Novus Capital Corporation (NASDAQ:NOVS) announced that it has completed its combination with indoor farming venture AppHarvest following after securing shareholder approval at a special meeting Friday.
The shares and warrants of the combined entity will begin trading under on the Nasdaq under the new ticker symbols “APPH” and “APPHW,” respectively, today, February 1.
The press release did not include redemption figures, but implied they were minimal, noting that final proceeds from deal amounted to about $475 million including a $375 million PIPE and Novus went into its completion vote with about $100 million in trust. Furthermore, shareholders would have had to be significantly motivated to lose money to redeem shares at an estimated rate of $10.01 as Novus opened at $24.69 on the morning of the vote.
Novus initially announced its $549.7 million combination with AppHarvest on September 29. Morehead, Kentucky-based AppHarvest is developing a series of large-scale indoor farms aimed at efficiently producing vegetables for the domestic market to replace imports.
- Cowen is serving as sole placement agent and capital markets advisor to Novus Capital.
- Blank Rome LLP is serving as legal advisor to Novus Capital.
- Cowen is serving as financial advisor to AppHarvest.
- Cooley LLP is serving as legal advisor to AppHarvest.