From AgFunderNews, October 18:
- US vertical farmer AeroFarms and special purpose acquisition company (SPAC) Spring Valley have scrapped their merger deal.
- The scuttled transaction, announced in March this year, would’ve seen Newark-based AeroFarms become a Nasdaq-listed public company. At the time, the deal was expected to raise $357 million in gross proceeds for the business, valuing it at $1.2 billion.
- AeroFarms and Spring Valley said in a statement that they “mutually agreed” to terminate the agreement. “We made this decision to ensure that AeroFarms is in an optimal position to pursue our growth strategy,” said AeroFarms co-founder and CEO David Rosenberg. “We believe proceeding with this transaction is not in the best interests of our shareholders.”
Why it matters:...
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Previously:
"US vertical farming group AeroFarms joins unicorn club, strikes SPAC deal to go public"
Now is the time we juxtapose.
I was idly flipping through back issues of Vertical Farm Daily and stopped at this headline:
“Vertical farms are not going to create venture level returns”
at the same time this from AgFunder dropped out of one of the feedreaders:....
ICYMI: Indoor Farming Company AppHarvest Came Public Via SPAC (APPH)
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.
