Indoor vertical farming company Aerofarms and Spring Valley Acquisition today announced a mutual decision to terminate their merger. Neither party will be required to pay the other a termination fee.
Spring Valley in the news release said it intends to continue to pursue a business combination prior to the dissolution deadline of May 27, 2022 unless the deadline is extended.
Spring Valley shareholders voted in favor of the merger in August, however, heavy redemptions ahead of the vote caused the SPAC to fall far short of the minimum cash requirement to close the deal.
As announced in March, the original deal terms called for AeroFarms to receive $357 million, including a $125 million PIPE. Spring Valley raised $230 million in a November IPO.
Spring Valley in a news release last month had vowed to continue closing talks with AeroFarms up until the Oct. 24 deadline, if necessary. Read more.
