The Morehead, Kentucky-based company is the latest to become a public company through a SPAC. The combined company will take the AppHarvest name and be led by Jonathan Webb, AppHarvest’s founder and CEO, according to a written statement.
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AppHarvest develops and operates large-scale indoor farms in the Central Appalachian region, including a 60-acre controlled environment agriculture facility. Its first produce, tomatoes, is scheduled to be harvested in early 2021, the company said.
The company has raised a total of $142.3 million in venture-backed funding, according to Crunchbase data. That includes a $28 million Series C round in August.
The deal values the new AppHarvest at $1 billion pro forma equity value, at the $10 per share private investment in public equity price. It also has the potential to provide the company with $435 million in net proceeds that is intended to fund additional indoor farms, growth and other operations.
Illustration: Dom Guzman