Sarbanes-Oxley Act; (b) provide all of the compensation disclosure that may be required of non-emerging growth
public companies under the Dodd-Frank Wall Street Reform and Consumer Protection Act; (c) comply with any requirement that may be adopted
by the Public Company Accounting Oversight Board, including supplement to the auditor's report providing additional information
about the audit and the consolidated financial statements (critical audit matters); and (d) disclose certain executive compensation-related
items such as the correlation between executive compensation and performance and comparisons of the Chief Executive Officers compensation
to median employee compensation.
89
Additionally,
we are a "smaller reporting company" as defined in Rule 10(f)(1) of Regulation S-K. Smaller reporting companies may take
advantage of certain reduced disclosure obligations, including, among other things, providing only two years of audited financial statements.
We will remain a smaller reporting company until the last day of any fiscal year for so long as either (1) the market value of our ordinary
shares held by non-affiliates did not exceed $250 million as of the prior June 30, or (2) our annual revenues did not exceed $100 million
during such completed fiscal year and the market value of our ordinary shares held by non-affiliates did not exceed $700 million as of
the prior June 30. To the extent we take advantage of such reduced disclosure obligations, it may also make comparison of our financial
statements with other public companies difficult or impossible.
Recent
Accounting Pronouncements
See
Note 2 of the Company's Notes to Consolidated Financial Statements.
Critical
Accounting Policies and Estimates
Preparation
of the Company's financial statements involves judgments and estimates due to uncertainties affecting the application of accounting
policies, and the likelihood that different amounts would be reported under different conditions or using different assumptions. The
Company bases its estimates on historical experience and other assumptions, as discussed herein, that it believes are reasonable. If
actual amounts are ultimately different from previous estimates, the revisions are included in the Company's results of operations
for the period in which the actual amounts become known. The Company's significant accounting policies are discussed in Note 2
in the Company's Notes to Consolidated Financial Statements. Following is a summary and discussion of the more significant accounting
policies and estimates which management believes to have a significant impact on the Company's operating results, financial position,
cash flows and footnote disclosure.
Leases
The
Company identifies leases by evaluating our contracts to determine if the contract conveys the right to use an identified asset for a
stated period of time in exchange for consideration. The Company considers whether it can control the underlying asset and has the right
to obtain substantially all of the economic benefits or outputs from the asset. Leases with terms greater than 12 months are classified
as either operating or finance leases at the commencement date. For these leases, the Company capitalized the present value of the minimum
lease payments over the lease terms as a right-of-use asset with an offsetting lease liability. The discount rate used to calculate the
present value of the minimum lease payments is based on an incremental borrowing rate that approximates the rate of interest the Company
would have to pay to borrow on a collateralized basis over a similar term. The lease term includes any noncancelable period for which
the Company has the right to use the asset. Currently, all capitalized leases are classified as operating leases and the Company records
lease expense on a straight-line basis over the term of the lease.
In
January 2022, the Company entered into an $8,100 thousand sale and leaseback transaction pursuant to which the Company agreed to sell
the approximately 79,000-square-foot property and equipment in St. Paul, Minnesota to Modiv Inc. and then enter into a new, 20-year net
lease.
90
Revenue
recognition
As
fully discussed in Note 2 to our consolidated financial statements per the joint proxy statement/prospectus (Form S-4), the Company recognizes
revenue through the sale of various varieties of lettuce and micro-greens, which are sold to food retail and distribution customers generally
with standard shipping terms. The Company's revenue results from the delivery of our products as the single performance obligation
transferred at an agreed upon price per unit. The Company recognizes revenue for the sale of the product at the point in time when our
performance obligation has been satisfied, which is when control of the product has transferred to the customer, which generally occurs
upon shipment or delivery to the customer based on terms of the sale. Revenue is measured as the amount of consideration the Company
expects to receive in exchange for delivering products. The amount of revenue recognized is reduced for estimated returns and other customer
credits. No significant element of financing is deemed present as the sales are made with a credit term of thirty (30) days, which is
consistent with market practice. A trade receivable is recognized when the goods are delivered as this is the point in time that the
consideration is unconditional because only the passage of time is required before the payment is due.
Business
Combinations
The
Company accounts for business combinations by recognizing from goodwill separately from the identifiable assets acquired, liabilities
assumed, and any noncontrolling interest in the acquiree, and to measure these items generally at their acquisition date fair values.
Goodwill is recorded as the residual amount by which the purchase price exceeds the fair value of the net assets acquired. If the initial
accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, we are required
to report provisional amounts in the financial statements for the items for which the accounting is incomplete. Adjustments to provisional
amounts initially recorded that are identified during the measurement period are recognized in the reporting period in which the adjustment
amounts are determined. During the measurement period, we are also required to recognize additional assets or liabilities if new information
is obtained about facts and circumstances that existed as of the acquisition date that, if known, would have resulted in the recognition
of those assets and liabilities as of that date. The measurement period ends the sooner of one year from the acquisition date or when
we receive the information we were seeking about facts and circumstances that existed as of the acquisition date or learn that more information
is not obtainable. Contingent consideration liabilities or receivables recorded in connection with business acquisitions must also be
adjusted for changes in fair value until settled.
Valuation
of long-lived assets
Long-lived
assets, primarily property, plant and equipment, are reviewed for impairment as events or changes in business circumstances occur indicating
that the carrying value of the asset may not be recoverable. The estimated cash flows produced by assets or asset groups, are compared
to the asset carrying value to determine whether impairment exists. Such estimates involve considerable management judgment and are based
upon assumptions about expected future operating performance. As a result, actual cash flows could differ from management's estimates
due to changes in business conditions, operating performance, and economic and competitive conditions.
Goodwill
Impairment
Because
of the June 30, 2022 stock price decrease, reporting of losses and decline in current market valuation of companies in our industry,
management concluded that impairment indicators were present and thus performed a detailed quantitative analysis of our long-lived assets
and goodwill. Based on the difference between the Company's market capitalization versus the Company computed value on June 30,
2022, the Company recognized a goodwill impairment loss of $(64,252) thousand for the three and six months ended June 30, 2022 compared
to $0 thousand in the comparable prior year periods.
Asset
Retirement Obligations
The
fair value of a liability for an asset retirement obligation is recorded in the period in which it is incurred if a reasonable estimate
of fair value can be made. The Company's asset retirement obligations are generally a result of operating lease agreements for
locations which we have built-out farming production facilities. The lease agreements often include provisions requiring the Company
to return the leased space to its original state prior to the build out of the Company's farming production facility. These provisions
result in costs to remove farming production equipment and repair the leased space prior to vacating the space. In periods subsequent
to initial measurement, the Company recognizes period-to-period changes in the asset retirement obligation liability resulting from the
passage of time and revisions to either the timing or the amount of the original estimate. The increase in the carrying value of the
associated long-lived asset is depreciated over the corresponding estimated economic life.
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Income
taxes
Deferred
income taxes are recorded and recognized for future tax effects of temporary differences between financial and income tax reporting.
The Company records valuation allowances in situations where the realization of deferred tax assets is not more-likely-than-not. The
Company periodically reviews assumptions and estimates of the Company's probable tax obligations and effects on its liability for
any uncertain tax positions, using informed judgment which may include the use of third-party consultants, advisors and legal counsel,
as well as historical experience.
Earnout
Liabilities
Earnout
liabilities are recorded related to future contingent equity shares utilizing the Monte Carlo model to measure the fair value of these
liabilities. Subsequent changes in the respective fair values are recognized in earnings at each reporting date.
Other
matters
In
the opinion of management, other than contracts for raw materials, including outstanding purchase orders for packaging, ingredients,
supplies, and operational services, operating lease agreements which were all entered into in the ordinary course of business, the Company
has one significant procurement agreement with Signify to buy LED lamps used in Kalera's production facilities for a total amount
of $14,700 thousand as of June 30, 2022. Excluding the Signify agreement, Kalera does not have any other significant contractual obligations
or future commitments.
Financial
Risk and Capital Management
Financial
Risk
The
Company's activities expose it to a variety of financial risks, including market and liquidity risks. The Company seeks to minimize
potential adverse effects of such risks to the Company's financial performance.
Market
Risk
Foreign
Currency Risk
- We are exposed to fluctuations in currency exchange rates because of our investments and operations in countries
other than the U.S. For the six months ended June 30, 2022, movements in currency exchange rates and the related impact on the translation
of the balance sheets resulted in $(10,521) thousand in the currency translation and other category of accumulated other comprehensive
loss. For the six months ended June 30, 2021 there were no movements in currency exchange rates that impacted the translation of the
balance sheet.
Interest
Risk
- The Company is currently not exposed to significant interest rate risk in relation to interest rates on borrowings. The Company
has entered into several significant lease agreements in connection with production facilities expected to open in 2022 and 2023, which
bear an inherent interest rate risk. In the event of re-financing of the Company's current lease agreements, the market interest
rates could constitute a risk for the Company. In addition, the Company expects to continue to open several additional production facilities
in future years, consistent with its growth strategy. As such, the Company's future agreements will bear the risk of changes in
the interest rate environment at the time of agreement. The Company is currently not exposed to any variable interest rate borrowings.
Liquidity
Risk
- Cash flow forecasting is performed by the Company. The Company monitors rolling forecasts of its liquidity requirements to
ensure it has sufficient cash to meet operational and strategic growth plans. As of June 30, 2022, the Company had $3,335 thousand in
cash-on-hand. During 2022 the Company secured additional funds in the amount of $8,100 thousand from a sale and leaseback transaction
during January 2022; a commitment for up to $20,000 thousand in a bridge loan facility by existing Kalera shareholders during March 2022
out of which, $10,000 thousand was funded during March 2022; a $30,000 thousand farm credit facility during April 2022 and a $10,000
thousand private placement in July 2022.
Credit
Risk
- Credit risk arises from cash and cash equivalents and deposits with banks and financial institutions. However, we believe
this risk is remote, as deposits are with an established financial institution. Credit risk also arises from exposures to wholesale and
retail customers, including outstanding receivables. These are currently not significant to the Company, and the majority are not overdue.
During the six months ended June 30, 2022, there were no significant receivables that were overdue. Similarly, and as of June 30, 2021,
no significant receivables are overdue. Trade receivables include the sale of leafy greens associated with our core operations.
Capital
Management
The
Company's primary objectives in managing capital are to safeguard the Company's ability to continue as a going concern by
executing the Company's growth strategy to provide returns for shareholders while maintaining an optimal capital structure and
reducing the cost of capital. As such, the Company may continue to adjust its capital structure through additional share issuances, borrowings,
leases, or other strategic financing mechanisms to meet operational and strategic needs, as appropriate. Total capital is calculated
as total equity as shown in the consolidated balance sheet plus net debt.
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MANAGEMENT
Unless
the context otherwise requires, all references in this section to "Kalera" refer to Kalera SA prior to the Closing and to
Kalera following the Closing of the Business Combination.
The
following sets forth certain information as of October 6, 2022 concerning the persons who are serving as Kalera's directors
and executive officers.
Name
Age
Position
Curtis
    McWilliams
(3)
67
Chairman
    of the Board
Jim
    Leighton
66
President
    and Chief Executive Officer & Board Director
Austin
    Martin
39
Chief
    Operating Officer
Dr.
    Jade Stinson
42
Chief
    Innovation Officer (Kalera) and President and Co-founder of Vindara
Fernando
    Cornejo
49
Chief
    Financial Officer
Dr.
    Cristian Toma
58
Chief
    Science Officer, Co-Founder and Board Director
Dr.
    Henner Schwarz
45
President Kalera International
Aric
    Nissen
51
Chief
    Marketing Officer
Robert
    Arnall
(1)
63
Board
    Director
Umur
    Hursever
(1)(2)
47
Board
    Director
Maria
    Sastre
(1)(2)
66
Board
    Director
Sonny
    Perdue
(3)
75
Board
    Director
Faisal
    AlMeshal
(1)
35
Board
    Director
Brent
    de Jong
(2)(3)
47
Board
    Director
(1)
Member
                                            of the audit committee
(2)
Member
                                            of the talent and compensation committee
(3)
Member
                                            of the nominating and corporate governance committee
Biographical
information concerning the individuals listed above is set forth below.
Executive
Officers and Directors
Executive
Officers
Curtis
McWilliams - Chairman of the Board
Mr.
McWilliams has served as Chairman of the Board since May 2022. From December 2021 to May 2022 he served as Interim Chief Executive Officer.
Mr. McWilliams has over 35 years of experience in finance and real estate, including 13 years of experience in investment banking at
Merrill Lynch & Co. Mr. McWilliams has served as the non-executive Chairman of the Board of Directors of Ardmore Shipping Corporation
since January 2019 and as a Director since January 2016. He also currently serves as a Board Director of Modiv Inc. Mr. McWilliams was
the Lead Director of Braemar Hotels & Resorts Inc. from November 2013 until July 2019 and continued as a member of the Board of Directors
and chair of the Audit Committee until his term expired in May 2022. He also previously served as a Director for Campus Crest Communities,
CNL Bank and Trustreet Properties Inc., as President and Chief Executive Officer of CNL Real Estate Advisors, Inc. (from 2007 to 2010)
and as President and Chief Executive Officer of Trustreet Properties (from 1997 to 2007). Mr. McWilliams holds an MBA with a concentration
in finance from the University of Chicago and a BSE in Chemical Engineering from Princeton University. We believe that Mr. McWilliams'
extensive corporate governance, management and finance experience makes him well-qualified to serve as Chairman of the Board.
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Jim
Leighton - President and Chief Executive Officer & Board Director
Mr.
Leighton was appointed as President and Chief Executive Officer, and as Board Director, in May of 2022. Mr. Leighton, age 66, previously
served as Chief Executive Officer and Managing Director of Ingham's Group Limited, the largest poultry producer in Australia, from
2018 until 2021. Prior to assuming his role at Ingham's, Mr. Leighton served as President of 40 North Foods from 2016 until 2018.
Since 2018, Mr. Leighton has served as a board director for 1908 Brands, Inc. Previously, he served as a director for Boulder Brands
(2010 to 2016), Aryzta (2017 to 2020) and Inghams Group Limited (2018 to 2021). Mr. Leighton is an accomplished executive with a strong
reputation within the consumer-packaged goods and food industries. Mr. Leighton holds a Master's in Business Administration from
Keller Graduate School of Management and a B.A. in Business Administration and Industrial Relations from the University of Iowa. As a
veteran executive with well over 20 years of leadership roles in CPG and food industries, Mr. Leighton provides Kalera with strong leadership
as the company continues to pursue its strategic growth vision.
Austin
Martin - Chief Operating Officer
Mr.
Martin has served as Kalera's Chief Operating Officer since May 2020. Mr. Martin has nearly 20 years of executive experience in
the food and downstream energy industries, both with large public and private companies, including Target, Aldi, and Delek US/Mapco.
Prior to joining Kalera (from April 2017 to May 2020), Mr. Martin was as a Vice President for Shamrock Foods (the largest independent
foodservice distributor in the west and dairy manufacturer), leading the Category Management, Coffee Roasting, and Procurement functional
areas. As an executive of Fortune 500 Companies, Mr. Martin has successfully built and led high performing teams to scale businesses
and return shareholder value. Mr. Martin has extensive experience in all functional aspects of the food industry, from food production
to purchasing and supply chain management, to sales and marketing, in the food services and retail market segments. Mr. Martin holds
a B.A. in World Business and German Language from the University of Tennessee and a Master's in Business Administration from Vanderbilt
University.
Fernando
Cornejo - Chief Financial Officer
Fernando
has served as Kalera's Chief Financial Officer since July 2020. Mr. Cornejo has been working in finance for more than 25 years,
working on Wall Street for 15 years as banker for M&A and capital raising transactions at Credit Suisse (2004 to 2006), Bear, Stearns
& Co. (2006 to 2008), BBVA (2008 to 2009) and Citibank (2010 to 2011). From 2012 to 2016, he worked as a Segment Chief Financial
Officer for Argo Group. After Argo, Fernando became Chief Financial Officer for EXIN Group, a financial services company, where he worked
from 2017 to 2019. Fernando has a B.Sc. in Industrial Engineering from ITESM and a Master's in Business Administration from Georgetown
University.
Dr.
Cristian Toma, PhD - Chief Science Officer, Co-Founder and Board Director
Dr.
Toma founded Kalera in 2010, and he brings to the company over 30 years of R&D experience. He has served as Kalera's Chief
Science Officer and Co-Founder since then. He currently serves as a Board Director of Kalera. Prior to founding Kalera, Dr. Toma had
worked in the biomedical and telecom industries with Fortune 500 companies such as Becton Dickinson and Lucent Technologies and with
several biomedical device start-ups, in various technology development and R&D management positions. Dr. Toma is also the Sole Director
of Kalera, Inc., a wholly owned subsidiary of Kalera AS. Dr. Toma has a Ph.D. in Electronical Engineering from the Polytechnic University
of Bucharest and a Professional Doctorate in Software Technology from Eindhoven University of Technology, has several patents and patent
applications, has lectured advanced courses in signal and image processing, and has co-authored several peer-reviewed scientific articles.
We believe that Dr. Toma is well qualified to serve as a Board Director based on his extensive scientific expertise and experience, and
familiarity with Kalera's business as a founder of the company.
94
Dr.
Jade Stinson - Chief Innovation Officer (Kalera) and President and Co-founder of Vindara
Dr.
Stinson has served as Chief Innovation Officer of Kalera and President and Co-founder of Vindara since March 2021. Prior to the acquisition
of Vindara by Kalera, Dr. Stinson served as the Co-Founder, President, Chief Scientific Officer and Director of Vindara from July 2018
to March 2021. Dr. Stinson was the former Chief Scientific Officer of the venture development group, AgTech Accelerator (from September
2017 to April 2019) and former Head of Global Operations for BASF's Professional and Specialty Solutions business (from November
2016 to September 2017). Dr. Stinson has a Ph.D in Analytical Chemistry, an MBA, an MS in Instrumentation and Analytical Science, and
BS in Biomedical Science.
Dr.
Henner Schwarz - President Kalera International
Dr.
Schwarz served as Kalera's Chief Commercial Officer and the Managing Director of EMEA and Asia since 2021, and is currently serving as President Kalera International. Dr. Schwarz was
the Chief Executive Officer of &ever GmbH from 2020 until its acquisition by Kalera in 2021. He served as the Chief Financial Officer
and Chief Operating Officer at Planet Sports GmbH since 2011 and 21sportsgroup GmbH (E-Commerce) from 2016 to 2019. He started his career
as a strategy consultant at Bain & Company from 2004 to 2010. Dr. Schwarz holds a Dr. iur. (juris doctor) from Humboldt University
of Berlin and a Master's in Business Administration from Northwestern University's Kellogg School of Management.
Aric
Nissen - Chief Marketing Officer
Mr.
Nissen has served as the Chief Marketing Officer of Kalera since August 2021. Mr. Nissen has over 20 years of senior leadership experience
and award-winning expertise engaging customers and building brands. Prior to this position, he served as the Chief Marketing Officer
for Restaurant Technologies Inc. from 2020 to 2021, the Vice President of Revenue Optimization for Subway® from 2019 to 2020 and
as a Management Consulting Executive for Accenture Digital from 2015 to 2019.
Non-Employee
Directors
Robert
Arnall - Board Director
Mr.
Arnall became a Board Director of Kalera upon the consummation of the Business Combination. Mr. Arnall has 40 years of experience in
accounting, consulting and risk management. Since July 2017, Mr. Arnall has been self-employed providing technical accounting, auditing
and executive coaching services. From May 2002 through June 2017, he served as an assurance partner at EY. In his role at EY, he served
as the lead audit partner for large international public companies as well as venture capital and private equity firms. Prior to his
time at EY, Mr. Arnall worked at Arthur Andersen for nearly 20 years. Mr. Arnall holds a B.S. in Accounting from Virginia Tech.
He is also a member of the American Institute of Certified Public Accountants (AICPA) and the Virginia Society of Certified Public Accountants
(VSCPA). We believe that Mr. Arnall is well qualified to be a Board Director because of his significant experience in financial accounting,
internal controls, ESG and capital markets.
Umur
Hursever - Board Director
Mr.
Hursever has served as a Board Director of Kalera since August 2018. Mr. Hursever is a Partner, leading growth equity investments for
Lightrock LLP, UK, and is an Investment Committee Member of and an Advisor to Lightrock Growth Fund I S.A. Mr. Hursever has more than
20 years of experience in private equity including leveraged buyouts and private growth equity investments. Prior to joining Lightrock
(f/k/a Lightstone) in 2018, he worked for Capital Group with a focus on direct private equity investments since 2010. Prior to that,
Mr. Hursever spent a decade with CCMP Capital (f/k/a JPMorgan Partners) focusing on growth equity and buyout investments in Europe. He
started his career in the mergers & acquisitions group of Salomon Brothers in New York in 1997. He currently also serves as a Director
for CMR Surgical Limited, UK and Satispay SpA, Italy. He holds a BA in Economics and Mathematics. We believe that Mr. Hursever's
extensive investment and advisory experience and his experience serving on boards of directors make him well qualified to be a Board
Director.
95
Maria
Sastre - Board Director
Ms.
Sastre has served as a Board Director of Kalera since February 2021. Ms. Sastre has served as a Board Director for General Mills since
2018, O'Reilly Auto Parts since 2020, Guidewell/Florida Blue since 2016, Miramar Services, Inc. since 2019 and Helios Education
Foundation since 2011. Ms. Sastre also served on the Board of Directors of Darden Restaurants for 16 years, and on the Board of Directors
of Publix Supermarkets for 11 years. Ms. Sastre served as the President and Chief Operating Officer of Signature Flight Support from
2010 to 2018. She has more than 20 years of experience in mergers and integrations of businesses. Ms. Sastre holds a Master of Business
Administration. We believe that Ms. Sastre is well qualified to serve as a Board Director based on her extensive experience in management,
corporate governance, operations, talent and compensation, and business integration.
Sonny
Perdue - Board Director
Mr.
Perdue has served as a Board Director of Kalera since April 2021. Mr. Perdue is the founder and sole member of AgrowStar, LLC, a grain
trading company with locations in Georgia and the Carolinas and the founder and sole stockholder of Perdue, Inc., a transportation firm
in Georgia. He is currently engaged in the management of AgrowStar, LLC and Perdue, Inc. As of April 2022, Mr. Perdue is also serving
as Chancellor of the University System of Georgia, comprised of the 26 public higher education institutions in Georgia. Mr. Perdue served
as the United States Secretary of Agriculture from 2017 to 2021, as the Governor of Georgia from 2003 to 2011 and as a Georgia State
Senator from 1991-2002. He holds a Doctor of Veterinary Medicine (DVM) from the University of Georgia College of Veterinary Medicine.
We believe that Mr. Perdue's business experience, and his extensive and distinguished experience in government service and the
agricultural sector make him well-qualified to serve on the Board of Directors.
Faisal
AlMeshal - Board Director
Mr.
AlMeshal served as an observer to the Board of Directors of Kalera since August 2021 and became a Board Director of Kalera in May 2022.
Mr. AlMeshal has over 10 years of strategy consulting and investing experience, and, as of August 1, 2022, is serving as Chief Executive
Officer of MyFatoorah, a Middle East fintech company. Mr. AlMeshal previously served as Director of Strategy at NOX Management in Kuwait,
from 2016 to July 2022. He formerly served as the Marketing Director at Xcite, the largest electronics retailer in Kuwait, which is part
of Alghanim Industries. Mr. AlMeshal was a Director of &ever from 2018 until its acquisition by Kalera in 2021. Mr. AlMeshal holds
a Masters of Business Administration with highest distinction from Harvard Business School. We believe that Mr. AlMeshal's extensive
experience in investing, marketing and strategy make him well-qualified to serve as a Board Director.
Brent
de Jong - Board Director
Mr.
de Jong currently serves as a director of Kalera. Brent de Jong served as a member of the Board of Directors of Agrico from July 2020
until June 2022 as well as the Chief Executive Officer. Since December 2011, Mr. de Jong has been the managing partner of De Jong Capital
LLC, a family office that is focused on emerging markets and special situations. He is the Chairman and Chief Executive Officer of Qenta
Inc., a technology and financial services business where he has worked (including at its predecessors) since November 2019. Mr. de Jong
has over 20 years of experience leading successful business transformations and transitions. Mr. de Jong also has broad expertise investing
in technology, infrastructure, financial services, and emerging markets. From October 2016 to November 2019 served as Chairman of Itafos,
a vertically integrated phosphate Fertilizer business that is listed on TSX.V. From April 2016 until November 2019, Mr. de Jong served
as a partner at Castlelake LP, leading Special Situations investments. From September 2013 to November 2019, Mr. de Jong was a board
member and advised RA Holdco, a Middle Eastern investment manager (f/k/a Arcapita) with holdings throughout Asia, the Middle East, Europe,
and the United States. RA Holdco was the first Shariah compliant bankruptcy completed in the US. From May 2002 to July 2011, Mr. de Jong
served as an investment professional at Ashmore Investment Management Ltd, an emerging market fund manager, leading Special Situations
and as member of the firm's investment committee. While at Ashmore, Mr. De Jong was seconded to Ashmore Energy International ("AEI")
in 2006, where he served as chief executive officer and vice chairman of the board of directors until 2009. Mr. De Jong led the consortium
of shareholders that founded AEI in 2005, from Enron International, and negotiated the break-up and sale of AEI's assets in 2011
for an aggregate price of $4.8 billion. Prior to Ashmore, from July 1997 to May 2002, Mr. de Jong worked at JPMorgan in its financial
institutions group in London, where he focused on mergers and acquisitions in the emerging markets of Europe, the Middle East and Africa,
and in the structured finance group in New York. Mr. de Jong earned a bachelor's degree in Economics from Georgetown University.
We believe that Mr. De Jong is qualified to serve as a Board Director based on his extensive finance, management and investment experience.
96
Director
Independence
Our
common stock is listed on Nasdaq. Under the rules of Nasdaq, independent directors must comprise a majority of a listed company's
board of directors within one year of the completion of its initial public offering. In addition, the rules of Nasdaq require that, subject
to specified exceptions, each member of a listed company's audit, compensation and corporate governance and nominating committees
be independent. Audit committee members and compensation committee members must also satisfy the independence criteria set forth in Rule
10A-3 and Rule 10C-1, respectively, under the Exchange Act. Under the rules of Nasdaq, a director will only qualify as an "independent
director" if, in the opinion of that company's board of directors, that person does not have a relationship that would interfere
with the exercise of independent judgment in carrying out the responsibilities of a director with that listed company.
Our
board of directors undertook a review of its composition, the composition of its committees and the independence of our directors and
considered whether any director has a material relationship with us that could compromise his or her ability to exercise independent
judgment in carrying out his or her responsibilities. Based upon information requested from and provided by each director concerning
his or her background, employment and affiliations, including family relationships, our board of directors has determined that each director
does not have relationships that would interfere with the exercise of independent judgment in carrying out the responsibilities of a
director and that each of these directors is "independent" as that term is defined under the applicable rules of the SEC
and the listing standards of Nasdaq; provided that Jim Leighton and Dr. Cristian Toma are not independent under Nasdaq's independence
standards following the consummation of the Business Combination. Nasdaq's independence definition includes a series of objective
tests, including that the director is not, and has not been for at least three years, one of our employees and that neither the director
nor any of his or her family members has engaged in various types of business dealings with us.
In
making these determinations, our board of directors considered the current and prior relationships that each non-employee director has
with our company and all other facts and circumstances our board of directors deemed relevant in determining their independence, including
the beneficial ownership of our capital stock by each non-employee director, and the transactions involving them described in the section
titled "
Certain Relationships, Related Party and Other Transactions
." There are no family relationships among any
of our directors or executive officers.
Board
Leadership Structure
Our
board of directors is led by Chairman Curtis McWilliams. Our board of directors recognizes that it is important to determine an optimal
board leadership structure to ensure the independent oversight of management as the company continues to grow. Jim Leighton, our Chief
Executive Officer, is responsible for setting the strategic direction for our company and the day-to-day leadership and performance of
our company, while the chairman of the board of directors provides guidance to the Chief Executive Officer and presides over meetings
of the full board of directors. We believe that this separation of responsibilities provides a balanced approach to managing the board
of directors and overseeing our company.
97
Our
board of directors has concluded that our current leadership structure is appropriate at this time. However, our board of directors will
continue to periodically review our leadership structure and may make such changes in the future as it deems appropriate.
Role
of Board in Risk Oversight Process
Our
board of directors has responsibility for the oversight of our risk management processes and, either as a whole or through its committees,
regularly discusses with management our major risk exposures, their potential impact on our business and the steps we take to manage
them. The risk oversight process includes receiving regular reports from board committees and members of senior management to enable
our board of directors to understand our risk identification, risk management and risk mitigation strategies with respect to areas of
potential material risk, including operations, finance, legal, regulatory, strategic and reputational risk.
Board
Committees and Independence
Our
Board of Directors established an Audit Committee, a Talent and Compensation Committee and a Nominating and Corporate Governance Committee,
as discussed below.
Our
Chief Executive Officer and other executive officers regularly report to the non-executive directors and the Audit Committee, the Talent
and Compensation Committee and the Nominating and Corporate Governance Committee to ensure effective and efficient oversight of our activities
and to assist in proper risk management and the ongoing evaluation of management controls.
Audit
Committee
The
members of our Audit Committee are Robert Arnall (Chairman), Umur Hursever, Faisal AlMeshal and Maria Sastre. Our Board of Directors
has determined that each of Robert Arnall, Umur Hursever, Faisal AlMeshal and Maria Sastre qualifies as an independent director under
the corporate governance standards of Nasdaq and the independence requirements of Rule 10A-3 of the Exchange Act and as an "audit
committee financial expert" as such term is defined in Item 407(d)(5) of Regulation S-K.
The
purpose of the Audit Committee is to prepare the audit committee report required by the SEC to be included in our proxy statement and
to assist our Board of Directors in overseeing and monitoring (1) the quality and integrity of our financial statements, (2) our compliance
with legal and regulatory requirements, (3) our independent registered public accounting firm's qualifications and independence,
(4) the performance of our internal audit function and (5) the performance of our independent registered public accounting firm.
The
written charter for the Audit Committee is available on our website. The information contained on or accessible through our corporate
website or any other website that we may maintain is not part of this prospectus or the registration statement of which this prospectus
is a part.
Talent
and Compensation Committee
The
members of our Talent and Compensation Committee are Maria Sastre (Chairman), Umur Hursever, Brent de Jong.
98
The
purpose of the Talent and Compensation Committee is to assist our Board of Directors in discharging its responsibilities relating to
(1) setting our compensation program and compensation of our executive officers and directors, (2) monitoring our incentive and equity-based
compensation plans and (3) preparing the talent and compensation committee report required to be included in our proxy statement under
the rules and regulations of the SEC.
The
written charter for the Talent and Compensation Committee is available on our website. The information contained on or accessible through
our corporate website or any other website that we may maintain is not part of this prospectus or the registration statement of which
this prospectus is a part.
Nominating
and Corporate Governance Committee
The
members of our Nominating and Corporate Governance Committee are Sonny Perdue, Curtis McWilliams (Interim Chairman) and Brent de Jong.
The
purpose of our Nominating and Corporate Governance Committee is to assist our Board of Directors in discharging its responsibilities
relating to (1) identifying individuals qualified to become new board members, consistent with criteria approved by our Board of Directors,
(2) reviewing the qualifications of incumbent directors to determine whether to recommend them for reelection and selecting, or recommending
that our Board of Directors select, the director nominees for the next annual meeting of stockholders, (3) identifying board members
qualified to fill vacancies on any board committee and recommending that our Board of Directors appoint the identified member or members
to the applicable committee, (4) reviewing and recommending to our Board of Directors corporate governance guidelines applicable to us,
(5) overseeing the evaluation of our Board of Directors and management and (6) handling such other matters that are specifically delegated
to the committee by our Board of Directors from time to time.
The
written charter for the Nominating and Corporate Governance Committee is available on our website. The information contained on or accessible
through our corporate website or any other website that we may maintain is not part of this prospectus or the registration statement
of which this prospectus is a part.
Compensation
Committee Interlocks and Inside Participation
None
of the members of our compensation committee is currently, or has at any time been, one of our officers or employees. None of our executive
officers currently serves, or has served during the past fiscal year, as a member of the board of directors or compensation committee
of any entity that has one or more executive officers serving as a member of our board of directors or compensation committee.
Board
Diversity
We
believe that Board composition should reflect a diversity of experience, gender, race, ethnicity and age. Accordingly, the Audit Committee,
Talent and Compensation Committee and the Nominating and Corporate Governance Committee includes diverse candidates (including experience,
gender, race, ethnicity and age) in each director search.
Code
of Conduct and Ethics
We
have adopted a written code of business conduct and ethics that applies to our directors, officers and employees, including our principal
executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions. In
connection with the effectiveness of the registration statement of which this prospectus forms a part, our code of business conduct and
ethics is posted on our principal corporate website or any other website that we may maintain and is not part of this prospectus or the
registration statement of which this prospectus is a part.
99
EXECUTIVE
COMPENSATION
Unless
the context otherwise requires, all references in this section to "Kalera" refer to Kalera SA prior to the Closing and to
Kalera following the Closing of the Business Combination.
This
section discusses the material components of the executive compensation program for Kalera's named executive officers for the year
ended December 31, 2021. Pursuant to applicable SEC rules, Kalera's named executive officers for the fiscal year ended December
31, 2021 consisted of Daniel Malechuk, Kalera's former Chief Executive Officer, Curtis McWilliams, Kalera's interim Chief
Executive Officer and Kalera's two most highly compensated executive officers serving as of December 31, 2021 (other than Kalera's
Chief Executive Officers), as set forth below:
●
Curtis
    McWilliams, Kalera's interim Chief Executive Officer as of December 31, 2021;
●
Fernando
    Cornejo, Kalera's Chief Financial Officer;
●
Austin
    Martin, Kalera's Chief Operating Officer; and
●
Daniel
    Malechuk, Kalera's former Chief Executive Officer
On
December 13, 2021, Mr. Malechuk stepped down as Chief Executive Officer and Mr. McWilliams was appointed as interim Chief Executive Officer
effective as of December 14, 2021. On May 12, 2022, we announced the appointment of James Leighton as President and Chief Executive Officer.
Mr. Leighton also serves as a Board Director. Mr. Cornejo and Mr. Martin continue to serve in their roles as Chief Financial Officer
and Chief Operating Officer, respectively.
As
an emerging growth company, Kalera is permitted to include scaled disclosure with respect to certain executive compensation information
otherwise required by Item 402 of Regulation S-K. The discussion that follows below reflects Kalera's historic compensation practices.
Compensation
Philosophy
Kalera
has historically had the ability to individualize its executive compensation arrangements to fit the unique roles and responsibilities
of each of its executives. Historically, Kalera's compensation philosophy and goals have focused on the following principal objectives:
(i) setting compensation at levels designed to attract and retain key talent in Kalera's industry, (ii) implementing pay structures
that are designed to align pay outcomes with the achievement of business objectives and individual or operational performance milestones,
and (iii) balance incentives to address both short-term and long-term strategies. As a newly public company, the compensation committee
will continue to develop and refine its compensation philosophy with these objectives in mind.
100
Summary
Compensation Table
The
following table provides information regarding the compensation awarded to, earned by or paid to each of Kalera's named executive
officers for the year ended December 31, 2021:
Name and Principal Position
Salary
($)
(1)
Bonus
($)
Option
Awards
($)
(2)
All
Other Compensation
($)
(3)
Total
($)
Curtis McWilliams
—
—
$
397,000
—
$
397,000
Interim President and Chief Executive Officer
Fernando Cornejo
$
258,996
—
—
—
$
258,996
Chief Financial Officer
Austin Martin
$
301,303
—
—
—
$
301,303
Chief Operating Officer
Daniel Malechuk
$
411,027
—
—
$
497,791
$
908,818
Former President and Chief Executive Officer
(1)
Represents
                                            base salary paid in respect of the applicable fiscal year. Mr. McWilliams does not receive
                                            a base salary for his role as interim Chief Executive Officer.
(2)
The
                                            amounts reported for option awards represent the aggregate grant date fair value of option
                                            awards calculated in accordance with ASC Topic 718. The assumptions related to these awards
                                            are described in "
Note 2: Summary of Significant Accounting Policies—Stock
                                            Based Compensation
" in the notes to Kalera's consolidated financial statements
                                            included elsewhere in this prospectus.
(3)
For
                                            Mr. Malechuk, this includes severance that became payable to him as a result of his separation
                                            of employment.
The
titles in the chart above reflect the titles held as of December 31, 2021.
Narrative
to Summary Compensation Table
Base
Salaries
Kalera
uses base salaries to recognize the experience, skills, knowledge and responsibilities required of all its employees, including its named
executive officers. Base salaries are reviewed annually, typically in connection with Kalera's annual performance review process,
and may be impacted by certain operational milestones tied to the performance of Kalera's business. The current base salaries of
Kalera's named executive officers are set forth below:
Name and Principal Position
2021 Salary
Curtis McWilliams
$
—
President and Chief Executive Officer
Fernando Cornejo
$
258,996
Chief Financial Officer
Austin Martin
$
301,303
Chief Operating Officer
Cash
Bonuses
Kalera's
named executive officers are eligible to receive incentive and performance bonuses based on the achievement of certain corporate or strategic
performance goals, including projects tied to Kalera's business plan and/or other operational milestones, which may be further
modified by assessment of individual performance. Kalera believes such bonuses properly incentivize its named executive officers and
allows it to remain competitive within the marketplace, while focusing on metrics that are critical to its growth. From time to time,
Kalera also provides sign-on bonuses in connection with executive hires, including for its named executive officers, as set forth in
their respective employment agreements.
101
In
connection with his role as interim Chief Executive Officer, Mr. McWilliams was entitled to receive a transition payment of $300,000
upon the appointment of a permanent chief executive officer and successful completion of such individual's transition into such
role, payable upon the later of (i) the start date of the permanent chief executive officer, or (ii) Kalera's listing and trading
on Nasdaq. Mr. McWilliams does not otherwise receive any cash bonus consideration for his role as interim Chief Executive Officer.
Equity
Compensation
In
connection with the consummation of the Business Combination, Kalera adopted the 2022 Long-Term Stock Incentive Plan (the "2022
Plan") under which Kalera may grant cash and equity incentive awards to eligible service providers in order to attract, motivate
and retain the talent for which Kalera competes.
Employees,
consultants and directors of Kalera, and employees and consultants of its subsidiaries, are eligible to receive awards under the 2022
Plan. The 2022 Plan is administered by Kalera's board of directors, which may delegate its duties and responsibilities to one or
more committees of the Company's directors and/or officers (referred to collectively as the "plan administrator"),
subject to the limitations imposed under the 2022 Plan, Section 16 of the Securities Exchange Act of 1934, as amended, stock exchange
rules and other applicable laws. The plan administrator has the authority to take all actions and make all determinations under the 2022
Plan, to interpret the 2022 Plan and award agreements and to adopt, amend and repeal rules for the administration of the 2022 Plan as
it deems advisable. The plan administrator also has the authority to determine which eligible service providers receive awards, grant
awards and set the terms and conditions of all awards under the 2022 Plan, including any vesting and vesting acceleration provisions,
subject to the conditions and limitations in the 2022 Plan.
An
initial aggregate of 2,788,449 shares of Kalera common stock are available for issuance under the 2022 Plan and the maximum number of
shares of Kalera common stock that may be issued pursuant to the exercise of incentive stock options granted under the 2022 Plan is 2,788,449.
The aggregate share limit under the 2022 Plan will be subject to an annual increase on the first day of each calendar year beginning
January 1, 2023 and ending on and including January 1, 2032 by a number of shares equal to the lesser of (i) a number equal to 2% of
the aggregate number of shares of Kalera common stock outstanding on the final day of the immediately preceding calendar year and (ii)
such smaller number of shares of Kalera common stock as is determined by the Kalera board of directors. The 2022 Plan provides that the
maximum amount of compensation that may be paid to any single non-employee member of the Kalera board of directors in respect of any
single fiscal year (including awards under the 2022 Plan, determined based on the fair market value of such award as of the grant date,
as well as any retainer fees, but excluding any amounts paid in respect of a director's first year of service with Kalera, and
excluding any special committee fees) may not exceed $750,000.
Pursuant
to the terms of the Business Combination Agreement, upon the Closing, all stock options to purchase shares of Kalera AS previously granted
under the Kalera AS 2018 Stock Option Plan (the "Legacy Kalera Stock Options") that were "out of the money" at
the time of Closing were cancelled and terminated. Any Legacy Kalera Stock Options that were "in the money" at the time of
Closing were converted and adjusted into stock options to subscribe for Kalera Ordinary Shares, based on the exchange ratio.
This resulted in an aggregate of 4,000,000 in-the-money Legacy Kalera Stock Options being exchanged for 364,000 Kalera stock options;
all other outstanding Legacy Kalera Stock Options were out-of-the-money at Closing and were cancelled and terminated upon the Closing.
102
Equity
Grants under the 2022 Plan
On
August 22, 2022, the Board of Directors approved new grants of stock options and restricted stock units awards under the 2022 Plan.
The exercise price per share for each stock option was $2.42, which was the closing price of a Kalera Ordinary Share on the grant
date. The stock options and RSU grants to executive officers and employees generally vest over four years, subject to continued employment.
In order to account for service provided by the participants prior to the Business Combination, certain executive officers and employees
received stock options that were partially vested as of the grant date; however, in order to enhance the retentive nature of these stock
option grants, the award agreements provide that no shares acquired upon exercise of the new 2022 stock options can be sold prior to
the first anniversary of the closing of the Business Combination.
Austin
Martin received 145,600 stock options, 50% of which were vested as of the grant date. The unvested portion will vest in equal installments
on May 4, 2023 and May 4, 2024, subject to Mr. Martin's continued employment with the Company. Fernando Cornejo received 100,100
stock options, 50% of which were vested as of the grant date. The unvested portion will vest in equal installments on July 20, 2023 and
July 20, 2024, subject to Mr. Cornejo's continued employment with the Company.
Jim
Leighton received 181,000 restricted stock units pursuant to the terms of his employment agreement, as described in more detail below.
The restricted stock units vest on each of the first four anniversaries of May 16, 2022, which was Mr. Leighton's start date with
the company, subject to his continued employment with the Company.
The
grants made to Curtis McWilliams are described below under "
Director Compensation
".
As of October 6,
2022, an aggregate of 904,505 stock options were outstanding under the 2022 Plan (the "New Kalera Options")
and an aggregate of 607,446 restricted stock units were outstanding under the 2022 Plan ( the "New Restricted Stock Units").
Employment
Agreement with President and Chief Executive Officer
On
May 12, 2022, we announced the appointment of James Leighton as President and Chief Executive Officer. Mr. Leighton has entered into
an employment agreement pursuant to which he commenced employment with us as President and Chief Executive Officer on May 16, 2022.
Mr.
Leighton's employment agreement provides for a term of employment commencing on May 16, 2022 and ending on the third anniversary
of such date, subject to automatic annual extensions for each year thereafter unless either party provides 90 days' notice of non-renewal.
Mr. Leighton's employment agreement provides for an annual base salary of $600,000 and a target annual bonus opportunity equal
to 100% of base salary. The employment agreement provides that Mr. Leighton will be eligible to participate in any long-term incentive
compensation programs established by Kalera for its senior executives generally, with an annual target opportunity equal to 100% of base
salary. Long-term compensation awards will be provided 60% in stock options and 40% in restricted stock units. Mr. Leighton also received
a sign-on bonus of $100,000 and, as discussed above, received a sign-on grant consisting of 181,000 restricted stock units.
In
the event Mr. Leighton's employment is terminated by Kalera without "cause" (as defined in the employment agreement)
or if Mr. Leighton resigns his employment for "good reason" (as defined in the employment agreement), Mr. Leighton would
receive 12 months of continued base salary payments and 12 months of additional vesting on his stock options and restricted stock units.
These severance payments will be subject to Mr. Leighton's execution of an effective release of claims.
103
Under
the employment agreement, "good reason" generally means the following: (i) a material reduction in Mr. Leighton's base
salary, other than a general reduction in base salary that affects all similarly situated executives in substantially the same proportions;
(ii) a relocation of Mr. Leighton's principal place of employment by more than 100 miles; (iii) any material breach by Kalera of
any material provision of the employment agreement or any material provision of any other agreement between Mr. Leighton and Kalera;
(iv) Kalera' s failure to obtain an agreement from any successor to Kalera to assume and agree to perform the employment agreement
in the same manner and to the same extent that Kalera would be required to perform if no succession had taken place, except where such
assumption occurs by operation of law; (v) a material, adverse change in Mr. Leighton's title, authority, duties, or responsibilities
(other than temporarily while he is physically or mentally incapacitated or as required by applicable law); (vi) a material reduction
in Mr. Leighton's compensation; (vii) a change in control of Kalera; or (viii) a material adverse change in the reporting structure
applicable to Mr. Leighton.
The
employment agreement provides that Mr. Leighton will be subject to a 24-month post-termination non-compete and non-solicitation covenant.
Employment
Agreements with Kalera's Named Executive Officers
Kalera
is currently party to employment agreements with Messrs. Cornejo and Martin. Kalera has also entered into a Separation Agreement with
Mr. Malechuk. The material terms of these agreements are summarized below.
Fernando
Cornejo
Kalera
entered into an employment agreement with Mr. Cornejo on July 8, 2020, with an initial one-year term with automatic one-year renewal
periods thereafter, subject to earlier termination by either party in accordance with the terms of the agreement. Mr. Cornejo's
employment agreement provides for his annual base salary, incentive bonus opportunities and other terms and conditions of his employment.
Pursuant to the employment agreement, Mr. Cornejo received a sign-on bonus of $25,000. Mr. Cornejo also receives a reasonable cell phone
and automobile allowance.
In
the event that Mr. Cornejo's employment is terminated by Kalera without "cause" (as defined in the employment agreement)
(and other than due to disability), or Kalera determines not to renew the employment agreement, Mr. Cornejo will be entitled to receive,
in addition to any earned but unpaid incentive bonus, severance benefits equal to base salary continuation for three months following
the termination date. In order to receive this severance benefit, Mr. Cornejo must first execute an effective release of claims and will
be required to continue to comply with the restrictive covenants set forth in the employment agreement. The employment agreement provides
for non-compete, non-solicit and non-disparagement provisions during the period of Mr. Cornejo's employment and for a period of
two years thereafter, as well as standard confidentiality provisions.
Austin
Martin
Kalera
entered into an employment agreement with Mr. Austin on May 4, 2020, with an initial one-year term with automatic one-year renewal periods
thereafter, subject to earlier termination by either party in accordance with the terms of the agreement. Mr. Austin's employment
agreement provides for his annual base salary, incentive bonus opportunities and other terms and conditions of his employment. Pursuant
to the employment agreement, Mr. Austin received approximately $70,000 in relocation-related benefits, and a sign-on bonus of $10,000.
Mr. Austin also receives a reasonable cell phone and automobile allowance.
104
In
the event that Mr. Austin's employment is terminated by Kalera without "cause" (as defined in the employment agreement)
(and other than due to disability), or Kalera determines not to renew the employment agreement, Mr. Austin will be entitled to receive,
in addition to any earned but unpaid incentive bonus, severance benefits equal to base salary continuation for three months following
the termination date. In order to receive this severance benefit, Mr. Austin must first execute an effective release of claims and will
be required to continue to comply with the restrictive covenants set forth in the employment agreement. The employment agreement provides
for non-compete, non-solicit and non-disparagement provisions during the period of Mr. Austin's employment and for a period of
two years thereafter, as well as standard confidentiality provisions.
Outstanding
Equity Awards as of December 31, 2021
The
following table provides information concerning outstanding equity awards held by each of Kalera's named executive officers as
of December 31, 2021:
Name
Grant Date
Number of Securities Underlying Unexercised Options (#) Exercisable
Number of Securities Underlying Unexercised Options (#) Unexercisable
Option Exercise Price ($)
Option Expiration Date
Curtis McWilliams
12/13/2021
550,000
(1)
$
1.64
12/13/2026
Fernando Cornejo
7/20/2020
275,000
(2)
825,000
(2)
$
1.50
7/20/2025
Austin Martin
5/4/2020
400,000
(3)
1,200,000
(3)
$
1.00
5/4/2025
Daniel Malechuk**
8/22/2019
3,000,000
(4)
$
0.75
8/22/2024
*
The number of stock options and exercise prices in the table do not reflect adjustments for the exchange ratio.
**
Kalera's former President and Chief Executive Officer.
(1)
Stock options vest 1/4th on December 13, 2022, December 13, 2023, December 13, 2024 and December 13, 2025.
(2)
Stock options vest 1/4th on each of July 20, 2021, July 20, 2022, July 20, 2023 and July 20, 2024.
(3)
Stock options vest 1/4th on each of May 4, 2021, May 4, 2022, May 4, 2023 and May 4, 2024.
(4)
Stock options fully vested on August 21, 2021.
Payments
Upon Termination of Employment
Pursuant
to the employment agreements described above, the Messrs. Cornejo and Austin are entitled to receive certain severance benefits in connection
with a severance-qualifying termination of employment. If the named executive officer had experienced a severance-qualifying termination
under his applicable employment agreement as of December 31, 2021, the following severance benefits would have become payable:
●
$59,250
    for Mr. Cornejo, consisting of continued base salary for three months.
●
$68,250
    for Mr. Austin, consisting of continued base salary for three months.
Mr.
McWilliams is not party to an employment agreement.
In
connection with Mr. Malechuk's termination of employment, the Company and Mr. Malechuk entered into a Confidential Separation Agreement
and General Release (the "Separation Agreement"). The Separation Agreement provides for the following severance benefits:
(i) a severance payment of approximately $143,791, to be paid over approximately three months following Mr. Malechuk's termination
date, (ii) continued coverage under the Company's medical plans for approximately three months following his termination date,
and (iii) extension of the period during which Mr. Malechuk may exercise his vested stock options by no more than 24 months following
his termination date. Mr. Malechuk will continue to be subject to the confidentiality, non-competition and non-solicitation covenants
set forth in his employment agreement.
105
Director
Compensation
None
of the Kalera directors who are expected to serve as directors of Kalera following the Business Combination received cash compensation
from Kalera in respect of their service on the Kalera Board of Directors during fiscal year 2021. Maria Sastre and Sonny Perdue each
received 250,000 stock options in April 2021 for their service on the Kalera Board of Directors, which were cancelled upon the Closing.
Given his role as interim Chief Executive Officer during 2021, Mr. McWilliams' compensation is included in the Summary Compensation
Table.
Name
Fees earned or paid in cash ($)
Stock awards ($)
Option awards ($)
(1)
All other compensation ($)
Total
Maria Sastre
$
—
$
—
$
495,000
$
—
$
495,000
Sonny Perdue
$
—
$
—
$
495,000
$
—
$
495,000
(1)
The amounts reported for option awards represent the aggregate
grant date fair value of option awards calculated in accordance with ASC Topic 718. The assumptions related to these awards are described
in "Note 2: Summary of Significant Accounting Policies - Stock Based Compensation" in the notes to Kalera's consolidated
financial statements included elsewhere in this registration statement. These stock options vest 25% on each of the first four anniversaries
of the grant date.
Post-Closing
Director Compensation Program
In
connection with the Business Combination, the board of directors of Kalera approved a non-employee director compensation program consisting
of annual retainer fees and long-term equity awards for certain of Kalera's non-employee directors. The general terms of that program
are described below.
●
Annual
    Cash Retainer: $25,000 ($150,000 for the Chairman)
●
Annual
    Equity Retainer: Grant date value of $100,000
●
Vehicle:
    Restricted stock units
●
Vesting
    restriction: 1 year cliff vesting, subject to continued service
Incremental
Pay for Committee Chairs (cash):
●
Audit
    Chair: $18,000
●
Talent
    and Compensation Chair: $14,000
●
Governance
    and Nominating Chair: $10,000
Mr.
McWilliams also received 1,000,000 stock options upon the completion of the Norwegian Merger, which were cancelled in connection with
the Closing.
In
August 2022, the Talent and Compensation Committee recommended to the full Board of Directors that the cash fees described above instead
be paid in the form of restricted stock units for 2022. As a result, on August 22, 2022, each of the non-employee directors received
grants of restricted stock units as follows, representing the cash fees and annual equity retainer:
Non-Employee
    Director
Number
    of Restricted Stock Units Granted
Mr.
    McWilliams
51,653
Mr.
    Purdue
59,091
Ms.
    Sastre
57,438
Mr.
    Faisal
51,653
Mr.
    de Jong
51,653
Ms.
    Weiss
55,785*
Mr.
    Hursever
51,653
These
restricted stock units will cliff vest on the first anniversary of the grant date, subject to continued service with the company.
*
Ms. Weiss' restricted stock units were cancelled and forfeited upon the effective date of her resignation from the Board of Directors.
As
described above under "Equity Compensation", all out-of-the-money Legacy Kalera Stock Options that were held by non-employee
directors as of the Closing were cancelled and terminated upon the Closing. Mr. McWilliams, Ms. Sastre and Mr. Purdue each received new
grants of stock options on August 22, 2022 in respect of their service prior to the Closing. Specifically, Mr. McWilliams received 141,050
stock options and Ms. Sastre and Mr. Purdue each received 22,750 stock options (25% of which were vested as of the grant date).
Limitations
of Liability and Indemnification Matters
Kalera
and Kalera Inc. have entered into indemnification deeds with each post-Business Combination director and executive officer of Kalera.
106
CERTAIN
RELATIONSHIPS, RELATED PARTY AND OTHER TRANSACTIONS
Related
Party Transactions
Unless
the context otherwise requires, all references in this section to "Kalera" refer to Kalera SA prior to the Closing and to
Kalera following the Closing of the Business Combination.
Related
Party Loan
For
the year ended December 31, 2019, Kalera obtained a related party loan from LGT Global Invest Limited in the amount of $3,000,000 which
included a mandatory conversion feature upon a qualifying equity raise by Kalera. The conversion feature specified a conversion rate
for the balance of the loan into Kalera Ordinary Shares less a specified discount. In the year-ended December 31, 2020, Kalera
had a qualifying equity raise which triggered a conversion of the loan into 6,265,762 shares of Kalera's common stock.
Secured
Convertible Bridge Promissory Note
On
March 4, 2022, Kalera entered into a secured convertible bridge promissory note (the "
Secured Convertible Bridge Promissory
Note
") for up to $20 million. The lenders initially included certain shareholders of Kalera, including LGT, Canica AS, and
NOX Management, which have collectively committed to lend Kalera $10 million under the facility. The Secured Convertible Bridge Promissory
Note was amended on August 22, 2022 and September 19, 2022. The lenders now also include the Sponsor and Macama AS who, collectively
with LGT and Canica AS, committed to lend Kalera an additional $4 million.
The
facility, which matures one year from the drawdown date, bears PIK interest at 8%, carries a pre-payment premium of 10% of the principal
amount repaid if the pre-payment is effected prior to the consummation of the Business Combination and, subject to required corporate
approvals, is convertible by the holders into shares at any time following the Business Combination and the Nasdaq listing at a conversion
price of $3.50 per share in the merged entity.
The
Secured Convertible Bridge Promissory Note is secured by equity pledges of Kalera's subsidiaries, including Kalera, Inc., Vindara,
Inc. and Kalera GmbH, and is also secured by all of the assets of Kalera GmbH. The obligations under the Secured Convertible Bridge Promissory
Note are guaranteed by Kalera GmbH.
The
Secured Convertible Bridge Promissory Note contains customary events of default and related remedies.
The
foregoing description is not complete and is qualified in its entirety by reference to the full text of such agreement, which is filed
as an exhibit to the registration statement of which this prospectus forms a part.
Kalera
Policy Regarding Transactions with Related Persons
Kalera
adopted a formal, written policy, which became effective on the date of the consummation of the Business Combination, that Kalera is
not permitted to enter into a related-person transaction with its executive officers, directors (including director nominees), holders
of more than 5% of any class of our voting securities and any member of the immediate family of or any entities affiliated with any of
the foregoing persons, without the prior approval or, in the case of pending or ongoing related-person transactions, ratification of
the audit committee. The policy covers any transaction, arrangement or relationship, or any series of similar transactions, arrangements
or relationships, in which Kalera was or is to be a participant, the amount involved exceeds $120,000 and a related person had or will
have a direct or indirect material interest.
107
For
purposes of Kalera's policy, a related-person transaction is a transaction, arrangement or relationship where Kalera was, is or
will be involved and in which a related-person had, has or will have a direct or indirect material interest.
Certain
transactions with related persons, however, are exempted from pre-approval including, but not limited to:
●
compensation
    of Kalera's executive officers and directors that is otherwise disclosed in Kalera's public filings with the SEC;
●
compensation,
    benefits and other transactions available to all of Kalera's employees generally;
●
transactions
    where a related-person's interest derives solely from his or her service as a director of another entity that is a party to
    the transaction;
●
transactions
    where a related-person's interest derives solely from his or her ownership of less than 10% of the equity interest in another
    entity that is a party to the transaction; and
●
transactions
    where a related-person's interest derives solely from his or her ownership of a class of Kalera's equity securities and
    all holders of that class received the same benefit on a pro rata basis.
No
member of the audit committee may participate in any review, consideration or approval of any related-person transaction where such member
or any of his or her immediate family members is the related-person. In approving or rejecting the proposed agreement, our audit committee
shall consider the relevant facts and circumstances available and deemed relevant to the audit committee, including, but not limited
to:
●
the
    benefits and perceived benefits to Kalera;
●
the
    materiality and character of the related-person's direct and indirect interest;
●
the
    availability of other sources for comparable products or services;
●
the
    terms of the transaction; and
●
the
    terms available to unrelated third parties under the same or similar circumstances.
Transactions
Related to the Business Combination
Registration
Rights Agreement with Maxim
Kalera
entered into a registration rights agreement with Maxim Partners LLC ("Maxim"). Pursuant to this agreement, Kalera has agreed
to, within 30 days of Closing, register for resale, pursuant to Rule 415 under the Securities Act of 1933, as amended (the "
Securities
Act
"), certain Kalera Ordinary Shares that are held by the parties thereto from time to time. This registration rights agreement
also provides for certain demand rights and "piggy-back" registration rights in favor of the security holders, subject to
customary underwriter cutbacks. Kalera has agreed to pay certain fees and expenses relating to registrations pursuant to this registration
rights agreement.
Registration
Rights Agreement with Agrico's sponsor and certain Kalera shareholders
At
Closing, Kalera entered into an
amended and restated
registration rights agreement with certain of its shareholders, including Agrico's sponsor,
certain
Kalera shareholders and certain other shareholders
. The shareholders party thereto
are entitled,
under certain circumstances, to make up to four demands, excluding short form demands, that the Company register their securities under
the Securities Act. In addition, the holders have certain "piggy-back" registration rights with respect to certain registrations
of securities that Kalera undertakes. The registration of these securities will permit the public resale of such securities. Kalera intends
to file and maintain an effective registration statement under the Securities Act covering such securities. The Company will bear the
expenses incurred in connection with the filing of any such registration statements.
108
Indemnification
Deeds
In
connection with the Business Combination, on the date of the Second Merger, the Company and Kalera, Inc. (together, the "Indemnitors")
and all the directors and officers of Kalera (each, an "Indemnitee") entered into certain indemnification deeds (the "Indemnification
Deeds"). Pursuant to the Indemnification Deeds, the Indemnitors will indemnify and advance expenses on behalf of each Indemnitee,
as permitted by applicable law. Subject to certain exclusions, an Indemnitee is entitled to indemnification under the Indemnification
Deeds in three circumstances: (1) if Indemnitee is, or is threatened to be made, a party to or witness or other participant in any Proceeding
relating in whole or in part to an Indemnifiable Event (each, as defined in the Indemnification Deeds); (2) if Indemnitee is, or is threatened
to be made, a party to or a witness or other participant in any Proceeding relating in whole or in part to an Indemnifiable Event by
or in the right of the Indemnitors to procure a judgment in its favor; and (3) in circumstances where indemnification is not available
under (1) or (2) but Indemnitee is a party to, and is successful (on the merits or otherwise) in defense of, any Proceeding or claim,
issue or matter therein relating in whole or in part to an Indemnifiable Event. The Indemnification Deeds are valid until the later of
(a) five years after the date that Indemnitee shall have ceased to serve as a director or officer of the Indemnitors or (b) one year
after the final termination of any Proceeding. The Indemnification Deeds are governed by the laws of Ireland.
Other
Transactions
Securities
Purchase Agreement
On
July 7, 2022, Kalera entered into a securities purchase agreement with Armistice Capital Master Fund Ltd. (the "Securities Purchase
Agreement"). Under the Securities Purchase Agreement, the Company agreed to issue and allot, and Armistice agreed to subscribe
for, up to an aggregate of $10,000,000 of Kalera Ordinary Shares at a purchase price of $4.00 per share, as well as private warrants
of the Company, exercisable for one Ordinary Share each (the "Armistice Warrants"). Pursuant to the Securities Purchase Agreement,
2,300,000 Kalera Ordinary Shares, 200,000 Pre-Funded Warrants, 2,500,000 Series A Warrants and 2,500,000 Series B Warrants were issued
to the Armistice on July 11, 2022. The Pre-Funded Warrants were immediately exercisable and were exercised on September 8,
2022 (the "Pre-Funded Warrants"). The Series A Warrants will be exercisable six months from the Closing Date at an exercise
price of $4.41 per share and will expire two (2) years from the Closing Date (the "Series A Warrants"). The Series B Warrants
will be exercisable six months from the Closing Date at an exercise price of $4.41 per share and will expire five and a half (5.5) years
from the Closing Date. For the avoidance of doubt, the Armistice Warrants are not part of the Kalera Warrants, and are not, and
will not be, listed on Nasdaq under the symbol KALWW.
Registration
Rights Agreement with Armistice
In
connection with the Securities Purchase Agreement, on July 7, 2022, the Company and Armistice also entered into a registration rights
agreement. Pursuant to this registration rights agreement, Kalera agreed to, within fifteen (15) calendar days, file with the SEC a registration
statement in order to register for resale, pursuant to Rule 415 under the Securities Act, the Kalera Ordinary Shares issued, and the
Kalera Ordinary Shares issuable upon exercise of the Armistice Warrants pursuant to the Securities Purchase Agreement. Kalera paid certain
fees and expenses relating to registrations pursuant to this registration rights agreement.
109
PRINCIPAL
SECURITYHOLDERS
The
following table sets forth information regarding the beneficial ownership of Kalera's outstanding common equity as of October 6,
2022, based on information obtained from the persons named below:
●
each
    person known by Kalera to be the beneficial owner of more than 5% of the outstanding Kalera Ordinary Shares;
●
each
    of Kalera's named executive officers and director designees; and
●
all
    Kalera executive officers and director designees as a group.
In
the table below, percentage of beneficial ownership is based on 23,877,828 Kalera Ordinary Shares outstanding as of the Ownership Date.
Beneficial ownership includes shares for which a person, directly or indirectly, has or shares voting or investment power, or both, and
also includes shares that each such person has the right to acquire within 60 days following the Ownership Date, including upon the exercise
of options. Where applicable, we calculate the beneficial ownership percentage of a person by including the number of shares deemed to
be beneficially owned by that person (by reason of the right to acquire such shares within 60 days following the Ownership Date) in both
the numerator and the denominator that are used for such calculation. All Kalera Warrants beneficially owned are immediately exercisable
for Kalera Ordinary Shares and the Kalera Ordinary Shares underlying such Kalera Warrants are deemed outstanding for purposes of computing
the ownership percentage of the holder thereof (but not any other person). Unless otherwise indicated, Kalera believes that all persons
named in the table have sole voting and investment power with respect to all Kalera Ordinary Shares beneficially owned by them.
Name and Address of Beneficial Owner
Number of Shares
beneficially owned before offering
Percentage of Outstanding Shares
    beneficially owned before offering
Number of Shares beneficially
    owned after offering
Percentage
    of Outstanding Shares beneficially owned afer offering
(1)
Directors and Named Executive Officers:
Daniel Malechuk
(2)
271,500
1.1
%
271,500
Curtis McWilliams
16,728
*
16,728
Fernando Cornejo
(3)
50,050
*
50,050
Austin Martin
(4)
72,800
*
72,800
Umur Hursever
(5)
24,435
*
24,435
Maria Sastre
(6)
7,360
*
7,360
Sonny Perdue
(7)
5,688
*
5,688
Cristian Toma
485,613
2.0
%
485,613
Faisal AlMeshal
—
*
—
Brent de Jong
(8)
7,968,750
26.5
%
7,968,750
Jim Leighton
—
—
All Directors and Executive Officers as a group (fifteen (15) persons)
9,002,951
28.5
%
9,002,951
5% Holders:
DJCAAC, LLC
(8)
7,968,750
26.5
%
7,968,750
LGT Bank AG
(9)
3,391,343
13.4
%
3,391,343
Armistice Capital Master Fund Ltd
2,500,000
10.5
%
2,500,000
*
Represents beneficial
ownership of less than 1%
(1)
Gives
                                            pro forma effect to the sale of up to      Kalera Ordinary Shares offered hereby.
(2)
Mr. Malechuk is
Kalera's former President and Chief Executive Officer. The amount of shares beneficially owned includes 271,500 Kalera stock options
issued in connection with the Business Combination in exchange for Kalera SA stock options.
(3)
The amount of shares beneficially owned includes 50,050 Kalera stock options issued pursuant to the 2022 Plan.
(4)
The amount of shares beneficially owned includes 72,800 Kalera stock options issued pursuant to the 2022 Plan.
(5)
The amount of shares
beneficially owned are shares held by LGT Bank AG as custodian.
(6)
The amount of shares beneficially owned includes 5,688 Kalera stock options issued pursuant to the 2022 Plan.
(7)
The amount of shares beneficially owned includes 5,688 Kalera stock options issued pursuant to the 2022 Plan.
(8)
The amount of shares
beneficially owned includes 6,171,875 shares underlying Kalera Warrants beneficially owned by such holder.
(9)
The amount of shares beneficially owned includes 1,428,571 shares to be issued
to Lightrock Growth Fund I S.A., SICAV-RAIF in relation to the Second Amended and Restated Secured Convertible Bridge Promissory Note.
110
DESCRIPTION
OF SECURITIES
The
following is a summary of some of the terms of the Kalera ordinary shares, based on the Kalera Articles. In this section, "articles
of association" refers to the Amended and Restated Memorandum and Articles of Association of Kalera which are in effect as of the
closing of the Business Combination.
Share
Capital
The authorized share capital of Kalera consists of US$100,000,000 divided into 800,000,000,000 ordinary shares with a
nominal value of US$0.0001 each and 200,000,000,000 preferred shares with a nominal value of US$0.0001 each and €25,000 divided
into 25,000 deferred ordinary shares with a nominal value of €1.00 each.
As
of March 8, 2022, Kalera had 25,000 euro shares in issue in order to satisfy statutory capitalization requirements for all Irish public
limited companies. As of October 6, 2022 Kalera's issued and outstanding share capital consists of 23,877,828 ordinary shares.
The
authorized share capital may be increased or reduced (but not below the number of issued ordinary shares, deferred shares or preferred
shares, as applicable) by a resolution approved by a simple majority of the votes of Kalera shareholders cast at a general meeting (unless
otherwise determined by the directors).
Kalera
Articles
Kalera's affairs are governed by the Amended and Restated Memorandum and Articles of Association of Kalera, the
Irish Companies Act and the laws of Ireland.
Issuance
of Kalera ordinary shares
Kalera may issue shares subject to the maximum authorized share capital contained in the Kalera Articles
(please see the section titled "
Share Capital
" above). The Kalera Articles authorize the directors to issue ordinary
shares (subject to the maximum authorized but unissued share capital) for a period of five years from the date of adoption of the Kalera
Articles. The directors' authority to issue shares must be renewed by ordinary resolution upon its expiration and at periodic intervals
thereafter (for a maximum period of five years at each renewal).
Preemptive
Rights
While the Irish Companies Act generally provides shareholders with pre-emptive rights when new shares are issued for cash,
it is possible for Kalera Articles, or for the shareholders of Kalera in a general meeting (through the passing of a special resolution),
to exclude such pre-emptive rights for a maximum period of five years. Kalera Articles excludes pre-emptive rights for a period of five
years from the date of adoption of the Kalera Articles. This exclusion will need to be renewed by special resolution of Kalera's
shareholders upon its expiration and at periodic intervals thereafter (for a maximum of five years at each renewal).
Repurchase
of Kalera ordinary shares
Any share in Kalera shall be deemed to be a redeemable share as and from the time of existence of an
agreement or transaction between Kalera and any person pursuant to which Kalera will acquire a share or shares. Any acquisition by Kalera
of shares in Kalera other than a surrender for nil value shall constitute a redemption. No resolution (whether special or otherwise)
is required to be passed to deem any share in the capital of the Company a redeemable share.
Under
Irish company law, any redemption must be funded out of Kalera's distributable reserves or from the proceeds of a fresh issue of
shares. Repurchased and redeemed shares may be cancelled or held as treasury shares. The nominal value of treasury shares held by Kalera
at any time must not exceed 10% of the nominal value of Kalera's issued share capital. Kalera may not exercise any voting rights
in respect of any shares held as treasury shares.
Form
and Transfer of Kalera ordinary shares
Subject to the Irish Companies Act and to the Business Combination Agreement, any member
may transfer all or any of his shares (of any class) by an instrument of transfer in the usual common form or in any other form which
the Board may from time to time approve.
111
Liquidation
Rights and Dissolution
On a return of capital on winding-up or otherwise (other than on conversion, redemption or purchase of
ordinary shares), assets available for distribution among the holders of Kalera ordinary shares shall be distributed among the holders
thereof on a pro rata basis. If Kalera's assets available for distribution are insufficient to repay all of the paid-up capital,
the assets will be distributed so that the losses are borne by Kalera's shareholders proportionately.
Merger
and De-Merger
A merger of Kalera with another Irish company under the Irish Companies Act must be approved by a special resolution
and by the Irish High Court.
A
merger of Kalera with a company incorporated in the European Economic Area (which includes all member states of the European Union and
Norway, Iceland and Liechtenstein (EEA)) under the European Communities (Cross-Border Mergers) Regulations 2008 (as amended) must be
approved by a special resolution and by the Irish High Court.
A
demerger of Kalera can be carried out by way of a scheme of arrangement under the Irish Companies Act. The scheme of arrangement must
be approved by a special majority (a majority in number representing at least 75% in value of each class of members) and sanctioned by
the Irish High Court to be effective.
No
Appraisal Rights
Shareholders holding not less than 10% of the paid up share capital in Kalera may require the directors to convene
a shareholder meeting. Under the Irish Companies Act, if the rights to a particular share class are varied, one or more shareholders
who hold not less than 10% of the issued shares of that class and who did not vote in favor of the resolution to vary the rights of that
class, can apply to the court to have the variation cancelled.
General
Meeting of Shareholders
General meetings of Kalera shareholders will be held at a time and place as determined by the directors
subject to at least one shareholder meeting being held in each year (being Kalera's annual general meeting). Shareholders holding
not less than 10% of the paid up share capital in Kalera may also require the directors to convene a shareholder meeting. Shareholder
meetings may be held within or outside Ireland. Unanimous consent of all the holders of ordinary shares is required for the shareholders
to act by way of written resolution in lieu of holding a meeting.
A
copy of the notice of any meeting shall be given at least twenty-one (21) days before the date of the proposed meeting to the members,
directors and auditors. In certain limited circumstances, a meeting may be called by fourteen (14) days' notice, but this shorter
notice period shall not apply to the annual general meeting.
Voting
Rights
Every shareholder entitled to attend, speak, ask questions and vote at a general meeting may appoint a proxy or proxies
to attend, speak, ask questions and vote on behalf of the shareholder. Quorum is fixed by Kalera Articles, to consist of at least two
shareholders present in person or by proxy entitled to exercise more than fifty percent (50%) of the voting rights of the shares.
Resolutions
put to the vote of a meeting shall be decided on a poll, which shall be taken in such manner as the chairperson of the meeting directs.
Subject to the provisions of Kalera Articles and any rights or restrictions attached to any shares, every shareholder of record present
in person or by proxy shall have one vote for each share registered in his or her name.
Where
the rights attaching to shares are set out in Kalera Articles, any changes to these rights will need to be effected by way of a special
resolution (passed by 75% of the votes cast by shareholders attending and voting at the meeting) amending the Kalera Articles. Additionally,
the rights attaching to a particular class of shares may only be varied if (a) the holders of 75% of the nominal value of the issued
shares of that class consent in writing to the variation, or (b) a special resolution, passed at a separate general meeting of the holders
of that class, sanctions the variation.
112
Other
matters to be decided upon by the shareholders require a majority vote of shareholders who, being so entitled, attend and vote at the
general meeting, unless the Irish Companies Act or Kalera's constitution requires a higher majority, in which case a special resolution
must be passed by not less than 75% of those attending and voting. By way of example only, matters that require a special resolution
include any amendments to Kalera Articles, the acquisition by Kalera of its own shares, the variation of class rights attaching to classes
of shares, and the re-registration of Kalera.
Dividends
The directors may from time to time pay such dividends as appear justified by the profits of Kalera, provided that dividends
may only be made out of Kalera's distributable reserves and if the dividend will not cause Kalera's net assets to fall below
the aggregate of its called up share capital and undistributable reserves (as such terms are calculated in accordance with the Irish
Companies Act). The determination as to whether or not Kalera has sufficient distributable reserves to fund a dividend must be made by
reference to the "relevant financial statements" of Kalera. The board of directors may also recommend a dividend to be approved
and declared by Kalera's shareholders at a general meeting.
Board
of Directors
Under the Kalera Articles, the number of Directors shall be not less than two nor more than thirteen. The directors
shall be divided into three classes, designated Class I, Class II and Class III. The term of the initial Class I directors shall terminate
at the conclusion of Kalera's 2023 annual general meeting; the term of the initial Class II directors shall terminate on the conclusion
of Kalera's 2024 annual general meeting; and the term of the initial Class III directors shall terminate on the conclusion of Kalera's
2025 annual general meeting.
Directors
are eligible to stand for re-election at the relevant annual general meeting. Directors shall be re-elected for a three-year term. Directors
do not have to be independent under Kalera Articles. There are no share ownership qualifications for directors. Meetings of Kalera's
board of directors may be convened at such time and place as the directors determine. The quorum may be fixed by the directors and unless
so fixed shall be a majority of the directors in office. The directors are not entitled to appoint alternates. Questions arising at a
meeting of Kalera's board of directors are required to be decided by a simple majority of the directors present, with each director
entitled to one vote. In the case of a tie vote, the chairperson of the meeting shall not have a second or casting vote. Kalera's
board of directors may pass resolutions without a meeting where such resolution is signed by all the directors.
Amendment
of Articles of Association
Under the Irish Companies Act, amendments to Kalera Articles require a special resolution to be passed
by not less than 75% of those shareholders entitled, attending and voting at the general meeting. Kalera Articles may not be amended
by resolution of directors, but the directors when issuing preference shares may fix the rights attaching to such shares.
Amended
and Restated Registration Rights Agreement
At
Closing, Kalera entered into an amended and restated registration rights agreement, which provides for certain registration rights for
certain of its shareholders (including Agrico's sponsor, among others). The terms of the Amended and Restated Registration Rights
Agreement are substantially similar to the terms of the existing Agrico registration rights agreement.
Description
of Kalera Warrants
Each
whole Kalera Warrant shall entitle the holder thereof to subscribe for one Kalera Ordinary Share at a price of $11.50 per share,
subject to adjustment as discussed below, at any time commencing on 12 months from the date of the closing of the Agrico IPO. The Kalera
Warrants will expire five years after the completion of the Business Combination, at 5:00 p.m., New York City time, or earlier upon redemption
or liquidation.
113
No
Kalera Warrant will be exercisable and Kalera will not be obligated to issue Kalera Ordinary Shares upon exercise of a Kalera Warrant
unless Kalera Ordinary Shares issuable upon such Kalera Warrant exercise have been registered, qualified or deemed to be exempt under
the securities laws of the state of residence of the registered holder of the Kalera Warrants. In the event that the condition in the
immediately preceding sentence is not satisfied with respect to a Kalera Warrant, the holder of such Kalera Warrant will not be entitled
to exercise such Kalera Warrant and such Kalera Warrant may have no value and expire worthless. In no event will Kalera be required to
net cash settle any Kalera Warrant.
If
a registration statement covering the Kalera Ordinary Shares issuable upon exercise of the Kalera Warrants is not effective within 90
days after the closing of the Business Combination, Kalera Warrant holders may, until such time as there is an effective registration
statement and during any period when Kalera will have failed to maintain an effective registration statement, exercise Kalera Warrants
on a "cashless basis" in accordance with Section 3(a)(9) of the Securities Act or another exemption. Notwithstanding the
above, if the Kalera Ordinary Shares are at the time of any exercise of a Kalera Warrant not listed on a national securities exchange
such that it satisfies the definition of a "covered security" under Section 18(b)(1) of the Securities Act, Kalera may, at
its option, require holders of Kalera Warrants who exercise their Kalera Warrants to do so on a "cashless basis" in accordance
with Section 3(a)(9) of the Securities Act and, in the event Kalera so elects, Kalera will not be required to file or maintain in effect
a registration statement, and in the event Kalera does not so elect, Kalera will use its best efforts to register or qualify the shares
under applicable blue sky laws to the extent an exemption is not available.
Once
the Kalera Warrants become exercisable, Kalera may call the Kalera Warrants for redemption:
●
in
    whole and not in part;
●
at
    a price of $0.01 per Kalera Warrant;
●
upon
    not less than 30 days' prior written notice of redemption (the "30-day redemption period") to each Kalera Warrant
    holder; and
●
if,
    and only if, the reported last sale price of Kalera Ordinary Shares equals or exceeds $18.00 per share (as adjusted for share sub-divisions,
    share dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period ending three
    business days before Kalera sends the notice of redemption to the Kalera Warrant holders.
If
the foregoing conditions are satisfied and Kalera issues a notice of redemption, each Kalera Warrant holder can exercise his, her or
its Kalera Warrant prior to the scheduled redemption date. However, the price of the Kalera Ordinary Shares may fall below the $18.00
trigger price, as well as the $11.50 Kalera Warrant exercise price after the redemption notice is issued.
If
and when the Kalera Warrants become redeemable by Kalera, Kalera may not exercise its redemption right if the issuance of Kalera Ordinary
Shares upon exercise of the Kalera Warrants is not exempt from registration or qualification under applicable state blue sky laws or
Kalera is unable to effect such registration or qualification. Kalera will use its best efforts to register or qualify such Kalera Ordinary
Shares under the blue sky laws of the state of residence in those states in which the Kalera Warrants were initially offered in the Agrico
IPO and in those states where holders of Kalera Warrants then reside.
114
Kalera
has established the last of the redemption criterion discussed above to prevent a redemption call unless there is at the time of the
call a significant premium to the Kalera Warrant exercise price. If the foregoing conditions are satisfied and Kalera issues a notice
of redemption of the Kalera Warrants, each Kalera Warrant holder will be entitled to exercise its Kalera Warrant prior to the scheduled
redemption date. However, the price of the Kalera Ordinary Shares may fall below the $18.00 redemption trigger price (as adjusted for
share sub-divisions, share dividends, reorganizations, recapitalizations and the like) as well as the $11.50 Kalera Warrant exercise
price after the redemption notice is issued.
If
Kalera calls the Kalera Warrants for redemption as described above, Kalera management will have the option to require any holder that
wishes to exercise its Kalera Warrant to do so on a "cashless basis." In determining whether to require all holders to exercise
their Kalera Warrants on a "cashless basis," Kalera management will consider, among other factors, Kalera's cash position,
the number of Kalera Warrants that are outstanding and the dilutive effect on Kalera shareholders of issuing the maximum number of Kalera
Ordinary Shares issuable upon the exercise of the Kalera Warrants. If Kalera management takes advantage of this option, all holders of
Kalera Warrants would pay the exercise price by surrendering their Kalera Warrants for that number of Kalera Ordinary Shares equal to
the quotient obtained by dividing (x) the product of the number of Kalera Ordinary Shares underlying the Kalera Warrants, multiplied
by the difference between the exercise price of the Kalera Warrants and the "fair market value" (defined below) by (y) the
fair market value. The "fair market value" shall mean the average reported last sale price of the Kalera Ordinary Shares
for the 10 trading days ending on the third trading day prior to the date on which the notice of redemption is sent to the holders of
Kalera Warrants. If Kalera management takes advantage of this option, the notice of redemption will contain the information necessary
to calculate the number of Kalera Ordinary Shares to be received upon exercise of the Kalera Warrants, including the "fair market
value" in such case. Requiring a cashless exercise in this manner will reduce the number of shares to be issued and thereby lessen
the dilutive effect of a Kalera Warrant redemption. Kalera believes this feature is an attractive option to Kalera if Kalera does not
need the cash from the exercise of the Kalera Warrants after the Business Combination.
A
holder of a Kalera Warrant may notify Kalera in writing in the event it elects to be subject to a provision in the Kalera Warrant agreement
that, if the election is made by a holder, the Kalera Warrant agent shall not cause the exercise of the holder's Kalera Warrant,
and such holder shall not have the right to exercise such Kalera Warrant, to the extent that after giving effect to such exercise, such
holder (together with such holder's affiliates), to the Kalera Warrant agent's actual knowledge, would beneficially own in
excess of 9.8% of the Kalera Ordinary Shares outstanding immediately after giving effect to such exercise.
If
the number of outstanding Kalera Ordinary Shares is increased by a share dividend payable in Kalera Ordinary Shares, or by a split-up
of Kalera Ordinary Shares or other similar event, then, on the effective date of such share dividend, split-up or similar event, the
number of Kalera Ordinary Shares issuable on exercise of each Kalera Warrant will be increased in proportion to such increase in the
outstanding Kalera Ordinary Shares.
In
addition, if Kalera, at any time while the Kalera Warrants are outstanding and unexpired, pays a dividend or makes a distribution in
cash, securities or other assets to the holders of Kalera Ordinary Shares on account of such Kalera Ordinary Shares (or other shares
into which the Kalera Warrants are convertible), other than (a) as described above, or (b) certain Kalera Ordinary Share cash dividends,
then the Kalera Warrant exercise price will be decreased, effective immediately after the effective date of such event, by the amount
of cash and/or the fair market value of any securities or other assets paid on each ordinary share in respect of such event divided by
all outstanding Kalera Ordinary Shares at such time.
If
the number of outstanding Kalera Ordinary Shares is decreased by a consolidation, combination or reclassification of Kalera Ordinary
Shares or other similar event, then, on the effective date of such consolidation, combination, reclassification or similar event, the
number of Kalera Ordinary Shares issuable on exercise of each Kalera Warrant will be decreased in proportion to such decrease in outstanding
Kalera Ordinary Shares.
115
Whenever
the number of Kalera Ordinary Shares issuable upon the exercise of the Kalera Warrants is adjusted, as described above, the Kalera
Warrant exercise price will be adjusted by multiplying the Kalera Warrant exercise price immediately prior to such adjustment by a fraction
(x) the numerator of which will be the number of Kalera Ordinary Shares issuable upon the exercise of the Kalera Warrants immediately
prior to such adjustment, and (y) the denominator of which will be the number of Kalera Ordinary Shares so issuable immediately
thereafter.
In
case of any reclassification or reorganization of the outstanding Kalera Ordinary Shares (other than those described above or that solely
affects the par value of such Kalera Ordinary Shares), or in the case of any merger or consolidation of Kalera with or into another corporation
(other than a consolidation or merger in which Kalera is the continuing corporation and that does not result in any reclassification
or reorganization of the outstanding Kalera Ordinary Shares), or in the case of any sale or conveyance to another corporation or entity
of the assets or other property of Kalera as an entirety or substantially as an entirety in connection with which Kalera is dissolved,
the holders of the Kalera Warrants will thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions
specified in the Kalera Warrants and in lieu of the Kalera Ordinary Shares immediately theretofore issuable and receivable upon
the exercise of the rights represented thereby, the kind and amount of share capital, shares or other securities or property (including
cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale or
transfer, that the holder of the Kalera Warrants would have received if such holder had exercised their Kalera Warrants immediately prior
to such event.
The
Kalera Warrants are subject to an Amended and Restated Warrant Agreement between the Kalera Warrant agent and Kalera, following Kalera
entering into an Assignment and Assumption Agreement at Closing with, among others, Agrico, whereby Kalera assumed the applicable rights
and obligations of Agrico under the Amended and Restated Warrant Agreement. You should review a copy of the Amended and Restated Warrant
Agreement for a complete description of the terms and conditions applicable to the Kalera Warrants. The Amended and Restated Warrant
Agreement provides that the terms of the Kalera Warrants may be amended without the consent of any holder to cure any ambiguity or correct
any defective provision, but requires the approval by the holders of a majority of the then outstanding Kalera Warrants to make any change
that adversely affects the interests of the registered holders of Kalera Warrants.
The
Kalera Warrants may be exercised upon surrender of the Kalera Warrant certificate on or prior to the expiration date at the offices of
the Kalera Warrant agent, with the exercise form on the reverse side of the Kalera Warrant certificate completed and executed as indicated,
accompanied by full payment of the exercise price (or on a cashless basis, if applicable), by certified or official bank check payable
to Kalera, for the number of Kalera Warrants being exercised. The Kalera Warrant holders do not have the rights or privileges of holders
of Kalera Ordinary Shares and any voting rights until they exercise their Kalera Warrants and receive Kalera Ordinary Shares. After the
issuance of Kalera Ordinary Shares upon exercise of the Kalera Warrants, each holder will be entitled to one (1) vote for each Kalera
Ordinary Share held of record on all matters to be voted on by Kalera shareholders.
Exchange
Listing
Kalera
Ordinary Shares and Kalera Warrants, are currently listed on Nasdaq under the proposed symbols KAL and KALWW, respectively.
116
DESCRIPTION
OF SECURITIES WE ARE OFFERING
We
are offering Units, each Unit consisting of one Kalera Ordinary Share and one Class A Warrant to subscribe for one Kalera Ordinary
Share. We are also offering to each purchaser whose purchase of Kalera Ordinary Shares in this offering would otherwise result in the
purchaser, together with its affiliates, beneficially owning more than 4.99% (or, at the election of the holder, 9.99%) of our outstanding
Kalera Ordinary Shares immediately following the consummation of this offering, the opportunity to purchase, if the purchaser so chooses,
Units containing pre-funded warrants in lieu of Kalera Ordinary Shares that would otherwise result in the purchaser's beneficial
ownership exceeding 4.99% (or, at the election of the holder, 9.99%) of our outstanding Kalera Ordinary Shares. For each pre-funded warrant
issued (without regard to any limitation on exercise set forth therein), the number of Kalera Ordinary Shares we are offering will be
decreased on a one-for-one basis. Because one Class A Warrant is being sold together in this offering with each Kalera Ordinary Share
or, in the alternative, each pre-funded warrant to subscribe for one Kalera Ordinary Share, the number of Class A Warrants sold
in this offering will not change as a result of a change in the mix of the Kalera Ordinary Shares and pre-funded warrants sold.
We
are also registering the Kalera Ordinary Shares issuable from time to time upon exercise of the Class A Warrants and pre-funded warrants
included in the Units offered hereby.
Our Units have no stand-alone rights and will not be certificated or issued as stand-alone
securities. The Kalera Ordinary Shares (or pre-funded warrants) and the Class A Warrants comprising our Units are immediately separable
and will be issued separately in this offering.
The
following summary of certain terms and provisions of the pre-funded warrants and Class A Warrants offered hereby is not complete and
is subject to, and qualified in its entirety by the provisions of the form of pre-funded warrant, and the form of Class A Warrant, which
are filed as exhibits to the registration statement of which this prospectus forms a part. Prospective investors should carefully review
the terms and provisions set forth in the form of pre-funded warrant and the form of Class A Warrant.
Exercisability
.
The pre-funded warrants are exercisable at any time after their original issuance until they are exercised in full. The Class A Warrants
are exercisable at any time after their original issuance up to the date that is five years after their original issuance. Each of the
Class A Warrants and the pre-funded warrants will be exercisable, at the option of each holder, in whole or in part by delivering to
us a duly executed exercise notice and, at any time a registration statement registering the issuance of the Kalera Ordinary Shares
underlying the Class A Warrants or pre-funded warrants under the Securities Act is effective and available for the issuance of such
shares, or an exemption from registration under the Securities Act is available for the issuance of such shares, by payment in full in
immediately available funds for the number of Kalera Ordinary Shares subscribed for upon such exercise. If a registration statement
registering the issuance of the Kalera Ordinary Shares underlying the Class A Warrants or pre-funded warrants under the Securities Act
is not effective or available, the holder may, in its sole discretion, elect to exercise the Class A Warrant or pre-funded warrant through
a cashless exercise, in which case the holder would receive upon such exercise the net number of Kalera Ordinary Shares determined according
to the formula set forth in the Class A Warrant or pre-funded warrant provided a price of $0.0001 per share must be paid in respect
of each Kalera Ordinary Share. No fractional Kalera Ordinary Shares will be issued in connection with the exercise of a Class A Warrant
or pre-funded warrant. In lieu of fractional shares, we will pay the holder an amount in cash equal to the fractional amount multiplied
by the exercise price.
Exercise
Limitation
. A holder will not have the right to exercise any portion of the pre-funded warrants or Class A Warrants if the holder
(together with its affiliates) would beneficially own in excess of 4.99% (or, upon election by a holder prior to the issuance of any
warrants, 9.99%) of the number of shares of our Kalera Ordinary Shares outstanding immediately after giving effect to the exercise, as
such percentage ownership is determined in accordance with the terms of the warrants. However, any holder may increase or decrease such
percentage to any other percentage not in excess of 9.99%, upon at least 61
days' prior notice from the holder
to us with respect to any increase in such percentage.
Exercise Price
.
The non pre-funded exercise price for the pre-funded warrants is $0.0001 per share. The exercise price per whole Kalera Ordinary Share
issuable upon exercise of the Class A Warrants is $     per share (
not
less than the nominal value of such share, being $0.0001 per share as at the date hereof
. The exercise price of the Class
A Warrants may also be reduced to any amount and for any period of time at the sole discretion of our Board of Directors. The exercise
price and number of Kalera Ordinary Shares issuable upon exercise will adjust in the event of certain stock dividends and distributions,
stock splits, stock combinations, reclassifications or similar events affecting our Kalera Ordinary Shares.
117
Transferability
.
Subject to applicable laws, the Class A Warrants and the pre-funded warrants may be offered for sale, sold, transferred or assigned without
our consent.
Exchange
Listing
. We do not intend to apply for the listing of the Class A Warrants or pre-funded warrants offered in this offering on any
stock exchange. Without an active trading market, the liquidity of the Class A Warrants and the pre-funded warrants will be limited.
Rights
as a Shareholder
. Except as otherwise provided in the Class A Warrants or the pre-funded warrants or by virtue of such holder's
ownership of our Kalera Ordinary Shares, the holder of a Class A Warrant or pre-funded warrant does not have the rights or privileges
of a holder of our Kalera Ordinary Shares, including any voting rights, until the holder exercises the warrant.
Fundamental
Transactions
. In the event of a fundamental transaction, as described in the Class A Warrants and the pre-funded warrants and generally
including, with certain exceptions, any reorganization, recapitalization or reclassification of our Kalera Ordinary Shares, the sale,
transfer or other disposition of all or substantially all of our properties or assets, our consolidation or merger with or into another
person, the acquisition of more than 50% of our outstanding Kalera Ordinary Shares, or any person or group becoming the beneficial owner
of 50% of the voting power represented by our outstanding Kalera Ordinary Shares, the holders of the Class A Warrants and the pre-funded
warrants will be entitled to receive upon exercise of the warrants the kind and amount of securities, cash or other property that the
holders would have received had they exercised the warrants immediately prior to such fundamental transaction. Additionally, as more
fully described in the Class A Warrant, in the event of certain fundamental transactions, the holders of the Class A Warrants will be
entitled to receive consideration in an amount equal to the Black Scholes value of the Class A Warrants on the date of consummation of
such transaction.
Governing
Law
. The pre-funded warrants and the Class A Warrants are governed by New York law.
118
U.S.
FEDERAL INCOME TAX CONSIDERATIONS
The
following discussion is a summary of United States federal income tax considerations generally applicable to U.S. Holders (as defined
below) of acquiring, owning and disposing of our Units (each consisting of one Kalera Ordinary Share or pre-funded warrant and one Class
A Warrant) (which units or components thereof we sometimes refer to as our "securities" and holders thereof as "security
holders"). This discussion addresses only those security holders that hold their securities as a capital asset within the meaning
of Section 1221 of the Code (generally, property held for investment). Because the Kalera Ordinary Share or pre-funded warrant and Class
A Warrant components of a Unit are generally separable at the option of the holder, the holder of a Unit generally should be treated,
for United States federal income tax purposes, as the owner of the underlying Kalera Ordinary Share or pre-funded warrant and Class A
Warrant components. As a result, the discussion below with respect to holders of Kalera Ordinary Shares or pre-funded warrants and Class
A Warrants should also apply to holders of Units (as the deemed owners of the underlying components that constitute the Units).
This
discussion is a summary only and does not discuss all aspects of U.S. federal income taxation that may be relevant to holders in light
of their particular circumstances or status including:
●
financial
    institutions or financial services entities;
●
broker-dealers;
●
taxpayers
    that are subject to the mark-to-market accounting rules;
●
tax-exempt
    entities;
●
governments
    or agencies or instrumentalities thereof;
●
banks,
    insurance companies, and certain other financial institutions;
●
regulated
    investment companies or real estate investment trusts;
●
grantor
    trusts;
●
dealers
    or traders in securities, commodities or currencies;
●
persons
    subject to the alternative minimum tax;
●
expatriates
    and former citizens or long-term residents of the United States;
●
persons
    that actually or constructively own five percent or more of Kalera voting shares or five percent or more of the total value of any
    class of Kalera shares;
●
persons
    that acquired our securities pursuant to an exercise of employee share options, in connection with employee share incentive plans
    or otherwise as compensation;
●
persons
    that hold Kalera securities as part of a straddle, constructive sale, hedging, conversion or other integrated or similar transaction;
●
persons
    subject to special tax accounting rules under Section 451(b) of the Code;
●
PFICs
    and corporations that accumulate earnings to avoid U.S. federal income tax;
119
●
Controlled
    foreign corporations or U.S. shareholders of controlled foreign corporations, as those terms are defined in Sections 951(b) and 957(a)
    of the Code, respectively;
●
S
    corporations, partnerships or other entities or arrangements treated as partnerships or other flow-through entities for U.S. federal
    income tax purposes (and investors therein);
●
tax-qualified
    retirement plans, individual retirement accounts, or other tax-deferred accounts; or
●
persons
    whose functional currency is not the U.S. dollar.
This
discussion is based on provisions of the Code, proposed, temporary and final Treasury Regulations promulgated under the Code, judicial
decisions and published rulings and administrative interpretations thereof, all as in effect on the date hereof and all of which are
subject to differing interpretations or change, which change could apply retroactively and could affect the tax considerations described
herein.
This
discussion does not address U.S. federal taxes other than those pertaining to U.S. federal income taxation (such as estate or gift taxes,
the alternative minimum tax or the Medicare tax on investment income), nor does it address any aspects of U.S. state or local or non-U.S.
taxation.
This
discussion does not consider the tax treatment of partnerships or other pass-through entities or persons who hold our securities through
such entities. If a partnership (or any entity or arrangement so characterized for U.S. federal income tax purposes) holds our securities,
the tax treatment of such partnership and a person treated as a partner of such partnership will generally depend on the status of the
partner and the activities of the partnership. Partnerships holding our securities and persons that are treated as partners of such partnerships
should consult their tax advisors as to the particular U.S. federal income tax consequences of acquiring, owning and disposing of our
securities.
Except
where otherwise noted, this discussion assumes that, and we believe that, we are properly treated as a foreign corporation that is not,
and will not become, a passive foreign investment company, or a PFIC, as described below.
THIS
SUMMARY IS FOR INFORMATIONAL PURPOSES ONLY AND DOES NOT PURPORT TO BE A COMPREHENSIVE ANALYSIS OR DESCRIPTION OF ALL POTENTIAL U.S. FEDERAL
INCOME TAX CONSEQUENCES OF ACQUIRING, OWNING AND DISPOSING OF OUR SECURITIES. EACH HOLDER SHOULD CONSULT ITS OWN TAX ADVISOR WITH RESPECT
TO THE PARTICULAR TAX CONSEQUENCES TO SUCH HOLDER OF ACQUIRING, OWNING AND DISPOSING OF OUR SECURITIES, INCLUDING THE EFFECTS OF U.S.
FEDERAL, STATE AND LOCAL AND NON-U.S. TAX LAWS.
As
used herein, a "U.S. Holder" is a beneficial owner of our securities who or that is, for U.S. federal income tax purposes:
●
an
    individual citizen or resident of the United States,
●
a
    corporation (or other entity that is treated as a corporation for U.S. federal income tax purposes) that is created or organized
    (or treated as created or organized) in or under the laws of the United States or any state thereof or the District of Columbia,
●
an
    estate whose income is subject to U.S. federal income tax regardless of its source, or
●
a
    trust if (1) a U.S. court can exercise primary supervision over the administration of such trust and one or more U.S. persons have
    the authority to control all substantial decisions of the trust or (2) it has a valid election in effect under applicable Treasury
    Regulations to be treated as a U.S. person for U.S. federal income tax purposes.
120
Allocation
of Purchase Price and Characterization of a Unit
No
statutory, administrative or judicial authority directly addresses the treatment of a unit or instruments similar to a unit for United
States federal income tax purposes, and therefore, that treatment is not entirely clear. The acquisition of a unit should be treated
for United States federal income tax purposes as the acquisition of one of our Ordinary Shares or pre-funded warrants, as applicable,
and one Class A Warrant. We intend to treat the acquisition of a unit in this manner and, by purchasing a unit, you must adopt such treatment
for tax purposes. For United States federal income tax purposes, each holder of a unit must allocate the purchase price paid by such
holder for such unit between the Kalera Ordinary Share or pre-funded warrant, as applicable, and the Class A Warrant based on the relative
fair market value of each at the time of issuance. The price allocated to each Kalera Ordinary Share or pre-funded warrant and Class
A Warrant should be the shareholder's tax basis in such Kalera Ordinary Share or pre-funded warrant and Class A Warrant. Any disposition
of a unit should be treated for United States federal income tax purposes as a disposition of the Ordinary Share or pre-funded warrant,
as applicable, and the Class A Warrant comprising the unit, and the amount realized on the disposition should be allocated between the
Kalera Ordinary Share or pre-funded warrant, as applicable, and the Class A Warrant based on their respective relative fair market values.
The separation of the Kalera Ordinary Share or pre-funded warrant and the Class A Warrant constituting a unit should not be a taxable
event for United States federal income tax purposes.
The
foregoing treatment of the unit and a holder's purchase price allocation are not binding on the IRS or the courts. Because there
are no authorities that directly address instruments that are similar to the units, no assurance can be given that the IRS or the courts
will agree with the characterization described above or the discussion below. Accordingly, each prospective investor is urged to consult
its own tax advisor regarding the tax consequences of an investment in a unit (including alternative characterizations of a unit). The
balance of this discussion assumes that the characterization of the units described above is respected for United States federal income
tax purposes.
Income
Tax Treatment of Pre-funded Warrants
Although
not entirely free from doubt, a pre-funded warrant should be treated as common stock for U.S. federal income tax purposes and a holder
of pre-funded warrants therefore should generally be taxed in the same manner as a holder of a Kalera Ordinary Share, as described below.
Accordingly, no gain or loss should be recognized upon the exercise of a pre-funded warrant and, upon exercise, the holding period of
a pre-funded warrant should carry over to the Kalera Ordinary Share received. Similarly, the tax basis of the pre-funded warrant should
carry over to the Kalera Ordinary Share received upon exercise, increased by the exercise price of $0.0001 per share. Each prospective
investor is urged to consult its tax advisors regarding the tax risks associated with the acquisition of pre-funded warrants pursuant
to this offering (including potential alternative characterizations). The balance of this discussion generally assumes that the characterization
described above is respected for U.S. federal income tax purposes and the discussion below, to the extent it pertains to Kalera Ordinary
Shares, is generally intended also to pertain to pre-funded warrants.
U.S.
Federal Income Tax Considerations of Owning Kalera Ordinary Shares and Class A Warrants
Taxation
of Dividends and Other Distributions on Kalera Ordinary Shares
Subject
to the discussion of the passive foreign investment company ("
PFIC
") rules discussed below, if Kalera makes a distribution
of cash or other property to a U.S. Holder of Kalera Ordinary Shares, such distributions will generally be treated as a dividend for
U.S. federal income tax purposes to the extent the distribution is paid out of Kalera's current or accumulated earnings and profits
(as determined under U.S. federal income tax principles). Such dividends will be taxable to a corporate U.S. Holder at regular rates
and will not be eligible for the dividends-received deduction generally allowed to domestic corporations in respect of dividends received
from other domestic corporations.
121
Distributions
in excess of such earnings and profits will generally be applied against and reduce the U.S. Holder's basis in its Kalera Ordinary
Shares (but not below zero) and, to the extent in excess of such basis, will be treated as gain from the sale or exchange of such Kalera
Ordinary Shares.
With
respect to non-corporate U.S. Holders, dividends will generally be taxed at preferential long-term capital gains rates only if (i) Kalera
Ordinary Shares are readily tradable on an established securities market in the United States or (ii) if Kalera is eligible for the benefits
of the income tax treaty between the United States and Ireland (the "
Tax Treaty
"), in each case provided that Kalera
is not treated as a PFIC at the time the dividend was paid or in the previous year and certain other requirements are met. Although the
Kalera Ordinary Shares are listed on NASDAQ, there can be no assurances that Kalera will be or remain eligible for benefits of the Tax
Treaty or that the Kalera Ordinary Shares will be considered readily tradeable on an established securities market in the United States
in future years. U.S. Holders should consult their tax advisors regarding the availability of the lower rate for any dividends paid with
respect to our ordinary shares.
Subject
to certain conditions and limitations (including, that any reduction in withholding available to the U.S. holder under the Tax Treaty
have been claimed), non-refundable foreign "covered withholding taxes", if any, on dividends paid on Kalera Ordinary Shares
may be treated as foreign taxes eligible for a credit against a U.S. Holder's U.S. federal income tax liability under the U.S.
foreign tax credit rules. Dividends paid by Kalera generally will constitute foreign source income for foreign tax credit limitation
purposes. If such dividends are qualified dividend income (as discussed above), the amount of the dividend taken into account for purposes
of calculating the foreign tax credit limitation will be limited to the gross amount of the dividend, multiplied by a fraction, the numerator
of which is the reduced rate applicable to qualified dividend income and the denominator of which is the highest rate of tax normally
applicable to dividends. The limitation on foreign taxes eligible for credit is calculated separately with respect to specific classes
of income. For this purpose, dividends distributed by Kalera with respect to the Kalera Ordinary Shares generally will constitute "passive
category income" but could, in the case of certain U.S. Holders, constitute "general category income." The rules governing
the U.S. foreign tax credit are complex and U.S. Holders should consult their tax advisors regarding the availability of the U.S. foreign
tax credit under their particular circumstances.
A
holder of a pre-funded warrant should consult its tax advisor regarding the tax treatment of any distribution with respect to such pre-funded
warrant that is held in abeyance in connection with any applicable Beneficial Ownership Limitation.
Taxation
on the Disposition of Securities
Subject
to the PFIC rules discussed below, upon a sale or other taxable disposition of Kalera securities, a U.S. Holder will generally recognize
capital gain or loss. The amount of gain or loss recognized will generally be equal to the difference between (i) the sum of the amount
of cash and the fair market value of any property received in such disposition (or, if the Kalera Ordinary Shares, pre-funded warrants
or Class A Warrants are held as part of units at the time of the disposition, the portion of the amount realized on such disposition
that is allocated to the Kalera Ordinary Shares, pre-funded warrants or Class A Warrants based upon the then fair market values of the
Kalera Ordinary Shares or pre-funded warrants and Class A Warrants included in the units) and (ii) the U.S. Holder's adjusted tax
basis in its securities. A U.S. Holder's adjusted tax basis in its Kalera Ordinary Shares or pre-funded warrants and unexercised
Class A Warrants generally will equal the U.S. Holder's acquisition cost (that is, the portion of the purchase price of a unit
allocated to a Kalera Ordinary Share, pre-funded warrant or Class A Warrant, as described above under "—
Allocation of
Purchase Price and Characterization of a Unit
") reduced by any prior distributions treated as a return of capital. See "—
Exercise,
Lapse or Redemption of a Class A Warrant
" below for a discussion regarding a U.S. Holder's basis in a Kalera Ordinary
Share acquired pursuant to the exercise of a Class A Warrant.
122
Under
tax law currently in effect, long-term capital gains recognized by non-corporate U.S. Holders are generally subject to U.S. federal income
tax at a reduced rate of tax. Capital gain or loss will constitute long-term capital gain or loss if the U.S. Holder's holding
period for the ordinary shares or warrants exceeds one year. The deductibility of capital losses is subject to various limitations.
Any
such gain or loss recognized generally will be treated as U.S. source gain or loss. Accordingly, in the event any non-U.S. tax (including
"covered withholding tax") is imposed upon such sale or other disposition, a U.S. Holder may not be able to utilize foreign
tax credits unless such tax meets specific regulatory requirements and such U.S. Holder has foreign source income or gain in the same
category from other sources. Moreover, there are special rules under the Tax Treaty, which may impact a U.S. Holder's ability to
claim a foreign tax credit. U.S. Holders are urged to consult their own tax advisors regarding the ability to claim a foreign tax credit
and the application of the Tax Treaty to such U.S. Holder's particular circumstances.
Exercise
or Lapse of a Class A Warrant
Subject
to the PFIC rules discussed below and except as discussed below with respect to the cashless exercise of a warrant, a U.S. Holder will
generally not recognize gain or loss upon the exercise of a Class A Warrant for cash. A Kalera Ordinary Share subscribed for pursuant
to the exercise of a Class A Warrant for cash will generally have a tax basis equal to the U.S. Holder's tax basis in the Class
A Warrant (that is, the portion of the U.S. Holder's purchase price for the units that is allocated to the Class A Warrant, as
described above under "—
Allocation of Purchase Price and Characterization of a Unit
"), increased by the amount
paid to exercise the Class A Warrant.
It
is unclear whether a U.S. Holder's holding period for the Kalera Ordinary Share will commence on the date of exercise of the Class
A Warrant or the day following the date of exercise of the Class A Warrant; in either case, the holding period will not include the period
during which the U.S. Holder held the Class A Warrant. If a Class A Warrant is allowed to lapse unexercised, a U.S. Holder will generally
recognize a capital loss equal to such holder's tax basis in the Class A Warrant.
Because
of the absence of authority specifically addressing the treatment of a cashless exercise of warrants under U.S. federal income tax law,
the treatment of such a cashless exercise is unclear. A cashless exercise may be tax-free, either because the exercise is not a realization
event or because the exercise is treated as a recapitalization for U.S. federal income tax purposes. Alternatively, a cashless exercise
could be treated as a taxable exchange in which gain or loss would be recognized.
In
either tax-free situation, a U.S. Holder's tax basis in the Kalera Ordinary Shares received would generally equal the U.S. Holder's
tax basis in the Class A Warrants. If a cashless exercise is not treated as a realization event, it is unclear whether a U.S. Holder's
holding period for the Ordinary Shares received on exercise will be treated as commencing on the date of exercise of the Class A Warrant
or the following day. If a cashless exercise is treated as a recapitalization, the holding period of the Ordinary Shares received will
include the holding period of the Class A Warrants.
If
a cashless exercise is treated as a taxable exchange, a U.S. Holder could be deemed to have surrendered Class A Warrants with an aggregate
fair market value equal to the exercise price for the total number of Class A Warrants to be exercised. In this case, the U.S. Holder
would recognize capital gain or loss in an amount equal to the difference between the fair market value of the Class A Warrants deemed
surrendered and the U.S. Holder's tax basis in such Class A Warrants. A U.S. Holder's tax basis in the Ordinary Shares received
would equal the sum of the U.S. Holder's initial investment in the warrants exercised (i.e., the U.S. Holder's purchase price
for the Class A Warrant (or the portion of such U.S. Holder's purchase price for units that is allocated to the Class A Warrant)
and the exercise price of such Class A Warrants). It is unclear whether a U.S. Holder's holding period for the Ordinary Shares
would commence on the date of exercise of the Class A Warrant or the day following the date of exercise of the Class A Warrant.
123
Kalera
expects a U.S. Holder's cashless exercise of Class A Warrants to be treated as a recapitalization for U.S. federal income tax purposes.
However, there can be no assurance which, if any, of the alternative tax consequences and holding periods described above would be adopted
by the IRS or a court of law. Accordingly, U.S. Holders should consult their tax advisors regarding the tax consequences of a cashless
exercise.
Possible
Constructive Distributions
The
terms of each Class A Warrant provide for an adjustment to the number of Kalera Ordinary Shares for which the Class A Warrant may be
exercised or to the exercise price of the warrant in certain events, as discussed under "
Description of Securities
."
An adjustment which has the effect of preventing dilution generally is not taxable. A U.S. Holder of a Class A Warrant would, however,
be treated as receiving a constructive distribution from Kalera if, for example, the adjustment increases the holder's proportionate
interest in Kalera's assets or earnings and profits (for instance, through an increase in the number of Kalera Ordinary Shares
that would be obtained upon exercise of such Class A Warrant) as a result of a distribution of cash or other property such as other securities
to the holders of the Ordinary Shares which is taxable to the U.S. Holders of such shares as described under "
-Taxation of Dividends
and Other Distributions on Kalera Ordinary Shares
" above. Such constructive distribution would be subject to tax as described
under that section in the same manner as if the U.S. Holder of such Class A Warrant received a cash distribution from Kalera equal to
the fair market value of such increased interest.
Passive
Foreign Investment Company Considerations
A
foreign (i.e., non-U.S.) corporation will be a PFIC for U.S. federal income tax purposes if at least 75% of its gross income in a taxable
year of the foreign corporation, including its pro rata share of the gross income of any corporation in which it is considered to own
at least 25% of the shares by value, is passive income. Alternatively, a foreign corporation will be a PFIC if at least 50% of its assets
in a taxable year of the foreign corporation, ordinarily determined based on fair market value and averaged quarterly over the year,
including its pro rata share of the assets of any corporation in which it is considered to own at least 25% of the shares by value, are
held for the production of, or produce, passive income. Subject to some limited exceptions, cash (whether or not constituting working
capital or used to generate interest income) may be treated as a passive asset. Passive income generally includes dividends, interest,
rents and royalties (other than certain rents or royalties derived from the active conduct of a trade or business) and gains from the
disposition of passive assets.
The
determination as to whether a non-U.S. corporation is a PFIC is based on the application of complex U.S. federal income tax rules, which
are subject to differing interpretations, the composition of the income, expenses and assets of the non-U.S. corporation from time to
time and the nature of the activities performed by its officers and employees. For this reason, while we do not presently expect to be
a PFIC for the current taxable year or the immediate future, there can be no assurance that the composition of our income and assets
will not change, or that the IRS will not reach a contrary conclusion. You are urged to consult your tax advisers regarding the risks
associated in investing in a company that may be a PFIC. Further, the PFIC tests must be applied every year, and it is possible that
we may become a PFIC in a future taxable year if the nature and extent of our activities were to change, or if the composition of our
income and assets change in any material respect. In addition, our actual PFIC status for any taxable year is not determinable until
after the end of such taxable year, and we may not determine our PFIC status for any future taxable year. Because of these uncertainties,
it is possible that we may be a PFIC for the current or any other taxable year.
124
If
Kalera determined to be a PFIC for any taxable year (or portion thereof) that is included in the holding period of a U.S. Holder and
the U.S. Holder did not make a timely qualified electing fund ("
QEF
") election for Kalera's first taxable year
as a PFIC in which the U.S. Holder held (or was deemed to hold) Kalera Ordinary Shares, a QEF election along with a deemed sale (or purging)
election, or a "mark-to-market" election, each as described below, such holder generally will be subject to special rules
with respect to:
●
any
    gain recognized by the U.S. Holder on the sale or other disposition of its Ordinary Shares or Class A Warrants; and
●
any
    "excess distribution" made to the U.S. Holder (generally, any distributions to such U.S. Holder during a taxable year
    of the U.S. Holder that are greater than 125% of the average annual distributions received by such U.S. Holder in respect of Kalera
    securities during the three preceding taxable years of such U.S. Holder or, if shorter, such U.S. Holder's holding period for
    such securities).
Under
these rules:
●
the
    U.S. Holder's gain or excess distribution will be allocated ratably over the U.S. Holder's holding period for its securities;
●
the
    amount allocated to the U.S. Holder's taxable year in which the U.S. Holder recognized the gain or received the excess distribution,
    or to the period in the U.S. Holder's holding period before the first day of our first taxable year in which we are a PFIC,
    will be taxed as ordinary income;
●
the
    amount allocated to other taxable years (or portions thereof) of the U.S. Holder and included in its holding period will be taxed
    at the highest tax rate in effect for that year and applicable to the U.S. Holder; and
●
the
    interest charge generally applicable to underpayments of tax will be imposed in respect of the tax attributable to each such other
    taxable year of the U.S. Holder.
In
general, if Kalera is determined to be a PFIC, a U.S. Holder may avoid the PFIC tax consequences described above in respect to its Ordinary
Shares (but not Class A Warrants) by making a timely QEF election (if eligible to do so) to include in income its pro rata share of Kalera's
net capital gains (as long-term capital gain) and other earnings and profits (as ordinary income), on a current basis, in each case whether
or not distributed, in the first taxable year of the U.S. Holder in which or with which Kalera's taxable year ends if Kalera is
treated as a PFIC for that taxable year. A U.S. Holder generally may make a separate election to defer the payment of taxes on undistributed
income inclusions under the QEF rules, but if deferred, any such taxes will be subject to an interest charge.
A
U.S. Holder may not make a QEF election with respect to Class A Warrants. As a result, if a U.S. Holder sells or otherwise disposes of
such Class A Warrants (other than upon exercise of such Class A Warrants), any gain recognized will generally be subject to the special
tax and interest charge rules treating the gain as an excess distribution, as described above, if is a PFIC at any time during the period
the U.S. Holder held the Class A Warrants. If a U.S. Holder that exercises such Class A Warrants properly makes a QEF election with respect
to the newly acquired Kalera Ordinary Shares, the QEF election will apply to the newly acquired Kalera Ordinary Shares, but the adverse
tax consequences relating to PFIC shares, adjusted to take into account the current income inclusions resulting from the QEF election,
will continue to apply with respect to such newly acquired Kalera Ordinary Shares (which will generally be deemed to have a holding period
for purposes of the PFIC rules that includes the period the U.S. Holder held the Class A Warrants), unless the U.S. Holder makes a purging
election under the PFIC rules. The purging election creates a deemed sale of such shares at their fair market value. The gain recognized
by the purging election will be subject to the special tax and interest charge rules treating the gain as an excess distribution, as
described above. As a result of the purging election, the U.S. Holder will increase the adjusted basis in the Kalera Ordinary Shares
acquired upon the exercise of the Class A Warrants by the gain recognized and will also have a new holding period in such shares for
purposes of the PFIC rules.
125
The
QEF election is made on a shareholder-by-shareholder basis and, once made, can be revoked only with the consent of the IRS. A U.S. Holder
generally makes a QEF election by attaching a completed IRS Form 8621 (Return by a Shareholder of a Passive Foreign Investment Company
or Qualified Electing Fund), including the information provided in a PFIC annual information statement, to a timely filed U.S. federal
income tax return for the tax year to which the election relates. Retroactive QEF elections generally may be made only by filing a protective
statement with such return and if certain other conditions are met or with the consent of the IRS. U.S. Holders should consult their
own tax advisors regarding the availability and tax consequences of a retroactive QEF election under their particular circumstances.
In
order to comply with the requirements of a QEF election, a U.S. Holder must receive a PFIC annual information statement from Kalera.
If Kalera determines that it is a PFIC for any taxable year, it will endeavor to provide to a U.S. Holder upon request such information
as the IRS may require, including a PFIC annual information statement, in order to enable the U.S. Holder to make and maintain a QEF
election. However, there is no assurance that Kalera will have timely knowledge of its status as a PFIC in the future or of the required
information to be provided.
If
a U.S. Holder has made a QEF election with respect to Kalera Ordinary Shares, and the special tax and interest charge rules do not apply
to such shares (because of a timely QEF election for Kalera's first taxable year as a PFIC in which the U.S. Holder holds (or is
deemed to hold) such shares or a purge of the PFIC taint pursuant to a purging election, as described above), any gain recognized on
the sale of Kalera Ordinary Shares will generally be taxable as capital gain and no interest charge will be imposed under the PFIC rules.
As discussed above, U.S. Holders who make a QEF election with respect to a PFIC are currently taxed on their pro rata shares of such
PFIC's earnings and profits, whether or not distributed. In such case, a subsequent distribution of such earnings and profits that
were previously included in income should generally not be taxable as a dividend to such U.S. Holders. The tax basis of a U.S. Holder's
shares in a PFIC with respect to which a QEF election has been made will be increased by amounts that are included in income, and decreased
by amounts distributed but not taxed as dividends, under the above rules. Similar basis adjustments apply to property if by reason of
holding such property the U.S. Holder is treated under the applicable attribution rules as owning shares in a PFIC with respect to which
a QEF election has been made.
As
noted above, an initial determination that Kalera is a PFIC will generally apply for subsequent years to a U.S. Holder who held Kalera
securities while Kalera was a PFIC, whether or not Kalera meets the test for PFIC status in those subsequent years. A U.S. Holder who
makes the QEF election discussed above for Kalera's first taxable year as a PFIC in which the U.S. Holder holds (or is deemed to
hold) Kalera Ordinary Shares, however, will not be subject to the PFIC tax and interest charge rules discussed above in respect to such
shares. In addition, such U.S. Holder will not be subject to the QEF inclusion regime with respect to such shares for any taxable year
of Kalera that ends within or with a taxable year of the U.S. Holder and in which Kalera is not a PFIC. On the other hand, if the QEF
election is not effective for each of Kalera's taxable years in which Kalera is a PFIC and the U.S. Holder holds (or is deemed
to hold) Kalera Ordinary Shares, the PFIC rules discussed above will continue to apply to such shares unless the holder makes a purging
election, as described above, and pays the tax and interest charge with respect to the gain inherent in such shares attributable to the
pre-QEF election period.
126
Alternatively,
if a U.S. Holder, at the close of its taxable year, owns (or is deemed to own) shares in a PFIC that are treated as marketable shares,
the U.S. Holder may make a mark-to-market election with respect to such shares for such taxable year. If the U.S. Holder makes a valid
mark-to-market election for the first taxable year of the U.S. Holder in which the U.S. Holder holds (or is deemed to hold) Kalera Ordinary
Shares in and for which Kalera is determined to be a PFIC, such holder will generally not be subject to the PFIC rules described above
in respect to its Kalera Ordinary Shares as long as such shares continue to be treated as marketable shares. Instead, in general, the
U.S. Holder will include as ordinary income for each year that Kalera is treated as a PFIC the excess, if any, of the fair market value
of its Ordinary Shares at the end of its taxable year over the adjusted basis in its ordinary shares. The U.S. Holder also will be allowed
to take an ordinary loss in respect of the excess, if any, of the adjusted basis of its Kalera Ordinary Shares over the fair market value
of its ordinary shares at the end of its taxable year (but only to the extent of the net amount of previously included income as a result
of the mark-to-market election). The U.S. Holder's basis in its Kalera Ordinary Shares will be adjusted to reflect any such income
or loss amounts, and any further gain recognized on a sale or other taxable disposition of the Kalera Ordinary Shares in a taxable year
in which Kalera is treated as a PFIC will be treated as ordinary income. Special tax rules may also apply if a U.S. Holder makes a mark-to-market
election for a taxable year after the first taxable year in which the U.S. Holder holds (or is deemed to hold) its Kalera Ordinary Shares
ordinary shares and for which Kalera is treated as a PFIC. Currently, a mark-to-market election may not be made with respect to Class
A Warrants.
The
mark-to-market election is available only for stock that is regularly traded on a national securities exchange that is registered with
the SEC, including Nasdaq, or on a foreign exchange or market that the IRS determines has rules sufficient to ensure that the market
price represents a legitimate and sound fair market value. U.S. Holders should consult their own tax advisors regarding the availability
and tax consequences of a mark-to-market election in respect to Kalera Ordinary Shares under their particular circumstances.
If
Kalera is a PFIC and, at any time, has a foreign subsidiary that is classified as a PFIC, U.S. Holders would generally be deemed to own
a portion of the shares of such lower-tier PFIC, and generally could incur liability for the deferred tax and interest charge described
above if Kalera receives a distribution from, or disposes of all or part of Kalera's interest in, the lower-tier PFIC or the U.S.
Holders otherwise were deemed to have disposed of an interest in the lower-tier PFIC. Upon request, Kalera will endeavor to cause any
lower-tier PFIC to provide to a U.S. Holder the information that may be required to make or maintain a QEF election with respect to the
lower-tier PFIC. However, there is no assurance that Kalera will have timely knowledge of the status of any such lower-tier PFIC. In
addition, Kalera may not hold a controlling interest in any such lower-tier PFIC and thus there can be no assurance we will be able to
cause the lower-tier PFIC to provide the required information. A mark-to-market election generally would not be available with respect
to such lower-tier PFIC. U.S. Holders are urged to consult their own tax advisors regarding the tax issues raised by lower-tier PFICs.
A
U.S. Holder that owns (or is deemed to own) shares in a PFIC during any taxable year of the U.S. Holder, may have to file an IRS Form
8621(whether or not a QEF or market-to-market election is made) with such U.S. Holder's U.S. federal income tax return and provide
such other information as may be required by the U.S. Treasury Department. The rules dealing with PFICs and with the QEF and mark-to-market
elections are very complex and are affected by various factors in addition to those described above. Accordingly, U.S. Holders of Kalera
securities should consult their own tax advisors concerning the application of the PFIC rules to Kalera securities under their particular
circumstances.
Information
Reporting and Backup Withholding
In
general, information reporting requirements will apply to dividends received by U.S. Holders of Kalera Ordinary Shares (including constructive
dividends), and the proceeds received on the disposition of Kalera Ordinary Shares and Class A Warrants effected within the United States
(and, in certain cases, outside the United States), in each case, other than U.S. Holders that are exempt recipients (such as corporations).
As stated above, information reporting requirements will also apply to redemptions from U.S. Holders of Kalera Ordinary Shares. Backup
withholding (currently at a rate of 24%) may apply to such amounts if the U.S. Holder fails to provide an accurate taxpayer identification
number (generally on an IRS Form W-9 provided to the paying agent or the U.S. Holder's broker) or is otherwise subject to backup
withholding.
Certain
U.S. Holders holding specified foreign financial assets with an aggregate value in excess of the applicable dollar threshold are required
to report information to the IRS relating to Kalera securities, subject to certain exceptions (including an exception for Kalera securities
held in accounts maintained by U.S. financial institutions), by attaching a complete IRS Form 8938, Statement of Specified Foreign Financial
Assets, with their tax return, for each year in which they hold Kalera securities. In addition to these requirements, U.S. Holders may
be required to annually file FinCEN Report 114 (Report of Foreign Bank and Financial Accounts) with the U.S. Department of Treasury.
U.S. Holders should consult their own tax advisors regarding information reporting requirements relating to their ownership of Kalera
securities. Backup withholding is not an additional tax. Any amounts withheld under the backup withholding rules may be allowed as a
refund or credit against a holder's U.S. federal income tax liability, if any, provided the required information is timely furnished
to the IRS.
127
PLAN
OF DISTRIBUTION
We
are offering up to 15,748,031 Units, based on an assumed public offering price of $1.27 per Unit, each consisting of a Kalera Ordinary Share
or pre-funded warrant and one Class A Warrant to purchase one Kalera Ordinary Share, for gross proceeds of up to $     million before
deduction of placement agent commissions and offering expenses, in a best-efforts offering. There is no minimum amount of proceeds that
is a condition to closing of this offering. The actual amount of gross proceeds, if any, in this offering could vary substantially from
the gross proceeds from the sale of the maximum amount of securities being offered in this prospectus.
Pursuant
to a placement agency agreement, dated as of    , 2022, we have engaged Maxim Group LLC to act as our exclusive placement agent to
solicit offers to purchase the securities offered by this prospectus. The Placement Agent is not purchasing or selling any securities,
nor is it required to arrange for the purchase and sale of any specific number or dollar amount of securities, other than to use its
"reasonable best efforts" to arrange for the sale ad/or issuance (as applicable) of the securities by us. Therefore, we may
not sell the entire amount of securities being offered. We will enter into a securities purchase agreement directly with the institutional
investors, at the investor's option, who purchase our securities in this offering. Investors who do not enter into a securities
purchase agreement shall rely solely on this prospectus in connection with the purchase of our securities in this offering. The Placement
Agent may engage one or more subagents or selected dealers in connection with this offering.
The
placement agency agreement provides that the Placement Agent's obligations are subject to conditions contained in the placement
agency agreement.
We
will deliver the securities being issued to the investors upon receipt of investor funds for the purchase and/or subscription for (as
applicable) of the securities offered pursuant to this prospectus. We expect to deliver the securities being offered pursuant to this
prospectus on    , 2022.
Placement
Agent Fees, Commissions and Expenses
Upon
the closing of this offering, we will pay the Placement Agent a cash transaction fee equal to 7% of the aggregate gross cash proceeds
to us from the sale and/or issuance (as applicable) of the securities in the offering. In addition, we will reimburse the Placement Agent
for its out-of-pocket expenses incurred in connection with this offering, including the fees and expenses of the counsel for the Placement
Agent, up to $    .
The
following table shows the public offering price, Placement Agent fees and proceeds, before expenses, to us, assuming the purchase of
all the securities we are offering.
Per
                                            Unit consisting
of
                                            ordinary shares
Per
                                            Unit consisting
of
                                            pre-funded warrants
Public Offering Price per Unit
$
$
Placement Agent fees
$
$
Proceeds, before expenses, to us
$
$
We
estimate that the total expenses of the offering, including registration, filing and listing fees, printing fees and legal and accounting
expenses, but excluding Placement Agent fees, will be approximately $     , all of which are payable by us. This figure includes the
Placement Agent's accountable expenses, including, but not limited to, legal fees for Placement Agent's legal counsel, that
we have agreed to pay at the closing of the offering up to an aggregate expense reimbursement of $    .
Lock-Up
Agreements
We
and each of our officers and directors as of the date of this prospectus have agreed, subject to certain exceptions, not to offer, issue,
sell, contract to sell, encumber, grant any option for the sale of or otherwise dispose of any Kalera Ordinary Shares or other securities
convertible into or exercisable or exchangeable for Kalera Ordinary Shares for a period of one hundred eighty days after this offering
is completed without the prior written consent of the Placement Agent.
The
Placement Agent may in its sole discretion and at any time without notice release some or all of the shares subject to lock-up agreements
prior to the expiration of the lock-up period. When determining whether or not to release shares from the lock-up agreements, the Placement
Agent will consider, among other factors, the security holder's reasons for requesting the release, the number of shares for which
the release is being requested and market conditions at the time.
128
Indemnification
We
have agreed to indemnify the Placement Agent against certain liabilities, including liabilities under the Securities Act, and to contribute
to payments that the Placement Agent may be required to make for these liabilities.
Determination
of Offering Price and Exercise Price
The
actual public offering price of the securities we are offering, and the exercise price of the Class A Warrants and pre-funded warrants
included in the Units that we are offering, were negotiated between us and the investors in the offering based on the trading of the
Kalera Ordinary Shares prior to the offering, among other things. Other factors considered in determining the public offering price of
the securities we are offering, as well as the exercise price of the Class A Warrants included in the Units and pre-funded warrants that
we are offering include our history and prospects, the stage of development of our business, our business plans for the future and the
extent to which they have been implemented, an assessment of our management, the general conditions of the securities markets at the
time of the offering and such other factors as were deemed relevant.
Regulation
M
The
Placement Agent may be deemed to be an underwriter within the meaning of Section 2(a)(11) of the Securities Act, and any commissions
received by it and any profit realized on the resale of the securities sold by it while acting as principal might be deemed to be underwriting
discounts or commissions under the Securities Act. As an underwriter, the Placement Agent would be required to comply with the requirements
of the Securities Act and the Exchange Act, including, without limitation, Rule 10b-5 and Regulation M under the Exchange Act. These
rules and regulations may limit the timing of purchases and sales of our securities by the Placement Agent acting as principal. Under
these rules and regulations, the Placement Agent (i) may not engage in any stabilization activity in connection with our securities and
(ii) may not bid for or purchase any of our securities or attempt to induce any person to purchase any of our securities, other than
as permitted under the Exchange Act, until it has completed its participation in the distribution.
Electronic
Distribution
A
prospectus in electronic format may be made available on a website maintained by the Placement Agent. In connection with the offering,
the Placement Agent or selected dealers may distribute prospectuses electronically. No forms of electronic prospectus other than prospectuses
that are printable as Adobe® PDF will be used in connection with this offering.
Other
than the prospectus in electronic format, the information on the Placement Agent's website and any information contained in any
other website maintained by the Placement Agent is not part of the prospectus or the registration statement of which this prospectus
forms a part, has not been approved and/or endorsed by us or the Placement Agent in its capacity as placement agent and should not be
relied upon by investors.
Certain
Relationships
The
Placement Agent and its affiliates have and may in the future provide, from time to time, investment banking and financial advisory services
to us in the ordinary course of business, for which they may receive customary fees and commissions.
Listing
Kalera
Ordinary Shares and Kalera Warrants are currently listed on Nasdaq under the symbols KAL and KALWW, respectively.
129
LEGAL
MATTERS
The
legality of the Kalera Ordinary Shares offered hereby will be passed upon for Kalera by Arthur Cox LLP.
Certain
legal matters relating to U.S. law will be passed upon by Milbank LLP.
130
EXPERTS
The
audited financial statements of Kalera Public Limited Company included in this prospectus and elsewhere in the registration statement
have been so included in reliance upon the report of Grant Thornton LLP, independent registered public accountants, upon the authority
of said firm as experts in accounting and auditing.
The
financial statements of Agrico Acquisition Corp., as of December 31, 2021 and 2020 and for the year ended December 31, 2021 and for the
period from July 31, 2020 (inception) through December 31, 2020 appearing in this prospectus have been audited by Marcum LLP, independent
registered public accounting firm, as set forth in their report thereon (which contains an explanatory paragraph relating to substantial
doubt about the ability of Agrico Acquisition Corp. to continue as a going concern as described in Note 1 to the financial statements),
appearing elsewhere in this prospectus, and are included in reliance on such report given on the authority of such firm as experts in
accounting and auditing.
131
ENFORCEMENT
OF CIVIL LIABILITIES
Ireland
Kalera
is incorporated under the laws of Ireland with its registered and principal executive office in Ireland and, as a result, the rights
of the holders of Kalera Ordinary Shares will be governed by Kalera's amended and restated articles of association, the Irish Companies
Act and the common law of Ireland. Kalera conducts its operations through subsidiaries, all of which are located outside the United States.
All of Kalera's assets are located outside the United States, and substantially all of Kalera's business is conducted outside
the United States. There is some uncertainty as to whether the courts of Ireland would recognize or enforce judgments of U.S. courts
obtained against us based on the civil liabilities provisions of the U.S. federal or state securities laws or hear actions against us
based on those laws. The U.S. and Ireland do not currently have a treaty providing for the reciprocal recognition and enforcement of
judgments (other than arbitration awards) in civil and commercial matters, and, accordingly, common law rules apply in determining whether
a judgment obtained in a U.S. court is enforceable in Ireland. Although there are processes under Irish law for enforcing a judgment
of a U.S. court, including by seeking summary judgment in a new action in Ireland, those processes are subject to certain established
principles and conditions, and there can be no assurance that an Irish court would enforce a judgment of a U.S. court in this way and
thereby impose civil liberty on us.
132
WHERE
YOU CAN FIND ADDITIONAL INFORMATION
We
have filed with the SEC a registration statement on Form S-1 under the Securities Act with respect to our Ordinary Shares and Kalera
Warrants offered by this prospectus. The registration statement, including the attached exhibits and schedules, contains additional relevant
information about us and our Ordinary Shares and Kalera Warrants. The rules and regulations of the SEC allow us to omit from this prospectus
certain information included in the registration statement. For further information about us and the Securities, you should refer to
the registration statement and the exhibits and schedules filed with the registration statement. With respect to the statements contained
in this prospectus regarding the contents of any agreement or any other document, in each instance, the statement is qualified in all
respects by the complete text of the agreement or document, a copy of which has been filed as an exhibit to the registration statement.
We
are subject to the informational reporting requirements of the Exchange Act. We file reports, proxy statements and other information
with the SEC under the Exchange Act. Our SEC filings are available over the Internet at the SEC's website at http://www.sec.gov.
Our website address is www.kalera.com. The information on, or that can be accessed through, our website is not part of this prospectus.
133
INDEX
TO FINANCIAL STATEMENTS
KALERA
PUBLIC LIMITED COMPANY
Report of Independent Registered Public Accounting Firm
F-2
Financial
    Statements:
Consolidated Balance Sheets as of December 31, 2021 and 2020
F-3
Consolidated Statements of Operations and Comprehensive Loss for the Years ended December 31, 2021 and 2020
F-4
Consolidated Statements of Changes in Shareholders' Equity as of December 31, 2021 and 2020
F-5
Consolidated Statements of Cash Flows for the Years ended December 31, 2021 and 2020
F-6
Notes to Consolidated Financial Statements
F-7
Condensed Consolidated Balance Sheets as of June 30, 2022 and December 31, 2021
F-30
Condensed Consolidated Statements of Operations and Comprehensive Loss for the Three the Six Months Ended June 30, 2022 and 2021
F-31
Condensed Consolidated Statements of Shareholders' Equity as of June 30, 2022 and 2021
F-32
Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2022 and 2021
F-33
Notes to Condensed Consolidated Financial Statements (Unaudited)
F-34
AGRICO
ACQUISITION CORP.
Report of Independent Registered Public Accounting Firm
F-51
Financial Statements:
Balance Sheets as of December 31, 2021 and 2020
F-52
Statements of Operations for the Year ended December 31, 2021 and for the Period from July 31, 2020 (Inception) through December 31, 2020
F-53
Statements of Changes in Shareholders' Deficit for the Year ended December 31, 2021 and for the Period from July 31, 2020 (Inception) through December 31, 2020
F-54
Statements of Cash Flows for the Year ended December 31, 2021 and for the Period from July 31, 2020 (Inception) through December 31, 2020
F-55
Notes to Financial Statements
F-56
Condensed Balance Sheets as of March 31, 2022 (Unaudited) and December 31, 2021 (Audited)
F-68
Unaudited Condensed Statements of Operations for the Three Months Ended March 31, 2022 and 2021
F-69
Unaudited Condensed Statements of Changes in Shareholders' Equity (Deficit) for the Three Months Ended March 31, 2022 and 2021
F-70
Unaudited Condensed Statement of Cash Flows for the Three Months Ended March 31, 2022 and 2021
F-71
Notes to Condensed Financial Statements
F-72
F-
1
REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Board
of Directors and Shareholders
Kalera
Public Limited Company
Opinion
on the financial statements
We
have audited the accompanying consolidated balance sheets of Kalera Public Limited Company (an Irish public limited company) and subsidiaries (the "Company") as of December 31, 2021 and 2020, the related consolidated statements of operations
and comprehensive loss, changes in shareholders' equity, and cash flows for the years ending December 31, 2021 and 2020, and the
related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present
fairly, in all material respects, the financial position of the Company as of December 31, 2021 and 2020, and the results of its operations
and its cash flows for the years ended December 31, 2021 and 2020, in conformity with accounting principles generally accepted in the
United States of America.
Going
concern
The
accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note
2 to the financial statements, the Company incurred a net loss of $40.1 million during the year ended December 31, 2021, and as of that
date, the Company has an accumulated deficit of $62.6 million. These conditions, along with other matters as set forth in Note 2, raise
substantial doubt about the Company's ability to continue as a going concern. Management's plans in regard to these matters
are also described in Note 2. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.
Basis
for opinion
These
financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's
financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board
(United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal
securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We
conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company
is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits
we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion
on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.
Our
audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error
or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding
the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant
estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits
provide a reasonable basis for our opinion.
/s/
GRANT THORNTON LLP
We
have served as the Company's auditor since 2021.
Orlando,
Florida
April
21, 2022, except for the share recast described in Note 17 as to which the date is August 19, 2022
F-
2
Kalera
Public Limited Company
Consolidated
Balance Sheets
December
31, 2021 and 2020
December 31, 2021
December 31, 2020
Assets
Current assets:
Cash and cash equivalents
$
16,146
$
113,353
Trade receivables, net
795
157
Inventory
1,190
104
Prepaid expenses and other current assets
2,960
330
Total current assets
21,091
113,944
Property, plant, and equipment, net
128,162
28,506
Operating lease right-of-use assets
55,276
7,462
Goodwill
68,421
156
Intangible assets, net
72,371
530
Equity method investment
1,322
—
Other non-current assets
3,353
3,148
Total assets
$
349,996
$
153,746
Liabilities and shareholders' equity
Current liabilities:
Accounts payable
$
10,421
$
178
Operating lease liabilities
1,618
131
Accrued salaries and wages
717
243
Accrued expenses
1,964
793
Total current liabilities
14,720
1,345
Other non-current liabilities
662
62
Non-current operating lease liabilities
57,717
7,625
Deferred tax liability
8,447
—
Asset retirement obligations
1,527
588
Total liabilities
83,073
9,620
Commitments and contingencies (Note 2)
Shareholders' equity
Common stock, $
.0001
par,
18,946,567
and
14,572,650
authorized, issued and outstanding, respectively
2
1
Additional paid in capital
331,074
167,052
Accumulated other comprehensive loss
(
1,547
)
(
378
)
Accumulated deficit
(
62,606
)
(
22,549
)
Total shareholders' equity
266,923
144,126
Total liabilities and shareholders' equity
$
349,996
$
153,746
The
accompanying notes are an integral part of these consolidated financial statements.
F-
3
Kalera
Public Limited Company
Consolidated
Statement of Operations and Comprehensive Loss
(In
thousands and USD, except per share data)
Year ended December 31, 2021
Year ended December 31, 2020
Net sales
$
2,855
$
887
Cost of goods sold (exclusive of depreciation and amortization shown separately below)
(
9,634
)
(
1,935
)
Selling, general, and administrative expenses
(
28,621
)
(
6,467
)
Depreciation and amortization
(
4,009
)
(
967
)
Impairment loss
(
1,051
)
—
Operating loss
(
40,460
)
(
8,482
)
Interest expense, net
(
1,634
)
(
503
)
Other income
780
328
Loss from operations before income tax
(
41,314
)
(
8,657
)
Income tax benefit
1,331
—
Loss before equity in net earnings loss of affiliate
(
39,983
)
(
8,657
)
Equity in net loss of affiliate
74
—
Net loss
$
(
40,057
)
$
(
8,657
)
Currency translation adjustments
$
(
1,169
)
$
(
378
)
Total comprehensive loss for the year
(
41,226
)
(
9,035
)
Net loss per share - basic and diluted
$
(
2.52
)
$
(
0.84
)
Weighted average common shares outstanding – basic and diluted
15,910
10,332
The
accompanying notes are an integral part of these consolidated financial statements.
F-
4
Kalera
Public Limited Company
Consolidated
Statement of Changes in Shareholders' Equity
(In
thousands and USD, except share data)
Common Stock
Additional Paid-In
Accumulated
Accumulated Other Comprehensive
Shares
Amount
Capital
Deficit
Loss
Total
Balance at January 1, 2020
6,193,186
$
1
$
22,140
$
(
13,892
)
$
—
$
8,249
Issuance of shares
7,812,413
—
140,619
140,619
Conversion of loan to common stock
567,051
—
3,297
3,297
Share-based compensation expense
996
996
Net loss
(
8,657
)
(
8,657
)
Currency translation adjustments
(
378
)
(
378
)
Balance at December 31, 2020
14,572,650
$
1
$
167,052
$
(
22,549
)
$
(
378
)
$
144,126
Issuance of shares
4,373,917
1
161,457
161,458
Share-based compensation expense
2,565
2,565
Net loss
(
40,057
)
(
40,057
)
Currency translation adjustments
(
1,169
)
(
1,169
)
Balance at December 31, 2021
18,946,567
$
2
$
331,074
$
(
62,606
)
$
(
1,547
)
$
266,923
The
accompanying notes are an integral part of these consolidated financial statements.
F-
5
Kalera
Public Limited Company
Consolidated
Statement of Cash Flow
(In
thousands and USD)
December 31, 2021
December 31, 2020
Cash flows - operating activities
Net loss
$
(
40,057
)
$
(
8,657
)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization
4,009
560
Non-cash lease expense
3,435
407
Share-based compensation
2,565
996
Impairment loss
1,051
—
Deferred income tax benefit
(
1,331
)
—
Equity in net loss of affiliate
74
—
Gain from insurance recovery
(
650
)
—
Gain on forgiveness of debt
—
(
328
)
Inventory write down
6,475
1,828
Changes in assets and liabilities:
Inventory
(
7,551
)
(
1,932
)
Prepaid expenses and other current assets
(
2,056
)
(
250
)
Trade receivables
422
(
150
)
Other non-current assets
(
205
)
(
2,838
)
Account payables and accrued expenses
8,988
734
Net cash used in operating activities
(
24,830
)
(
9,630
)
Cash flows - investing activities
Insurance proceeds
650
—
Purchases of property, plant, and equipment
(
82,863
)
(
20,846
)
Purchases of licenses and software for developed technology
(
583
)
—
Acquisitions of businesses, net of cash acquired
(
49,722
)
—
Net cash used in investing activities
(
132,518
)
(
20,846
)
Cash flows - financing activities
Net proceeds from issuance of common stock
61,696
140,619
Proceeds from loan facility
34,000
—
Payment on loan facility
(
34,000
)
—
Proceeds from forgivable loan
—
328
Repayment on operating lease liabilities
(
457
)
(
507
)
Net cash provided by financings activities
61,239
140,440
Net (decrease) increase in cash and cash equivalents
(
96,110
)
109,964
Cash and cash equivalents at beginning of period
113,353
3,395
Effect of exchange rate changes on cash
(
1,097
)
(
6
)
Cash and cash equivalents at end of period
$
16,146
$
113,353
Supplemental disclosures of cash flow information:
Increase in property and equipment resulting from capitalizing asset retirement obligations
889
334
Shares issued in exchange for businesses acquired
99,762
—
100,651
606
Supplemental disclosures of non-cash financing activities:
Conversion of convertible loan to common stock
—
3,297
Supplemental disclosures of cash flow information:
Cash paid for interest
1,800
272
The
accompanying notes are an integral part of these consolidated financial statements.
F-
6
NOTE
1:
DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS
Kalera
Public Limited Company ("the Company") and its subsidiaries is a hydroponic vertical farming company. The Company
operates vertical hydroponic farms and related technology development facilities that produce various lettuce and micro–greens
for the retail and food service markets. The Company is a private limited liability company incorporated under the laws of Norway, and
its shares are listed on the Euronext Growth Oslo Exchange, a multilateral trading facility operated by the Oslo Stock Exchange. At December
31, 2021 the Company had
four
(4) large scale operating hydroponic farms ("farms"
or "production facilities") within Florida, Georgia, Texas and Kuwait and was building new farms in several locations, including
Ohio, Colorado, Washington, Hawaii, Minnesota and Singapore. At the end of December 31, 2020, the Company had
one
(1) large scale production facility within Florida
and was building new farms in Georgia and Texas.
In
March 2020, the World Health Organization declared the spread of the coronavirus ("COVID–19") a global pandemic. As
a result of the pandemic, the vast majority of the Company's customers in the foodservice and hospitality industries had to close
their operations temporarily. These closures resulted in the loss of sales during the year ended December 31, 2020. During 2021, the
industry recovered and the Company was able to increase its sales to its foodservice and hospitality customers.
Currently,
all of the Company's operations are operating normally, however, the extent to which COVID–19 and the related global economic
crisis affect the Company's business, results of operations and financial condition, will depend on future developments that are
highly uncertain and cannot be predicted, including the scope and duration of the pandemic and any recovery period, future actions taken
by governmental authorities, central banks and other third parties (including new financial regulation and other regulatory reform) in
response to the pandemic, and the effects on our products, clients, vendors and employees. The Company continues to service its customers
amid uncertainty and disruption linked to COVID–19 and is actively managing its business to respond to the impact.
NOTE
2:
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis
of Presentation
The
accompanying audited consolidated financial statements for the years ended December 31, 2021 and 2020 for the Company and its subsidiaries
have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and
pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC").
Principles
of Consolidation
The
Company's consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany
transactions, balances and unrealized gains and losses have been eliminated in consolidation. The Company includes the following wholly
owned subsidiaries as of December 31, 2021:
Kalera
Public Limited Company
●
Kalera
    Inc.
●
Iveron
    Materials, Inc.
●
Vindara,
    Inc.
●
Kalera
    GmbH (formerly known as &ever GmbH)
●
Kalera
    S.A.
●
Kalera
    Real Estate Holdings, LLC
●
Kalera
    Singapore PTE. LTD. (formerly known as &ever Singapore)
●
WAFRA
    Agriculture for Agriculture Contracting Company - SPC
●
Kalera
    Middle East Holding Ltd (formerly &ever Middle East Holdings Ltd)
F-
7
Segment
Reporting
The
Company's chief operating decision maker, or the CODM, is considered to be the Chief Operating Officer along with and supported
by the Company's Chief Executive Officer and Chief Financial Officer, together comprising the CODM. The CODM measures performance
based on overall return to shareholders based on consolidated return to shareholders. The Company had
one
operating segment for the years
ended December 31, 2021 and 2020 that is engaged in the sale and production of hydroponic lettuce and micro-greens.
Use
of Estimates
The
preparation of the financial statements in accordance with U.S. GAAP requires management to make estimates and judgments that affect
the reported amounts of assets, liabilities, and the disclosure of contingent assets and liabilities at the date of the consolidated
financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may or may not differ
from those estimates.
Revenue
Recognition
The
Company recognizes revenue in accordance with Accounting Standards Codification ("ASC") Topic 606,
Revenue from Contracts
with Customers
, the core principle of which is that an entity should recognize revenue to depict the transfer of promised goods or
services to customers in an amount that reflects the consideration to which the entity expects to be entitled to receive in exchange
for those goods or services. To achieve this core principle, the Company applies the following five-step model: (1) identify the contract
with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction
price to performance obligations in the contract; and (5) recognize revenue when or the company satisfies a performance obligation.
The
Company recognizes revenue through the sale of various varieties of lettuce and micro–greens, which are sold to food retail and
distribution customers, generally with standard shipping terms. The Company's revenue results from the delivery of products as
the single performance obligation transferred at an agreed upon price per unit. The Company recognizes revenue for the sale of products
at the point in time the performance obligation has been satisfied, which is when control of the product has transferred to the customer.
Control of the product generally occurs upon shipment or delivery to the customer based on terms of the sale.
Revenue
is measured as the amount of consideration the Company expects to receive in exchange for delivering products. The amount of revenue
recognized is reduced for estimated returns, discounts and other customer credits. No significant element of financing is deemed present
as the sales are made with a credit term of thirty (30) days, which is consistent with market practice. A trade receivable is recognized
when the goods are delivered as this is the point in time that the consideration is unconditional because only the passage of time is
required before the payment is due.
Leases
The
Company identifies leases by evaluating its contracts to determine if the contract conveys the right to use an identified asset for a
stated period of time in exchange for consideration. The Company considers whether it can control the underlying asset and has the right
to obtain substantially all of the economic benefits or outputs from the asset. Leases with terms greater than twelve (12) months are
classified as either operating or finance leases at the commencement date based on guidance in ASC 842,
Leases.
For these leases,
the Company capitalizes the present value of the minimum lease payments including property taxes and other common area maintenance costs
over the lease terms as a right–of–use asset with an offsetting lease liability. The discount rate used to calculate the
present value of the minimum lease payments is based on an incremental borrowing rate, which approximates the rate of interest the Company
would have to pay to borrow on a collateralized basis over a similar term. The lease term includes any non-cancelable period for which
the Company has the right to use the asset. Currently, all capitalized leases are classified as operating leases and the Company records
lease expense on a straight–line basis over the term of the lease.
F-
8
Cash
and Cash Equivalents
The
Company considers short–term investment securities with an original maturity of three months or less to be cash equivalents. Cash
and cash equivalents at December 31, 2021 and 2020 were $
16,146
thousand and $
113,353
thousand, respectively, of which $
1,824
thousand
and $
6,097
thousand, respectively, was held at U.S. banks of which approximately $
1,305
thousand and $
4,072
thousand, respectively, was
in excess of the Federal Deposit Insurance Corporation insured limit of $
250
thousand per bank. The remaining balance of $
14,322
thousand
and $
107,256
thousand, respectively was held in foreign bank accounts and was not fully insured.
Trade
Receivables
Trade
receivables are recognized initially at fair value less provision for expected credit losses. The Company records an allowance for doubtful
accounts to allow for any amounts that may not be recoverable, which is based on an analysis of the Company's prior collection
experience, customer creditworthiness, and current economic trends. Based on management's review of accounts receivable, an allowance
for credit losses of $
23
thousand was considered adequate at December 31, 2021. There was
no
allowance for doubtful accounts at December
31, 2020. Interest is typically not charged on past due invoices. Account balances are written-off after collection efforts have been
made and the potential recovery is considered remote.
Inventory
and Cost of Goods Sold
Inventory
is stated at the lower of cost or net realizable value and is accounted for using the first–in, first–out ("FIFO")
method. Inventory costs include the costs of producing products which include direct material costs such as seeds and nutrients, salaries
and wages of the employees directly involved in farming production, farming facility costs including utility costs, insurance, maintenance,
and other costs directly attributed to the vertical farming process and facilities. The inventory balance at December 31, 2021 and 2020
include direct materials not yet utilized in the farming process, cost of leafy greens currently growing, and fully grown leafy greens
ready for sale.
Inventory
costs including shipping and handling are reflected in the cost of goods sold at the time the product is sold and recognized in sales.
For any inventory that is produced but is unsold prior to spoil date or is unfit for sale, the Company writes–off that inventory
in accordance with the lower of cost or net realizable value principle.
During
2021 and 2020, the Company's facilities operated at higher capacity than was required to meet demand in order to test and condition
the systems in the Company's recently opened production facilities. As a result, cost of goods sold was in excess of net sales
and included costs of leafy greens produced but not sold totaling $
6,475
thousand and $
1,828
thousand for the years ended December 31,
2021 and 2020, respectively.
Property,
Plant and Equipment, net
Property,
plant and equipment, net is stated at cost less accumulated depreciation. Depreciation is computed beginning on the date the asset is
placed into service using the straight–line method over the lesser of the estimated useful lives. Leasehold improvements are amortized
on a straight-line basis over the lesser of the useful life of the lease or the relevant lease term.
F-
9
The
estimated useful lives are as follows:
●
Production
    facilities:
15
years
●
Furniture,
    fittings & equipment:
5
years
●
Industrial
    property:
20
years
●
Vehicles:
6
–
10
years
Farming
production facilities under construction are not depreciated until completed and ready for their intended use, at which point they are
transferred to their own asset category. The Company reclassifies assets under construction, which include primarily farming production
facilities, to property, plant, and equipment when the farming production facility is put into service and production begin. The Company
capitalizes interest during construction of assets until construction is complete and the asset is placed in service.
Business
Combinations
Business
combination accounting requires the acquirer to recognize, separately from goodwill, the identifiable assets acquired, liabilities assumed,
and any noncontrolling interest in the acquiree, and to measure these items generally at their acquisition date fair values. Goodwill
is recorded as the residual amount by which the purchase price exceeds the fair value of the net assets acquired. If the initial accounting
for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Company is required
to report provisional amounts in the financial statements for the items for which the accounting is incomplete.
Adjustments
to provisional amounts initially recorded that are identified during the measurement period are recognized in the reporting period in
which the adjustment amounts are determined. During the measurement period, the Company is also required to recognize additional assets
or liabilities if new information is obtained about facts and circumstances that existed as of the acquisition date that, if known, would
have resulted in the recognition of those assets and liabilities as of that date.
The
measurement period ends the sooner of one year from the acquisition date or when the Company receives the information about facts and
circumstances that existed as of the acquisition date or learn that more information is not obtainable.
When
determining the fair values of assets acquired and liabilities assumed, management makes significant estimates and assumptions, especially
with respect to intangible assets. Critical estimates in valuing intangible assets include, but are not limited to, expected future cash
flows, which include consideration of future growth rates and margins, future changes in technology and brand awareness, loyalty and
position, and discount rates. Fair value estimates are based on the assumptions management believes a market participant would use in
pricing the asset or liability.
Carrying
Value of Long–Lived Assets
The
Company follows the provisions of ASC 350
, Intangibles - Goodwill and Other
, which establishes accounting standards for the impairment
of long-lived assets such as intangible assets subject to amortization. Long–lived assets are reviewed annually for impairment
or as events or changes in business circumstances occur, indicating that the carrying value of the asset may not be recoverable. The
estimated cash flows produced by assets or asset groups, are compared to the asset carrying value to determine whether impairment exists.
Such estimates involve considerable management judgment and are based upon assumptions about expected future operating performance. As
a result, actual cash flows could differ from management's estimates due to changes in business conditions, operating performance,
and economic and competitive conditions.
F-
10
Maintenance
and Repairs of Property and Equipment
.
Expenditures
for maintenance and repairs are charged to expenses in the period incurred and recorded in cost of goods sold for property and equipment
involved in farming operations and selling, general, and administrative for any property and equipment not used in farming operations.
Goodwill
and Intangible Assets
Goodwill
– Goodwill represents the excess of costs over the fair value of identifiable assets acquired and liabilities assumed in business
combinations. Goodwill is not amortized but is assessed for impairment annually or more frequently if circumstances indicate potential
impairment. An impairment charge is recognized when and to the extent the carrying amount of goodwill is determined to exceed its fair
value.
The
Company has the option to first assess qualitatively whether it is more likely than not that a reporting unit's carrying amount
exceeds its fair value. Events and circumstances that are considered in performing the qualitative assessment include macroeconomic conditions,
industry and market conditions, cost factors, overall financial performance, events affecting the reporting unit or Company as a whole.
When
performing the qualitative assessment, the Company examines those factors most likely to affect each reporting unit's fair value.
If the Company concludes that it is more likely than not that the reporting unit's fair value is less than its carrying amount
(that is, a likelihood of more than 50 percent) as a result of the qualitative assessment, or, if the qualitative assessment is not elected,
then a quantitative assessment is performed in its place, to determine any impairment. There was no impairment of goodwill for the years
ending December 31, 2021 or 2020.
Intangible
Assets
– Other intangible assets are comprised of technology related to vertical farming acquired from Kalera GmbH and Kalera
Middle East Holding Ltd and intellectual property related to indoor seed acquired from Vindara Inc during business acquisitions (see
Note 6 for additional information on business acquisitions), and licenses and related costs incurred for exclusive access and development
of patents owned by Iveron Materials, Inc. Intangible assets are recorded at historical cost and amortized on a straight-line basis beginning
on the date the intangible asset is placed into service over the estimated useful lives. Impairment reviews are undertaken annually,
or more frequently if events or circumstances indicate potential impairment.
Intangible
assets are amortized using following useful lives:
●
Intellectual
    property:
10
years
●
Technology:
15
years
●
Patents,
    licenses and software development:
10
years
Other
Non–Current Assets
Other
non–current assets primarily consist of security deposits required for long–term operating lease agreements.
F-
11
Asset
Retirement Obligations
The
fair value of a liability for an asset retirement obligation is recorded in the period in which it is incurred if a reasonable estimate
of fair value can be made. The Company's asset retirement obligations are generally a result of operating lease agreements for
locations which the Company has built–out farming production facilities. The lease agreements often include provisions requiring
the Company to return the leased space to its original state prior to the build out of the Company's farming production facility.
These provisions result in costs to remove farming production equipment and repair the leased space prior to vacating the space. In periods
subsequent to initial measurement, the Company recognizes period–to–period changes in the asset retirement obligation liability
resulting from the passage of time and revisions to either the timing or the amount of the original estimate. The increase in the carrying
value of the associated long–lived asset is depreciated over its corresponding estimated economic life.
Share
Based Compensation
The
Company recognizes share based compensation expense associated with stock option awards based on an estimate of the grant date fair value
of each stock option award. The Company estimates the grant date fair value of stock options granted based on the Black–Scholes
model.
In
valuing stock options, significant judgment is required in determining the expected life that individuals will hold their stock options
prior to exercising. The expected term of stock options is derived using the simplified method to provide a reasonable basis of option
grants and an estimate of future exercises during the remaining contractual period of the option. Expected volatility for stock options
is based on the historical and implied volatility of the Company's common stock. While volatility and estimated life are assumptions
that do not bear the risk of change subsequent to the grant date of stock options, these assumptions may be difficult to measure as they
represent future expectations based on historical experience. Further, the expected volatility and expected life may change in the future,
which could substantially change the grant-date fair value of future awards of stock options and, ultimately, the expense recorded. See
Note 8 for additional information on the Company's share based compensation plans. The Company accounts for forfeitures as incurred.
The
Company expenses share-based compensation for stock options using the straight-line method over the requisite service period for the
entire award.
Foreign
currency
Foreign
currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions.
Assets and liabilities of consolidated subsidiaries whose functional currency is other than the U.S. dollar are translated into U.S.
dollars using currency exchange rates at the balance sheet date. Revenues and expenses are translated using the average currency exchange
rates during the period. Monetary balance sheet items in foreign currency are translated into the functional currency using the exchange
rate at the balance sheet date. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented
in the statement of operations as foreign exchange (losses) gains. Where the foreign local currency is used as the functional currency,
translation adjustments are recorded as a separate component of accumulated other comprehensive loss.
Selling,
General, and Administrative Expenses
Selling,
general, and administrative expenses primarily consist of costs for corporate functions, including payroll, employee benefits for corporate
employees, corporate office expenses, professional fees, marketing and selling costs, and other expenses not attributed to production
of products.
F-
12
Income
taxes
The
Company follows the asset and liability method of accounting for income taxes under ASC 740, Income Taxes. Deferred tax assets and liabilities
are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts
of existing assets and liabilities and their respective tax bases. Deferred income taxes are recorded and recognized for future tax effects
of temporary differences between financial and income tax reporting. The Company records valuation allowances in situations where the
realization of deferred tax assets is not more–likely–than–not.
The
Company periodically reviews assumptions and estimates of the Company's probable tax obligations and effects on its liability for
any uncertain tax positions, using informed judgment which may include the use of third–party consultants, advisors and legal counsel,
as well as historical experience. If a tax position does not meet the minimum statutory threshold to avoid payment of penalties and interest,
the Company recognizes an expense for the amount of the interest and penalty in the period in which the Company claims or expects to
claim the position on its tax return.
For
financial statement purposes, the Company is allowed to elect whether to classify such charges as either income tax expense or another
expense classification. Should such expense be incurred in the future, the Company will classify such interest as a component of interest
expense and penalties as a component of income tax expense.
There
were no unrecognized tax benefits and no amounts accrued for interest and penalties as of December 31, 2021 and 2020, respectively. The
Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from
its position. The Company is subject to income tax examinations by major taxing authorities since inception.
On
March 27, 2020, President Trump signed the Coronavirus Aid, Relief, and Economic Security "CARES" Act into law. The CARES
Act includes several significant business tax provisions that, among other things, would eliminate the taxable income limit for certain
net operating losses ("NOL") and allow businesses to carry back NOLs arising in 2018, 2019 and 2020 to the five prior years,
suspend the excess business loss rules, accelerate refunds of previously generated corporate alternative minimum tax credits, generally
loosen the business interest limitation under IRC section 163(j) from 30 percent to 50 percent among other technical corrections included
in the Tax Cuts and Jobs Act tax provisions.
The
Company recorded an income tax benefit during the year ended December 31, 2021 due to the recognition of deferred tax benefits for intangible
asset amortization associated with its acquired businesses. The Company recorded no income tax benefit or expense for the year ended
December 31, 2020. The Company recorded a valuation allowance as of December 31, 2021 and 2020 on substantially all of its domestic and
foreign deferred tax assets, as management does not consider it more than likely than not that the benefits from these deferred tax assets
will be realized in the near term.
(Loss)
Earnings Per Share
Basic
earnings or loss per common share amounts are calculated using the weighted average number of common shares outstanding for the period.
Diluted earnings per common share amounts are calculated using the weighted average number of common shares outstanding plus the additional
dilution for all potentially dilutive securities. During loss periods, diluted loss per share amounts are based on the weighted average
number of common shares outstanding, because the inclusion of common stock equivalents would be antidilutive.
F-
13
Fair
Value of Financial Instruments
Fair
value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between
market participants at the measurement date. To increase the comparability of fair value measures, the following hierarchy prioritizes
the inputs to valuation methodologies used to measure fair value:
Level
1 - Valuations based on quoted prices for identical assets and liabilities in active markets.
Level
2 - Valuations based on observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and
liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other
inputs that are observable or can be corroborated by observable market data.
Level
3 - Valuations based on unobservable inputs reflecting our own assumptions, consistent with reasonably available assumptions made by
other market participants. These valuations require significant judgment.
Amounts
classified as cash and cash equivalents, trade receivables, accounts payable and accrued expenses are considered level 1 and are measured
based on quoted prices in active markets for identical assets.
Commitments
and Contingencies
The
Company, from time to time, is involved in various legal proceedings incidental to the conduct of its business, including claims by customers,
employees or former employees. Once it becomes probable that the Company will incur costs in connection with a legal proceeding and such
costs can be reasonably estimated, it establishes appropriate reserves. While legal proceedings are subject to uncertainties and the
outcome of any such matter is not predictable, the Company is not aware of any legal proceedings pending or threatened against it that
it expects to have a material adverse effect on its financial condition, results of operations or liquidity.
Concentration
of Credit Risk
The
Company's financial instruments that are exposed to concentration of credit risk consist primarily of cash and cash equivalents
and accounts receivable. The Company maintains its cash and cash equivalents at financial institutions. The Company has not experienced
any realized losses in such accounts and believes it is not exposed to any significant credit risk.
The
Company's top five customers that individually represented over ten percent of its total sales accounted for
68
% and
43
% of sales
for year ended December 31, 2021 and 2020, respectively. The loss of any of these top five customers could have a significant impact
on the Company's sales and results of operations.
Advertising
Costs
The
Company expenses advertising costs as incurred, which are included as a component of Selling, general, and administrative expenses on
the accompanying consolidated statements of operations and comprehensive loss. Advertising expense was approximately $
510
thousand and
$
181
thousand for the years ended December 31, 2021 and 2020, respectively.
F-
14
Liquidity
and Going Concern Considerations
Since
inception, the Company has financed its operations primarily through the sale of shares of common stock and debt financing. The Company
incurred losses during the years ended December 31, 2021 and 2020 of $
40,057
thousand and $
8,657
thousand, respectively, and has an accumulated
deficit of $
62,606
thousand at December 31, 2021. The Company expects to continue to generate operating losses and consume significant
cash resources for the foreseeable future. These operating losses and accumulated deficits raise substantial doubt about the Company's
ability to continue as a going concern for a period of twelve months from the date these consolidated financial statements are issued,
meaning that the Company may be unable to continue operations for the foreseeable future or realize assets and discharge liabilities
in the ordinary course of operations.
The
Company's continuation as a going concern is dependent upon its ability to obtain additional operating capital, complete development
of new seeds and produce, and attain profitability. The Company has implemented and continues to implement plans to fund its operations
and finance its future development activities and its working capital needs.
In
the first quarter of 2022, the Company executed a sale-leaseback transaction that raised approximately $
8,100
thousand.). In addition,
during the first quarter of 2022 the Company entered into a convertible bridge financing facility for up to $
20,000
thousand with $
10,000
thousand currently committed (see Note 18).
The
Company also anticipates completing a merger with a special purpose acquisition company (see Note 18) by the second quarter of 2022,
which would provide additional liquidity to support the Company's ongoing operations. The Company is also in negotiations for a
second sale-leaseback transaction along with raising additional debt financing with a third party lender.
If
the Company continues to seek additional financing to fund its business activities in the future and there remains doubt about its ability
to continue as a going concern, investors or other financing sources may be unwilling to provide additional funding on commercially reasonable
terms, or at all. If the Company is unable to raise the necessary funds when needed or other strategic objectives are not achieved, it
may not be able to continue its operations, or it could be required to modify its operations, which could slow future growth.
The
accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern, which contemplates
the realization of assets and payments of liabilities in the ordinary course of business. Accordingly, the consolidated financial statements
do not include any adjustments relating to the recoverability and classification of asset carrying amounts or the amount of and classification
of liabilities that may result should the Company be unable to continue as a going concern.
Recently
Issued Accounting Pronouncements
Recent
accounting pronouncements, other than below, issued by the Financial Accounting Standards Board ("FASB") .the AICPA and the
SEC did not or are not believed by management to have a material effect on the Company's present or future Consolidated Financial
Statements.
In
December 2019, the FASB issued Accounting Standards Update ("ASU") 2019-12, Income Taxes (Topic 740): Simplifying the Accounting
for Income Taxes ("ASU 2019-12"). ASU 2019-12 is part of the FASB's overall simplification initiative to reduce costs
and complexity of applying accounting standards while maintaining or improving the usefulness of the information provided to users of
financial statements. ASU 2019-12 removes certain exceptions to the general principles of ASC 740, Income Taxes, ("ASU 740")
in order to reduce the cost and complexity of its application in the areas of intra-period tax allocation, deferred tax liabilities related
to outside basis differences, year-to-date losses in interim periods and other areas within ASC 740. The Company adopted ASU 2019-12
on January 1, 2021 and the adoption of ASU 2019-12 did not have a material impact on the Company's consolidated financial statements.
F-
15
NOTE
3:
INVENTORY
The
Company's inventory consists of finished goods from farming production, raw materials used in the farming production, and work–in
process farming production. Raw materials are comprised of seeds, nutrients, and packaging for finished goods. Work–in–process
and finished goods include in–process and ready–to–eat lettuce varieties and micro–greens, including the packaging
for the finished product.
December 31, 2021
December 31, 2020
In thousands
Raw materials and supplies
$
456
$
38
Work in process
76
11
Finished goods
658
55
Total inventories
$
1,190
$
104
NOTE
4:
PROPERTY, PLANT AND EQUIPMENT
Property,
plant and equipment, net, consists of the following:
In thousands
December 31, 2021
December 31, 2020
Production facilities
$
53,590
$
9,046
Furniture, fittings & equipment
5,223
957
Industrial property
3,659
—
Vehicles
244
55
Assets under construction
68,207
19,340
Less: accumulated depreciation
(
2,761
)
(
891
)
Total property, plant and equipment, net
$
128,162
$
28,506
Depreciation
expense for the years ended December 31, 2021 and 2020 amounted to $
2,238
thousand and $
523
thousand, respectively.
The
Company recorded an impairment on certain assets at a facility under construction during 2021 that were damaged. The total loss incurred
was $
1,051
thousand prior to any insurance reimbursements. During 2021, the Company received approximately $
650
thousand in proceeds
from its insurance carrier. The Company expects to recover the remaining amount of the loss from its insurance carrier during the year
ended December 31, 2021
NOTE
5:
LEASES
The
Company has operating leases for its corporate offices, farming production facilities space, delivery vehicles, and production equipment.
The majority of the operating leases obligations are a result of the lease agreements for the Company's large vertical farming
facilities as of December 31, 2021 and 2020, respectively. Operating lease right–of–use ("ROU") assets represent
our right to use an underlying asset for the lease term, and lease liabilities represent our obligations to make lease payment arising
from the lease. ROU assets and liabilities are based on the estimated present value of the lease payments over the lease term and are
recognized at the lease commencement date. The Company uses the practical expedient to not separate lease and non–lease components.
The Company's total lease cost which was solely from operating leases was approximately $
5,458
thousand and $
796
thousand for the
years ended December 31, 2021 and 2020, respectively.
F-
16
Most
space leased for vertical farming production have initial lease terms of up to
ten years
with
two
optional renewal periods each of
five
years
. The lease agreements do not contain residual value guarantees. The Company anticipates renewing these leases for both renewal
option periods. The Company's leases do not provide an implicit borrowing rate, thus the Company uses an estimated incremental
borrowing rate in determining the present value of lease liabilities. The estimated incremental borrowing rate is derived from information
available at the lease commencement date. For the years ended December 31, 2021 and 2020, the weighted average incremental borrowing
rate for the leases is
7.67
% and
9.14
%, respectively and the weighted average lease term is
18.69
years and
17.7
years, respectively.
Future minimum lease payments as of December 31, 2021 are as follows:
December 31,
In thousands
2022
$
4,972
2023
5,103
2024
5,196
2025
5,284
2026
5,363
Thereafter
86,213
Total undiscounted operating lease payments
112,131
Less: Imputed interest
(
52,796
)
Present value of total operating leases
$
59,335
The
following table represents the Company's ROU assets commitments as of and for the year–ended December 31, 2021 and 2020 including
renewal options that management believes are reasonably certain to be exercised:
In thousands
December 31, 2021
December 31, 2020
Operating lease right-of-use assets at the beginning of the year
$
7,462
$
3,333
Additions
49,357
4,536
Amortization
(
1,543
)
(
407
)
Operating lease right-of-use assets at the end of the year
$
55,276
$
7,462
Supplemental
cash flow and other information related to operating leases are as follows:
In thousands
December 31, 2021
December 31, 2020
Cash paid for operating leases
$
2,371
$
507
Right of use assets obtained in exchange for new operating leases
49,357
4,536
NOTE
6:
GOODWILL AND BUSINESS ACQUISITIONS
Vindara
Acquisition
The
Company purchased
100
% of the outstanding equity of Vindara Inc. ("Vindara") on March 10, 2021 for a purchase price of $
22,629
thousand, net of cash acquired. Vindara is a leader in seed development for indoor farming facilities. This vertical integration acquisition
is expected to generate both significant operational synergies and product expansion capabilities for the Company. The results of Vindara's
operations as of and after the date of the acquisition are included with the Company's results in the accompanying consolidated
financial statements. The acquisition method of accounting was used by the Company for the business combination utilizing a discounted
cash flow method utilizing estimates and assumptions made by the Company at the time of the acquisition.
F-
17
The
Company incurred acquisition related costs of $
300
thousand in connection with this acquisition recorded within selling, general and
administrative expenses in the consolidated statements of operations. This goodwill is assigned to the whole Company and is not deductible
for tax purposes. The expected economic life of the acquired identifiable assets is
ten years
.
Since
being acquired, total expenses of $
950
thousand from Vindara have been included in the consolidated statements of operations and comprehensive
loss for the year ended December 31, 2021. Vindara did not generate any revenues for the year ended December 31, 2021.
The
purchase price of $
22,592
thousand, net of cash of $
37
thousand was paid in cash for $
14,213
thousand and $
8,379
thousand in shares were
issued as consideration. The fair value of the shares of common stock issued reflects a discount for lack of marketability ("DLOM")
given the restriction on sale of the shares by the sellers for a minimum period of time following the close of the acquisition.
Based
on the Company's analysis of Vindara's assets and liabilities, the allocation of the purchase price to the identifiable assets
and liabilities is set out below:
ASSETS ACQUIRED
Prepaid expenses, deposits and fixed assets
$
59
Licenses
1,700
Intellectual property
9,250
11,009
LIABILITIES ASSUMED
Accounts payable and other liabilities
50
Accrued salary and benefits
22
Deferred tax liability
2,775
2,847
FAIR VALUE OF NET ASSETS ACQUIRED
8,162
PURCHASE PRICE
22,592
EXCESS ATTRIBUTABLE TO GOODWILL
$
14,430
Supplemental
Unaudited Pro-forma Informatio
n
Assuming
a transaction closing on January 1, 2020, pro-forma unaudited consolidated revenues for the twelve-month period ended December 31, 2021
and 2020 including Vindara, would have been $
2,885
thousand and
887
thousand, respectively. Pro-forma unaudited consolidated net loss
for the Company for the twelve-month period ended December 31, 2021 and 2020 including Vindara, would have been approximately $
40,122
thousand and $
9,717
thousand, respectively.
&ever
GmbH Acquisition
The
Company acquired
100
% of the outstanding equity of &ever GmbH ("&ever") on October 1, 2021 ("&ever Acquisition").
&ever focuses on the highly automated production of baby leaf products including spinach, arugula and cilantro using proprietary
technology and operations, enabling output of various scale from in-store grow-towers to mega-farms. This transaction represents the
first instance of consolidation between vertical farmers and combines a leader in plant science and unit economics for full head leafy
greens with a leader in baby leaf production and technology to create a global vertical farming leader.
F-
18
After
October 1, 2021, &ever's results are included with the Company's results in the accompanying consolidated financial statements.
The acquisition method of accounting was used by the Company for the business combination utilizing a discounted cash flow method utilizing
estimates and assumptions made by the Company at the time of the acquisition.
The
Company incurred transaction costs of $
421
thousand in connection with this acquisition. Goodwill from this acquisition represents the
portion of purchase prices in excess of the fair value of tangible assets, know-how, licenses, and technology to develop vertical farming
that are attributable to the expected synergies to be achieved including increased revenues, combined talent, technology, production/yield
improvements and cost reductions. This goodwill is assigned to the whole Company and is not deductible for tax purposes.
Since
being acquired, total revenue of $
128
thousand and net losses of $
2,479
thousand have been included in the consolidated statements of
operations and comprehensive loss for the year ended December 31, 2021.
The
purchase price of $
118,663
thousand consisted of a cash payment of $
33,610
thousand and the issuance of
2,520,975
shares of common stock
with a fair value of $
85,023
thousand. The fair value of the shares of common stock issued reflects a DLOM given the restriction on sale
of the shares by the sellers for a minimum period of time following the close of the acquisition. As part of the acquisition of &ever,
the Company also acquired a
50
% ownership interest in &ever Middle East Holding Ltd as well as a
25
% interest in Smart Soll Technologies
GmbH ("Smart Soil"). The Company determined the fair value of its equity method investments by utilizing a discounted cash
flow method utilizing estimates and assumptions made by the Company as of the acquisition date.
Based
on the Company's analysis of &ever's assets and liabilities, the allocation of the purchase price to the identifiable
assets and liabilities is set out below.
ASSETS ACQUIRED
In thousands
Right-of-use assets, net
$
5,552
Other assets
1,448
Equity investment-Smart Soil
1,394
Equity investments-&ever Middle East Holding Ltd.
8,364
Fixed assets
8,711
Intangible asset - technology
61,100
86,569
LIABILITIES ASSUMED
Accounts payable and accruals
3,140
Lease liabilities
5,941
Deferred tax liability
6,837
15,918
FAIR VALUE OF NET ASSETS ACQUIRED
70,651
PURCHASE PRICE
118,633
EXCESS ATTRIBUTABLE TO GOODWILL
$
47,982
F-
19
Supplemental
Unaudited Pro-forma Information
Assuming
a transaction closing on January 1, 2020, pro-forma unaudited consolidated revenues for the twelve-month period ended December 31, 2021
and 2020 including &ever, would have been $
2,885
thousand and
887
thousand, respectively, Pro-forma unaudited consolidated net loss
for the Company for the twelve-month period ended December 31, 2021 and 2020 including &ever, would have been approximately $
55,267
thousand, and $
15,882
thousand, respectively.
&ever
Middle East Holding Ltd Acquisition
On
October 13, 2021, the Company, through its wholly owned subsidiary &ever GmbH, acquired the remaining
50
% equity interest in a step
acquisition in &ever Middle East Holding Ltd. ("Middle East Acquisition") of which an initial
50
% ownership was previously
acquired on October 1, 2021 as part of the &ever Acquisition. &ever Middle East Holding Ltd. operations are comprised primarily
of a vertical farm in Kuwait. This entity became a wholly owned subsidiary of the Company as of October 13, 2021. No gain or loss was
recognized on the remeasurement of the previously held interest in &ever Middle East Holding Ltd. due to the short time period from
when the remaining controlling interest was acquired. The acquisition method of accounting using the discounted cash flow valuation model
was used by the Company for the Middle East acquisition using estimates and assumptions made by the Company as of the acquisition date.
After
October 13, 2021, &ever Middle East Holding Ltd.'s was fully consolidated into the Company's financial statements as
a wholly owned subsidiary and &ever Middle East Holding Ltd.'s results are included within the Company consolidated financial
statements. Goodwill from this acquisition represents the portion of purchase prices in excess of the fair value of tangible assets,
know-how, and intellectual property to develop vertical farming that are attributable to the expected synergies to be achieved including
increased revenues, combined talent, technology, production/yield improvements and cost reductions. This goodwill is assigned to the
whole Company and is not deductible for tax purposes.
Since
being acquired, revenue of $
125
thousand and net losses of $
465
thousand have been included in the consolidated statements of operations and comprehensive loss for the year ended December
31, 2021.
The
purchase price of $
8,258
thousand was paid in cash $
1,899
thousand and $
6,359
thousand in shares were issued as consideration. The fair
value of the shares of common stock issued reflects a DLOM given the restriction on sale of the shares by the sellers for a minimum period
of time following the close of the acquisition.
Supplemental
Unaudited Pro-forma Information
Pro-forma
information had the transaction been consumed as of January 1, 2021 and 2020 is not material for disclosure for the year ended December
31, 2021 and 2020.
F-
20
Based
on the Company's analysis of &ever Middle East Holding Ltd.'s assets and liabilities, the allocation of the purchase
price to the identifiable assets and liabilities is set out below:
ASSETS ACQUIRED
Accounts receivable, prepaids, and inventory
$
359
Fixed assets
9,810
Intangible asset - technology
1,050
11,219
LIABILITIES ASSUMED
Accounts payable and accrued liabilities
284
Deferred tax liability
166
450
LESS: PREVIOUS NON-CONTROLLING INTEREST IN CONSOLIDATED SUBSIDIARY
(
8,364
)
FAIR VALUE OF NET ASSETS ACQUIRED
2,405
PURCHASE PRICE
8,258
EXCESS ATTRIBUTABLE TO GOODWILL
$
5,853
NOTE
7:
INTANGIBLE ASSETS
December 31, 2021
December 31, 2020
In thousands
Technology
$
62,150
$
—
Less: accumulated amortization
(
1,018
)
Net book value - Technology
61,132
Intellectual property
$
9,250
$
—
Less: accumulated amortization
(
694
)
Net book value - Intellectual Property
8,556
Patents, licenses and software development
$
2,822
$
530
Less: accumulated amortization
(
139
)
Net book value - Patents, licenses and software development
2,683
530
Total intangible assets, net
$
72,371
$
530
F-
21
Amortization
expense for the years ended December 31, 2021 amounted to $
1,851
thousand. There was
no
amortization expense on intangible assets at
December 31, 2020. Estimated amortization expense for each of the five succeeding years is as follows:
December 31,
Technology
Intellectual Property
Patents, licenses and software development
Total
In thousands
2022
$
4,143
$
925
$
564
$
5,632
2023
4,143
925
564
5,632
2024
4,143
925
564
5,632
2025
4,143
925
564
5,632
2026
4,143
925
564
5,632
Thereafter
40,433
3,778
—
44,211
$
72,371
NOTE
8:
SHARE-BASED COMPENSATION
On
October 21, 2013, the Company's stockholders approved the 2013 Equity Incentive Plan (the "2013 Plan"), and subsequently
amended the 2013 Plan. The amended 2013 Plan was approved on June 18, 2018 (the "2018 Plan"). The 2018 Plan is administered
by the Board of Directors (the "Board"). The Board determines which eligible persons receive awards and the terms and conditions
applicable to awards within the confines of the 2018 Plan's terms. The 2018 Plan may be amended or terminated by the Board at any
time, subject to certain limitations requiring stockholder consent or the consent of the applicable participant. The 2018 Plan provides
for the grant of stock options (including incentive stock options and non–qualified stock options) to eligible participants. Eligible
participants are defined as employees, directors, and eligible consultants of the Company. The 2018 Plan contains provisions with respect
to payment of exercise or purchase prices, vesting and expiration of awards, adjustments and treatment of awards upon certain corporate
transactions, including recapitalizations and mergers, transferability of awards and tax withholding requirements.
The
exercise price per share for which an option may be exercised shall be established by the Board and stated in the award agreement evidencing
the grant of the option; provided, that (i) the exercise price shall be no less than
100
% of the fair market value per share as determined
on the date the option is granted (or
110
% of the fair market value with respect to incentive options granted to an employee who owns
stock possessing more than
10
% of the total voting power of all classes of stock of the Company or a parent or subsidiary; and (ii) in
no event shall the exercise price per share of any option be less than the par value per share. The Board may, in its discretion, grant
options with an option price greater than the fair market value per share. Notwithstanding the foregoing, the Board also may, in its
discretion authorize the grant of substitute or assumed options of an acquired entity with an exercise price not equal to at least
100
%
of the fair market value of the shares on the date of grant if the terms of such substitution or assumption otherwise comply, to the
extent deemed applicable, with Internal Revenue Service Code Section 409A and Code Section 424(a) or other applicable law.
The
2018 Plan may be amended, altered, suspended and/or terminated at any time by the Board; provided, that approval of an amendment to the
2018 Plan by the shareholders of the Company shall be required to the extent, if any, that shareholder approval of such amendment is
required by applicable law. The Board may amend, alter, suspend and/or terminate any award granted under the 2018 Plan, prospectively
or retroactively, but such amendment, alteration, suspension or termination of an award shall not, without the consent of the recipient
of an outstanding award, materially adversely affect the rights of the recipient with respect to the award.
F-
22
As
of December 31, 2021 and 2020, the Board authorized the issuance of
1,222
thousand and
993
thousand stock options under the 2018 Plan,
which generally vest in equal installments over a
four year
requisite service period from the date of the grant. The Company accounts
for forfeitures as they occur. The following table represents stock option activity for the years ended December 31, 2021 and 2020, respectively:
Employee share based option program
Weighted average share price
Number
of shares
(In thousands)
Options outstanding, January 1, 2020
$
8.29
453
Granted
$
8.29
536
Exercised
—
—
Forfeited, expired and cancelled
—
—
Options outstanding, December 31, 2020
$
8.29
989
Granted
36.91
377
Exercised
—
—
Forfeited, expired and cancelled
(
11.16
)
(
180
)
Options outstanding, December 31, 2021
$
21.88
1,186
Options exercisable, December 31, 2021
462
Employee share based option program
Weighted average Grant Date Fair Value
Number
of shares
(In thousands)
Non-vested, January 1, 2020
$
10.28
453
Granted
$
10.28
536
Exercised
—
—
Forfeited, expired and cancelled
—
—
Non-vested, December 31, 2020
$
10.28
989
Granted
16.80
377
Forfeited, expired and cancelled
3.87
(
180
)
Vested
6.85
(
462
)
Options outstanding, December 31, 2021
$
13.81
724
During
the year ended December 31, 2021, the Company granted stock options, covering a total of
377
thousand shares of common stock to employees,
with exercise prices ranging between $
18.12
and $
55.25
per share. These stock option awards vest annually over
four years
, with an
eight
-year
term and grant date fair values ranging between $
8.84
and $
37.02
per share.
During
the year ended December 31, 2020, the Company granted stock options, covering a total of
536
thousand shares of common stock to executives
and key personnel, with exercise prices ranging between $
11.05
and $
30.39
per share. These stock option awards vest annually over
four
years
, with an
eight
-year term and grant date fair values ranging between $
2.21
and $
23.09
per share.
Share-based
compensation is measured based on the grant date fair value of the 2018 Plan awards and subsequently recognized as expense ratably over
their vesting periods. Share-based compensation for awards with service or performance-based vesting requirements is adjusted to reflect
actual vested awards, with forfeitures recorded as a reduction of expense at the time they occur.
F-
23
The
computation of the expenses associated with share-based compensation requires for the use of certain valuation models. The Company currently
uses a Black-Scholes option pricing model to calculate the fair value of its stock options. The Black-Scholes model requires the use
of assumptions regarding the volatility of the Company's common stock, the expected life of the stock award, and the dividend ratio.
The volatility assumptions are based on the Company's life-to-date historical volatility since inception. The risk-free rates are
based on similar term U.S. Treasury rates in effect at the time of the stock grant. The expected stock option life represents the period
of time that the stock options granted are expected to be outstanding and is based on historical experience. Share-based compensation
is recognized only for those stock-based awards expected to vest.
The
assumptions used in the Black-Scholes option pricing model, along with the certain other information regarding share-based compensation
awards is as follows:
December 31, 2021
December 31, 2020
Expected volatility (%)
66.00
%
45.40
%
Expected dividend growth rate (%)
0.00
%
0.00
%
Risk-free interest rate (%)
0.87
%
0.90
%
Expected term (years)
3.51
3.51
Weighted average contractual life (years)
3.76
3.50
Weighted average fair value of options granted
$
16.80
$
16.02
Weighted average exercise price - minimum
$
18.12
$
11.05
Weighted average exercise price - maximum
$
55.25
$
30.39
Aggregate intrinsic value of stock options outstanding
$
3,047
$
27,682
Compensation cost to be recognized for unvested options
$
8,505
$
5,564
Shareholder compensation expense
$
2,565
$
996
NOTE
9:
ASSET RETIREMENT OBLIGATIONS
The
Company has asset retirement obligations as a result of its farming production facilities which are often located in leased spaces. The
Company builds vertical farming production facilities within leased space including growing racks, electrical systems, water systems,
storage areas, and production lines. The lease agreements often require the Company to return the leased space to its original state
upon vacating the space at the end of the lease term.
The
Company estimates asset retirement obligations which includes the total cost of disposing of the farming production facility and equipment
from the leased space at the end of the lease term. The Company records the asset retirement obligations at fair value in accordance
with ASC 410–20,
Asset Retirement Obligations
. The asset retirement obligation is valued using the Company's incremental
borrowing rate and is accreted over the expected lease term. The Company capitalizes the future cost of the retirement activities as
part of the carrying amount of the farming production facilities at the in–service date. The asset is then depreciated on a straight–line
basis over the expected lease term of the space.
The
following table provides all changes to the company's asset retirement obligations.
In thousands
December 31, 2021
December 31, 2020
Asset retirement obligations at the beginning of the year
$
588
$
204
Liabilities incurred
889
334
Accretion expenses
50
50
Total asset retirement obligations at year end
$
1,527
$
588
Accretion
expense for the years ended December 31, 2021 and 2020 amounted to $
50
thousand and $
50
thousand, respectively
F-
24
NOTE
10:
INCOME TAXES
Loss
before income tax (benefit), expense consists of the following:
In thousands
December 31, 2021
December 31, 2020
Domestic
$
(
36,781
)
$
(
8,657
)
Foreign
(
4,533
)
—
Loss before income taxes
$
(
41,314
)
$
(
8,657
)
The
components of the income tax benefit are as follows:
In thousands
December 31, 2021
December 31, 2020
Deferred:
Domestic - Federal
569
—
Foreign
762
—
Deferred income tax benefit
$
1,331
$
—
The
Company operates in the U.S. and foreign jurisdictions, with the majority of operations primarily occurring within the U.S., Norway,
and Germany. At December 31, 2021 and 2020 the Company had a net deferred tax liability of $
8,447
thousand and net deferred tax asset
of $
0
, respectively. The net deferred tax liability at December 31, 2021 was attributed to the intangible assets recorded in the Company's
foreign subsidiary at &ever GmbH within the German taxing jurisdiction. Accumulated tax NOL's carry forwards as of December
31, 2021 and 2020 totaled approximately $
102,970
thousand and $
50,000
thousand, respectively. The net operating federal and state loss
carryforwards generated in the U.S. jurisdiction will begin expiring in 2029 for those generated in 2018 or earlier, and will be carried
forward indefinitely for those generated thereafter. The net operating losses generated in Norway and Germany may be carried forward
indefinitely. Deferred tax assets and liabilities are recognized in the consolidated balance sheet based on expected utilization of tax
losses carried forward and temporary book to tax differences.
The
realization of deferred tax assets is contingent upon the generation of future taxable income and other restrictions that may exist under
the tax laws of the jurisdiction in which a deferred tax asset exists. The Company assesses the available positive and negative evidence
to estimate whether sufficient future taxable income will be generated to permit the use of existing deferred tax assets. Management's
evaluation begins with a jurisdictional review of cumulative gains or losses incurred over recent years. A significant piece of objective
negative evidence exists when a jurisdiction has incurred cumulative losses over recent years. Such objective evidence limits the ability
to consider other subjective evidence, such as the Company's projections for future growth. Based on the positive and negative
evidence for recoverability, the Company establishes a valuation allowance against the net deferred tax assets of a taxing jurisdiction
in which they operate unless it is "more likely than not" that the Company will recover such assets through the above means.
The
Company has valuation allowances of $
20,508
thousand and $
10,761
thousand for the years December 31, 2021 and 2020, respectively. The
increase in the valuation allowance for the year ended December 31, 2021 primarily relates to the generation of additional net operating
loss carryforwards that are not expected to be utilized in the near term.
F-
25
As
of December 31, 2021 and 2020, the Company's deferred tax assets and liabilities are as follows:
In thousands
December 31, 2021
December 31, 2020
Deferred Tax Assets
Accrued expenses
$
430
$
63
Right-of-use asset
14,484
2,357
Federal NOL
21,050
10,338
State NOL
2,222
697
Research and development credits
266
354
Valuation allowances
(
20,508
)
(
10,761
)
Total deferred tax assets
$
17,944
$
3,048
Deferred Tax Liabilities
Property, plant and equipment
$
522
$
648
Intangibles
12,241
—
Prepaid expenses
133
6
Lease liability
13,495
2,394
Total deferred tax liability
$
26,391
$
3,048
Net deferred tax assets
$
(
8,447
)
$
—
The
effective income tax rate differs from the statutory rate as follows:
2021
2020
Statutory rate
22.00
%
22.00
%
Foreign rate difference
-
1.60
%
-
1.00
%
Permanent differences
-
1.30
%
0.70
%
Research and development credits
0.00
%
-
0.90
%
State income tax, net
3.50
%
-
1.90
%
Valuation allowance
-
23.90
%
-
18.90
%
Other
4.20
%
0.00
%
Effective tax rate
2.90
%
0.00
%
As
of December 31, 2021 and 2020 the Company has no uncertain tax positions. The Company generally remains subject to examination by U.S.
federal and state tax authorities for the years 2018 through 2021. The Company is no longer subject to examinations by tax authorities
for the years 2017 and prior.
NOTE
11:
CONVERTIBLE LOAN
For
the year ended December 31, 2019, the Company obtained a loan in the amount of $
3,000
thousand which included a mandatory conversion
feature upon a qualifying equity raise by the Company. The conversion feature specified a conversion rate for the balance of the loan
into common shares of the Company's stock less a specified discount. In the year ended December 31, 2020, the Company had a qualifying
equity raise, which triggered a conversion of the loan into
567
thousand shares of the Company's common stock. There was
no
convertible
loan at
December 31, 2021
or
2020
.
F-
26
NOTE
12:
GAIN ON FORGIVENESS OF DEBT
During
the year ended
December 31, 2020
, the Company received a forgivable loan of $
328
thousand
under the Payment Protection Program stimulus package from the United States government following the COVID–19 outbreak. The loan
had a term of
two years
with an interest rate of
1
%
. For the year ended
December 31, 2020
,
the Company recorded a gain on forgiveness of debt when the loan was forgiven of $
328
thousand. The Company did not receive any additional
loans under the Payment Protection Program during the year ended
December 31, 2021
.
NOTE
13:
DEBT
On
August 9, 2021, the Company entered into a debt facility agreement with DNB Bank ASA. The agreement allowed the Company to borrow up
to $
35,000
thousand to fund the acquisition of &ever had a term of three months and expiration on December 31, 2021. The Company
borrowed $
34,000
thousand under this agreement on September 30, 2021 in anticipation of closing the &ever acquisition. The Company
repaid the principal amount of $
34,000
thousand and fees and interest in the amount of $
1,800
thousand in October 2021 and had no additional
borrowings under this debt facility thereafter. The contractual and effective interest rate was
0.9
%
per annum under this agreement.
NOTE
14:
EQUITY METHOD INVESTMENT
As
part of the acquisition of &ever GmbH, the Company now holds an investment in Smart Soil, a German start-up entity that develops
high-yielding, organic, and long lasting soil. In exchange for voting interests, &ever had invested a total of $
1,322
thousand in
Smart Soil. &ever acquired a
25
%
voting interest in Smart Soil and has the ability to exercise significant influence, but not control,
as it does not have the ability to direct the decisions that most significantly impact its economic performance. The Company accounts
for this investment using the equity method and records its share of net earnings or losses on the investment in "Equity in net
loss of affiliate" on the accompanying consolidated statements of operations and comprehensive loss.
The
balance of the equity method investment was $
1,322
thousand at December 31, 2021. There were
no
equity method investments at
December
31, 2020
. During the year ended
December 31, 2021
, the Company incurred a net loss
of $
74
thousand in this investment.
NOTE
15:
RETIREMENT PLAN
The
Company has a 401(k) savings plan covering all employees who have six months of service and who are at least 21 years of age. Employees
may contribute up to a maximum amount allowable per the Internal Revenue Code. Employer contributions are determined at the discretion
of the Company's Board of Directors. The Company's contributions with respect to the plan were approximately $
68
thousand
for the year ended
December 31, 2021
. There were
no
contributions by the Company to the
plan for the year ended
December 31, 2020
.
NOTE
16:
DISAGGREGATED REVENUES BY CUSTOMER TYPE
The
Company recognized revenues of $
2,855
thousand and $
887
thousand for the years ended December 31, 2021 and 2020, respectively. Substantially
all of the Company's revenues are generated from the sale of lettuce and micro-greens sold to retail and distribution customers
globally.
F-
27
In
    thousands
December
    31, 2021
December
    31, 2020
Food Service Revenue
$
1,575
$
169
Retail
    Revenue
1,280
718
Net
    sales
$
2,855
$
887
NOTE
17:
SUBSEQUENT EVENTS
Sale
Leaseback of St. Paul Farming Facility
On
January 25, 2022, the Company entered into a purchase and sale agreement for a sale-leaseback transaction with a third party related
to its industrial property in St. Paul, Minnesota. The Company sold the property to this third party and then entered into a new lease
with them. Per the agreement, the initial term of the lease will be for
20 years
with an option to extend for
two
5 year
terms. The based
annual rent is $
566
thousand. The Company received approximately $
8,100
thousand in proceeds related to the sale of this property in
connection with the sale-leaseback.
Agrico
Merger
On
January 31, 2022, the Company announced it will merge with a special acquisition company, Agrico Acquisition Corp. ("Agrico").
The transaction will result in the Company becoming a publicly listed company on NASDAQ and delisting from the Euronext Growth Oslo exchange
during the second quarter of 2022.
Key
highlights of the merger include:
●
The
                                            all-stock transaction creates a combined company with an equity value of approximately $
375,000
thousand on a fully diluted pro forma basis, assuming no redemptions from Agrico's
                                            shareholders.
●
Based
                                            on the common stock of Agrico at $
10
per share, the transaction implies an exchange ratio
                                            of
0.091
for existing Company shareholders.
●
In
                                            addition to shares of Agrico common stock, the Company's shareholders will receive
one
contractual Contingent Value Right per share of common stock that will entitle them to
                                            receive up to
two
stock payments upon the achievement of certain milestones. Each stock payment
                                            will consist of shares representing
5
%
of the fully diluted equity of the Company at the
                                            date of completion of the transaction.
New
capital is expected to provide the Company the flexibility to fuel the next generation of farms in the US and International locations.
Bridge
Financing Facility
On
March 7, 2022, the company announced it entered a secured convertible bridge financing facility for up to $
20,000
thousand. The facility,
which matures
one year
from the drawdown date, will bear paid in kind interest at
8
%
, is secured by certain assets of the Company and,
subject to required corporate approvals, will be convertible by the lenders into shares at any time following the consummation of the
announced merger with Agrico. and the NASDAQ listing at a conversion price of US$
10.00
/ share in the merged entity.
F-
28
Secured
Credit Facility
On
April 19, 2022, the Company secured a $
30,000
thousand, Senior Secured Credit Facility with Farm Credit of Central Florida. $
20,000
thousand
of the facility is available under a term loan to support capital expenditures, whereas the remaining $
10,000
thousand is available under
a revolving loan for working capital needs of the Company in the United States. The credit agreement has a term of
120 months
which includes
standard terms and conditions customary in secured financing transactions of this nature. The principal under the term loan will bear
interest at a rate of prime plus
0.750
%
, the principal under the revolving loan will bear interest at a rate of prime plus
0.625
%
.
Share
Recast
On
May 27, 2022, the Company's merger between Kalera AS with its wholly-owned subsidiary Kalera S.A. became effective. As merger consideration,
the shareholders of Kalera AS received shares in Kalera S.A. The exchange ratio in the merger between Kalera AS with its wholly-owned
subsidiary Kalera S.A. was 2-to-1, meaning that two shares in Kalera AS gave the right to receive one share in Kalera S.A., resulting
in the number of shares in Kalera S.A. being approximately half the number of shares as in Kalera AS. Subsequently, the Company's
merger between Kalera S.A. and Agrico Acquisition Corp on June 28, 2022 became effective. As merger consideration, the shareholders of
Kalera S.A. received shares in Kalera Public Limited Company in accordance with a
0.181
exchange ratio, meaning that each share in Kalera
S.A. gave the right to receive
0.181
shares of Kalera Public Limited Company. The accompanying financial statements and notes to the
financial statements give retroactive effect to these merger events for all periods presented.
F-
29
KALERA
PUBLIC LTD CO.
CONDENSED
CONSOLIDATED BALANCE SHEETS
(In
thousands, except share data)
Unaudited
    June 30, 2022
December
    31, 2021
Assets
Current
    assets:
Cash
    and cash equivalents
$
3,335
$
16,146
Trade
    receivables, net
1,043
795
Inventory
1,176
1,190
Prepaid
    expenses and other current assets
1,714
2,960
Total
    current assets
7,268
21,091
Property,
    plant, and equipment, net
144,256
128,162
Operating
    lease right-of-use assets
54,243
55,276
Goodwill
—
68,421
Intangible
    assets, net
64,335
72,371
Equity
    method investment
1,326
1,322
Other
    non-current assets
3,629
3,353
Total
    assets
$
275,057
$
349,996
Liabilities
    and shareholders' equity
Current
    liabilities:
Accounts
    payable
$
10,861
$
10,421
Financing
    obligation
283
—
Operating
    lease liabilities
2,544
1,618
Accrued
    salaries and wages
689
717
Accrued
    expenses
2,915
1,964
Convertible
    debt
10,253
—
Total
    current liabilities
27,545
14,720
Debt
19,779
662
Non-current
    operating lease liabilities
56,503
57,717
Non-current
    financing obligation
7,144
—
Deferred
    underwriting fees and grants
5,349
—
Earnout
    liabilities
13,775
—
Deferred
    tax liability
7,159
8,447
Asset
    retirement obligations
1,622
1,527
Total
    liabilities
138,876
83,073
Commitments
    and contingencies (Note 19)
Shareholders'
    equity:
Common
    stock, $
.0001
par,
72,400,000
authorized,
21,377,828
and
18,946,567
issued & outstanding as of June 30, 2022 and December 31,
    2021, respectively
2
2
Additional
    paid in capital
305,826
331,074
Accumulated
    other comprehensive loss
(
12,068
)
(
1,547
)
Accumulated
    deficit
(
157,579
)
(
62,606
)
Total
    shareholders' equity
136,181
266,923
Total
    liabilities and shareholders' equity
$
275,057
$
349,996
THE
ACCOMPANYING NOTES ARE IN INTEGRAL PART OF THESE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
F-
30
KALERA
PUBLIC LTD CO. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(In
thousands, except per share amounts)
Unaudited
    Three Months Ended June 30,
Unaudited
    Six Months Ended June 30,
2022
2021
2022
2021
Net
    sales
$
1,289
$
489
$
2,766
$
828
Cost of
    goods sold (exclusive of depreciation and amortization shown separately below)
(
6,271
)
(
1,702
)
(
11,279
)
(
2,645
)
Selling,
    general, and administrative expenses (inclusive of research and development costs)
(
24,612
)
(
5,947
)
(
35,012
)
(
10,234
)
Depreciation
    and amortization
(
2,963
)
(
607
)
(
5,516
)
(
775
)
Impairment
    loss
(
64,252
)
—
(
64,252
)
—
Operating
    loss
(
96,809
)
(
7,767
)
(
113,293
)
(
12,826
)
Interest
    (expense) income, net
(
588
)
11
(
817
)
166
Change
    in fair value of earnout liabilities
17,250
—
17,250
—
Other
    income
982
80
647
80
Loss from
    operations before income tax
(
79,165
)
(
7,676
)
(
96,213
)
(
12,580
)
Income
    tax benefit
533
—
1,288
—
Loss before
    equity in net loss of affiliate
(
78,632
)
(
7,676
)
(
94,925
)
(
12,580
)
Equity
    in net loss of affiliate
23
—
48
—
Net loss
(
78,655
)
(
7,676
)
(
94,973
)
(
12,580
)
Currency
    translation adjustments
(
9,291
)
—
(
10,521
)
—
Total
    comprehensive loss
$
(
87,946
)
$
(
7,676
)
$
(
105,494
)
$
(
12,580
)
Net loss
    per share - basic and diluted
$
(
3.92
)
$
(
0.51
)
$
(
4.97
)
$
(
0.84
)
Weighted
    average common shares outstanding – basic and diluted
20,043
14,929
19,125
15,018
THE
ACCOMPANYING NOTES ARE IN INTEGRAL PART OF THESE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
F-
31
KALERA
PUBLIC LTD CO. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
(In
thousands, except share data)
(Unaudited)
Common
                                            Stock
Additional
    Paid-In
Accumulated
Accumulated
    Other Comprehensive
Shares
Amount
Capital
Deficit
Loss
Total
Balance at December
    31, 2020
14,572,650
$
1
$
167,052
$
(
22,549
)
$
(
378
)
$
144,126
Issuance of shares
520,375
1
39,011
—
—
39,012
Share-based compensation expense
—
—
434
—
—
434
Net
    loss
—
—
—
(
4,903
)
—
(
4,903
)
Balance at March 31, 2021
15,093,025
$
2
$
206,497
$
(
27,452
)
$
(
378
)
$
178,669
Share-based compensation expense
—
—
568
—
—
568
Net
    loss
—
—
—
(
7,676
)
—
(
7,676
)
Balance
    at June 30, 2021
15,093,025
$
2
$
207,065
$
(
35,128
)
$
(
378
)
$
171,561
Common
                                            Stock
Additional
    Paid-In
Accumulated
Accumulated
    Other Comprehensive
Shares
Amount
Capital
Deficit
Loss
Total
Balance at December
    31, 2021
18,946,567
$
2
$
331,074
$
(
62,606
)
$
(
1,547
)
$
266,923
Share-based compensation expense
—
—
812
—
—
812
Net loss
—
—
—
(
16,318
)
—
(
16,318
)
Currency translation adjustments
—
—
—
—
(
1,230
)
(
1,230
)
Balance at March 31, 2022
18,946,567
$
2
$
331,886
$
(
78,924
)
$
(
2,777
)
$
250,187
Share-based compensation expense
—
—
7,985
—
—
7,985
Net loss
—
—
—
(
78,655
)
—
(
78,655
)
Currency translation adjustments
—
—
—
—
(
9,291
)
(
9,291
)
Issuance of shares
463,610
—
2,381
—
—
2,381
Issuance of earnout shares
—
—
(
31,026
)
—
—
(
31,026
)
Recapitalization
    transaction
1,967,651
—
(
5,400
)
—
—
(
5,400
)
Balance
    at June 30, 2022
21,377,828
$
2
$
305,826
$
(
157,579
)
$
(
12,068
)
$
136,181
THE
ACCOMPANYING NOTES ARE IN INTEGRAL PART OF THESE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
F-
32
KALERA
PUBLIC LTD CO. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In
thousands, except share data)
(Unaudited)
Six
    Months Ended June 30,
2022
2021
Cash
    flows - operating activities
Net
    loss
$
(
94,973
)
$
(
12,580
)
Adjustments
    to reconcile net loss to net cash used in operating activities:
Depreciation
    and amortization
5,516
775
Non-cash
    lease expense - operating lease
1,959
1,824
Non-cash
    interest expense
253
—
Share-based
    compensation expense
8,797
1,002
Loss on
    sale of assets
194
—
Deferred
    income tax benefit
(
1,288
)
—
Equity
    in net loss of affiliate
(
48
)
—
Change
    in fair value of earnout liabilities
(
17,250
)
—
Impairment
    loss
64,252
—
Changes
    in assets and liabilities:
Inventory
14
(
327
)
Prepaid
    expenses and other current assets
1,245
(
1,730
)
Trade
    receivables
28
(
81
)
Other
    non-current assets
(
276
)
(
405
)
Account
    payables and accrued expenses
897
4,770
Other
    non-current liabilities
(
1,752
)
(
240
)
Net
    cash used in operating activities
(
32,432
)
(
6,992
)
Cash
    flows - investing activities
Purchases
    of property, plant, and equipment
(
20,921
)
(
37,023
)
Payment
    for acquisition, net of cash acquired
—
(
14,213
)
Net
    cash used in investing activities
(
20,921
)
(
51,236
)
Cash
    flows - financing activities
Net proceeds
    from issuance of common stock
—
29,158
Proceeds
    from government grant
1,906
—
Proceeds
    from issuance of convertible debt
10,000
—
Proceeds
    from sale of property, plant and equipment for failed sale-leaseback
8,080
—
Proceeds
    from loan facility
20,000
—
Debt
    issuance costs
(
345
)
—
Net
    cash provided by financing activities
39,641
29,158
Net decrease
    in cash and cash equivalents
(
13,712
)
(
29,070
)
Cash and
    cash equivalents at beginning of period
16,146
113,353
Effect
    of exchange rate changes on cash and cash equivalents
901
—
Cash
    and cash equivalents at end of period
$
3,335
$
84,283
Non-cash
    activities:
Fixed
    assets purchases in accounts payable
708
—
Right-of-use
    assets obtained in exchange for new finance lease liabilities
7,229
—
Right-of-use
    assets obtained in exchange for new operating lease liabilities
(
237
)
42,858
THE
ACCOMPANYING NOTES ARE IN INTEGRAL PART OF THESE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
F-
33
KALERA
PUBLIC LTD CO. AND SUBSIDIARIES
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
NOTE
1:
DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS
Description
of Business:
Kalera
Public Ltd Co. ("Kalera" or the "Company") is the holding company of the Kalera group, originally formed in 2010.
Together with its subsidiaries, Kalera is a leading hydroponic vertical farming company. The Company utilizes proprietary technology
and plant and seed science to sustainably grow local, delicious, nutrient-rich, free from harmful pesticides, non-GMO leafy greens year-round
for the retail and food service markets.
At
June 30, 2022, the Company has five (
5
) large scale operating hydroponic farms ("farms" or "production facilities")
within Colorado, Florida, Georgia, Texas and Kuwait. The Company is building new farms in several locations, including Ohio, Washington,
Hawaii, Minnesota and Singapore.
The
Company is organized as a single operating segment. Substantially all of the assets and operations of the Company are located in the
United States ("U.S.").
Business
Combination:
On
June 28, 2022, (the "Closing Date"), Kalera SA (f/k/a Kalera AS) consummated a previously announced business combination
(the "Business Combination") pursuant to the business combination agreement and plan of reorganization (the "Business
Combination Agreement") dated January 30, 2022, by and among: (i) Agrico Acquisition Corp., a Cayman Islands exempted company (together
with its successors, "Agrico"), (ii) the Company (f/k/a/ Figgreen Limited, an Irish private limited company then renamed
"Kalera Public Limited Company," in connection with the Business Combination), (iii) Kalera Cayman Merger Sub, a Cayman Islands
exempted company ("Cayman Merger Sub"), (iv) Kalera Luxembourg Merger Sub SARL ("Lux Merger Sub" and, together
with Cayman Merger Sub, the "Merger Subs") and (v) Kalera AS, a Norwegian private limited liability company.
The
Merger Subs were formed solely as vehicles for consummating the Business Combination, and the Merger Subs were direct wholly owned subsidiaries
of Kalera SA. As of the Closing Date, the Merger Subs ceased to have a separate legal existence and Kalera SA became a wholly owned subsidiary
of Kalera. Shortly after the Closing Date, Agrico elected to be treated as a "disregarded entity" for U.S. federal income
tax purposes, and started its process of liquidation. Pursuant to the Business Combination Agreement:
a.
On June 27, 2022, Cayman Merger Sub merged with and into Agrico, with Agrico continuing as the surviving entity and as a wholly owned
subsidiary of Kalera (the "First Merger"). Agrico issued Agrico Class A ordinary shares to Kalera (the "Agrico Share
Issuance"), and, in each case as consideration for the First Merger and the Agrico Share Issuance:
i.
Agrico shareholders received shares in the capital of Kalera,
and
ii.
the holders of Agrico Warrants (as defined below) had their Agrico Warrants assumed by Kalera
and
a
djusted to become exercisable for shares in the capital of Kalera
.
b.
On the Closing Date, by way of a capital reduction (the "Kalera Capital Reduction") pursuant to the Luxembourg Companies
Act, and in each case as consideration for the ordinary shares of Kalera SA and the Kalera SA options being cancelled and ceasing to
exist or being assumed (as applicable) upon completion of the Second Merger (as defined below):
i.
Kalera SA shareholders (except Kalera) received shares in the capital of Kalera:
F-
34
KALERA
PUBLIC LTD CO. AND SUBSIDIARIES
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
ii.
The holders of in-the-money Kalera SA options received
                                            options in the capital of Kalera,
(the "Kalera Options") and
iii.
Kalera SA options that were out-of-the money were
cancelled.
c.
Immediately following the
Kalera Capital Reduction
, on the Closing Date, Lux Merger Sub
merged with and into Kalera SA, with Kalera SA as the surviving entity of the Second Merger. Kalera SA issued shares to Kalera.
"Agrico
Warrants" means warrants entitling the holder thereof to purchase one Agrico ordinary share at a price of $
11.50
per share, including
certain warrants purchased by DJCAAC LLC and Maxim Group LLC in a private placement at the time of the Agrico IPO for a purchase price
of $
1.00
per warrant, each of which is exercisable for one ordinary share.
The
Business Combination is accounted for as a reverse recapitalization, with no goodwill or other intangible assets recorded, in accordance
with United States ("U.S.") generally accepted accounting principles. Under this method of accounting, Agrico is treated
as the "acquired" company for financial reporting purposes. Accordingly, for accounting purposes, the Business Combination
is treated as the equivalent of the Company issuing stock for the net assets of Agrico, accompanied by a recapitalization. The net assets
of Agrico are stated at historical cost, with no goodwill or other intangible assets recorded. Operations prior to the Business Combination
are those of the Company.
Nature
of Operations, Liquidity and Going Concern Considerations:
Since
inception, the Company has financed its operations primarily through the sale of shares of common stock and debt financing. The Company
incurred net losses during the six months ended June 30, 2022 and 2021 of $
(
94,973
)
thousand and $
(
12,580
)
thousand, respectively, and
has an accumulated deficit of $
(
157,579
)
thousand at June 30, 2022. The Company expects to continue to generate operating losses and
consume significant cash resources for the foreseeable future. These operating losses and accumulated deficits raise substantial doubt
about the Company's ability to continue as a going concern for a period of twelve months from the date these unaudited condensed
consolidated financial statements are issued, meaning that the Company may be unable to continue operations for the foreseeable future
or realize assets and discharge liabilities in the ordinary course of operations. The Company's continuation as a going concern
is dependent upon its ability to obtain additional operating capital, complete development of new seeds and produce, and attain profitability.
The Company has implemented and continues to implement plans to fund its operations and finance its future development activities and
its working capital needs. However, substantial doubt about the Company's ability to continue as a going concern still exists.
In
the first quarter of 2022, the Company executed a sale-leaseback transaction that raised approximately $
8,100
thousand. In addition,
during the first quarter of 2022 the Company entered into a convertible bridge financing facility for up to $
20,000
thousand with $
10,000
thousand currently committed. During the second quarter, the Company entered into a credit agreement with Farm Credit for $
30,000
thousand
with $
20,000
thousand for capital expenditures and $
10,000
thousand available for working capital.
In
the third quarter of 2022, the Company entered into a securities purchase agreement with a single institutional investor to raise approximately
$
10,000
thousand through a private placement. The Company is also in negotiations for a second sale-leaseback transaction along with
raising additional debt financing with a third-party lender.
If
the Company continues to seek additional financing to fund its business activities in the future and there remains doubt about its ability
to continue as a going concern, investors or other financing sources may be unwilling to provide additional funding on commercially reasonable
terms, or at all. If the Company is unable to raise the necessary funds when needed or other strategic objectives are not achieved, it
may not be able to continue its operations, or it could be required to modify its operations, which could slow future growth.
F-
35
KALERA
                                            PUBLIC LTD CO. AND SUBSIDIARIES
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
The
accompanying unaudited condensed consolidated financial statements have been prepared assuming the Company will continue as a going concern,
which contemplates the realization of assets and payments of liabilities in the ordinary course of business. Accordingly, the unaudited
condensed consolidated financial statements do not include any adjustments relating to the recoverability and classification of asset
carrying amounts or the amount of and classification of liabilities that may result should the Company be unable to continue as a going
concern.
NOTE
2:
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis
of Presentation
The
accompanying unaudited condensed consolidated financial statements as of June 30, 2022 and for the three and six months ended June 30,
2022 and 2021 for the Company and its subsidiaries have been prepared in accordance with accounting principles generally accepted in
the United States of America ("GAAP") and pursuant to the rules and regulations of the Securities and Exchange Commission
("SEC") regarding interim financial reporting. In the opinion of management, all adjustments, consisting of normal recurring
adjustments, considered necessary for a fair presentation have been included. The condensed consolidated balance sheet as of December
31, 2021 included herein was derived from the audited financial statements as of that date.
Certain
information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or
omitted pursuant to such rules and regulations. As such, the information included in these unaudited condensed consolidated financial
statements should be read in conjunction with the audited consolidated financial statements and the related notes thereto as of and for
the year ended December 31, 2021. The results for the interim periods are not necessarily indicative of the results for the full year.
Principles
of Consolidation
The
Company's unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries.
All intercompany transactions, balances and unrealized gains and losses have been eliminated in consolidation. The Company includes the
following wholly owned subsidiaries as of June 30, 2022:
Kalera
Public Ltd Co.
●
Kalera
                                            AS
●
Kalera
                                            Inc.
●
Agrico
                                            Acquisition Corp. Inc
●
Iveron
                                            Materials, Inc.
●
Vindara,
                                            Inc.
●
Kalera
                                            GmbH (Germany)
●
Kalera
                                            S.A. (Luxembourg)
●
Kalera
                                            Real Estate Holdings, LLC
●
Kalera
                                            Singapore PTE. LTD.
●
Kalera
                                            Kuwait Agricultural Company for Agricultural Contracting
●
Kalera
                                            Middle East Holding Ltd (Dubai)
F-
36
KALERA
PUBLIC LTD CO. AND SUBSIDIARIES
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Use
of Estimates
The
preparation of the unaudited condensed consolidated financial statements in accordance with GAAP, requires management to make estimates
and judgments that affect the reported amounts of assets, liabilities, and the disclosure of contingent assets and liabilities at the
date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results
may or may not differ from those estimates.
Significant
items subject to such estimates and assumptions include the valuation of inventory, stock-based compensation, warrants, earnout liabilities,
leases and other valuation estimates. The Company's results can also be affected by economic, political, legislative, regulatory,
legal actions, and the global volatility and general market disruption resulting from the global COVID-19 pandemic and geopolitical tensions,
such as Russia's recent incursion into Ukraine. Economic conditions, such as recessionary trends, inflation, interest and monetary
exchange rates, and government fiscal policies, can have a significant effect on operations. While the Company maintains reserves for
anticipated liabilities and carries various levels of insurance, the Company could be affected by civil, criminal, environmental, regulatory
or administrative actions, claims, or proceedings.
Leases
The
Company identifies leases by evaluating its contracts to determine if the contract conveys the right to use an identified asset for a
stated period of time in exchange for consideration. The Company considers whether it can control the underlying asset and has the right
to obtain substantially all of the economic benefits or outputs from the asset. Leases with terms greater than twelve (12) months are
classified as either operating or finance leases at the commencement date based on guidance in Accounting Standards Codification (ASC)
842,
Leases
. For these leases, the Company capitalizes the present value of the minimum lease payments including property taxes
and other common area maintenance costs over the lease terms as a right–of–use asset with an offsetting lease liability.
The discount rate used to calculate the present value of the minimum lease payments is based on an incremental borrowing rate, which
approximates the rate of interest the Company would have to pay to borrow on a collateralized basis over a similar term. The lease term
includes any noncancelable period for which the Company has the right to use the asset. Currently, all capitalized leases are classified
as operating leases and the Company records lease expense on a straight–line basis over the term of the lease.
Earnout
Liabilities
The
Company values earnout liabilities related to future contingent equity shares using a Monte-Corlo model. Subsequent changes in their
respective fair values are recognized in earnings at each reporting date.
Revenue
Recognition
The
Company recognizes revenue in accordance with Accounting Standards Codification ("ASC") Topic 606,
Revenue from Contracts
with Customers
(ASC 606), the core principle of which is that an entity should recognize
revenue
to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects
to be entitled to receive in exchange for those goods or services. To achieve this core principle, the Company applies the following
five-step model: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the
transaction price; (4) allocate the transaction price to performance obligations in the contract; and (5) recognize revenue when or the
company satisfies a performance obligation.
F-
37
KALERA
                                            PUBLIC LTD CO. AND SUBSIDIARIES
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
The
Company recognizes revenue through the sale of various varieties of lettuce and micro–greens, which are sold to food retail and
distribution customers, generally with standard shipping terms. The Company's revenue results from the delivery of products as
the single performance obligation transferred at an agreed upon price per unit. The Company recognizes revenue for the sale of products
at the point in time the performance obligation has been satisfied, which is when control of the product has transferred to the customer.
Control of the product generally occurs upon shipment or delivery to the customer based on terms of the sale.
Revenue
is measured as the amount of consideration the Company expects to receive in exchange for delivering products. The amount of revenue
recognized is reduced for estimated returns, discounts and other customer credits. For certain contracts with distributors, customer
discounts may be uncertain at the time of transfer of the product, and in those circumstances we use our historical experience, industry
norms and input from customer to estimate the amount of revenue recorded. No significant element of financing is deemed present as the
sales are made with a credit term of thirty (30) days, which is consistent with market practice. A trade receivable is recognized when
the goods are delivered as this is the point in time that the consideration is unconditional because only the passage of time is required
before the payment is due.
Reclassification
Certain
prior period amounts have been reclassified to conform with current period presentation.
Recently
Issued Accounting Pronouncements
The
Company adopted Accounting Standards Update (ASU) 2020-06,
Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives
and Hedging – Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in
an Entity's Own Equity
effective January 1, 2022
.
This ASU simplifies the accounting for certain financial instruments
with characteristics of liabilities and equity and reduces the number of accounting models for convertible debt instruments and convertible
preferred stock. As a result of the adoption of this ASU, the embedded conversion features associated with the Company's convertible
debt entered into during the second quarter of 2022 did not require separation from the debt instrument. Refer to Note 11 for further
discussion regarding the Company's convertible debt agreement.
No
other new accounting pronouncement recently issued or newly effective had or is expected to have a material impact on the unaudited condensed
consolidated financial statements
.
NOTE
3:
BUSINESS COMBINATION
On
the Closing Date, the parties to the Business Combination Agreement consummated the Business Combination.
Holders
of
14,347,974
Class A ordinary shares of Agrico exercised their right to redeem such shares for cash at a price of approximately $
10.21
per share for aggregate payments of approximately $
146.6
million. On the Closing Date:
i.
An
                                            aggregate of
170,776
Agrico Class A shares were exchanged for an equivalent number of Kalera
                                            ordinary shares;
ii.
An
                                            aggregate of
1,796,875
Agrico Class B shares were converted into Agrico A shares on a one-for-one
                                            basis and were further exchanged for an equivalent number of Kalera ordinary shares;
F-
38
KALERA
                                            PUBLIC LTD CO. AND SUBSIDIARIES
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
iii.
An
                                            aggregate of
275,000
Kalera ordinary shares were issued to Maxim Group LLC as part of the
                                            settlement agreement (see Note 14);
iv.
An
                                            aggregate of
7,250,000
warrants issued by Agrico in a private placement at the time of Agrico's
                                            initial public offering were exchanged for an equivalent number of public warrants of Agrico
                                            (the "Converted Agrico Warrants") (see Note 16);
v.
An
                                            aggregate of
7,187,500
warrants issued by Agrico in connection with its initial public offering
                                            and the Converted Agrico Warrants were exchanged for an equivalent number of public warrants
                                            of Kalera (the "Kalera Warrants") (see Note 16);
vi.
An
                                            aggregate of
105,719,212
Kalera SA ordinary shares were exchanged for
19,135,177
Kalera ordinary
                                            shares;
vii.
The
                                            debt holders' option to convert any amount of the then-outstanding unpaid principal
                                            and accrued interest under the Note (as defined below) became effective (see Note 12);
viii.
An
                                            aggregate of
4,000,000
in-the-money Kalera SA options were exchanged for
364,000
Kalera options
                                            (see note 9);
ix.
Kalera
                                            SA options that were out-of-the money were cancelled with an offer to be replaced by new
                                            options of Kalera (see Note 9); and
x.
Pursuant
                                            to the Contingent Value Rights Agreement (as defined below) CVR holders became entitled to
                                            receive
1,858,966
Kalera ordinary shares upon achievement of each one of the two milestones
                                            set forth under the agreement (see Note 15).
Reverse
Recapitalization
As
discussed in Note 1 - Description of Business, on June 28, 2022, Agrico completed the Recapitalization Transaction. The Business Combination
is accounted for as a reverse recapitalization in accordance with U.S. GAAP. Under this method of accounting, Agrico was treated as the
"acquired" company for financial reporting purposes. Accordingly, for accounting purposes, the Business Combination was treated
as the equivalent of Kalera issuing stock for the net assets of Agrico, accompanied by a recapitalization. The net assets of Agrico are
stated at historical cost, with no goodwill or other intangible assets recorded.
The
following table reconciles the elements of the Business Combination to the consolidated statements of stockholders' equity and
cash flows for the three and six months ended June 30, 2022:
Recapitalization
    Transaction
Cash - Agrico
    trust and cash, net of redemptions
$
311
Non-cash net liabilities assumed
    from Agrico
(
5,745
)
Non-cash
    net assets assumed from Agrico
34
Net
    impact on total stockholders' equity
$
(
5,400
)
NOTE
4:
INVENTORY
The
Company's inventory consists of finished goods from farming production, raw materials and supplies used in the farming production,
and work–in process farming production. Raw materials and supplies are comprised of seeds, nutrients, and packaging for finished
goods. Work–in–process and finished goods include in–process and ready–to–eat lettuce varieties and micro–greens,
including the packaging for the finished product.
F-
39
KALERA
                                            PUBLIC LTD CO. AND SUBSIDIARIES
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
In
    thousands
Unaudited
    June 30, 2022
December
    31, 2021
Raw materials
    and supplies
$
21
$
456
Work in process
437
76
Finished goods
718
658
Total
    inventories
$
1,176
$
1,190
NOTE
5:
PROPERTY, PLANT AND EQUIPMENT
Property,
plant and equipment, net, consists of the following:
In
    thousands
Unaudited
    June 30, 2022
December
    31, 2021
Production facilities
$
88,397
$
55,824
Furniture, fittings &
    equipment
5,447
5,336
Industrial property
—
3,670
Vehicles
531
378
Assets under construction
57,852
68,168
Less: accumulated depreciation
(
7,971
)
(
5,214
)
Total
    property, plant and equipment, net
$
144,256
$
128,162
Depreciation
expense for the three and six months ended June 30, 2022 amounted to $
1,765
thousand and $
2,757
thousand, respectively, compared to 2021
that amounted to $
332
thousand and $
500
thousand for the three and six months ended June 30, 2021, respectively.
NOTE
6:
LEASES
The
Company's leases do not provide an implicit borrowing rate, thus the Company uses an estimated incremental borrowing rate in determining
the present value of lease liabilities. The estimated incremental borrowing rate is derived from information available at the lease commencement
date. For the quarter ended June 30, 2022 and 2021, the weighted average incremental borrowing rate for the leases is
7.66
% and
9.14
%,
respectively and the weighted average lease term for operating leases is
18.21
years and
18.74
years, respectively. Future minimum lease
payments as of June 30, 2022 are as follows:
In
    thousands
Remainder of 2022
$
2,544
2023
5,165
2024
5,259
2025
5,346
2026
5,425
Thereafter
86,294
Total undiscounted operating
    lease payments
110,033
Less:
    Imputed interest
(
50,986
)
Present
    value of total operating leases
$
59,047
F-
40
KALERA
PUBLIC LTD CO. AND SUBSIDIARIES
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
NOTE
7:
GOODWILL AND BUSINESS ACQUISITIONS
Vindara
Acquisition
The
Company purchased
100
% of the outstanding equity of Vindara Inc. ("Vindara") on March 10, 2021 for a purchase price of $
22,592
thousand, net of cash acquired. Vindara is a leader in seed development for indoor farming facilities. This vertical integration acquisition
is expected to generate both significant operational synergies and product expansion capabilities for the Company. The results of Vindara's
operations as of and after the date of the acquisition are included with the Company's results in the accompanying consolidated
financial statements. The acquisition method of accounting was used by the Company for the business combination utilizing a discounted
cash flow method utilizing estimates and assumptions made by the Company at the time of the acquisition to record the assets and liabilities
acquired.
The
Company incurred acquisition related costs of $
300
thousand in connection with this acquisition recorded within selling, general and
administrative expenses in the consolidated statements of operations. This goodwill is assigned to the whole Company and is not deductible
for tax purposes. The expected economic life of the acquired identifiable assets is
ten
years.
The
purchase price of $
22,592
thousand, net of cash of $
37
thousand was paid in cash for $
14,213
thousand and $
8,379
thousand in shares were
issued as consideration. The fair value of the shares of common stock issued reflects a discount for lack of marketability given the
restriction on sale of the shares by the sellers for a minimum period of time following the close of the acquisition.
Based
on the Company's analysis of Vindara's assets and liabilities, the allocation of the purchase price to the identifiable assets
and liabilities is set out below:
ASSETS
    ACQUIRED
In
    thousands
Prepaid
    expenses, deposits and fixed assets
$
59
Licenses
1,700
Intellectual
    property
9,250
11,009
LIABILITIES
    ASSUMED
Accounts
    payable and other liabilities
50
Accrued
    salary and benefits
22
Deferred
    tax liability
2,775
2,847
FAIR VALUE
    OF NET ASSETS ACQUIRED
8,162
PURCHASE PRICE
22,592
EXCESS
    ATTRIBUTABLE TO GOODWILL
$
14,430
F-
41
KALERA
PUBLIC LTD CO. AND SUBSIDIARIES
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
The
                                            goodwill balance at June 30, 2022 and December 31, 2021 is attributed to other businesses
                                            the Company acquired during the year ended December 31, 2021. The change in the goodwill
                                            balance during the three and six months ended June 30, 2022 is driven by foreign currency
                                            translation adjustments related to wholly owned subsidiaries of $
4,169
thousand where their
                                            functional currency is not the U.S. dollar and an adjustment related to goodwill impairment
                                            of $
(
64,252
)
thousand, described below.
In
    thousands
Unaudited
    June 30, 2022
December
    31, 2021
Goodwill attributed to the
    following acquisitions:
Vindara
$
14,430
$
14,430
Kalera
    GmbH
43,813
47,982
Kalera
    Middle East
5,853
5,853
Other
156
156
Impairment
(
64,252
)
—
$
—
$
68,421
Goodwill
Impairment
Because
of the June 30, 2022 stock price decrease, reporting of losses and decline in current market valuation of companies in the industry,
management concluded that impairment indicators were present and thus performed a quantitative analysis of our long-lived assets and
goodwill. Based on the difference between the Company's market capitalization versus the Company computed value on June 30, 2022,
the Company recognized a goodwill impairment loss of $
(
64,252
)
thousand for the three and six months ended June 30, 2022 compared to
$
0
thousand in the comparable prior year periods.
NOTE
8:
INTANGIBLE ASSETS
In
    thousands
Unaudited
    June 30, 2022
December
    31, 2021
Technology
$
56,874
$
62,150
Less:
    accumulated amortization
(
3,091
)
(
1,018
)
Net book value - Technology
53,783
61,132
Intellectual property
9,250
9,250
Less:
    accumulated amortization
(
1,156
)
(
694
)
Net book value - Intellectual
    property
8,094
8,556
Patents, licenses and software
    development
2,822
2,822
Less:
    accumulated amortization
(
364
)
(
139
)
Net book value - Patents,
    licenses and software development
2,458
2,683
Total
    intangible assets, net
$
64,335
$
72,371
F-
42
KALERA
PUBLIC LTD CO. AND SUBSIDIARIES
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Amortization
expense for the three and six months ended June 30, 2022 amounted to $
1,374
thousand and $
2,760
thousand, respectively. Amortization
expense on intangible assets for the three and six months ended June 30, 2021 amounted to $
275
thousand. Estimated amortization expense
for each of the five succeeding years is as follows:
Technology
Intellectual
Property
Patents,
    licence, and software development
Total
Remainder of 2022
$
2,071
$
463
$
282
$
2,816
2023
4,143
925
564
5,632
2024
4,143
925
564
5,632
2025
4,143
925
564
5,632
2026
4,143
925
200
5,268
Thereafter
36,737
2,618
—
39,355
64,335
The
weighted average amortization period remaining as of June 30, 2022 is as follows:
Intellectual property
9.00
years
Technology
14.50
years
Patents, licences and software
    development
4.50
years
NOTE
9:
SHARE-BASED COMPENSATION
Total
stock-based compensation expense was $
785
thousand and $
8,797
thousand for the three and six months ended June 30, 2022, respectively,
compared to $
568
thousand and $
1,002
thousand for the three and six months ended June 30, 2021, respectively. These amounts are included
within selling, general and administrative expenses on the accompanying condensed consolidated statements of operations and comprehensive
loss for the three and six months ended June 30, 2022 and June 30, 2021, respectively.
The
computation of the expense associated with share-based compensation requires the use of certain valuation models. The Company currently
uses a Black-Scholes option pricing model to calculate the fair value of its stock options. The Black-Scholes model requires the use
of assumptions regarding the volatility of the Company's common stock, the expected life of the stock award, and the dividend ratio.
The volatility assumptions are based on the Company's life-to-date historical volatility since inception. The risk-free rates are
based on similar term U.S. Treasury rates in effect at the time of the stock grant. The expected stock option life represents the period
of time that the stock options granted are expected to be outstanding and is based on historical experience. Share-based compensation
expense is recognized only for those stock-based awards expected to vest.
As
part of the Business Combination Agreement, each out-of-the-money company option that is outstanding at the Closing Date shall be cancelled
for no consideration, other than the right to receive new options in a future date. As of June 30, 2022 all out-of-the-money options
were cancelled and
zero
options are outstanding. The Company recorded stock based compensation expenses of $
7,200
thousand for the three
months ended June 30, 2022 to reflect the unrecognized fair market value of the cancelled options. Additionally, an aggregate of
4,000,000
in-the-money Kalera AS options were exchanged for
364,000
Kalera Options at the Business Combination date .
NOTE
10:
ASSET RETIREMENT OBLIGATIONS
The
Company has asset retirement obligations as a result of its farming production facilities which are often located in leased spaces. The
Company builds vertical farming production facilities within leased space including growing racks, electrical systems, water systems,
storage areas, and production lines. The lease agreements often require the Company to return the leased space to its original state
upon vacating the space at the end of the lease term.
F-
43
KALERA
PUBLIC LTD CO. AND SUBSIDIARIES
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
The
Company estimates asset retirement obligations which includes the total cost of disposing of the farming production facility and equipment
from the leased space at the end of the lease term. The Company records the asset retirement obligations at fair value in accordance
with ASC 410–20,
Asset Retirement Obligations
. The asset retirement obligation is valued using the Company's incremental
borrowing rate and is accreted over the expected lease term. The Company capitalizes the future cost of the retirement activities as
part of the carrying amount of the farming production facilities at the in–service date. The asset is then depreciated on a straight–line
basis over the expected lease term of the space.
The
following table provides all changes to the company's asset retirement obligations.
In thousands
Asset retirement
    obligations at December 31, 2020
$
588
Accretion
    expenses
5
Asset retirement obligations
    at March 31, 2021
593
Accretion
    expenses
13
Asset
    retirement obligations at June 30, 2021
$
606
Asset retirement obligations
    at December 31, 2021
$
1,527
Accretion
    expenses
63
Asset retirement obligations
    at March 31, 2022
1,590
Accretion
    expenses
32
Asset
    retirement obligations at June 30, 2022
$
1,622
NOTE
11:
INCOME TAXES
The
Company's effective income tax rate was
0.7
% and
1.3
% for the three and six months ended June 30, 2022, respectively and
0.0
% for
the three and six months ended June 30, 2021, respectively. The variance from the U.S. federal statutory rate of
21
% for the three and
six months ended June 30, 2022 and June 30, 2021, was primarily attributable to increases in the Company's valuation allowance
largely driven by increases in the Company's net operating loss carryforwards.
The
Company's income tax provision is impacted by a valuation allowance on the Company's net deferred tax assets, net of reversing
taxable temporary differences and considering future annual limitations on net operating loss carryforward utilization enacted by U.S.
tax reform legislation. The Company maintains a valuation allowance on its net deferred tax assets for all periods presented as the Company
cannot be certain that future taxable income will be sufficient to realize its deferred tax assets. Valuation allowances are provided
against deferred tax assets when, based on all available evidence, it is considered more likely than not that some portion or all the
recorded deferred tax assets will not be realized in future periods.
F-
44
KALERA
                                            PUBLIC LTD CO. AND SUBSIDIARIES
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
NOTE
12:
CONVERTIBLE LOAN
On
March 4, 2022, the Company entered into a secured convertible promissory note agreement (the "Note") with third parties in
the amount of $
10,000
thousand, with a commitment of up to $
20,000
thousand. All unpaid principal, fees, and accrued interest is due
and payable in full one year from the loan funding date of March 8, 2022. Interest is accrued at a payment in kind annual rate of
8.0
%.
The loan is secured by all tangible assets, intangible assets, and capital stock. Each holder has the right to convert the outstanding
unpaid principal including accrued interest into ordinary shares at the conversion price of $
10.00
per share. The debt holders have the
option to convert any amount of the then-outstanding unpaid principal and accrued interest (the "Conversion Amount"), into
the number of fully paid and non-assessable ordinary shares of the Issuer's successor and assign arising pursuant to the Transaction
(the "Conversion Shares") determined by dividing the Conversion Amount by the Conversion Price ($
10.00
) then in effect. In
addition, the agreement also calls for any adjustments to the conversion in the event of a stock split, dividend or distribution is declared.
As
previously mentioned, the Company adopted ASU 2020-06 and concluded that the Note was accounted for as debt, with no bifurcation of the
embedded conversion feature. The effective interest rate for the Note is
8.0
% per annum and the interest expense incurred during the
three and six months ended June 30, 2022 amounted to $
202
thousand and $
253
thousand which is included within the convertible loan balance
on the accompanying unaudited condensed consolidated balance sheet at June 30, 2022.
NOTE
13:
DEBT
On
April 14, 2022, Kalera Inc. (a wholly owned subsidiary), as borrower, entered into the Farm Credit Loan and Security Agreement with Farm
Credit of Central Florida, ACA ("Farm Credit"), under which Farm Credit agreed to make (i) revolving loans in an aggregate
principal amount up to $
10
million and (ii) one or more term loans in an aggregate principal amount up to $
20
million.
The
revolving facility under the Farm Credit Loan and Security Agreement matures on the second anniversary of the date of the agreement,
unless commitments thereunder are terminated earlier in accordance with the terms of the agreement. The term loan facility may be drawn
upon within the first
24
months of the Farm Credit Loan and Security Agreement and matures on the tenth anniversary of such agreement.
Each revolving loan will bear interest at an annual rate equal to the prime rate plus
0.625
% and each term loan will bear interest at
an annual rate equal to the prime rate plus
0.75
%. The interest rate of the term loan at June 30, 2022 is
5.50
% per annum with an outstanding
balance of $
20,000
thousand and maturity period is between July 2024 and July 2032. The Company incurred debt issuance costs of $
352
thousand related to the Farm Credit Loan. During the three and six months ended June 30, 2022, amortization of debt issuance costs amounted
to $
7
thousand. As of June 30, 2022 there was $
345
thousand of unamortized debt issuance costs included in Debt in the accompanying unaudited
condensed consolidated balance sheets. Interest expense incurred during the three and six months ended June 30, 2022 amounted to $
97
thousand which is included within the Debt balance on the accompanying unaudited condensed consolidated balance sheet at June 30, 2022.
Interest payments on quarterly basis staring on June 1st, 2022 and principal payment quarterly starting on July 1st, 2024 until January
1st 2032. Future minimum principal payments as of June 30, 2022 are as follows:
In
    thousands
Reminder of 2022
$
—
2023
—
2024
1,250
2025
2,500
2026
2,500
Thereafter
13,750
$
20,000
The
obligations under the Farm Credit Loan and Security Agreement are required to be guaranteed by all existing and future subsidiaries of
the borrower other than Kalera Real Estate Holdings LLC. The obligations under the Farm Credit Loan and Security Agreement are secured
by a continuing security interest and lien in substantially all of assets and property of the loan parties, as more fully described in
the Farm Credit Loan and Security Agreement, except for any Excluded Assets (as defined in the Farm Credit Loan and Security Agreement).
Excluded Assets include, among others, as specified in the agreement, the loan parties' real property, and any "intent-to-use"
application for registration of a trademark.
F-
45
KALERA
PUBLIC LTD CO. AND SUBSIDIARIES
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
The
Farm Credit Loan and Security Agreement contains customary affirmative and negative covenants, including, among other things, restrictions
on indebtedness, liens, investments, mergers, dispositions, and dividends and other distributions. The Farm Credit Loan and Security
Agreement requires compliance with certain financial covenants. These financial covenants include (a) a minimum Liquidity (as defined
in the Farm Credit Loan and Security Agreement), (ii) a maximum Consolidated Funded Debt to Capital Ratio (as defined in the Farm Credit
Loan and Security Agreement), and (iii) a maximum Consolidated Funded Debt to EBITDA Ratio (as defined in the Farm Credit Loan and Security
Agreement). So long as any term loans are outstanding under the agreement, commencing with the fiscal quarter ending June 30, 2022, on
a quarterly basis, the borrower would be required to maintain a minimum Liquidity equal to the projected scheduled aggregate principal
and interest payments with respect to the term loan for the
three
-year period immediately following such fiscal quarter end. On a yearly
basis, commencing with the fiscal year ending December 31, 2022, the borrower would be required, as of the end of each fiscal year, to
maintain a maximum Consolidated Funded Debt to Capital Ratio of forty-five percent (
45
%). On a yearly basis, commencing with the fiscal
year ending December 31, 2024, the borrower would be required, as of the end of each fiscal year, to maintain a maximum Consolidated
Funded Debt to EBITDA Ratio of
3.25
to
1.00
. On June 30, 2022, the Company is in compliance with the debt covenants, except the quarterly
liquidity requirement, where the company had a covenant technical violation. Farm Credit provided a waiver for this violation for the
quarter ended June 30, 2022.
In
addition to the Farm Credit Loan, the Company had additional debt outstanding in the amount of $
27
thousand at June 30, 2022.
NOTE
14:
DEFERRED UNDERWRITING FEES AND GRANTS
The
deferred underwriting fees payable to the underwriters accrued by Agrico Acquisition Corp. as of the closing of the Business Combination
described in Note 2 amounted to $
5,031
thousand. Pursuant to the settlement and release agreement dated June 26, 2022 between Agrico
Acquisition Corp. and Kalera Public Limited Company, these fees were settled with the issuance of
275,000
shares of Kalera common stock
and a note payable in the amount of $
2,850
thousand due on the thirteen-month anniversary, July 2023. There is no interest payable on
this note and the outstanding balance at June 30, 2022 is $
2,850
thousand and is included within deferred underwriting fees and grants
on the accompanying consolidated balance sheets.
During
2021, the Company obtained a grant from the Singapore Food Agency (SFA) and Singapore Economic Development Board (EDB). The grant has
to be used for specific projects per the agreement and maintained until December 31, 2024. In the event the funds are not used per the
agreement, the funds have to be returned to the agencies. There is no interest payable on this grant in the event the funds are not used
as indicated. The amount payable by the Company as of June 30, 2022 is $
2,499
thousand and is included within deferred underwriting fees
and grants on the accompanying consolidated balance sheets.
NOTE
15:
EARN-OUT LIABILITY
In
conjunction with the Business Combination, on the Closing Date, Kalera entered into a contingent value rights agreement (the "Contingent
Value Rights Agreement") as additional consideration for the Second Merger and the Kalera Capital Reduction, certain Kalera security
holders are entitled to receive Contingent Value Rights ("CVRs"). Each CVR represents a contingent right to receive up to
two payments in the form of additional Kalera Public Limited Company Ordinary Shares, issuable upon the achievement of certain milestones
during the two year period following the Closing Date:
1.
The
                                            first milestone event is achieved if the Ordinary Shares trade at or over a market price
                                            of $
12.50
for
20
trading days within a
30
trading-day period, based on volume-weighted average
                                            trading prices.
2.
The
                                            second milestone event is achieved if the Ordinary Shares trade at or over a market price
                                            of $
15.00
for
20
trading days within a
30
trading-day period, based on volume-weighted average
                                            trading prices.
F-
46
KALERA
                                            PUBLIC LTD CO. AND SUBSIDIARIES
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
3.
In
                                            the event of change in control (the business combination) and the corresponding per share
                                            valuation of Kalera Ordinary Shares is greater than or equal to (x) $
12.50
or (y) $
15.00
(subject to adjustments for stock splits, reverse stock splits, stock dividends, recapitalizations,
                                            exchange of shares or other like change), then in the case of clause (x), the first milestone
                                            event shall be deemed to have occurred and, in the case of clause (y) the first milestone
                                            event and the Second milestone event shall be deemed to have occurred, and in either case,
                                            the applicable milestone payment(s) shall be issued to the Holders immediately prior to the
                                            consummation of such Sale of the Company.
The
amount of shares issuable to each CVR holder for the achievement of each milestone equals
1,858,966
ordinary shares of Kalera Public
Limited Company (adjusted for any stock splits, stock dvidends, combinations, subdivisions, recapitalization and the like). The CVRs
are non-transferable. Insignificant amount of CVRs granted to holders of unvested in-the-money Company Options,which are subject to vesting
terms with time-vesting schedules that match the terms of the underlying Company Options.
The
Company evaluated the Earnout Liability under ASC 815-40, Derivatives and Hedging-Contracts in Entity's Own Equity ("ASC
815-40"), and concluded they do not meet the criteria to be classified in shareholders' equity. Specifically, there are contingent
exercise provisions and settlement provisions that exist. It is noted that all remaining shares would be issuable (or the forfeiture
provisions would lapse) upon any change of control involving the Company as describe above. This means that settlement is not solely
impacted by the share price of the Company (that is, the share price observed in or implied by a qualifying change-in-control event),
but also by the occurrence of a qualifying change-in-control event. This causes the arrangement to not be indexed to the Company's
own shares and liability classification is appropriate. The Company recorded these instruments as liabilities on the condensed consolidated
balance sheet at fair value, with subsequent changes in their respective fair values recognized in earnings at each reporting date. The
earnout liability was fair valued using the monte carlo model. The inputs used for the model were a volatility of
90
%, and interest rate
of
3
%. At June 30, 2022 and December 31, 2021 the balance of the earnout liability was $
13,775
thousand and $
0
thousand respectively.
A gain of $
17,250
thousand was recorded in the three months and six months ended June 30, 2022 in the condensed consolidated statement
of operations and comprehensive loss for the change in the fair market value of the decrease in liability due to decrease in Kalera share
price from Closing Date to June 30, 2022.
NOTE
16:
WARRANTS
As
of June 30, 2022, there were
14,438
thousand warrants to purchase common stock outstanding, consisting
7,188
thousand public warrants
("Public Warrants") and
7,250
thousand private placement warrants ("Private Warrants"), (collectively, "Warrants")
that were transferred via the Business Combination described in Note 3. Each whole Warrant entitles the holder to purchase one ordinary
share of Kalera stock at a price of $
11.50
per share, subject to adjustment. The Warrants will become exercisable on the later
twelve
months
from the closing of Agrico's Public Offering and
30
days after the completion of the initial Business Combination. Only
a whole warrant may be exercised at a given time by a warrant holder. No fractional warrants will be issued upon separation of the units
and only whole warrants will trade. The warrants will expire
five years
after the completion of the Business Combination or earlier upon
redemption or liquidation.
F-
47
KALERA
PUBLIC LTD CO. AND SUBSIDIARIES
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Once
the warrants become exercisable, the Company may redeem the Public Warrants:
●
In
                                            whole and not in part;
●
At
                                            a price of $
0.01
per warrant;
●
Upon
                                            not less than
30
days' prior written notice of redemption to each warrant holder; and
●
If,
                                            and only if, the reported last sale price of the shares of common stock equals or exceeds
                                            $
18.00
per share (as adjusted for share sub-divisions, share capitalizations, reorganizations,
                                            recapitalizations and the like), for any
20
trading days within a
30
trading day period commencing
                                            at any time after the warrants become exercisable and ending on the third trading day prior
                                            to the notice of the redemption is given to the warrant holders (the "Reference Value").
If
the Company calls the Public Warrants for redemption, management will have the option to require all holders that wish to exercise the
Public Warrants to do so on a "cashless basis," as described in the warrant agreement.
The
Private Placement Warrants are identical to the Public Warrants, except that the Private Warrants (i) will not be transferable, assignable
or salable until the completion of the initial Business Combination and (ii) will be entitled to registration rights.
Both
the Public and Private Warrants qualify for equity treatment
in accordance with GAAP per guidance
under ASC Topic 815
as they meet the indexation rule and there is no net cash settlement requirement on the Company.
NOTE
17:
FAIR VALUE MEASUREMENTS
The
company categorizes its assets and liabilities into one of three levels based on the assumptions (inputs) used in determining their values,
as defined below:
●
Level
                                            1: Unadjusted quoted prices in active markets for identical assets or liabilities.
●
Level
                                            2: Observable inputs other than Level 1 prices, such as quoted prices for similar assets
                                            or liabilities in active markets; quoted prices for identical assets or liabilities in markets
                                            that are not active; or other inputs that are observable or can be corroborated by observable
                                            market data for substantially the full term of the assets or liabilities.
●
Level
                                            3: Unobservable inputs reflecting management's assumptions about the inputs used in
                                            pricing the asset or liability.
F-
48
KALERA
PUBLIC LTD CO. AND SUBSIDIARIES
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
The
table below presents the Company's financial assets and liabilities subject to fair value measurements on a recurring basis and
the level of inputs used for each measurement:
Fair Value as of:
June 30, 2022
Balance Sheet
Account
Level 1
Level 2
Level 3
Total
Liabilities:
Earnout liabilities
Earnout liabilities
—
—
13,775
13,775
Total liabilities
$
—
$
—
$
13,775
$
13,775
The
earnout liabilities are determined using the monte carlo model, a Level 3 valuation. The significant inputs to the earnout liabilities
and private warrant valuations are as follows:
June 30, 2022
Earnout Liabilities
Trigger price
$
12.50
to $
15.00
Stock price
$
5.90
to $
8.66
Volatility
90
%
Time to maturity
2
years
Risk-free rate
3
%
Dividend yield
—
NOTE
18:
DISAGGREGATED REVENUES BY CUSTOMER TYPE
The
Company recognized revenues of $
1,289
thousand and $
2,766
thousand for the three and six months ended June 30, 2022, respectively, and
$
489
thousand and $
828
thousand 2021, for the three and six months ended June 30, 2021 respectively. Food service revenues included $
321
thousand of credits and promotions to new customers mainly served under our new foodservices partnership. Substantially all of the Company's
revenues are generated from the sale of lettuce and micro-greens sold to retail and food service customers globally.
Three months ended June 30,
Six months ended June 30,
In thousands
2022
2021
2022
2021
Food service revenue
$
766
$
130
$
1,376
$
294
Retail revenue
523
359
1,390
534
Net sales
$
1,289
$
489
$
2,766
$
828
NOTE
19:
COMMITMENTS AND CONTINGENCIES
Failed
Sale-Leaseback Agreement
In
January 2022, the Company entered into a sale-leaseback for its St. Paul, Minnesota facility and certain racking and lighting equipment
whereby the Company sold and leased back the facility and equipment from an unrelated third party. This sale-leaseback was entered into
primarily as a mechanism to provide operational liquidity and supporting working capital needs. The lease arrangement did not meet the
criteria for sale-leaseback accounting under ASC 842,
Leases
, as the leaseback of both the facility and the equipment would have
been classified as a finance lease upon leaseback. Therefore, the Company still maintains economic control over the facility and equipment.
As of June 30, 2022, the Company has capitalized the total fair value of the facility and the equipment of approximately $
7,427
thousand
within "Property, plant, and equipment, net" and accounts for the cash proceeds received as a secured financing obligation.
As of June 30, 2022, $
7,144
thousand related to the financing obligation was classified as a long-term, while $
283
thousand is classified
as short-term on the unaudited condensed consolidated balance sheet.
F-
49
KALERA
PUBLIC LTD CO. AND SUBSIDIARIES
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Future
minimum payments of the financing obligation as of June 30, 2022 are as follows:
In thousands
Remainder of 2022
$
283
2023
621
2024
640
2025
656
2026
673
Thereafter
11,858
Total undiscounted financing obligation
14,731
Less: Imputed interest
(
7,304
)
Present value of total financing obligation
$
7,427
NOTE
20:
LOSS PER SHARE
Basic
and diluted net loss per share is calculated as follows:
Unaudited Six Months Ended
In thousands, except per share data
June 30, 2022
June 30, 2021
Numerator:
Net loss
$
(
94,973
)
$
(
12,580
)
Denominator:
Weighted average number of common shares - basic and diluted
19,125
15,018
Net loss per ordinary share:
Basic and diluted
$
(
4.97
)
$
(
0.84
)
NOTE
21:
SUBSEQUENT EVENTS
Subsequent
events for recognition or disclosure have been evaluated through the date the financial statements were available to be issued.
Private
Placement
●
On
                                            July 11, 2022, the Company entered into a securities purchase agreement with a single institutional
                                            investor to raise approximately $
10,000
thousand through the private placement of
2,500,000
shares of common stock (or pre-funded warrants in lieu thereof),
2,500,000
Series A Warrants
                                            and
2,500,000
Series B Warrants. Each share of common stock (or pre-funded warrant in lieu
                                            thereof) is being sold together with accompanying warrants at a combined effective purchase
                                            price of $
4.00
. The Series A Warrants will be exercisable
six months
from the date of issuance
                                            at an exercise price of $
4.41
per share and will expire
two years
from the date of issuance.
                                            The Series B Warrants will be exercisable
six months
from the date of issuance at an exercise
                                            price of $
4.41
per share and will expire five and a half years from the date of issuance.
F-
50
AGRICO
ACQUISITION CORP.
REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To
the Shareholders and the Board of Directors of
Agrico
Acquisition Corp.
Opinion
on the Financial Statements
We
have audited the accompanying balance sheets of Agrico Acquisition Corp. (the "Company") as of December 31, 2021 and 2020,
the related statements of operations, changes in shareholders' deficit and cash flows for the year ended December 31, 2021 and
for the period from July 31, 2020 (inception) through December 31, 2020, and the related notes (collectively referred to as the "financial
statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the
Company as of December 31, 2021 and 2020, and the results of its operations and its cash flows for the year ended December 31, 2021 and
for the period from July 31, 2020 (inception) through December 31, 2020, in conformity with accounting principles generally accepted
in the United States of America.
Explanatory
Paragraph - Going Concern
The
accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As more fully described
in Note 1 to the financial statements, the Company has until July 12, 2022 to complete a business combination or the Company will cease
all operations except for the purpose of liquidating. This condition raises substantial doubt about the Company's ability to continue
as a going concern. Management's plans in regard to these matters are also described in Note 1. The financial statements do not
include any adjustments that might result from the outcome of this uncertainty.
Basis
for Opinion
These
financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's
financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board
(United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal
securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We
conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain
reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company
is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits,
we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion
on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.
Our
audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error
or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding
the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant
estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits
provide a reasonable basis for our opinion.
/s/ Marcum LLP
Marcum LLP
We have served as the Company's auditor since
    2020.
Hartford, CT
April 1, 2022
F-
51
AGRICO
ACQUISITION CORP.
BALANCE
SHEETS
December 31,
2021
December 31,
2020
Assets:
Cash
$
664,428
$
—
Prepaid expenses
6,083
Total current assets
670,511
—
Cash and marketable securities held in Trust Account
146,644,675
—
Deferred offering costs
—
96,594
Total assets
$
147,315,186
$
96,594
Liabilities, Redeemable Ordinary Shares and Shareholders' Deficit
Accrued offering costs and expenses
$
129,068
$
50,000
Due to related party
73,795
56,266
Total current liabilities
202,863
106,266
Deferred underwriters' fee
5,031,250
—
Total liabilities
5,234,113
106,266
Commitments and Contingencies (Note 6)
Redeemable Ordinary Shares
Class A ordinary shares subject to possible redemption,
14,375,000
Class A ordinary shares at redemption value of $
10.20
per share
146,625,000
—
Shareholders' Deficit:
Preference shares, $
0.0001
par value;
1,000,000
shares authorized; none issued and outstanding
—
—
Class A ordinary shares, $
0.0001
par value;
200,000,000
shares authorized;
143,750
and
no
shares issued and outstanding as of December 31, 2021 and 2020, respectively (excluding
14,375,000
and
no
shares subject to redemption as of December 31, 2021 and 2020, respectively)
14
—
Class B ordinary shares, $
0.0001
par value;
20,000,000
shares authorized;
3,593,750
and
no
shares issued and outstanding as of December 31, 2021 and 2020, respectively (Note 5)
359
—
Accumulated deficit
(
4,544,300
)
(
9,672
)
Total shareholders' deficit
(
4,543,927
)
(
9,672
)
Total Liabilities, Redeemable Ordinary Shares and Shareholders' Deficit
$
147,315,186
$
96,594
The
accompanying notes are an integral part of these financial statements.
F-
52
AGRICO
ACQUISITION CORP.
STATEMENTS
OF OPERATIONS
For the year
ended
December 31, 2021
For the period
from July 31,
2020 (inception)
through
December 31, 2020
General and administrative costs
$
392,649
$
9,672
Loss from operations
(
392,649
)
(
9,672
)
Other income:
Interest earned on cash and marketable securities held in Trust Account
19,675
—
Total other income
19,675
—
Net loss
$
(
372,974
)
$
(
9,672
)
Weighted average shares outstanding of Class A ordinary shares
6,881,490
—
Basic and diluted net loss per share, Class A ordinary shares
$
(
0.04
)
$
—
Weighted average shares outstanding of Class B ordinary shares
3,141,695
—
Basic and diluted net loss per share, Class B ordinary shares
$
(
0.04
)
$
—
The
accompanying notes are an integral part of these financial statements.
F-
53
AGRICO
ACQUISITION CORP.
STATEMENTS
OF CHANGES IN SHAREHOLDERS' DEFICIT
FOR
THE YEAR ENDED DECEMBER 31, 2021 AND
FOR
THE PERIOD FROM JULY 31, 2020 (INCEPTION) THROUGH DECEMBER 31, 2020
Class A
Class B
Additional
Total
Ordinary shares
Ordinary shares
Paid-in
Accumulated
Shareholders'
Shares
Amount
Shares
Amount
Capital
Deficit
(Deficit)
Balance as of July 31, 2020
—
$
—
—
$
—
$
—
$
—
$
—
Net loss
—
—
—
—
—
(
9,672
)
(
9,672
)
Balance as of December 31, 2020
—
$
—
—
$
—
$
—
$
(
9,672
)
$
(
9,672
)
Issuance of Class B ordinary shares to Sponsor (Note 5)
—
—
3,593,750
359
24,641
—
25,000
Issuance of Private Placement warrants, net of offering costs
—
—
—
—
7,226,565
—
7,226,565
Fair value of public warrants, net of offering costs
—
—
—
—
4,973,703
—
4,973,703
Issuance of non-redeemable representative shares
143,750
14
—
—
1,437,486
—
1,437,500
Re-measurement of Class A ordinary shares carrying value to redemption value
—
—
—
—
(
13,662,395
)
(
4,161,654
)
(
17,824,049
)
Net loss
—
—
—
—
—
(
372,974
)
(
372,974
)
Balance as of December 31, 2021
143,750
$
14
3,593,750
$
359
$
—
$
(
4,544,300
)
$
(
4,543,927
)
The
accompanying notes are an integral part of these financial statements.
F-
54
AGRICO
ACQUISITION CORP.
STATEMENTS
OF CASH FLOWS
For the year
ended
December 31,
2021
For the period
from July 31,
2020 (inception)
through
December 31,
2020
Cash flows from operating activities:
Net loss
$
(
372,974
)
$
(
9,672
)
Adjustments to reconcile net loss to net cash used in operating activities:
Formation costs paid by related party
—
9,672
Interest earned on cash and investments held in trust account
(
19,675
)
—
Changes in operating assets and liabilities:
Prepaid expenses
(
6,083
)
—
Due to related party
73,795
—
Accrued offering costs and expenses
79,068
—
Net cash used in operating activities
(
245,869
)
—
Cash Flows from Investing Activities:
Cash invested in Trust Account
(
146,625,000
)
—
Net cash used in investing activities
(
146,625,000
)
—
Cash Flows from Financing Activities:
Proceeds from initial public offering, net of underwriting discount
140,875,000
—
Proceeds from sale of private placement warrants
7,250,000
—
Proceeds from issuance of promissory note to related party
25,000
—
Payment of offering costs
(
443,347
)
—
Payment of promissory note to related party
(
171,356
)
Net cash provided by financing activities
147,535,297
—
Net change in cash
664,428
—
Cash, beginning of period
—
—
Cash, end of the period
$
664,428
$
—
Supplemental disclosure of cash flow information:
Issuance of Class B ordinary shares in exchange for due to related party
$
25,000
$
—
Deferred offering costs paid by related party
$
146,356
$
48,262
Issuance of shares to underwriter representative
$
1,437,500
$
—
Initial Classification of Class A ordinary shares subject to possible redemption
$
146,625,000
$
—
Deferred underwriting commissions payable charged to accumulated deficit
$
5,031,250
$
—
The
accompanying notes are an integral part of these financial statements.
F-
55
AGRICO
ACQUISITION CORP.
NOTES
TO FINANCIAL STATEMENTS
DECEMBER
31, 2021
Note
1 —
Organization and Business Operations
Agrico
Acquisition Corp. (the "Company") was incorporated as a Cayman Islands exempted company on July 31, 2020. The Company was
incorporated for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, reorganization or similar
business combination with one or more businesses (the "Business Combination").
As
of December 31, 2021, the Company had not commenced any operations. All activity from inception through December 31, 2021 relates to
the Company's formation and preparation for the Initial Public Offering (the "Public Offering" or "IPO")
as described below, and subsequent to the IPO, identifying a target company for a Business Combination. The Company will not generate
any operating revenues until after the completion of a Business Combination, at the earliest. The Company generates non-operating income
in the form of interest income and unrealized gains from the cash and marketable securities held in the Trust Account. The Company has
selected December 31 as its fiscal year end.
The
Company's sponsor is DJCAAC, LLC, a Delaware limited partnership (the "Sponsor"). The registration statement for the
Company's IPO was declared effective on July 7, 2021 (the "Effective Date"). On July 12, 2021, the Company consummated
the initial public offering (the "Public Offering" or "IPO") of
14,375,000
units (the "Units"), which
includes the full exercise by the underwriters of the over-allotment option to purchase an additional
1,875,000
Units, at $
10.00
per
unit, generating gross proceeds of $
143,750,000
, which is discussed in Note 3. Simultaneously with the closing of the IPO, the Company
consummated the sale of
7,250,000
warrants to the Sponsor and Maxim Group LLC ("Maxim"), the underwriter in the IPO (the
"Private Placement Warrants"), at a price of $
1.00
per Private Placement Warrant, generating gross proceeds of $
7,250,000
,
which is discussed in Note 4. Each Private Placement Warrant is exercisable to purchase one Class A ordinary share at $
11.50
per share.
Transaction
costs of the IPO amounted to $
9,998,781
, comprised of $
2,875,000
of underwriting fees paid at the time of the IPO, $
5,031,250
of deferred
underwriting fees, $
655,031
of other offering costs, and $
1,437,500
of the fair value of the representative shares, and was all charged
to shareholders' equity.
Following
the closing of the IPO on July 12, 2021, $
146,625,000
($
10.20
per Unit) from the net proceeds of the sale of the Units in the IPO, including
a portion of the proceeds from the sale of the Private Placement Warrants, was deposited in a trust account ("Trust Account"),
located in the United States with Continental Stock Transfer & Trust Company acting as trustee, and may only be invested in U.S.
government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, having a maturity of
185
days
or less or in money market funds meeting certain conditions under Rule 2a-7 promulgated under the Investment Company Act which invest
only in direct U.S. government treasury obligations. Except with respect to interest earned on the funds held in the Trust Account that
may be released to the Company to pay taxes, if any, the proceeds from the IPO and the sale of the Private Placement Warrants will not
be released from the Trust Account (1) to the Company, until the completion of the initial Business Combination, or (2) to the public
shareholders, until the earliest of (a) the completion of the initial Business Combination, and then only in connection with those Class
A ordinary shares that such shareholders properly elected to redeem, subject to the limitations, (b) the redemption of any public shares
properly tendered in connection with a (A) shareholder vote to amend the amended and restated memorandum and articles of association
to modify the substance or timing of the Company's obligation to provide holders of the Class A ordinary shares the right to have
their shares redeemed in connection with the initial Business Combination or to redeem
100
% of the public shares if the Company does
not complete the initial Business Combination within 21 months from the closing of the Initial public offering (the "Combination
Period"), or (B) with respect to any other provision relating to the rights of holders of the Class A ordinary shares or pre-initial
business combination activity, and (c) the redemption of the public shares if the Company has not consummated the initial Business Combination
within 21 months from the closing of the Initial public offering. Public shareholders who redeem their Class A ordinary shares in connection
with a shareholder vote described in clause (b) in the preceding sentence shall not be entitled to funds from the Trust Account upon
the subsequent completion of an initial Business Combination or liquidation if the Company has not consummated an initial Business Combination
within the Combination Period, with respect to such Class A ordinary shares so redeemed. The proceeds deposited in the Trust Account
could become subject to the claims of the Company's creditors, if any, which could have priority over the claims of the public
shareholders.
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56
The
Company will provide its public shareholders with the opportunity to redeem all or a portion of their public shares upon the completion
of the initial Business Combination either (i) in connection with a general meeting called to approve the initial Business Combination
or (ii) by means of a tender offer. The decision as to whether the Company will seek shareholder approval of a proposed initial Business
Combination or conduct a tender offer will be made by the Company, solely in its discretion. The shareholders will be entitled to redeem
their shares for a pro rata portion of the amount then on deposit in the Trust Account (initially approximately $
10.20
per share, plus
any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations).
If
the Company is unable to complete a Business Combination within 12 months (or up to 21 months if the Company extends the period of time
to consummate a business combination by the full amount of time) from the closing of the Public Offering (the "Combination Period")
or during any Extension Period, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably
possible but not more than ten business days thereafter, redeem the public shares, at a per-share price, payable in cash, equal to the
aggregate amount then on deposit in the trust account including interest earned on the funds held in the trust account and not previously
released to us to pay the Company's franchise and income taxes (less up to $
50,000
of interest to pay dissolution expenses), divided
by the number of then outstanding public shares, which redemption will completely extinguish public shareholders' rights as shareholders
(including the right to receive further liquidating distributions, if any), subject to applicable law, and (iii) as promptly as reasonably
possible following such redemption, subject to the approval of the Company's remaining shareholders and board of directors, liquidate
and dissolve, subject in each case to the Company's obligations under Cayman Islands law to provide for claims of creditors and
the requirements of other applicable law.
The
Sponsor, officers and directors have agreed to (i) waive their redemption rights with respect to their Founder Shares and Public Shares
in connection with the completion of the initial Business Combination, (ii) waive their redemption rights with respect to their Founder
Shares and Public Shares in connection with a shareholder vote to approve an amendment to the Company's amended and restated certificate
memorandum and articles of association (A) that would modify the substance or timing of the Company's obligation to redeem
100
%
of the its Public Shares if the Company does not complete its initial Business Combination within the Combination Period or (B) with
respect to any other provision relating to shareholders' rights or pre-initial Business Combination activity, (iii) waive their
rights to liquidating distributions from the Trust Account with respect to their Founder Shares if the Company fails to complete an initial
Business Combination within the Combination Period, although they will be entitled to liquidating distributions from the Trust Account
with respect to any Public Shares they hold if the Company fails to complete the initial Business Combination within the prescribed timeframe,
and (iv) vote their Founder Shares and Public Shares in favor of the Company's initial Business Combination.
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The
Sponsor has agreed that it will be liable to the Company if and to the extent any claims by a third party for services rendered or products
sold to the Company, or a prospective target business with which the Company has entered into a written letter of intent, confidentiality
or similar agreement or business combination agreement, reduce the amount of funds in the trust account to below the lesser of (i) $
10.00
per public share and
(ii) the actual amount per public share held in the trust account as of the date of the liquidation of the trust account, if less than
$
10.00
per
share due to reductions in the value of the trust assets, less taxes payable, provided that such liability will not apply to any claims
by a third party or prospective target business who executed a waiver of any and all rights to the monies held in the trust account (whether
or not such waiver is enforceable) nor will it apply to any claims under the Company's indemnity of the underwriter of the Public
Offering against certain liabilities, including liabilities under the Securities Act. However, the Company has not asked its Sponsor
to reserve for such indemnification obligations, nor has the Company independently verified whether its Sponsor has sufficient funds
to satisfy its indemnity obligations and believes that the Company's Sponsor's only assets are securities of the Company.
Therefore, the Company cannot assure that its Sponsor would be able to satisfy those obligations.
Liquidity,
Capital Resources and Going Concern Consideration
As
of December 31, 2021 the Company had $
664,428
in cash and a working capital of $
467,648
. The Company's liquidity needs up to December
31, 2021 had been satisfied through a capital contribution from the Sponsor of $
25,000
(see Note 5) for the founder shares and the loan
under an unsecured promissory note from the Sponsor of up to $
200,000
(see Note 5), of which $
171,356
was borrowed and repaid in 2021.
In addition, in order to finance transaction costs in connection with a Business Combination, the Company's Sponsor or an affiliate
of the Sponsor or certain of the Company's officers and directors may, but are not obligated to, provide the Company Working Capital
Loans (see Note 5). As of December 31, 2021 and 2020, there were no amounts outstanding under any Working Capital Loans.
Based
on the foregoing, management believes that the Company will have sufficient working capital to meet its needs through the earlier of
the consummation of a Business Combination or one year from this filing. Over this time period, the Company will be using these funds
for paying existing accounts payable, identifying and evaluating prospective initial Business Combination candidates, performing due
diligence on prospective target businesses, paying for travel expenditures, selecting the target business to merge with or acquire, and
structuring, negotiating and consummating the Business Combination.
However,
the Company is within 12 months of its mandatory liquidation as of the time of filing this 10K. In connection with the Company's
assessment of going concern considerations in accordance with Accounting Standards Update ("ASU") 2014-15, "Disclosures
of Uncertainties about an Entity's Ability to Continue as a Going Concern," the liquidity condition and mandatory liquidation
raise substantial doubt about the Company's ability to continue as a going concern until the earlier of the consummation of the
Business Combination or the date the Company is required to liquidate, July 12, 2022.
These
financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities
that might be necessary should the Company be unable to continue as a going concern.
Risks
and Uncertainties
Management
continues to evaluate the impact of the COVID-19 pandemic and has concluded that while it is reasonably possible that the virus could
have a negative effect on the Company's financial position, results of its operations, and/or search for a target company, the
specific impact is not readily determinable as of the date of these financial statements. The financial statements do not include any
adjustments that might result from the outcome of this uncertainty.
F-
58
Note
2 —
Significant Accounting Policies
Basis
of Presentation
The
accompanying financial statements of the Company are presented in U.S. dollars in conformity with accounting principles generally accepted
in the United States of America ("GAAP") and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission
("SEC"). In the opinion of management, all adjustments (consisting of normal recurring adjustments) have been made that are
necessary to present fairly the financial position, and the results of its operations and its cash flows.
Emerging
Growth Company Status
The
Company is an "emerging growth company," as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart our
Business Startups Act of 2012, (the "JOBS Act"), and it may take advantage of certain exemptions from various reporting requirements
that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required
to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding
executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory
vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.
Further,
Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting
standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do
not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting
standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements
that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of
such extended transition period which means that when a standard is issued or revised and it has different application dates for public
or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies
adopt the new or revised standard. This may make comparison of the Company's financial statements with another public company which
is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult
or impossible because of the potential differences in accounting standards used.
Use
of Estimates
The
preparation of the financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statement
and the reported amounts of expenses during the reporting period. Making estimates requires management to exercise significant judgement.
It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at
the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one
or more future confirming events. Accordingly, the actual results could differ significantly from those estimates.
Cash
and Cash Equivalents
The
Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents.
The Company did not have any cash equivalents as of December 31, 2021 and 2020.
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59
Marketable
Securities Held in Trust Account
At
December 31, 2021, the assets held in the Trust Account were held in U.S. Treasury Bills with a maturity of 185 days or less and in money
market funds which invest in U.S. Treasury securities.
The
Company classifies its United States Treasury securities as held-to-maturity in accordance with FASB ASC Topic 320 "Investments
- Debt and Equity Securities." Held-to-maturity securities are those securities which the Company has the ability and intent to
hold until maturity. Held-to-maturity treasury securities are recorded at amortized cost and adjusted for the amortization or accretion
of premiums or discounts.
A
decline in the market value of held-to-maturity securities below cost that is deemed to be other than temporary, results in an impairment
that reduces the carrying costs to such securities' fair value. The impairment is charged to earnings and a new cost basis for
the security is established. To determine whether an impairment is other than temporary, the Company considers whether it has the ability
and intent to hold the investment until a market price recovery and considers whether evidence indicating the cost of the investment
is recoverable outweighs evidence to the contrary. Evidence considered in this assessment includes the reasons for the impairment, the
severity and the duration of the impairment, changes in value subsequent to year-end, forecasted performance of the investee, and the
general market condition in the geographic area or industry in which the investee operates.
Premiums
and discounts are amortized or accreted over the life of the related held-to-maturity security as an adjustment to yield using the effective-interest
method. Such amortization and accretion are included in the "interest income" line item in the statements of operations.
Interest income is recognized when earned.
The
carrying value, excluding gross unrealized holding loss and fair value of held to maturity securities on December 31, 2021 are as follows:
Carrying Value
as of December 31,
2021
Gross Unrealized
Gains
Gross Unrealized
Losses
Fair Value as of
December 31,
2021
U.S. Treasury Securities
146,644,279
897
—
146,645,176
Cash
396
—
—
396
$
146,644,675
$
897
$
—
$
146,645,572
Offering
Costs
Offering
costs consisted of legal, accounting, underwriting fees and other costs incurred through the Initial Public Offering that were directly
related to the Initial Public Offering. Offering costs were allocated to the separable
financial
instruments issued in the Initial Public Offering based on a relative fair value basis, compared to total proceeds received. Offering
costs associated with issuance of the Class A ordinary shares
were charged
against the carrying
value of the Class A ordinary shares subject to possible redemption
upon the completion of the
Initial Public Offering.
The Company classifies deferred underwriting commissions as non-current liabilities as their liquidation
is not reasonably expected to require the use of current assets or require the creation of current liabilities.
Net
Income (loss) Per Ordinary Share
The
Company has two classes of shares, which are referred to as Class A ordinary shares and Class B ordinary shares. Earnings and losses
are shared pro rata between the two classes of shares.
Net
income (loss) per ordinary share is computed by dividing net income (loss) by the weighted-average number of ordinary shares outstanding
during the periods. We have
not considered the effect of the warrants sold in the Initial Public
Offering and the Private Placement to purchase an aggregate of
14,437,500
of our Class A ordinary shares in the calculation of diluted
income (loss) per share, since their inclusion would be anti-dilutive under the treasury stock method. As a result, diluted net income
(loss) per ordinary share is the same as basic net loss per ordinary share for the periods.
Re-measurement associated with
the
Class A ordinary shares subject to possible redemption is excluded from earnings per share as the redemption value approximates fair
value.
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60
For the Year ended
December 31, 2021
For the period from
July 31, 2020 (inception)through
December 31, 2020
Class A
Class B
Class A
Class B
Basic and diluted net income (loss) per share:
Numerator:
Allocation of net income (loss)
$
(
256,068
)
$
(
116,096
)
$
—
$
9,672
Denominator:
Weighted-average shares outstanding including ordinary shares subject to redemption
6,881,490
3,141,695
—
—
Basic and diluted net income (loss) per share
$
(
0.04
)
$
(
0.04
)
$
—
$
—
Fair
Value of Financial Instruments
The
fair value of the Company's assets and liabilities, which qualify as financial instruments under FASB ASC 820, "Fair Value
Measurements and Disclosures," approximates the carrying amounts represented in the balance sheet, primarily due to their short-term
nature.
Class
A Ordinary Shares Subject to Possible Redemption
The
Company accounts for our Class A ordinary share subject to possible redemption in accordance with ASC 480.Class A ordinary shares subject
to mandatory redemption (if any) are classified as liability instruments and are measured at fair value. Conditionally redeemable Class
A ordinary shares (including Class A ordinary share that feature redemption rights that are either within the control of the holder or
subject to redemption upon the occurrence of uncertain events not solely within our control) are classified as temporary equity. At all
other times, Class A ordinary shares are classified as shareholders' equity. Our Class A ordinary shares feature certain redemption
rights that are considered to be outside of our control and subject to the occurrence of uncertain future events. Accordingly, at December
31, 2021,
14,375,000
Class A ordinary shares subject to possible redemption are presented at redemption value as temporary equity, outside
of the shareholders' equity section of our balance sheet.
There
were no Class A ordinary shares outstanding as of December 31, 2020.
Immediately
upon the closing of the Initial Public Offering, the Company recognized the re-measurement from initial book value to redemption amount,
which approximates fair value. The change in the carrying value of Class A ordinary shares subject to possible redemption resulted in
charges against additional paid-in capital (to the extent available), accumulated deficit, and Class A ordinary shares.
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61
As
of December 31, 2021, the ordinary shares reflected on the balance sheet are reconciled in the following table:
Gross proceeds from IPO
$
143,750,000
Less:
Proceeds allocated to Public Warrants
(
5,287,763
)
Offering costs related to Class A ordinary shares subject to possible redemption
(
8,223,786
)
Plus:
Offering costs allocated to public warrants
314,060
Re-Measurement of Class A ordinary shares to redemption amount
16,072,489
Class A ordinary shares subject to possible redemption
$
146,625,000
Income
Taxes
The
Company follows the asset and liability method of accounting for income taxes under FASB ASC 740, "Income Taxes." Deferred
tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial
statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are
measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to
be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period
that included the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected
to be realized.
ASC
Topic 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax
positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than
not to be sustained upon examination by taxing authorities. The Company's management determined that the Cayman Islands is the
Company's major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as
income tax expense. As of December 31, 2021 and 2020, there were no unrecognized tax benefits and no amounts accrued for interest and
penalties. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material
deviation from its position. The Company's management does not expect that the total amount of unrecognized tax benefits will materially
change over the next twelve months.
The
Company is considered to be an exempted Cayman Islands company with no connection to any other taxable jurisdiction and is presently
not subject to income taxes or income tax filing requirements in the Cayman Islands or the United States. As such, the Company's
tax provision was zero for the periods presented.
Concentration
of Credit Risk
Financial
instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution,
which, at times, may exceed the Federal Depository Insurance Company coverage of $
250,000
. The Company has not experienced losses on
these accounts and management believes the Company is not exposed to significant risks on such accounts.
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62
Recent
Accounting Pronouncements
In
August 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2020-06,
Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity's
Own Equity (Subtopic 815-40) ("ASU 2020-06") to simplify accounting for certain financial instruments. ASU 2020-06 eliminates
the current models that require separation of beneficial conversion and cash conversion features from convertible instruments and simplifies
the derivative scope exception guidance pertaining to equity classification of contracts in an entity's own equity. The new standard
also introduces additional disclosures for convertible debt and freestanding instruments that are indexed to and settled in an entity's
own equity. ASU 2020-06 amends the diluted earnings per share guidance, including the requirement to use the if-converted method for
all convertible instruments. ASU 2020-06 is effective January 1, 2024 for the Company and should be applied on a full or modified retrospective
basis, with early adoption permitted beginning on January 1, 2021. The Company is currently assessing the impact, if any, that ASU 2020-06
would have on its financial position, results of operations or cash flows.
Management
does not believe that any other recently issued, but not effective, accounting standards, if currently adopted, would have a material
effect on the Company's financial statements.
Note
3 —
Initial Public Offering
On
July 12, 2021, the Company initially sold
14,375,000
Units, which includes the full exercise by the underwriters of the over-allotment
option to purchase an additional
1,875,000
Units, at a purchase price of $
10.00
per Unit. Each Unit consists of one share of Class A
ordinary share, and one-half of one redeemable warrant.
Each whole Public Warrant entitles the holder to purchase one Class A ordinary share at a price of $
11.50
per share, subject to adjustment (See Note 7).
In
connection with the closing of the IPO, the Company issued to Maxim
143,750
Class A ordinary shares (the "representative shares").
Maxim has agreed not to transfer, assign or sell any such shares until the completion of the Company's initial Business Combination.
In addition, Maxim has agreed (i) to waive its redemption rights with respect to such shares in connection with the completion of the
Company's initial business combination and (ii) to waive its rights to liquidating distributions from the trust account with respect
to such shares if the Company fails to complete its initial business combination within 12 months (or up to 21 months if we extend the
period of time to consummate a business combination by the full amount of time) from the closing of the IPO.
Note
4 —
Private Placement
Simultaneously
with the closing of the IPO, the Sponsor purchased an aggregate of
7,250,000
Private Placement Warrants at a price of $
1.00
per Private
Placement Warrant, for an aggregate purchase price of $
7,250,000
, in a private placement. A portion of the proceeds from the private
placement was added to the proceeds from the IPO held in the Trust Account.
The
Private Placement Warrants are identical to the Public Warrants, except that the Private Warrants (i) will not be transferable, assignable
or salable until the completion of the initial Business Combination and (ii) will be entitled to registration rights (see Note 7).
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63
Note
5 —
Related Party Transactions
Founder
Shares
On
January 25, 2021, the Sponsor was issued
5,000,000
Class B ordinary shares, par value $
0.0001
per share (the "Founder Shares")
for $
25,000
, or approximately $
0.005
per share, which proceeds were used to reduce the amount due to a related party. On April 9, 2021,
the sponsor forfeited to the Company for no consideration an aggregate of
1,406,250
Founder Shares, which the Company cancelled, resulting
in a decrease in the total number of Founder Shares outstanding from
5,000,000
shares to
3,593,750
shares, which included up to
468,750
founder shares subject to forfeiture to the extent that the underwriter's over-allotment option was not exercised in full or in
part. Due to the underwriters' exercise of their full over-allotment on July 12, 2021, these
468,750
Founders Shares are no longer
subject to forfeiture.
The
Sponsor, officers and directors have agreed not to transfer, assign or sell any of their Founder Shares until the earliest of (A) one
year after the completion of the initial Business Combination and (B) subsequent to the initial Business Combination, (x) if the closing
price of the Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share sub-divisions, share dividends, reorganizations,
recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the initial
Business Combination, or (y) the date on which the Company completes a liquidation, merger, share exchange or other similar transaction
that results in all of the Public Shareholders having the right to exchange their ordinary shares for cash, securities or other property
(the "Lock-up").
Any permitted transferees would be subject to the same restrictions and other agreements of our Sponsor,
officers and directors with respect to any Founder Shares.
Promissory
Note — Related Party
On
January 22, 2021, the Sponsor agreed to loan the Company up to $
200,000
to be used for a portion of the expenses of the IPO. This loan
was non-interest bearing and payable after the date of the consummation of the Public Offering. In 2021, the Company borrowed and repaid
$
171,356
. As of December 31, 2021, the Company had no outstanding borrowings under the promissory note.
Due
to Related Party
The
Sponsor paid certain formation costs and deferred offering costs on behalf of the Company which were recorded as due to related party
in the amount $
56,266
as of December 31, 2020, which were due upon demand. On January 25, 2021, the liability was reduced by $
25,000
in exchange for the issuance of Founder Shares to the Sponsor. As of December 31, 2021, there is $
73,795
due to related party for certain
costs paid by the Sponsor on behalf of the Company which was repaid in March 2022.
Working
Capital Loans
In
addition, in order to finance transaction costs in connection with an intended Business Combination, the Sponsor or an affiliate of the
Sponsor, or certain of the Company's officers and directors, may, but are not obligated to, loan the Company funds as may be required
("Working Capital Loans"). If the Company completes a Business Combination, the Company would repay the Working Capital Loans
out of the proceeds of the Trust Account released to it. Otherwise, the Working Capital Loans may be repaid only out of funds held outside
the Trust Account. In the event that the initial Business Combination does not close, the Company may use a portion of the working capital
held outside the Trust Account to repay Working Capital Loans but no proceeds from the Trust Account would be used to repay the Working
Capital Loans. Up to $
1,500,000
of the Working Capital Loans may be convertible into warrants of the post Business Combination entity
at a price of $
1.00
per warrant at the option of the lender. Such warrants would be identical to the Private Placement Warrants. Except
as set forth above, the terms of such Working Capital Loans, if any, have not been determined and no written agreements exist with respect
to such loans. Prior to the completion of the initial Business Combination, the Company does not expect to seek loans from parties other
than the Sponsor, its affiliates or any members of the management team as the Company does not believe third parties will be willing
to loan such funds and provide a waiver against any and all rights to seek access to funds in the Company's Trust Account. As of
December 31, 2021 and 2020, the Company had no borrowings under the working capital loans.
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64
Administrative
Support Agreement
Commencing
on the date that the Company's securities are first listed, the Company agreed to reimburse an affiliate of the Sponsor for office
space, secretarial and administrative services provided to members of the management team, in the amount of $
10,000
per month. Upon completion
of the initial Business Combination or the Company's liquidation, it will cease paying these monthly fees. For the year ended December
31, 2021,
$
57,742
had
been paid and charged to operating expenses. There were
no
amounts paid or charged for the period from July 31 (inception) through December
31, 2020.
Note
6 —
Commitments and Contingencies
Registration
Rights
The
holders of the Founder Shares, Private Placement Warrants, Class A ordinary shares underlying the Private Placement Warrants and securities
that may be issued upon conversion of Working Capital Loans will have registration rights pursuant to a registration rights agreement
to be signed prior to or on the effective date of the Public Offering. The holders of these securities are entitled to make up to three
demands, excluding short form demands, that the Company register such securities under the Securities Act. In addition, the holders have
certain "piggy-back" registration rights with respect to registration statements filed subsequent to the completion of the
Company's initial Business Combination and rights to require the Company to register for resale such securities pursuant to Rule
415 under the Securities Act. However, the registration rights agreement provides that the Company will not permit any registration statement
filed under the Securities Act to become effective until termination of the applicable lock-up period. Notwithstanding the foregoing,
the underwriter may not exercise its demand and "piggyback" registration rights after five (
5
) and seven (
7
) years after
the effective date of the registration statement for the initial public offering and may not exercise its demand rights on more than
one occasion. The Company will bear the expenses incurred in connection with the filing of any such registration statements.
Underwriting
Agreement
The
underwriter had a 45-day option from the date of the IPO to purchase up to an aggregate of
1,875,000
additional Units at the public offering
price less the underwriting commissions to cover over-allotments, if any. On July 12, 2021, the underwriter fully exercised its over-allotment
option.
The
underwriters are entitled to a deferred underwriting fee of
3.5
% of the gross proceeds of the Public Offering, or $
5,031,250
in the aggregate.
The deferred fee will be payable to the underwriters from the amounts held in the Trust Account solely in the event that the Company
completes an initial Business Combination, subject to the terms of the underwriting agreement.
Note
7 —
Shareholders' Equity
Preference
Shares
— The Company is authorized to issue
1,000,000
preference shares with a par value of $
0.0001
and with such designations,
voting and other rights and preferences as may be determined from time to time by the Company's board of directors. At December
31, 2021 and 2020, there were no preference shares issued or outstanding.
F-
65
Class
A Ordinary Shares
— The Company is authorized to issue
200,000,000
Class A ordinary shares with a par value of$
0.0001
per
share. At December 31, 2021 and 2020, there were
143,750
and
no
Class A ordinary shares issued and shares outstanding, excluding
14,375,000
and
no
Class A ordinary shares subject to redemption, respectively.
Class
B Ordinary Shares
— The Company is authorized to issue
20,000,000
Class B ordinary shares with a par value of $
0.0001
per
share. At December 31, 2020, there were no Class B ordinary shares issued or outstanding. On January 25, 2021, the Company issued
5,000,000
Class B ordinary shares to its Sponsor. On April 9, 2021, the Sponsor forfeited to the Company for no consideration an aggregate of
1,406,250
Class B ordinary shares, which the Company cancelled, resulting in a decrease in the total number of Class B ordinary shares outstanding
from
5,000,000
shares to
3,593,750
shares.
As
a result of the underwriters' election to fully exercise of their over-allotment option on July 12, 2021, the
468,750
shares were
no longer subject to forfeiture. As of December 31, 2021 and 2020, there were
3,593,750
and
no
Class B ordinary shares issued or outstanding,
respectively.
Holders
are entitled to one vote for each Class B ordinary share. Holders of the Class A ordinary shares and holders of the Class B ordinary
shares will vote together as a single class on all matters submitted to a vote of the Company's shareholders, except as required
by law. Unless specified in the Company's amended and restated memorandum and articles of association, or as required by applicable
provisions of Cayman Islands law or applicable stock exchange rules, the affirmative vote of a majority of the ordinary shares that are
voted is required to approve any such matter voted on by the Company's shareholders.
The
Class B ordinary shares will automatically convert into Class A ordinary shares at the time of the initial Business Combination on a
one-for-one basis (subject to adjustment for share sub-divisions, share dividends, reorganizations, recapitalizations and the like).
In the case that additional Class A ordinary shares, or equity-linked securities, are issued or deemed issued in excess of the amounts
offered in our initial public offering and related to the closing of the initial Business Combination, the ratio at which Class B ordinary
shares shall convert into Class A ordinary shares will be adjusted (unless the holders of a majority of the outstanding Class B ordinary
shares agree to waive such adjustment with respect to any such issuance or deemed issuance) so that the number of Class A ordinary shares
issuable upon conversion of all Class B ordinary shares will equal, in the aggregate, on an as-converted basis,
20
% of the sum of the
total number of all ordinary shares outstanding upon completion of the Public Offering (not including Class A ordinary shares issuable
to Maxim) plus all Class A ordinary shares and equity-linked securities issued or deemed issued in connection with the initial Business
Combination (excluding any shares or equity-linked securities issued, or to be issued, to any seller in the initial Business Combination,
any private placement-equivalent securities issued to our sponsor or its affiliates upon conversion of Working Capital loans).
Warrants
— As of December 31, 2021, there were
7,187,500
public warrants and
7,250,000
private placement warrants outstanding. At December
31, 2020, there were no warrants outstanding. Each whole Public Warrant entitles the holder to purchase one Class A ordinary share at
a price of $
11.50
per share, subject to adjustment. The Public Warrants will become exercisable on the later of twelve months from the
closing of the Public Offering and 30 days after the completion of the initial Business Combination. Only a whole warrant may be exercised
at a given time by a warrant holder. No fractional warrants will be issued upon separation of the units and only whole warrants will
trade. The warrants will expire five years after the completion of a Business Combination or earlier upon redemption or liquidation.
F-
66
The
Company has agreed that as soon as practicable, but in no event later than 30 calendar days after the closing of the initial Business
Combination, it will use commercially reasonable best efforts to file, and within 90 calendar days following the initial Business Combination
to have declared effective, a registration statement with the SEC covering the ordinary shares issuable upon exercise of the warrants,
to maintain a current prospectus relating to those ordinary shares until the warrants expire or are redeemed. If a registration statement
covering the ordinary shares issuable upon exercise of the warrants is not effective within the period specified above following the
consummation of the initial Business Combination, public holders of warrants may, until such time as there is an effective registration
statement and during any period when the Company shall have failed to maintain an effective registration statement, exercise warrants
on a cashless basis pursuant to the exemption provided by Section 3(a)(9) of the Securities Act of 1933, as amended, or the Securities
Act, provided that such exemption is available. If the Company's ordinary shares are at the time of any exercise of a warrant not
listed on a national securities exchange such that it satisfies the definition of a "covered security" under Section 18(b)(1)
of the Securities Act, the Company may, at its option, require holders of public warrants who exercise their warrants to do so on a "cashless
basis" in accordance with Section 3(a)(9) of the Securities Act and, in the event the Company so elects, it will not be required
to file or maintain in effect a registration statement, but will be required to use its best efforts to register or qualify the shares
under applicable blue sky laws to the extent an exemption is not available. If that exemption, or another exemption, is not available,
holders will not be able to exercise their warrants on a cashless basis.
In
no event will the Company be required to net cash settle any warrant. In the event that a registration statement is not effective for
the exercised warrants, the purchaser of a unit containing such warrant will have paid the full purchase price for the unit solely for
the Class A ordinary share underlying such unit.
Redemption
of Warrants for Cash When the Price per Class A Ordinary Share Equals or Exceeds $18.00.
Once
the warrants become exercisable, the Company may call the warrants for redemption (excluding the Private Placement Warrants):
●
in
                                            whole and not in part:
●
at
                                            a price of $
0.01
per warrant;
●
upon
                                            a minimum of 30 days' prior written notice of redemption to each warrant holder; and
●
if,
                                            and only if, the closing price of
the Class A ordinary shares equals or exceeds $18.00 per
                                            share
(as adjusted for share sub-divisions, share capitalizations, reorganizations, recapitalizations
                                            and the like) for any 20 trading days within a 30-trading day period ending on the third
                                            trading day prior to the date on which notice of the redemption is given to the warrant holders
                                            (the "Reference Value").
In
addition, if (x) the Company issues additional ordinary shares or equity-linked securities for capital raising purposes in connection
with the closing of the initial Business Combination at an issue price or effective issue price of less than $9.20 per share (with such
issue price or effective issue price to be determined in good faith by the Company's board of directors and, in the case of any
such issuance to the Sponsor or its affiliates, without taking into account any Founder Shares held by the Sponsor or such affiliates,
as applicable, prior to such issuance) (the "Newly Issued Price"), (y) the aggregate gross proceeds from such issuances represent
more than 60% of the total equity proceeds, and interest thereon, available for the funding of the initial Business Combination on the
date of the consummation of the initial Business Combination (net of redemptions), and (z) the volume weighted average trading price
of the Company's ordinary shares during the 20 trading day period starting on the trading day prior to the day on which the Company
consummates its initial Business Combination (such price, the "Market Value") is below $9.20 per share, the exercise price
of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price,
and the $18.00 per share redemption trigger price described below under "Redemption" will be adjusted (to the nearest cent)
to be equal to 180% of the higher of the Market Value and the Newly Issued Price.
The
Private Placement Warrants are identical to the Public Warrants, except that the Private Warrants (i) will not be transferable, assignable
or salable until the completion of the initial Business Combination and (ii) will be entitled to registration rights.
Note
8 —
Subsequent Events
On
January 30, 2022, Agrico Acquisition Corp., a Cayman Islands exempted company entered into a Business Combination Agreement with (i)
a private limited company incorporated in Ireland (ii) a Caymans Islands exempted company (iii) a limited liability company incorporated
under the laws of the Grand Duchy of Luxembourg and, together with Cayman Merger Sub and (iv) a Norwegian private limited liability company.
The
Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the financial statements
were issued. Based upon this review, the Company did not identify any subsequent events (other than the one disclosed above) that would
have required adjustment or disclosure in the financial statements.
F-
67
AGRICO
ACQUISITION CORP.
CONDENSED
BALANCE SHEETS
March 31,
2022
December 31,
2021
(Unaudited)
(Audited)
Assets:
Cash
288,426
664,428
Prepaid expenses
52,365
6,083
Total current assets
340,791
670,511
Cash and marketable securities held in Trust Account
146,651,498
146,644,675
Total assets
146,992,289
147,315,186
Liabilities, Redeemable Ordinary Shares and Shareholders' Deficit
Accrued offering costs and expenses
259,507
129,068
Due to related party
—
73,795
Total current liabilities
259,507
202,863
Deferred underwriters' fee
5,031,250
5,031,250
Total liabilities
5,290,757
5,234,113
Commitments and Contingencies (Note 6)
Redeemable Ordinary Shares
—
—
Class A ordinary shares subject to possible redemption,
14,375,000
Class A ordinary shares at redemption value of $
10.20
per share at March 31, 2022 and December 31, 2021
146,625,000
146,625,000
Shareholders' Deficit:
Preference shares, $
0.0001
par value;
1,000,000
shares authorized;
none
issued and outstanding at March 31, 2022 and December 31, 2021
—
—
Class A ordinary shares, $
0.0001
par value;
200,000,000
shares authorized;
143,750
issued and outstanding (excluding
143,750
shares subject to redemption) at March 31, 2022 and December 31, 2021
14
14
Class B ordinary shares, $
0.0001
par value;
20,000,000
shares authorized;
3,593,750
issued and outstanding as of March 31, 2022 and December 31, 2021
359
359
Accumulated deficit
(
4,923,841
)
(
4,544,300
)
Total Shareholders' Deficit
(
4,923,468
)
(
4,543,927
)
Total Liabilities, Redeemable Ordinary Shares and Shareholders' Deficit
146,992,289
147,315,186
The
accompanying notes are an integral part of these unaudited condensed financial statements.
F-
68
AGRICO
ACQUISITION CORP.
UNAUDITED
CONDENSED STATEMENTS OF OPERATIONS
For the three months ended
March 31,
2022
2021
General and administrative costs
$
386,364
$
—
Loss from operations
386,364
—
Other income:
Interest earned on cash and marketable securities held in Trust Account
6,823
—
Total other income
6,823
—
Net loss
$
(
379,541
)
$
—
Weighted average shares outstanding of Class A ordinary shares
14,518,750
—
Basic and diluted net loss per share, Class A ordinary shares
$
(
0.02
)
$
—
Weighted average shares outstanding of Class B ordinary shares
(1)
3,593,750
2,291,667
Basic and diluted net loss per share, Class B ordinary shares
$
(
0.02
)
$
—
(1)
As
                                            of March 31, 2021, excludes up to 468,750 shares subject to forfeiture to the extent that
                                            the underwriter's over- allotment option is not exercised in full or in part. On April
                                            9, 2021, the sponsor forfeited to the Company for no consideration an aggregate of 1,406,250
                                            Founder Shares, which the Company cancelled, resulting in a decrease in the total number
                                            of Founder Shares outstanding from 5,000,000 shares to 3,593,750 shares.
The
accompanying notes are an integral part of these unaudited condensed financial statements.
F-
69
AGRICO
ACQUISITION CORP.
UNAUDITED
CONDENSED STATEMENT OF CHANGES IN SHAREHOLDERS' (DEFICIT) EQUITY
FOR
THE THREE MONTHS ENDED MARCH 31, 2022
Total
Ordinary Shares
Additional
Shareholders'
Class A
Class B
Paid-in
Accumulated
Equity
Shares
Amount
Shares
Amount
Capital
Deficit
(Deficit)
Balance as of January 1, 2022
143,750
$
14
3,593,750
$
359
$
—
$
(
4,544,300
)
$
(
4,543,927
)
Net loss
—
—
—
—
—
(
379,541
)
(
379,541
)
Balance as of March 31, 2022
143,750
$
14
3,593,750
$
359
$
—
$
(
4,923,841
)
$
(
4,923,468
)
FOR
THE THREE MONTHS ENDED MARCH 31, 2021
Total
Ordinary Shares
Additional
Shareholders'
Class A
Class B
Paid-in
Accumulated
Equity
Shares
Amount
Shares
Amount
Capital
Deficit
(Deficit)
Balance as of January 1, 2021
—
$
—
—
$
—
$
—
$
(
9,672
)
$
(
9,672
)
Issuance of Class B ordinary shares to Sponsor
(1)
—
—
3,593,750
359
24,641
25,000
Balance as of March 31, 2021
—
$
—
3,593,750
$
359
$
24,641
$
(
9,672
)
$
15,328
(1)
Includes
                                            up to 468,750 shares subject to forfeiture to the extent that the underwriter's over-allotment
                                            option is not exercised in full or in part. On April 9, 2021, the sponsor forfeited to the
                                            Company for no consideration an aggregate of 1,406,250 Founder Shares, which the Company
                                            cancelled, resulting in a decrease in the total number of Founder Shares outstanding from
                                            5,000,000 shares to 3,593,750 shares.
The
accompanying notes are an integral part of these unaudited condensed financial statements.
F-
70
AGRICO
ACQUISITION CORP.
UNAUDITED
CONDENSED STATEMENT OF CASH FLOWS
For the three months ended,
March 31,
2022
2021
Cash flows from Operating Activities:
Net loss
$
(
379,541
)
$
—
Adjustments to reconcile net loss to net cash used in operating activities:
Interest earned on cash and marketable securities held in Trust account
(
6,823
)
—
Changes in operating assets and liabilities:
Prepaid expenses
(
46,282
)
—
Due to related party
(
73,795
)
—
Accrued offering costs and expenses
130,439
—
Net cash used in operating activities
(
376,002
)
—
Cash flows from Financing Activities:
Proceeds from issuance of promissory note to related party
—
25,000
Net cash provided by financing activities
—
25,000
Net change in cash
(
376,002
)
25,000
Cash, beginning of period
664,428
—
Cash, end of period
$
288,426
$
25,000
Supplemental disclosure of cash flow information:
Issuance of Class B ordinary shares to Sponsor in exchange for due to related party
$
—
$
25,000
Deferred offering costs included in accrued costs and expenses
$
—
$
20,450
Deferred offering costs paid by Sponsor
$
—
$
57,771
The
accompanying notes are an integral part of these unaudited condensed financial statements.
F-
71
AGRICO
ACQUISITION CORP.
NOTES
TO CONDENSED FINANCIAL STATEMENTS
Note
1 —
Organization and Business Operations
Agrico
Acquisition Corp. (the "Company") was incorporated as a Cayman Islands exempted company on July 31, 2020. The Company was
incorporated for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, reorganization or similar
business combination with one or more businesses (the "Business Combination").
As
of March 31, 2022, the Company had not commenced any operations. All activity through March 31, 2022 relates to the Company's formation
and preparation for the Initial Public Offering (the "Public Offering" or "IPO") as described below, and subsequent
to the IPO, identifying a target company for a Business Combination. The Company will not generate any operating revenues until after
the completion of a Business Combination, at the earliest. The Company generates non-operating income in the form of interest income
and unrealized gains from the cash and marketable securities held in the Trust Account. The Company has selected December 31 as its fiscal
year end.
The
Company's sponsor is DJCAAC, LLC, a Delaware limited partnership (the "Sponsor"). The registration statement for the
Company's IPO was declared effective on July 7, 2021 (the "Effective Date"). On July 12, 2021, the Company consummated
the initial public offering (the "Public Offering" or "IPO") of
14,375,000
units (the "Units"), which
includes the full exercise by the underwriters of the over-allotment option to purchase an additional
1,875,000
Units, at $
10.00
per
unit, generating gross proceeds of $
143,750,000
, which is discussed in Note 3. Simultaneously with the closing of the IPO, the Company
consummated the sale of
7,250,000
warrants to the Sponsor and Maxim Group LLC ("Maxim"), the underwriter in this offering
(the "Private Placement Warrants"), at a price of $
1.00
per Private Placement Warrant, generating gross proceeds of $
7,250,000
,
which is discussed in Note 4. Each Private Placement Warrant is exercisable to purchase one Class A ordinary share at $
11.50
per share.
Transaction
costs of the IPO amounted to $
9,998,781
, comprised of $
2,875,000
of underwriting fees paid at the time of the IPO, $
5,031,250
of deferred
underwriting fees, $
655,031
of other offering costs, and $
1,437,500
of the fair value of the representative shares, and was all charged
to shareholders' equity.
Following
the closing of the IPO on July 12, 2021, $
146,625,000
($
10.20
per Unit) from the net proceeds of the sale of the Units in the IPO, including
a portion of the proceeds from the sale of the Private Placement Warrants, was deposited in a trust account ("Trust Account"),
located in the United States with Continental Stock Transfer & Trust Company acting as trustee, and may only be invested in U.S.
government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, having a maturity of
185
days
or less or in money market funds meeting certain conditions under Rule 2a-7 promulgated under the Investment Company Act which invest
only in direct U.S. government treasury obligations. Except with respect to interest earned on the funds held in the Trust Account that
may be released to the Company to pay taxes, if any, the proceeds from the IPO and the sale of the Private Placement Warrants will not
be released from the Trust Account (1) to the Company, until the completion of the initial Business Combination, or (2) to the public
shareholders, until the earliest of (a) the completion of the initial Business Combination, and then only in connection with those Class
A ordinary shares that such shareholders properly elected to redeem, subject to the limitations, (b) the redemption of any public shares
properly tendered in connection with a (A) shareholder vote to amend the amended and restated memorandum and articles of association
to modify the substance or timing of the Company's obligation to provide holders of the Class A ordinary shares the right to have
their shares redeemed in connection with the initial Business Combination or to redeem
100
% of the public shares if the Company does
not complete the initial Business Combination within 21 months from the closing of the Initial public offering (the "Combination
Period"), or (B) with respect to any other provision relating to the rights of holders of the Class A ordinary shares or pre-initial
business combination activity, and (c) the redemption of the public shares if the Company has not consummated the initial Business Combination
within 21 months from the closing of the Initial public offering. Public shareholders who redeem their Class A ordinary shares in connection
with a shareholder vote described in clause (b) in the preceding sentence shall not be entitled to funds from the Trust Account upon
the subsequent completion of an initial Business Combination or liquidation if the Company has not consummated an initial Business Combination
within the Combination Period, with respect to such Class A ordinary shares so redeemed. The proceeds deposited in the Trust Account
could become subject to the claims of the Company's creditors, if any, which could have priority over the claims of the public
shareholders.
F-
72
The
Company will provide its public shareholders with the opportunity to redeem all or a portion of their public shares upon the completion
of the initial Business Combination either (i) in connection with a general meeting called to approve the initial Business Combination
or (ii) by means of a tender offer. The decision as to whether the Company will seek shareholder approval of a proposed initial Business
Combination or conduct a tender offer will be made by the Company, solely in its discretion. The shareholders will be entitled to redeem
their shares for a pro rata portion of the amount then on deposit in the Trust Account (initially approximately $
10.20
per share, plus
any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations).
If
the Company is unable to complete a Business Combination within 12 months (or up to 21 months if the Company extends the period of time
to consummate a business combination by the full amount of time) from the closing of the Public Offering (the "Combination Period")
or during any Extension Period, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably
possible but not more than ten business days thereafter, redeem the public shares, at a per-share price, payable in cash, equal to the
aggregate amount then on deposit in the trust account including interest earned on the funds held in the trust account and not previously
released to us to pay the Company's franchise and income taxes (less up to $
50,000
of interest to pay dissolution expenses), divided
by the number of then outstanding public shares, which redemption will completely extinguish public shareholders' rights as shareholders
(including the right to receive further liquidating distributions, if any), subject to applicable law, and (iii) as promptly as reasonably
possible following such redemption, subject to the approval of the Company's remaining shareholders and board of directors, liquidate
and dissolve, subject in each case to the Company's obligations under Cayman Islands law to provide for claims of creditors and
the requirements of other applicable law.
The
Sponsor, officers and directors have agreed to (i) waive their redemption rights with respect to their Founder Shares and Public Shares
in connection with the completion of the initial Business Combination, (ii) waive their redemption rights with respect to their Founder
Shares and Public Shares in connection with a shareholder vote to approve an amendment to the Company's amended and restated certificate
memorandum and articles of association (A) that would modify the substance or timing of the Company's obligation to redeem
100
%
of the its Public Shares if the Company does not complete its initial Business Combination within the Combination Period or (B) with
respect to any other provision relating to shareholders' rights or pre-initial Business Combination activity, (iii) waive their
rights to liquidating distributions from the Trust Account with respect to their Founder Shares if the Company fails to complete an initial
Business Combination within the Combination Period, although they will be entitled to liquidating distributions from the Trust Account
with respect to any Public Shares they hold if the Company fails to complete the initial Business Combination within the prescribed timeframe,
and (iv) vote their Founder Shares and Public Shares in favor of the Company's initial Business Combination.
F-
73
The
Sponsor has agreed that it will be liable to the Company if and to the extent any claims by a third party for services rendered or products
sold to the Company, or a prospective target business with which the Company has entered into a written letter of intent, confidentiality
or similar agreement or business combination agreement, reduce the amount of funds in the trust account to below the lesser of (i) $
10.00
per public share and (ii) the actual amount per public share held in the trust account as of the date of the liquidation of the trust
account, if less than $
10.00
per share due to reductions in the value of the trust assets, less taxes payable, provided that such liability
will not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights to the monies
held in the trust account (whether or not such waiver is enforceable) nor will it apply to any claims under the Company's indemnity
of the underwriter of the Public Offering against certain liabilities, including liabilities under the Securities Act. However, the Company
has not asked its Sponsor to reserve for such indemnification obligations, nor has the Company independently verified whether its Sponsor
has sufficient funds to satisfy its indemnity obligations and believes that the Company's Sponsor's only assets are securities
of the Company. Therefore, the Company cannot assure that its Sponsor would be able to satisfy those obligations.
Merger
Agreement
On
January 30, 2022, the Company entered into a Business Combination Agreement (the "Business Combination Agreement") with (i)
Figgreen Limited, a private limited company incorporated in Ireland with registered number 606356 ("Pubco"), (ii) Kalera
Cayman Merger Sub, a Caymans Islands exempted company ("Cayman Merger Sub"), (iii) Kalera Luxembourg Merger Sub SARL, a limited
liability company incorporated under the laws of the Grand Duchy of Luxembourg ("Lux Merger Sub" and, together with Cayman
Merger Sub, the "Merger Subs") and (iv) Kalera AS, a Norwegian private limited liability company (the "Kalera").
Pursuant
to the Business Combination Agreement, (i) a merger will occur, pursuant to which Cayman Merger Sub will merge with and into Agrico,
with Agrico continuing as the surviving entity and as a wholly owned subsidiary of Pubco (the "First Merger") and Agrico
will issue ordinary shares (the "Agrico Ordinary Shares") to Pubco (the "Agrico Share Issuance") and the holders
of Agrico Ordinary Shares will receive shares in the capital of Pubco and holders of warrants of Agrico (the "Agrico Warrants")
will have their Agrico Warrants assumed by Pubco and adjusted to become exercisable for shares in the capital of Pubco, in each case
as consideration for the First Merger and the Agrico Share Issuance, (ii) at least one (1) business day following the First Merger and
subject thereto, the second merger will occur, pursuant to which Lux Merger Sub will merge with and into Kalera with Kalera as the surviving
entity of the second merger (the "Second Merger") and in this context Kalera will issue shares to Pubco (the "Kalera
Share Issuance"), and (iii) immediately following the Second Merger and the Kalera Capital Reduction (as defined below), the shareholders
of Kalera (the "Kalera Shareholders") (except Pubco) will receive shares in the capital of Pubco and the holders of Kalera's
outstanding options (the "Kalera Options") will receive options in the capital of Pubco, in each case as consideration for
the ordinary shares of Kalera (the "Kalera Shares") and the Kalera Options being cancelled and ceasing to exist or being
assumed (as applicable) upon completion of the Second Merger by way of a capital reduction pursuant to the Luxembourg Companies Act (the
"Kalera Capital Reduction"). As a result of the transactions contemplated by the Business Combination Agreement, Kalera will
be a wholly owned subsidiary of Pubco.
Upon
consummation of the First Merger, (i) each Class A ordinary share (the "Agrico Class A Ordinary Shares") outstanding immediately
prior to the effective time of the First Merger (the "First Merger Effective Time") will be automatically cancelled in exchange
for and converted into one ordinary share of Pubco (the "Pubco Ordinary Shares"), (ii) each Class B ordinary share (the "Agrico
Class B Ordinary Shares") outstanding immediately prior to the First Merger Effective Time will be automatically cancelled in exchange
for and converted into one Pubco Ordinary Share, and (iii) each outstanding public Agrico Warrant (the "Agrico Public Warrants")
and private Agrico Warrants will remain outstanding and will automatically be adjusted to become a Pubco Warrant.
F-
74
Upon
consummation of the Second Merger, each Kalera Share outstanding immediately prior to the Second Merger Effective Time will be cancelled
and cease to exist in the context of the Kalera Capital Reduction against the issuance of (i) the number of Pubco Ordinary Shares equal
to the Exchange Ratio (as defined below) (the aggregate number of Pubco Ordinary Shares so issued, the "Exchange Shares")
and (ii) one CVR per Kalera Share. "Exchange Ratio" means 0.091. The number of Exchange Shares will be determined prior to
the Second Merger Effective Time in accordance with the terms of the Business Combination Agreement and will cause, assuming no public
shareholders of Agrico exercise their redemption rights, Kalera Shareholders to own approximately
52
%
of the issued and outstanding Pubco
Ordinary Shares.
Consideration
The
First Merger: Consideration to Agrico Security holders
The
first transaction that comprises the Business Combination is the First Merger, pursuant to which Cayman Merger Sub will merge with and
into Agrico, with Agrico surviving and being a wholly-owned subsidiary of Pubco.
Upon
consummation of the First Merger, (i) each Agrico Class A ordinary share outstanding immediately prior to the First Merger Effective
Time will be automatically cancelled in exchange for and converted into one Pubco Ordinary Share (ii) each Agrico Class B ordinary share
outstanding immediately prior to the First Merger Effective Time will be automatically cancelled in exchange for and converted into one
Pubco Ordinary Share, and (iii) each outstanding Agrico Public Warrant and Agrico Private Warrant will remain outstanding and will automatically
be adjusted to become a Pubco Warrant, respectively. As a result of the First Merger and the conversion or automatic adjustment (as applicable)
of Agrico securities into securities of Pubco, the rights of Agrico security holders will change in material ways.
The
Second Merger: Consideration to Kalera Security holders
At
least one (1) business day following the First Merger and subject thereto, Pubco, Kalera and Lux Merger Sub will cause the Second Merger
to be consummated, pursuant to which Lux Merger Sub will merge with and into Kalera with Kalera as the surviving entity of the Second
Merger and in this context Kalera will issue shares to Pubco. Immediately following and in connection with the Second Merger, the Kalera
Shareholders (except Pubco) will receive shares in the capital of Pubco and contractual contingent value rights (each a "CVR"),
which represent the right to receive up to two contingent payments of Pubco Ordinary Shares, and the holders of the Kalera Options will
receive options in the capital of Pubco and, in the case of holders of In-the-Money Options, CVRs, in each case as consideration for
the Kalera Shares and the Kalera Options being cancelled and ceasing to exist or being assumed (as applicable) upon completion of the
Second Merger by way of the Kalera Capital Reduction. Each CVR represents a contingent right to receive additional Pubco Ordinary Shares,
issuable upon the achievement of certain milestones, including:
(i) Pubco Ordinary Shares trading at or over a market price of $12.50;
and (ii) Pubco Ordinary Shares trading at or over a market price of $15.00, in each case, for 20 trading days within a 30 trading-day
period, based on volume-weighted average trading prices. The amount of shares issuable to each CVR holder for the achievement of each
milestone is, in each case, a pro rata portion of an amount of Pubco Ordinary Shares equivalent to 5% of the amount of Kalera Shares
outstanding as of immediately following the Kalera Capital Reduction on a fully-diluted basis
.
Upon
consummation of the Second Merger, each Kalera Share outstanding immediately prior to the Second Merger Effective Time will be cancelled
and cease to exist in the context of the Kalera Capital Reduction against the issuance of (i) the number of Pubco Ordinary Shares equal
to the Exchange Ratio and (ii) one CVR per Kalera Share.
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Closing
of the Business Combination
The
consummation of the First Merger and related transactions (the "First Closing") will take place on the fifth business day
following the satisfaction or waiver of the conditions to closing set forth in the Business Combination Agreement, unless Agrico and
Kalera agree in writing to another date or time. The consummation of the Business Combination (other than those transactions which occur
on the First Closing) (the "Second Closing" and together with the First Closing, the "Closings" and each, a "Closing")
will take place on the first business day after the First Closing, unless Agrico and Kalera agree in writing to another date or time.
Liquidity,
Capital Resources and Going Concern Consideration
As
of March 31, 2022, the Company had $
288,426
in cash and a working capital of $
81,284
. The Company's liquidity needs up to March
31, 2022 had been satisfied through a capital contribution from the Sponsor of $
25,000
(see Note 5) for the founder shares and the loan
under an unsecured promissory note from the Sponsor of up to $
200,000
(see Note 5), of which $
171,356
was borrowed and repaid in 2021.
In addition, in order to finance transaction costs in connection with a Business Combination, the Company's Sponsor or an affiliate
of the Sponsor or certain of the Company's officers and directors may, but are not obligated to, provide the Company Working Capital
Loans (see Note 5). As of March 31, 2022 and December 31, 2021, there were no amounts outstanding under any Working Capital Loans.
In
connection with the Company's assessment of going concern considerations in accordance with Financial Accounting Standards Board's
Accounting Standards Codification Topic 205-40, "Presentation of Financial Statements – Going Concern," the Company
has until July 12, 2022, to consummate an initial business combination. It is uncertain that the Company will be able to consummate an
initial business combination by this time. If an initial business combination is not consummated by this date, there will be a mandatory
liquidation and subsequent dissolution of the Company. Additionally, the Company may not have sufficient liquidity to fund the working
capital needs of the Company through one year from the issuance of these financial statements. Management has determined that the liquidity
condition and mandatory liquidation, should an initial business combination not occur, and potential subsequent dissolution raises substantial
doubt about the Company's ability to continue as a going concern. No adjustments have been made to the carrying amounts of assets
or liabilities should the Company be required to liquidate after July 12, 2022.
These
unaudited condensed financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification
of the liabilities that might be necessary should the Company be unable to continue as a going concern.
Risks
and Uncertainties
Management
is continuing to evaluate the impact of the COVID-19 pandemic and the Russia-Ukraine war and has concluded that while it is reasonably
possible that it could have a negative effect on the Company's financial position, results of its operations and/or search for
a target company, the specific impact is not readily determinable as of the date of these unaudited condensed financial statements. The
unaudited condensed financial statements do not include any adjustments that might result from the outcome of this uncertainty.
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Note
2 —
Significant Accounting Policies
Basis
of Presentation
The
accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted
in the United States of America ("GAAP") for interim financial information and in accordance with the instructions to Form
10-Q and Article 8 of Regulation S-X of the U.S. Securities and Exchange Commission ("SEC"). Certain information or footnote
disclosures normally included in unaudited condensed financial statements prepared in accordance with GAAP have been condensed or omitted,
pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information
and footnotes necessary for a complete presentation of financial position, results of operations, or cash flows. In the opinion of management,
the accompanying unaudited condensed financial statements include all adjustments, consisting of a normal recurring nature, which are
necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented.
The
accompanying unaudited condensed financial statements should be read in conjunction with the Company's Prospectus which contains
the audited financial statements and notes thereto included in the Form 10-K annual report filed by the Company with the SEC on April
1, 2022. The interim results for the three months ended March 31, 2022 are not necessarily indicative of the results to be expected for
the year ending December 31, 2022 or for any future interim periods.
Emerging
Growth Company Status
The
Company is an "emerging growth company," as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart our
Business Startups Act of 2012, (the "JOBS Act"), and it may take advantage of certain exemptions from various reporting requirements
that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required
to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding
executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory
vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.
Further,
Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting
standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do
not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting
standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements
that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of
such extended transition period which means that when a standard is issued or revised and it has different application dates for public
or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies
adopt the new or revised standard. This may make comparison of the Company's unaudited condensed financial statements with another
public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition
period difficult or impossible because of the potential differences in accounting standards used.
Use
of Estimates
The
preparation of the unaudited condensed financial statements in conformity with US GAAP requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited
condensed financial statements and the reported amounts of expenses during the reporting period. Making estimates requires management
to exercise significant judgement. It is at least reasonably possible that the estimate of the effect of a condition, situation or set
of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could
change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from
those estimates.
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Cash
and Cash Equivalents
The
Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents.
The Company did not have any cash equivalents as of March 31, 2022 and December 31, 2021.
Marketable
Securities Held in Trust Account
At
March 31, 2022, the assets held in the Trust Account of $
146,651,498
was held in marketable securities which are reported at fair market
value. The Company's portfolio of marketable securities held in the Trust Account is comprised of U.S. government securities, within
the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less, investments in money market
funds that invest in U.S. government securities, cash, or a combination thereof. Gains and losses resulting from the change in fair value
of these securities is included in gain on marketable securities held in Trust Account. The estimated fair values of the marketable securities
held in the Trust Account are determined using available market information.
As
of December 31, 2021, investment in the Company's Trust Account consisted of $
396
in cash and $
146,644,279
in U.S. Treasury Securities.
All of the U.S. Treasury Securities will mature on February 24, 2022. The Company classified its U.S. Treasury Securities as held-to-maturity
in accordance with FASB ASC Topic 320 "Investments—Debt and Equity Securities". Held-to-maturity securities are those
securities which the Company has the ability and intent to held until maturity. Held-to-maturity treasury securities are recorded at
amortized cost and adjusted for the amortization or accretion of premiums of discounts.
The
carrying value approximates the fair value due to its short-term maturity. The carrying value, excluding gross unrealized holding loss
and fair value of held to maturity securities at December 31, 2021 are as follows:
Carrying
Value as of
December 31,
2021
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair Value
as of
December 31,
2021
U.S. Treasury Securities
146,644,279
897
—
146,645,176
Cash
396
—
—
396
$
146,644,675
$
897
$
—
146,645,572
Offering
Costs
Offering
costs consisted of legal, accounting, underwriting fees and other costs incurred through the Initial Public Offering that were directly
related to the Initial Public Offering. Offering costs were allocated to the separable financial instruments issued in the Initial Public
Offering based on a relative fair value basis, compared to total proceeds received. Offering costs associated with issuance of the Class
A ordinary shares were charged against the carrying value of the Class A ordinary shares subject to possible redemption upon the completion
of the Initial Public Offering. The Company classifies deferred underwriting commissions as non-current liabilities as their liquidation
is not reasonably expected to require the use of current assets or require the creation of current liabilities.
Net
Loss Per Ordinary Share
The
Company has two classes of shares, which are referred to as Class A ordinary shares and Class B ordinary shares. Earnings and losses
are shared pro rata between the two classes of shares. Net loss per ordinary share is computed by dividing net loss by the weighted-average
number of ordinary shares outstanding during the periods. We have not considered the effect of the warrants sold in the Initial Public
Offering and the Private Placement to purchase an aggregate of
14,437,500
of our Class A ordinary shares in the calculation of diluted
loss per share, since their inclusion would be anti-dilutive under the treasury stock method. As a result, diluted net loss per ordinary
share is the same as basic net loss per ordinary share for the periods. Re-measurement associated with the Class A ordinary shares subject
to possible redemption is excluded from earnings per share as the redemption value approximates fair value.
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For the three months ended March 31,
2022
2021
Class A
Class B
Class A
Class B
Basic and diluted net loss per share:
Numerator:
Allocation of net loss
$
(
304,235
)
$
(
75,306
)
$
—
$
—
Denominator:
Weighted-average shares outstanding including ordinary shares subject to redemption
(1)
14,518,750
3,593,750
—
2,291,667
Basic and diluted net loss per share
$
(
0.02
)
$
(
0.02
)
$
—
$
—
(1)
As
                                            of March 31, 2021, excludes up to
468,750
shares subject to forfeiture to the extent that
                                            the underwriter's over-allotment option is not exercised in full or in part. On April
                                            9, 2021, the sponsor forfeited to the Company for no consideration an aggregate of
1,406,250
Founder Shares, which the Company cancelled, resulting in a decrease in the total number
                                            of Founder Shares outstanding from
5,000,000
shares to
3,593,750
shares.
Fair
Value of Financial Instruments
The
fair value of the Company's assets and liabilities, which qualify as financial instruments under FASB ASC 820, "Fair Value
Measurements and Disclosures," approximates the carrying amounts represented in the balance sheets, primarily due to their short-term
nature.
Class
A Ordinary Shares Subject to Possible Redemption
The
Company accounts for our Class A ordinary share subject to possible redemption in accordance with ASC 480. Class A ordinary shares subject
to mandatory redemption (if any) are classified as liability instruments and are measured at fair value. Conditionally redeemable Class
A ordinary shares (including Class A ordinary share that feature redemption rights that are either within the control of the holder or
subject to redemption upon the occurrence of uncertain events not solely within our control) are classified as temporary equity. At all
other times, Class A ordinary shares are classified as shareholders' equity. Our Class A ordinary shares feature certain redemption
rights that are considered to be outside of our control and subject to the occurrence of uncertain future events. Accordingly, at March
31, 2022 and December 31, 2021,
14,375,000
Class A ordinary shares subject to possible redemption are presented at redemption value as
temporary equity, outside of the shareholders' deficit section of our balance sheets.
Immediately
upon the closing of the Initial Public Offering, the Company recognized the re-measurement from initial book value to redemption amount,
which approximates fair value. The change in the carrying value of Class A ordinary shares subject to possible redemption resulted in
charges against additional paid-in capital (to the extent available), accumulated deficit, and Class A ordinary shares.
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79
As
of March 31, 2022 and December 31, 2021, the ordinary shares reflected on the balance sheets are reconciled in the following table:
Gross proceeds from IPO
$
143,750,000
Less:
Proceeds allocated to Public Warrants
(
5,287,763
)
Offering costs related to Class A ordinary shares subject to possible redemption
(
8,223,786
)
Plus:
Offering costs allocated to public warrants
314,060
Re-Measurement of Class A ordinary shares to redemption amount
16,072,489
Class A ordinary shares subject to possible redemption
$
146,625,000
Income
Taxes
The
Company follows the asset and liability method of accounting for income taxes under FASB ASC 740, "Income Taxes." Deferred
tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the unaudited
condensed financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets
and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences
are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in
income in the period that included the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets
to the amount expected to be realized.
ASC
Topic 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax
positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than
not to be sustained upon examination by taxing authorities. The Company's management determined that the Cayman Islands is the
Company's major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as
income tax expense. As of March 31, 2022 and December 31, 2021, there were no unrecognized tax benefits and no amounts accrued for interest
and penalties. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material
deviation from its position. The Company's management does not expect that the total amount of unrecognized tax benefits will materially
change over the next twelve months.
The
Company is considered to be an exempted Cayman Islands company with no connection to any other taxable jurisdiction and is presently
not subject to income taxes or income tax filing requirements in the Cayman Islands or the United States. As such, the Company's
tax provision was zero for the periods presented.
Concentration
of Credit Risk
Financial
instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution,
which, at times, may exceed the Federal Depository Insurance Company coverage of $
250,000
. The Company has not experienced losses on
these accounts and management believes the Company is not exposed to significant risks on such accounts.
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Recent
Accounting Pronouncements
In
August 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2020-06,
Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity's
Own Equity (Subtopic 815-40) ("ASU 2020-06") to simplify accounting for certain financial instruments. ASU 2020-06 eliminates
the current models that require separation of beneficial conversion and cash conversion features from convertible instruments and simplifies
the derivative scope exception guidance pertaining to equity classification of contracts in an entity's own equity. The new standard
also introduces additional disclosures for convertible debt and freestanding instruments that are indexed to and settled in an entity's
own equity. ASU 2020-06 amends the diluted earnings per share guidance, including the requirement to use the if-converted method for
all convertible instruments. ASU 2020-06 is effective January 1, 2024 for the Company and should be applied on a full or modified retrospective
basis, with early adoption permitted beginning on January 1, 2021. The Company is currently assessing the impact, if any, that ASU 2020-06
would have on its financial position, results of operations or cash flows.
Management
does not believe that any other recently issued, but not effective, accounting standards, if currently adopted, would have a material
effect on the Company's financial statements.
Note
3 —
Initial Public Offering
On
July 12, 2021, the Company initially sold
14,375,000
Units, which includes the full exercise by the underwriters of the over-allotment
option to purchase an additional
1,875,000
Units, at a purchase price of $
10.00
per Unit. Each Unit consists of one share of Class A
ordinary share, and one-half of one redeemable warrant.
Each whole Public Warrant entitles the holder to purchase one Class A ordinary share at a price of $
11.50
per share, subject to adjustment (See Note 7).
In
connection with the closing of the IPO, the Company issued to Maxim
143,750
Class A ordinary shares (the "representative shares").
In addition, Maxim has agreed not to transfer, assign or sell any such shares until the completion of the Company's initial Business
Combination. In addition, Maxim has agreed (i) to waive its redemption rights with respect to such shares in connection with the completion
of the Company's initial business combination and (ii) to waive its rights to liquidating distributions from the trust account
with respect to such shares if the Company fails to complete its initial business combination within 12 months (or up to 21 months if
we extend the period of time to consummate a business combination by the full amount of time) from the closing of the IPO.
Note
4 —
Private Placement
Simultaneously
with the closing of the IPO, the Sponsor purchased an aggregate of
7,250,000
Private Placement Warrants at a price of $
1.00
per Private
Placement Warrant, for an aggregate purchase price of $
7,250,000
, in a private placement. A portion of the proceeds from the private
placement was added to the proceeds from the IPO held in the Trust Account.
The
Private Placement Warrants are identical to the Public Warrants, except that the Private Warrants (i) will not be transferable, assignable
or salable until the completion of the initial Business Combination and (ii) will be entitled to registration rights (see Note 7).
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Note
5 —
Related Party Transactions
Founder
Shares
On
January 25, 2021, the Sponsor was issued
5,000,000
Class B ordinary shares, par value $
0.0001
per share (the "Founder Shares")
for $
25,000
, or approximately $
0.005
per share, which proceeds were used to reduce the amount due to a related party. On April 9, 2021,
the sponsor forfeited to the Company for no consideration an aggregate of
1,406,250
Founder Shares, which the Company cancelled, resulting
in a decrease in the total number of Founder Shares outstanding from
5,000,000
shares to
3,593,750
shares, which included up to
468,750
founder shares subject to forfeiture to the extent that the underwriter's over-allotment option was not exercised in full or in
part. Due to the underwriters' exercise of their full over-allotment on July 12, 2021, these
468,750
Founders Shares are no longer
subject to forfeiture.
The
Sponsor, officers and directors have agreed not to transfer, assign or sell any of their Founder Shares until the earliest of (A) one
year after the completion of the initial Business Combination and (B) subsequent to the initial Business Combination, (x) if the closing
price of the Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share sub-divisions, share dividends, reorganizations,
recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the initial
Business Combination, or (y) the date on which the Company completes a liquidation, merger, share exchange or other similar transaction
that results in all of the Public Shareholders having the right to exchange their ordinary shares for cash, securities or other property
(the "Lock-up")
. Any permitted transferees would be subject to the same restrictions and other agreements of our Sponsor,
officers and directors with respect to any Founder Shares.
Promissory
Note — Related Party
On
January 22, 2021, the Sponsor agreed to loan the Company up to $
200,000
to be used for a portion of the expenses of the IPO. This loan
was non-interest bearing and payable after the date of the consummation of the Public Offering. In 2021, the Company borrowed and repaid
$
171,356
. As of March 31, 2022 and December 31, 2021, the Company had no outstanding borrowings under the promissory note.
Due
to Related Party
The
Sponsor paid certain formation costs and deferred offering costs on behalf of the Company which were recorded as due to related party
in the amount $
56,266
as of December 31, 2020, which were due upon demand. On January 25, 2021, the liability was reduced by $
25,000
in exchange for the issuance of Founder Shares to the Sponsor. As of March 31, 2022 and December 31, 2021, there is $
0
and $
73,795
due
to related party, respectively.
Working
Capital Loans
In
addition, in order to finance transaction costs in connection with an intended Business Combination, the Sponsor or an affiliate of the
Sponsor, or certain of the Company's officers and directors, may, but are not obligated to, loan the Company funds as may be required
("Working Capital Loans"). If the Company completes a Business Combination, the Company would repay the Working Capital Loans
out of the proceeds of the Trust Account released to it. Otherwise, the Working Capital Loans may be repaid only out of funds held outside
the Trust Account. In the event that the initial Business Combination does not close, the Company may use a portion of the working capital
held outside the Trust Account to repay Working Capital Loans but no proceeds from the Trust Account would be used to repay the Working
Capital Loans. Up to $
1,500,000
of the Working Capital Loans may be convertible into warrants of the post Business Combination entity
at a price of $
1.00
per warrant at the option of the lender. Such warrants would be identical to the Private Placement Warrants. Except
as set forth above, the terms of such Working Capital Loans, if any, have not been determined and no written agreements exist with respect
to such loans. Prior to the completion of the initial Business Combination, the Company does not expect to seek loans from parties other
than the Sponsor, its affiliates or any members of the management team as the Company does not believe third parties will be willing
to loan such funds and provide a waiver against any and all rights to seek access to funds in the Company's Trust Account. As of
March 31, 2022 and December 31, 2021, the Company had no borrowings under the working capital loans.
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Administrative
Support Agreement
Commencing
on the date that the Company's securities are first listed, the Company agreed to reimburse an affiliate of the Sponsor for office
space, secretarial and administrative services provided to members of the management team, in the amount of $
10,000
per month. Upon completion
of the initial Business Combination or the Company's liquidation, it will cease paying these monthly fees. For three months ended
March 31, 2022 and March 31, 2021, $
30,000
and $
0
had been charged to operating expenses, respectively.
Note
6 —
Commitments and Contingencies
Registration
Rights
The
holders of the Founder Shares, Private Placement Warrants, Class A ordinary shares underlying the Private Placement Warrants and securities
that may be issued upon conversion of Working Capital Loans will have registration rights pursuant to a registration rights agreement
to be signed prior to or on the effective date of the Public Offering. The holders of these securities are entitled to make up to three
demands, excluding short form demands, that the Company register such securities under the Securities Act. In addition, the holders have
certain "piggy-back" registration rights with respect to registration statements filed subsequent to the completion of the
Company's initial Business Combination and rights to require the Company to register for resale such securities pursuant to Rule
415 under the Securities Act. However, the registration rights agreement provides that the Company will not permit any registration statement
filed under the Securities Act to become effective until termination of the applicable lock-up period. Notwithstanding the foregoing,
the underwriter may not exercise its demand and "piggyback" registration rights after five (
5
) and seven (
7
) years after
the effective date of the registration statement for the initial public offering and may not exercise its demand rights on more than
one occasion. The Company will bear the expenses incurred in connection with the filing of any such registration statements.
Underwriting
Agreement
The
underwriter had a 45-day option from the date of the IPO to purchase up to an aggregate of
1,875,000
additional Units at the public offering
price less the underwriting commissions to cover over-allotments, if any. On July 12, 2021, the underwriter fully exercised its over-allotment
option.
The
underwriters are entitled to a deferred underwriting fee of
3.5
% of the gross proceeds of the Public Offering, or $
5,031,250
in the aggregate.
The deferred fee will be payable to the underwriters from the amounts held in the Trust Account solely in the event that the Company
completes an initial Business Combination, subject to the terms of the underwriting agreement.
Sponsor
Support Agreement
In
connection with their entry into the Business Combination Agreement, Agrico and Kalera entered into the Sponsor Support Agreement with
DJCAAC LLC, a Delaware limited liability company (the "Sponsor"), pursuant to which the Sponsor agreed (i) to vote the Agrico
ordinary shares held by them in favor of the approval and adoption of the Business Combination Agreement and approval of the business
combination proposal and the Business Combination, (ii) to not transfer, during the period commencing on the date of the Sponsor Support
Agreement and ending on the earlier of (a) the First Closing and (b) the liquidation of Agrico, any Agrico ordinary shares owned by the
Sponsor, (iii) to not transfer any Lock-up Shares until the end of the Lock-up Period (each as defined therein), and (iv) to transfer
to Agrico, surrender and forfeit a certain amount of Agrico's Class B ordinary shares in the event that the amount of Agrico ordinary
shares redeemed pursuant to the Redemption meet the threshold specified therein.
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Company
Holders Support Agreements
In
connection with their entry into the Business Combination Agreement, Agrico and Kalera entered into the Kalera Holders Support Agreement
with certain shareholders of Kalera, whose names appear on the signature pages thereto (such shareholders, the "Major Shareholders",
and such agreement, the "Kalera Holders Support and Lock Up Agreement"), pursuant to which each Major Shareholder agreed
(i) to vote all of such Major Shareholder's Covered Shares (as defined therein) held by them in favor of the approval and adoption
of the Business Combination Agreement and the Business Combination, (ii) to not transfer, prior to the date of the Second Closing, any
of such Major Shareholder's Covered Shares, and (iii) to not transfer any Lock-up Shares until the end of the Lock-up Period (each
as defined therein).
In
connection with their entry into the Business Combination Agreement, Agrico and Kalera entered into the Kalera Holders Support Agreement
with certain shareholders of Kalera, whose names appear on the signature pages thereto (such shareholders, the "Non-Major Shareholders",
and such agreement, the "Kalera Holders Support Agreement"), pursuant to which each Kalera Shareholder agreed (i) to vote
all of such Kalera Shareholder's Covered Shares (as defined therein) held by them in favor of the approval and adoption of the
Business Combination Agreement and the Business Combination and (ii) to not transfer, prior to the date of the Second Closing, any of
such Kalera Shareholder's Covered Shares.
Note
7 —
Shareholders' Deficit
Preference
Shares
— The Company is authorized to issue
1,000,000
preference shares with a par value of $
0.0001
and with such designations,
voting and other rights and preferences as may be determined from time to time by the Company's board of directors. At March 31,
2022 and December 31, 2021, there were no preference shares issued or outstanding.
Class
A Ordinary Shares
— The Company is authorized to issue
200,000,000
Class A ordinary shares with a par value of $
0.0001
per share. At March 31, 2022 and December 31, 2021, there were
143,750
Class A ordinary shares issued and outstanding, excluding
14,375,000
Class A ordinary shares subject to redemption.
Class
B Ordinary Shares
— The Company is authorized to issue
20,000,000
Class B ordinary shares with a par value of $
0.0001
per
share. On January 25, 2021, the Company issued
5,000,000
Class B ordinary shares to its Sponsor. On April 9, 2021, the Sponsor forfeited
to the Company for no consideration an aggregate of
1,406,250
Class B ordinary shares, which the Company cancelled, resulting in a decrease
in the total number of Class B ordinary shares outstanding from
5,000,000
shares to
3,593,750
shares. As a result of the underwriters'
election to fully exercise of their over-allotment option on July 12, 2021, the
468,750
shares were no longer subject to forfeiture.
As of March 31, 2022 and December 31, 2021, there were
3,593,750
Class B ordinary shares issued or outstanding, respectively.
Holders
are entitled to one vote for each Class B ordinary share. Holders of the Class A ordinary shares and holders of the Class B ordinary
shares will vote together as a single class on all matters submitted to a vote of the Company's shareholders, except as required
by law. Unless specified in the Company's amended and restated memorandum and articles of association, or as required by applicable
provisions of Cayman Islands law or applicable stock exchange rules, the affirmative vote of a majority of the ordinary shares that are
voted is required to approve any such matter voted on by the Company's shareholders.
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84
The
Class B ordinary shares will automatically convert into Class A ordinary shares at the time of the initial Business Combination on a
one-for-one basis (subject to adjustment for share sub-divisions, share dividends, reorganizations, recapitalizations and the like).
In the case that additional Class A ordinary shares, or equity-linked securities, are issued or deemed issued in excess of the amounts
offered in our initial public offering and related to the closing of the initial Business Combination, the ratio at which Class B ordinary
shares shall convert into Class A ordinary shares will be adjusted (unless the holders of a majority of the outstanding Class B ordinary
shares agree to waive such adjustment with respect to any such issuance or deemed issuance) so that the number of Class A ordinary shares
issuable upon conversion of all Class B ordinary shares will equal, in the aggregate, on an as-converted basis,
20
% of the sum of the
total number of all ordinary shares outstanding upon completion of the Public Offering (not including Class A ordinary shares issuable
to Maxim) plus all Class A ordinary shares and equity-linked securities issued or deemed issued in connection with the initial Business
Combination (excluding any shares or equity-linked securities issued, or to be issued, to any seller in the initial Business Combination,
any private placement-equivalent securities issued to our sponsor or its affiliates upon conversion of Working Capital loans).
Warrants
— As of March 31, 2022, and December 31, 2021, there were
7,187,500
public warrants and
7,250,000
private placement warrants
outstanding. Each whole Public Warrant entitles the holder to purchase one Class A ordinary share at a price of $
11.50
per share, subject
to adjustment. The Public Warrants will become exercisable on the later of twelve months from the closing of the Public Offering and
30 days after the completion of the initial Business Combination. Only a whole warrant may be exercised at a given time by a warrant
holder. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. The warrants will expire
five years after the completion of a Business Combination or earlier upon redemption or liquidation.
The
Company has agreed that as soon as practicable, but in no event later than 30 calendar days after the closing of the initial Business
Combination, it will use commercially reasonable best efforts to file, and within 90 calendar days following the initial Business Combination
to have declared effective, a registration statement with the SEC covering the ordinary shares issuable upon exercise of the warrants,
to maintain a current prospectus relating to those ordinary shares until the warrants expire or are redeemed. If a registration statement
covering the ordinary shares issuable upon exercise of the warrants is not effective within the period specified above following the
consummation of the initial Business Combination, public holders of warrants may, until such time as there is an effective registration
statement and during any period when the Company shall have failed to maintain an effective registration statement, exercise warrants
on a cashless basis pursuant to the exemption provided by Section 3(a)(9) of the Securities Act of 1933, as amended, or the Securities
Act, provided that such exemption is available. If the Company's ordinary shares are at the time of any exercise of a warrant not
listed on a national securities exchange such that it satisfies the definition of a "covered security" under Section 18(b)(1)
of the Securities Act, the Company may, at its option, require holders of public warrants who exercise their warrants to do so on a "cashless
basis" in accordance with Section 3(a)(9) of the Securities Act and, in the event the Company so elects, it will not be required
to file or maintain in effect a registration statement, but will be required to use its best efforts to register or qualify the shares
under applicable blue sky laws to the extent an exemption is not available. If that exemption, or another exemption, is not available,
holders will not be able to exercise their warrants on a cashless basis.
In
no event will the Company be required to net cash settle any warrant. In the event that a registration statement is not effective for
the exercised warrants, the purchaser of a unit containing such warrant will have paid the full purchase price for the unit solely for
the Class A ordinary share underlying such unit.
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85
Redemption
of Warrants for Cash When the Price per Class A Ordinary Share Equals or Exceeds $18.00.
Once
the warrants become exercisable, the Company may call the warrants for redemption (excluding the Private Placement Warrants):
●
in
                                            whole and not in part:
●
at
                                            a price of $
0.01
per warrant;
●
upon
                                            a minimum of 30 days' prior written notice of redemption to each warrant holder; and
●
if,
                                            and only if, the closing price of
the Class A ordinary shares equals or exceeds $18.00 per
                                            share
(as adjusted for share sub-divisions, share capitalizations, reorganizations, recapitalizations
                                            and the like) for any 20 trading days within a 30-trading day period ending on the third
                                            trading day prior to the date on which notice of the redemption is given to the warrant holders
                                            (the "Reference Value").
In
addition, if (x) the Company issues additional ordinary shares or equity-linked securities for capital raising purposes in connection
with the closing of the initial Business Combination at an issue price or effective issue price of less than $9.20 per share (with such
issue price or effective issue price to be determined in good faith by the Company's board of directors and, in the case of any
such issuance to the Sponsor or its affiliates, without taking into account any Founder Shares held by the Sponsor or such affiliates,
as applicable, prior to such issuance) (the "Newly Issued Price"), (y) the aggregate gross proceeds from such issuances represent
more than 60% of the total equity proceeds, and interest thereon, available for the funding of the initial Business Combination on the
date of the consummation of the initial Business Combination (net of redemptions), and (z) the volume weighted average trading price
of the Company's ordinary shares during the 20 trading day period starting on the trading day prior to the day on which the Company
consummates its initial Business Combination (such price, the "Market Value") is below $9.20 per share, the exercise price
of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price,
and the $18.00 per share redemption trigger price described below under "Redemption" will be adjusted (to the nearest cent)
to be equal to 180% of the higher of the Market Value and the Newly Issued Price.
The
Private Placement Warrants are identical to the Public Warrants, except that the Private Warrants (i) will not be transferable, assignable
or salable until the completion of the initial Business Combination and (ii) will be entitled to registration rights.
Note
8 —
Fair Value Measurements
The
Company follows the guidance in ASC 820 for its financial assets and liabilities that are re-measured and reported at fair value at each
reporting period, and non-financial assets and liabilities that are re-measured and reported at fair value at least annually.
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86
The
fair value of the Company's financial assets and liabilities reflects management's estimate of amounts that the Company would
have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction
between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company
seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable
inputs (internal assumptions about how market participants would price assets and liabilities). The following fair value hierarchy is
used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and
liabilities:
Level 1:
Quoted prices
    in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions
    for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis.
Level 2:
Observable inputs other
    than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted
    prices for identical assets or liabilities in markets that are not active.
Level 3:
Unobservable inputs
    based on the Company's assessment of the assumptions that market participants would use in pricing the asset or liability.
The
following table presents information about the Company's assets that are measured at fair value on a recurring basis at March 31,
2022 and December 31, 2021, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair
value:
Description
Level
March 31, 2022
Asset:
Marketable securities held in Trust Account
1
$
146,651,498
Note
9 —
Subsequent Events
The
Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the unaudited condensed
financial statements were issued. Based upon this review, other than the subsequent event discussed below, the Company did not identify
any other subsequent events that would have required adjustment or disclosure in the financial statements.
On
April 20, 2022, the Company entered into an amended and restated warrant agreement (the "Amended and Restated Warrant Agreement")
to amend and restate the warrant agreement, dated July 7, 2021 (the "Original Agreement"), by and between the Company and
Continental Stock Transfer & Trust Company, a New York limited purpose trust company, in order to correct certain omitted language
and other typographical errors found in the Original Agreement. In particular, the Amended and Restated Warrant Agreement clarifies that
the Company's private warrants and working capital warrants, if any, are identical to the public warrants that were included as
part of the units sold in the Company's initial public offering.
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87
PART
II
INFORMATION
NOT REQUIRED IN PROSPECTUS
ITEM
13. OTHER EXPENSES OF ISSUANCE AND DISTRIBUTION.
The
following table sets forth all expenses to be paid by the Registrant, other than underwriting discounts and commissions, in connection
with this offering.
Amount
SEC registration fee
$
5,070
Accountants' fees and expenses
*
Legal fees and expenses
*
Printing fees
*
Miscellaneous
*
Total Expenses
$
*
*
These
                                            fees are calculated based on the securities offered and the number of issuances and accordingly
                                            cannot be determined at this time.
ITEM
14. INDEMNIFICATION OF DIRECTORS AND OFFICERS.
Kalera's
amended and restated articles of association provide for indemnification of its officers and directors to the maximum extent permitted
by law, including for any liability incurred in their capacities as such, except through their own actual fraud, or willful default.
Kalera
plans to obtain insurance on behalf of its directors and executive officers. In connection with the Business Combination, we entered
into indemnification agreements with each of our directors and executive officers, which provide that we will indemnify each of our directors
and such officers to the fullest extent permitted by law.
Insofar
as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling us
pursuant to the foregoing provisions, we have been informed that in the opinion of the SEC such indemnification is against public policy
as expressed in the Securities Act and is therefore unenforceable.
ITEM
15. RECENT SALES OF UNREGISTERED SECURITIES.
The
following list sets forth information as to all Kalera securities sold in the last three years which were not registered under the Securities
Act.
At
Closing, in connection with a settlement agreement with Maxim Partners LLC entered into in relation to the settlement of Maxim's
fees as underwriter to the Agrico IPO, 275,000 Kalera Ordinary Shares were issued to Maxim Partners LLC.
On
July 11, 2022 (the "PIPE Closing Date"), pursuant to the Securities Purchase Agreement entered into on July 7, 2022, Kalera
issued and sold to Armistice, and Armistice purchased, 2,300,000 Kalera Ordinary Shares, 200,000 Pre-Funded Warrants, 2,500,000 Series
A Warrants and 2,500,000 Series B Warrants. The Pre-Funded Warrants were immediately exercisable and were exercised in
full on September 8, 2022. The Series A Warrants will be exercisable six (6) months from the PIPE Closing Date at an exercise
price of $4.41 per share and will expire two (2) years from the PIPE Cosing Date. The Series B Warrants will be exercisable six (6) months
from the PIPE Closing Date at an exercise price of $4.41 per share and will expire five and a half (5.5) years from the PIPE Closing
Date.
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1
None
of the foregoing transactions involved any underwriters, underwriting discounts or commissions, or any public offering. The Registrant
believes these transactions were exempt from registration under the Securities Act in reliance upon Section 4(a)(2) of the Securities
Act (or Regulation D or Regulation S promulgated thereunder), or Rule 701 promulgated under Section 3(b) of the Securities Act as transactions
by an issuer not involving any public offering or pursuant to benefit plans and contracts relating to compensation as provided under
Rule 701. The recipients of the securities in each of these transactions represented their intentions to acquire the securities for investment
only and not with a view to or for sale in connection with any distribution thereof, and appropriate legends were placed upon the stock
certificates issued in these transactions. All recipients had adequate access, through their relationships with us, to information about
the Registrant.
ITEM
16. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES.
Exhibits
.
We have filed the exhibits listed on the accompanying Exhibit Index of this Registration Statement.
Exhibit
    No.
Description
1.1††
Form
of Placement Agency Agreement
2.1
Business Combination Agreement, dated as of January 30, 2022, by and among Agrico, Kalera, Pubco, Cayman Merger Sub and Lux Merger Sub (Incorporated by reference to Exhibit 2.1 to Amendment No. 2 to the Registration Statement on Form S-4 (File No. 333-264422), filed with the SEC on May 13, 2022)
2.2
First Amendment to the Business Combination Agreement, dated April 12, 2022, by and among Agrico, Kalera, Pubco, Cayman Merger Sub and Lux Merger Sub (Incorporated by reference to Exhibit 2.4 to Amendment No. 2 to the Registration Statement on Form S-4 (File No. 333-264422), filed with the SEC on May 13, 2022).
3.1
Amended and Restated Constitution of Kalera plc (Incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K (File No. 001-41439), filed with the SEC on July 5, 2022
4.1
Amended and Restated Warrant Agreement for Kalera Warrants (Incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K (File No. 001-41439), filed with the SEC on July 5, 2022
4.2
Assignment and Assumption Agreement (Incorporated by reference to Exhibit 4.2 to the Current Report on Form 8-K (File No. 001-41439), filed with the SEC on July 5, 2022
4.4
Registration Rights Agreement (Incorporated by reference to Exhibit 4.4 to the Current Report on Form 8-K (File No. 001-41439), filed with the SEC on July 5, 2022
4.5
Maxim Registration Rights Agreement (Incorporated by reference to Exhibit 4.5 to the Current Report on Form 8-K (File No. 001-41439), filed with the SEC on July 5, 2022
4.6
Secured Convertible Bridge Promissory Note, dated March 4, 2022, by and among Kalera A.S., Vindara Inc., Kalera GmbH, Lightrock Growth Fund I S.A., SICAV-RAIF, Canica AS and NOX Culinary General Trading Company LLC. (Incorporated by reference to Exhibit 4.7 to Amendment No. 2 to the Registration Statement on Form S-4 (File No. 333-264422), filed with the SEC on May 13, 2022)
4.7†
Amended and Restated Secured Convertible Bridge Promissory Note, dated August 22, 2022, by and among Kalera plc, Vindara Inc., Kalera GmbH, Lightrock Growth Fund I S.A., SICAV-RAIF, Canica AS, NOX Culinary General Trading Company LLC and De Jong Capital LLC
4.8†
Second Amended and Restated Secured Convertible Bridge Promissory Note, dated September 19, 2022 by and among Kalera plc, Vindara Inc., Kalera GmbH, Lightrock Growth Fund I S.A., SICAV-RAIF, Canica AS, NOX Culinary General Trading Company LLC, Macama AS and De Jong Capital LLC
4.9
Securities Purchase Agreement between Kalera plc and Armistice Capital Master Fund Ltd., dated July 7, 2022 (Incorporated by reference to Exhibit 1 to the Current Report on Form 8-K (File No. 001-41439), filed with the SEC on July 14, 2022
4.10
Registration Rights Agreement between Kalera plc and Armistice Capital Master Fund Ltd., dated July 7, 2022 (Incorporated by reference to Exhibit 2 to the Current Report on Form 8-K (File No. 001-41439), filed with the SEC on July 14, 2022
4.11††
Form
    of Warrant Agreement with respect to the Class A Warrants issued hereunder
4.12
††
Form of pre-funded warrant agreement
    with respect to the pre-funded warrants issued hereunder
4.13††
Form of Warrant Agency Agreement
5.1††
Opinion
    of Arthur Cox
10.1#
Executive Employment Agreement between Kalera, Inc. and Fernando Cornejo, effective as of July 8, 2020 (Incorporated by reference to Exhibit 10.1 to Amendment No. 2 to the Registration Statement on Form S-4 (File No. 333-264422), filed with the SEC on May 13, 2022)
10.2#
Executive Employment Agreement between Kalera, Inc. and Austin D. Martin, effective as of May 4, 2020 (Incorporated by reference to Exhibit 10.2 to Amendment No. 2 to the Registration Statement on Form S-4 (File No. 333-264422), filed with the SEC on May 13, 2022)
10.3#
Kalera AS Incentive Stock Option Plan (Incorporated by reference to Exhibit 10.3 to Amendment No. 2 to the Registration Statement on Form S-4 (File No. 333-264422), filed with the SEC on May 13, 2022)
10.4#
Kalera PLC 2022 Long-Term Stock Incentive Plan (Incorporated by reference to Exhibit 99.1 to the Registration Statement on Form S-8 (File No. 333-267117), filed with the SEC on August 26, 2022
10.5
Agrico Letter Agreement (Incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed by Agrico Acquisition Corp. on July 13, 2021 - File No. 001-40586).
II-
2
10.6
Agrico Investment Management Trust Agreement (Incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K filed by Agrico Acquisition Corp. on July 13, 2021 - File No. 001-40586).
10.7
Agrico Registration Rights Agreement (Incorporated by reference to Exhibit 10.3 to the Current Report on Form 8-K filed by Agrico Acquisition Corp. on July 13, 2021 - File No. 001-40586).
10.8
Sponsor Support Agreement, dated as of January 30, 2022, by and among DJCAAC LLC, Agrico Acquisition Corp. and Kalera AS (Incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed by Agrico Acquisition Corp. on February 3, 2022 - File No. 001-40586).
10.9
Kalera Holders Support and Lock-Up Agreement, by and among Kalera AS and the holders party thereto (Incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K filed by Agrico Acquisition Corp. on February 3, 2022 - File No. 001-40586).
10.10
Kalera Holders Support Agreement, by and among Kalera AS and the holders party thereto (Incorporated by reference to Exhibit 10.3 to the Current Report on Form 8-K filed by Agrico Acquisition Corp. on February 3, 2022 - File No. 001-40586).
10.11
Loan and Security Agreement, dated April 14, 2022, by and among Kalera, Inc., the guarantors party thereto from time to time, and Farm Credit of Central Florida, ACA (Incorporated by reference to Exhibit 10.12 to Amendment No. 2 to the Registration Statement on Form S-4 (File No. 333-264422), filed with the SEC on May 13, 2022)
10.12
Executive Employment Agreement between Kalera, Inc. and James Leighton, effective as of May 11, 2022 (Incorporated by reference to Exhibit 10.14 to Amendment No. 2 to the Registration Statement on Form S-4 (File No. 333-264422), filed with the SEC on May 13, 2022)
10.13
Additional Compensation of President and Chief Executive Officer, effective as of May 9, 2022 (Incorporated by reference to Exhibit 10.15 to Amendment No. 2 to the Registration Statement on Form S-4 (File No. 333-264422), filed with the SEC on May 13, 2022).
10.14#
Indemnification Deed - Aric Nissen (Incorporated by reference to Exhibit 10.15 to the Current Report on Form 8-K (File No. 001-41439), filed with the SEC on July 5, 2022
10.15#
Indemnification Deed - Austin Martin (Incorporated by reference to Exhibit 10.16 to the Current Report on Form 8-K (File No. 001-41439), filed with the SEC on July 5, 2022
10.16#
Indemnification Deed - Brent de Jong (Incorporated by reference to Exhibit 10.17 to the Current Report on Form 8-K (File No. 001-41439), filed with the SEC on July 5, 2022
10.17#
Indemnification Deed - Curtis McWilliams (Incorporated by reference to Exhibit 10.18 to the Current Report on Form 8-K (File No. 001-41439), filed with the SEC on July 5, 2022
10.18#
Indemnification Deed - Dr. Jade Stinson (Incorporated by reference to Exhibit 10.19 to the Current Report on Form 8-K (File No. 001-41439), filed with the SEC on July 5, 2022
10.19#
Indemnification Deed - Dr. Cristian Toma (Incorporated by reference to Exhibit 10.20 to the Current Report on Form 8-K (File No. 001-41439), filed with the SEC on July 5, 2022
10.20#
Indemnification Deed - Dr. Henner Schwarz (Incorporated by reference to Exhibit 10.21 to the Current Report on Form 8-K (File No. 001-41439), filed with the SEC on July 5, 2022
10.21#
Indemnification Deed - Dr. Faisal AIMeshal (Incorporated by reference to Exhibit 10.22 to the Current Report on Form 8-K (File No. 001-41439), filed with the SEC on July 5, 2022
10.22#
Indemnification Deed - Fernando Cornejo (Incorporated by reference to Exhibit 10.23 to the Current Report on Form 8-K (File No. 001-41439), filed with the SEC on July 5, 2022
10.23#
Indemnification Deed - Jim Leighton (Incorporated by reference to Exhibit 10.24 to the Current Report on Form 8-K (File No. 001-41439), filed with the SEC on July 5, 2022
10.24#
Indemnification Deed - Maria Sastre (Incorporated by reference to Exhibit 10.26 to the Current Report on Form 8-K (File No. 001-41439), filed with the SEC on July 5, 2022
10.25#
Indemnification Deed - Robert Arnall (Incorporated by reference to Exhibit 10.27 to the Current Report on Form 8-K (File No. 001-41439), filed with the SEC on July 5, 2022
10.26#
Indemnification Deed - Sonny Perdue (Incorporated by reference to Exhibit 10.28 to the Current Report on Form 8-K (File No. 001-41439), filed with the SEC on July 5, 2022
10.27#
Indemnification Deed - Umur Hursever (Incorporated by reference to Exhibit 10.29 to the Current Report on Form 8-K (File No. 001-41439), filed with the SEC on July 5, 2022
10.28
††
Form of Securities Purchase Agreement
21.1
Subsidiaries of the Registrant (Incorporated by reference to Exhibit 21.1 to the Current Report on Form 8-K (File No. 001-41439), filed with the SEC on July 5, 2022
23.1†
Consent of Grant Thornton LLP
23.2†
Consent of Marcum
23.3††
Consent
    of Arthur Cox (included in Exhibit 5.1).
24.1†
Power of attorney (included on the signature page to this Registration Statement on Form S-1).
107†
Filing Fee Table
.
+
Previously filed.
#
Indicates management contract or compensatory plan or arrangement
*
Portions of this exhibit have been omitted in accordance with Item 601 of Regulation S-K.
†
Filed herewith.
†† To be filed by amendment.
ITEM
17. UNDERTAKINGS.
(a)
The undersigned Registrant hereby undertakes:
(1)
To
                                            file, during any period in which offers or sales are being made, a post-effective amendment
                                            to this Registration Statement:
(i)
To
                                            include any prospectus required by section 10(a)(3) of the Securities Act;
(ii)
To
                                            reflect in the prospectus any facts or events arising after the effective date of the registration
                                            statement (or the most recent post-effective amendment thereof) which individually or in
                                            the aggregate, represent a fundamental change in the information set forth in the registration
                                            statement. Notwithstanding the foregoing, any increase or decrease in volume of securities
                                            offered (if the total dollar value of securities offered would not exceed that which was
                                            registered) and any deviation from the low or high end of the estimated maximum offering
                                            range may be reflected in the form of prospectus filed with the Commission pursuant to Rule
                                            424(b) if, in the aggregate, the changes in volume and price represent no more than a 20%
                                            change in the maximum aggregate offering price set forth in the "Calculation of Registration
                                            Fee" table in the effective registration statement.
(iii)
To
                                            include any material information with respect to the plan of distribution not previously
                                            disclosed in the registration statement or any material change to such information in the
                                            registration statement;
provided,
however
, that paragraphs (a)(1)(i), (a)(1)(ii) and (a)(1)(iii) of this section do not apply if the registration statement is on form
S-1 and the information required to be included in a post- effective amendment by those paragraphs is contained in reports filed with
or furnished to the SEC by the registrant pursuant to section 13 or section 15(d) of the Exchange Act that are incorporated by reference
in the registration statement, or is contained in a form of prospectus filed pursuant to Rule 424(b) that is part of the registration
statement.
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3
(2)
That,
                                            for the purpose of determining any liability under the Securities Act, each such post- effective
                                            amendment shall be deemed to be a new registration statement relating to the securities offered
                                            therein, and the offering of such securities at that time shall be deemed to be the initial
                                            bona fide offering thereof.
(3)
To
                                            remove from registration by means of a post-effective amendment any of the securities being
                                            registered which remain unsold at the termination of the offering.
(4)
That,
                                            for the purpose of determining liability under the Securities Act to any purchaser, each
                                            prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to
                                            an offering, other than registration statements relying on Rule 430B or other than prospectuses
                                            filed in reliance on Rule 430A, shall be deemed to be part
                                            of and included in the registration statement as of the date it is first used after effectiveness.
                                            Provided, however, that no statement made in a registration statement or prospectus that
                                            is part of the registration statement or made in a document incorporated or deemed incorporated
                                            by reference into the registration statement or prospectus that is part of the registration
                                            statement will, as to a purchaser with a time of contract of sale prior to such first use,
                                            supersede or modify any statement that was made in the registration statement or prospectus
                                            that was part of the registration statement or made in any such document immediately prior
                                            to such date of first use.
(5)
That,
                                            for the purpose of determining liability of the registrant under the Securities Act to any
                                            purchaser in the initial distribution of the securities, the undersigned registrant undertakes
                                            that in a primary offering of securities of the undersigned registrant pursuant to this registration
                                            statement, regardless of the underwriting method used to sell the securities to the purchaser,
                                            if the securities are offered or sold to such purchaser by means of any of the following
                                            communications, the undersigned registrant will be a seller to the purchaser and will be
                                            considered to offer or sell such securities to such purchaser:
(i)
Any
                                            preliminary prospectus or prospectus of the undersigned registrant relating to the offering
                                            required to be filed pursuant to Rule 424;
(ii)
Any
                                            free writing prospectus relating to the offering prepared by or on behalf of the undersigned
                                            registrant or used or referred to by the undersigned registrant;
(iii)
The
                                            portion of any other free writing prospectus relating to the offering containing material
                                            information about the undersigned registrant or its securities provided by or on behalf of
                                            the undersigned registrant; and
(iv)
Any
                                            other communication that is an offer in the offering made by the undersigned registrant to
                                            the purchaser.
(b)
Insofar
                                            as indemnification for liabilities arising under the Securities Act may be permitted to directors,
                                            officers and controlling persons of the registrant pursuant to the foregoing provisions,
                                            or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange
                                            Commission such indemnification is against public policy as expressed in the Act and is,
                                            therefore, unenforceable. In the event that a claim for indemnification against such liabilities
                                            (other than the payment by the registrant of expenses incurred or paid by a director, officer
                                            or controlling person of the registrant in the successful defense of any action, suit or
                                            proceeding) is asserted by such director, officer or controlling person in connection with
                                            the securities being registered, the registrant will, unless in the opinion of its counsel
                                            the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction
                                            the question whether such indemnification by it is against public policy as expressed in
                                            the Securities Act and will be governed by the final adjudication of such issue.
II-
4
SIGNATURES
Pursuant
to the requirements of the Securities Act of 1933, the Registrant has duly caused this Registration Statement on Form S-1 to be signed
on its behalf by the undersigned, thereunto duly authorized, in the city of Florida, Orlando, USA on the 7
th
day of October
2022.
Kalera plc
By:
/s/
    Fernando Cornejo
Name:
Fernando Cornejo
Title
Chief Financial Officer
POWER
OF ATTORNEY
KNOW
ALL PERSONS BY THESE PRESENT, that each person whose signature appears below does hereby constitute and appoint Fernando Cornejo, Jim
Leighton and Curtis McWilliams, and each of them singly, as his or her true and lawful attorneys-in-fact and agents, each with full power
of substitution and re-substitution, for him and in his name, place and stead, in any and all capacities, to sign any and all amendments
(including post-effective amendments) to this Registration Statement and to file the same, with all exhibits thereto, and other documents
in connection therewith, with the U.S. Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each
of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith
and about the premises, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that
said attorneys-in-fact and agents, or any of them, or their or his or her substitutes or substitutes, may lawfully do or cause to be
done by virtue hereof.
Pursuant
to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities
and on the dates indicated.
Name
Title
Date
/s/
Jim Leighton
President,
    Chief Executive Officer and Board Director
October
    7, 2022
Jim
    Leighton
/s/
    Fernando Cornejo
Chief
    Financial Officer
October
    7, 2022
Fernando
    Cornejo
/s/
    Curtis McWilliams
Chairman
    of the Board
October
    7, 2022
Curtis
    McWilliams
/s/
    Cristian Toma
Chief
    Science Officer, Co-Founder and Board Director
October
    7, 2022
Cristian
    Toma
/s/
Robert Arnall
Board
    Director
October
    7, 2022
Robert
    Arnall
/s/
    Umur Hursever
Board
    Director
October
    7, 2022
Umur
    Hursever
/s/
    Maria Sastre
Board
    Director
October
    7, 2022
Maria
    Sastre
/s/
Sonny Perdue
Board
    Director
October
    7, 2022
Sonny
    Perdue
/s/
Faisal AlMeshal
Board
    Director
October
    7, 2022
Faisal
    AlMeshal
/s/
    Brent de Jong
Board
    Director
October
    7, 2022
Brent
    de Jong
AUTHORIZED
REPRESENTATIVE
Pursuant
to the requirements of Section 6(a) of the Securities Act of 1933, the undersigned has signed this registration statement, solely in
its capacity as the duly authorized representative of Kalera plc in the City of Orlando, Florida on the
7
th
day of
October,
2022.
By:
/s/
Curtis McWilliams
Name:
Curtis McWilliams
Title:
Authorized Representative