AppHarvest Inc, a green tech agriculture start-up backed by former hedge fund investor Jeff Ubben, said on Tuesday that it plans to list on Nasdaq through a company of special purpose acquisition
AppHarvest, which plans to build the world’s largest greenhouse later this year in Morehead, Ky., will complete its listing transaction through Novus Capital Corp, a so-called Special Purpose Acquisition Company, or SPAC, which is already listed on the tech-focused exchange Gross proceeds from the deal are expected to reach $ 475 million, AppHarvest said, bringing the implied market value of the merger between it and Novus to around $ 1 billion
« We are delighted to be making the transition from AppHarvest to a public company and raising nearly half a billion dollars in the process, » said Jonathan Webb, CEO of AppHarvest « This will allow us to continue our mission of transforming agriculture A mission that has become even more important since the global pandemic revealed how growing dependence on imports compromises food security »
« We now know that in order to build a more resilient food system that meets the growing demands of our population, we must immediately start building environment-controlled farming facilities, as these farms use much less resources to produce a lot. more products, « he added “We believe this partnership with Novus Capital is a transformative transaction that will allow us both to rapidly scale our agricultural facilities, in pursuit of our goal of redefining American agriculture, and to build the country’s AgTech capital in Appalachians »
Novus Capital shares were marked 2475% higher in pre-market trading following the announcement of the AppHarvest merger to indicate an opening price of the bell of $ 12.60 each
AppHarvest, which includes board members such as home lifestyle icon Martha Stewart and Impossible Foods CFO David Lee and Hillbilly author Elegy Jré Vance, finished its last round of funding in early August, raising $ 28 million to bring its pre-registration total to around $ 150 million
AppHarvest seeks to promote more sustainable agricultural production techniques to complement delivery into the US food system by both reducing the greenhouse gas emissions required to transport produce and eliminating the need to stress local water supply
Located in what the company says is a day’s drive for about 70% of the U.S. population, the Morehead, Ky. base will initially hire around 300 workers and aims to improve its first access to fresh fruits and vegetables without GMOs early next year
AppHarvest, Inc, Mergers and Acquisitions, NASDAQ, Special Purpose Acquisition Company, IPO
Global News – US – AppHarvest Considering IPO at Nasdaq via Novus Capital SPAC Merger
