AppHarvest begins trading on Nasdaq - Louisville Business First
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Novus Capital Corp (NASDAQ: NOVS), a special purpose acquisition company (SPAC), today held its previously announced special meeting of stockholders . In connection therewith, the NOVS’s stockholders voted in favor of approval of the proposed business combination (merger) between Novus Capital Corp and AppHarvest., a Lexington, KY based B Corp.
AppHarvest is building some of America’s largest greenhouses, combining conventional agriculture techniques with today’s technology to grow non-GMO, chemical-free produce.
App Harvest about themselves
NOVS is a blank check company (SPAC) incorporated in Indianapolis for the purpose of effecting a merger, reorganization or similar business combination focused on “sustainability and social equity through technological innovation” .
Dive Brief:
As venture-backed agricultural technology startup AppHarvest s first harvest was shipped to nationwide grocery chains, its new president, David Lee, said he was so certain in its new success.
Lee, formerly CFO of Impossible Foods and senior vice president of consumer products at Del Monte Foods, told Business Insider he [wants] to launch a few more businesses in [his] career. He joined the board of AppHarvest in August 2020 and was named president January 7. He begins work on January 25.
Kentucky-based AppHarvest s first shipment marks an inflection point for its growth. In September, the agtech announced plans to go public through a $1 billion merger with special purpose acquisition company (SPAC), Novus Capital Corp. The deal is expected to close in the coming weeks, and provide AppHarvest with $475 million in financing, according to Business Insider.
SPACs sound arcane, but make buckets of money for Indy investors
FREE NEWSLETTERS Novus Capital Corp. agreed to buy Kentucky-based AppHarvest in September. The indoor-farming company lost $8.1 million in the first nine months of 2020 but reached a milestone this week when it began shipping its first harvest of beefsteak tomatoes to grocers. (AP photo)
A nontraditional way to take companies public is booming on Wall Street and making bucketsful of money for some Indianapolis businesspeople engineering the deals.
That certainly applies to the roughly 20 founders of Indianapolis-based Novus Capital Corp., including Chairman Bob Laikin, who collectively have paper profits of $122 million since creating their business in March.
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