Raanana-based Vertical Field, which develops vertical growing systems, said it signed a letter of intent to list on the Canadian stock exchange TSX Venture, at a pre-money valuation of $100 million.

The company, which is controlled by Israeli businessman Michael Mirilashvili, said it intends to raise $20 million with the goal of expanding activities to the North American market. The offering will be made through a reverse merger with blank check company A-Labs Capital IV Corp., which will acquire all Vertical Field securities and continue Vertical Field's business under its existing brand.