Public Markets

AppHarvest To Go Public By SPAC

Indoor farm operator AppHarvest said Tuesday that it’s going public via an agreement with publicly traded special purpose acquisition company Novus Capital Corp. (Nasdaq: NOVS).

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

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