Big indoor vegetable grower gets bigger by going public

Added on 19 October 2020

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Big indoor vegetable grower gets bigger by going public

AppHarvest, which is on track to become one of the nation's largest producers of greenhouse vegetables, is going public. The company, based in Appalachia country in Kentucky, has formed an agreement with Novus Capital Corp. on an agreement for a business combination that would result in AppHarvest becoming a public company. Upon closing of the transaction, the combined company will be named AppHarvest and is expected to remain listed on Nasdaq under a new ticker symbol. The combined company will be led by Jonathan Webb, AppHarvest's Founder & Chief Executive Officer.

The company operates a 60-acre controlled environment agriculture facility in Morehead, KY one of the largest high-tech greenhouses in the world and has an active development pipeline for additional large-scale indoor controlled environment farm projects.

Upon the closing of the transaction, AppHarvest will retain its highly experienced management, a team of growers with more than 140 years of agricultural experience, including 120 years of sustainable agriculture experience, a sustainability team with more than 40 years of experience; and construction managers who have successfully managed more than $19 billion in projects.

In addition, AppHarvest announced that Peter C. Halt has joined the executive team as Chief Financial Officer. Halt is a seasoned finance professional with several years of experience as a publicly traded company CFO, most recently having served as the CFO for TiVo Corporation, up until its announced acquisition by Xperi Corporation.

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