Forafric Global PLC 6-K, filed Feb 11, 2025
Forafric Global PLC (AFRI)
About this 6-K
Forafric Global PLC filed this 6-K on February 11, 2025.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of February 2025
Commission File Number: 001-41416
Forafric Global PLC
Unit 5.3, Madison Building, Midtown
Queensway, Gibraltar GX11 1AA
011 350 20072505
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. ☒ Form 20-F ☐ Form 40-F
INFORMATION CONTAINED IN THIS FORM 6-K REPORT
Change in Chief Executive Officer
Effective December 31, 2024, Mustapha Jamaleddine retired as the Chief Executive Officer of Forafric Global PLC (the “Company”). Mr. Jamaleddine’s resignation was not related to any disagreement with the Company on any matter relating to the Company’s operations, policies, or practices.
In connection with Mr. Jamaleddine’s resignation, the board of directors of the Company has appointed Khalid Assari as the new Chief Executive Officer of the Company, and of its wholly-owned subsidiary, Forafric Morocco. Mr. Assari replaced Mr. Mustapha Jamaleddine, who retired effective December 31, 2024.
Mr. Assari, age 62, has had a long and successful career in the agricultural business, holding several senior positions within Caissed e Dépôts (CDG Group). From 2020 to 2024, he was an investor in the real estate and agro business sectors in Morocco. From 2016 through 2018, Mr. Assari was the CEO of Forafric Morocco. Mr. Assari holds an MBA in finance from Old Dominion University in Norfolk, Virginia, United States.
Issuance of Press Release
On February 11, 2025, the Company issued a press release announcing the adoption of a new balance sheet strengthening strategy, and the appointment of Khalid Assari as the Chief Executive Officer of the Company. A copy of the Company’s press release is furnished as Exhibit 99.1 hereto and incorporated herein by reference, and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section.
EXHIBIT INDEX
| Exhibit No. | Description | |
| 99.1 | Press release of the Company, dated as of February 11, 2025 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Date: February 11, 2025 | FORAFRIC GLOBAL PLC | |
| By: | /s/ Saad Bendidi | |
| Name: | Saad Bendidi | |
| Title: | Chairman and Director | |
| (Principal Executive Officer) | ||
Exhibit 99.1
Forafric Adopts New Balance Sheet Strengthening Strategy
Announces Enhanced Focus on Morocco and Soft Wheat through Initiatives to include Divesting Non-Core Assets
CASABLANCA, MOROCCO, February 11, 2025 – Forafric Global PLC (Nasdaq: AFRI, or the “Company”), a leading vertically integrated agribusiness serving Africa, today announced that it has adopted a new balance sheet strengthening strategy with a Morocco and soft wheat focus. As part of this initiative, the Company is divesting non-core assets: assets outside of Morocco, durum wheat focused businesses and logistics activities in Morocco. The Company estimates that this divestment program will generate gross proceeds of between 80 and 100 million USD. These divestments will strengthen the Company’s balance sheet and will significantly improve its working capital position.
The Company also announced that it has appointed Mr. Khalid Assari as CEO of the Company and its wholly-owned subsidiary, Forafric Morocco. Mr. Assari replaces Mr. Mustapha Jamaleddine, who retired effective December 31, 2024. From 2016 through 2018, Mr. Assari was the CEO of Forafric Morocco; most recently, he was an investor in the real estate and agrobusiness sectors in Morocco.
About Forafric
Forafric is a leading agribusiness player in Africa with activities in Morocco and Sub-Saharan Africa. It is a milling industry leader with a complete range of flour and semolina, and secondary processing products such as pasta and couscous. The Group operates 12 industrial units, and 2 logistics platforms. Forafric exports its products to more than 45 countries around the world. Forafric intends to continue expanding in Morocco.
Forward-Looking Statements
This press release contains “forward-looking statements.” Such statements may be preceded by the words “intends,” “may,” “will,” “plans,” “expects,” “anticipates,” “projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,” “potential,” or similar words. Forward-looking statements are not guarantees of future performance, are based on certain assumptions, and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company’s control, and cannot be predicted or quantified, and, consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. None of the outcomes expressed herein are guaranteed. Such risks and uncertainties include, without limitation, risks and uncertainties associated with (i) our ability to obtain quality raw materials; (ii) difficulties in obtaining financing on commercially reasonable terms; (iii) changes in the size and nature of our competition; (iv) loss of one or more key executives or scientists; and (v) difficulties in securing regulatory approval for our materials and products. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company’s filings with the Securities and Exchange Commission (SEC), including the Company’s Annual Report on Form 20-F. Investors are urged to read these documents free of charge on the SEC’s website at http://www.sec.gov. The Company assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise.
Contact Information:
info@forafric.com