Spring Valley Acquisition in a news release said it will continue closing talks with AeroFarms up until the Oct. 24 deadline, if necessary.
Although Spring Valley stockholders approved the deal Aug. 30, heavy redemptions ahead of the vote caused the SPAC to fall short of the minimum cash condition for closing the merger.
If the deal is completed, the combined company’s stock and warrants would trade under the ticker symbols ARFM and ARFMW.
AeroFarms is a sustainable indoor agriculture company based in Newark, New Jersey.
As announced in March, the original terms of the deal called for AeroFarms to receive $357 million, including a $125 million PIPE. Spring Valley raised $230 million in a November IPO. Read more.
