AeroFarms announced today it has entered into a merger agreement with Spring Valley Acquisition for $357 million, including a $125 million PIPE. Pendiong shaereholder approval, upon closing AeroFarms will trade on the Nasdaq under ARFM.
The transaction values the combined company at a fully diluted pro forma equity value of approximately $1.2 billion assuming no redemptions by Spring Valley shareholders. The PIPE offering was anchored by AeroFarms insiders and Pearl Energy Investments, the sponsor of Spring Valley.
AeroFarms is a sustainable indoor agriculture company based in Newark, New Jersey. Read more.
