AppHarvest takes stock in new growth after reverse merger

Added on 07 February 2021

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AppHarvest takes stock in new growth after reverse merger

Controlled environment agriculture startup AppHarvest has gone public after completing a reverse merger with Novus Capital, a special purpose acquisition company.

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.

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.

The company plans to establish 12 more indoor farms by 2025, and has already begun constructing two more facilities in Kentucky - one of which will focus on growing leafy greens.