Udeumji Farm Passes Preliminary Review for KOSDAQ Listing... Approaching SPAC Merger Listing

Global smart farm leading company Udeumji Farm announced on the 8th that it received preliminary listing approval from the Korea Exchange on the 4th. Udeumji Farm is preparing for a KOSDAQ listing through the merger with Hana Financial 20th SPAC.

Founded in 2011, Udeumji Farm operates a smart farm business utilizing an advanced ICT-based convergence cultivation environment management system.

Udeumji Farm proved its outstanding smart farm design and operation capabilities by successfully developing the first Korean-style semi-enclosed glass greenhouse in the domestic smart farm industry. The semi-enclosed glass greenhouse contributes to increasing crop productivity and economic efficiency through ▲dual air-conditioning air heat cooling and heating system ▲97% light-transmitting diffused glass ▲automatic nutrient supply system.

Through its semi-enclosed glass greenhouse, Udeumji Farm cultivates tomatoes year-round in all seasons and commercializes them under the Tomango brand, achieving increased sales. Tomango leads the stevia tomato market, maintaining a market share of over 65%. In addition, it has maintained distribution stability by supplying Tomango long-term for over 10 years to major distributors such as Nonghyup Distribution, Lotte Mart, E-Land Retail, and Coupang.

Meanwhile, in January, Udeumji Farm signed an MOU for a local factory and smart farm construction in the United Arab Emirates (UAE), recognizing its excellent smart farm operation capabilities. The company also stated that it has received collaboration requests from various companies in the Middle East, including Saudi Arabia and Kuwait.

Kang Sung-min, CEO of Udeumji Farm, said, "Udeumji Farm is preparing growth momentum as a comprehensive smart farm company by expanding exports of smart farm facilities and cultivation technologies and diversifying the portfolio of cultivated products such as European vegetables and kohlrabi." He added, "We will be the first smart farm to be listed on the KOSDAQ market and grow into a global unicorn company based on K-Smart Farm."