Please excuse the delay on this post, we don't do much with IPO's and especially don't do much with SPACS, shell companies, blind pools or whatever they are being called now. S-1 filings are worth a look for the amount of information they disclose but that's about as far as our interest extends.
From AgFunderNews, February 2:
BRIEF: AppHarvest completes SPAC merger to go public at $1bn+ valuation
- Controlled environment agriculture (CEA) startup AppHarvest has gone public after completing a reverse merger with Novus Capital, a NASDAQ-traded special purpose acquisition company (SPAC).
- The Kentucky-based indoor farming firm’s shares began trading on New York’s NASDAQ on February 1 under the ‘APPH’ ticker.
- AppHarvest’s stock price soared 44% on the company’s debut, according to MarketWatch.
Why it matters:
As a result of the merger transaction AppHarvest has raised close to $475 million, including a $375 million injection from new and existing investors such as Fidelity Investments, Inclusive Capital, and Novus that reportedly values the company at more than $1 billion.
Of this amount, $435 million is “unrestricted cash” which AppHarvest will use to fund its operations, support its growth, and build additional tech-enabled indoor farms, a company spokesperson told AFN.
Last month, AppHarvest’s flagship facility in Morehead, Kentucky, began its first shipments of beefsteak tomatoes to retailers including Kroger, Walmart, Meijer, Food City, and Publix. The 60-acre CEA farm reportedly uses 90% less water than traditional open-field farming and is expected to produce 45 million pounds of non-GMO tomatoes each year....
....MORE
Previously:
October 1, 2020
Now the Farmers Are Going Public Via SPACs
Not just any farmers though. This one plans to have the world's largest greenhouse.August 17, 2020
And EBITDA by 2025.
When you are forecasting five years out it's probably a good idea to factor in the small but not zero chance of the Chinese Tomato Blight ravaging the world's vines.
(I made up the name for the blight, I have no idea what ails tomato plants)....
Indoor Farning: AppHarvest Raises Another $28 Million To Fund World's Largest Greenhouse (and more)
