CULT Food Science (CSE: CULT) (OTC: CULTF), an investment platform focused on cellular agriculture, announced that Canadian entrepreneur Marc Lustig has acquired 15% of the company through his family office L5 Capital Inc. The transaction makes Mr. Lustig the company’s largest individual shareholder.
“Having Marc Lustig’s support as a shareholder is an important moment for us as a company.”
Described as a respected entrepreneur with a background in biotech, life sciences and cannabis, Lustig worked as an institutional investment banker across Canada and Europe before founding his own venture.
Transaction statement
In a statement, CULT disclosed that Lustig acquired 27,518,900 common shares of Cult Food Science and warrants to purchase 30,725,000 common shares in a private transaction.
Under the transaction, a company controlled by Lustig paid a total of $752,335.81, representing a value of 2.5 cents per share and 0.2 cents per warrant. The shares represent approximately 14.86% of the Company’s issued and outstanding common shares, and the shares and warrants represent approximately 26.97% of the Company’s issued and outstanding common shares subject to the exercise of all warrants held by Lustig.
A “First Mover” in Cell Ag
“I am very excited to take a significant ownership stake in CULT Food Science,” said Lustig. “I believe it is inevitable that cell-based foods will transform our food system for the better sustainably, and that these products will be on the market much sooner than most people think. As a first-mover in the cellular agriculture space, CULT has a unique position in the industry’s exciting scientific innovations. And there is an opportunity to play a valuable role.”
Based in Canada, CULT Food Science owns a fast-growing portfolio that includes farmed meat startups Umami Meat, Novel Farms and Ohio Valley. In November 2022, CULT to hire Joshua Errett, co-founder of the farmed and plant-based pet food brand Cause, Animals, as the new vice president of product development.
CULT says it’s tHe was the first publicly traded company in North America.
“Having the support of Marc Lustig as a shareholder is an important moment for us as a company,” said Lizzie Gafor, Chief Executive Officer of Cult Food Science. “Mr. Lustig has repeatedly demonstrated the ability to be a first mover when it comes to emerging trends and has a deep understanding of how to create significant value for shareholders. Supporting Mr. Lustig to become a global leader in cell-based foods makes our food more resilient and sustainable. will enable us to increase our influence towards building the future.”