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.
ADVISORS
- 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.
Oyster Enterprises II Acquisition Corp. (NASDAQ:OYSEU) announced the pricing of its upsized $220 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “OYSEU”, Thursday, May 22, 2025. The new SPAC aims to combine with a target company in a sector that aligns with the management’s expertise like technology,...
INFINT 2 (NASDAQ: Symbols TBD) has filed for a $100 million SPAC with another team running it back after their first successful close last year. The new SPAC has one right to a 1/10 share in each unit and has overfunded its trust to 100.50% with $10.05 per unit in trust from the start. This...
FIGX (NASDAQ:FIGXU) has filed for a $131 million SPAC with the goal of taking public a financial asset manager with the potential of expanding into a global player. The new S-1 is the ninth of the month and was followed by a tenth this morning, suggesting that May may yet hit April’s blistering pace of...
At the SPAC of Dawn Tariffs continue to show up in the earnings and corporate moves of de-SPACs. This week, crypto firm Cipher Mining (NASDAQ:CIFR) noted that a major impetus for its offering of $150 million of convertible notes was the expected need to pay tariffs on the server equipment it is importing for its...
ProCap Acquisition Corp. (NASDAQ:PCAPU) announced the pricing of its upsized $220 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “PCAPU”, Wednesday, May 21, 2025. The new SPAC aims to mount a broad search for a combination target and hopes to find one with sustainable competitive advantages and...