Blank Rome Represents Novus Capital Corporation in Business Combination Agreement Valued at $1 Billion with AppHarvest
A Blank Rome LLP team is representing Novus Capital Corporation, a publicly traded special purpose acquisition company, or SPAC, in its business combination agreement with AppHarvest, Inc., a pioneering developer and operator of sustainable, large-scale, controlled environment indoor farms. Blank Rome also represented Novus in its initial public offering that closed in May 2020.
The transaction will provide $475 million of gross proceeds to AppHarvest, including a $375 million fully committed common stock PIPE at $10.00 per share. The pro forma equity value of the transaction is approximately $1.0 billion, at the $10.00 per share PIPE price and assuming minimal Novus shareholder redemptions. The transaction advances AppHarvest’s mission to redefine American agriculture through the development of several large-scale, controlled indoor farms.
For more information, please read AppHarvest, a Pioneering Developer and Operator of Sustainable, Large-Scale Controlled Environment Indoor Farms, to Become a Public AgTech Company (press release, September 29, 2020)
The Blank Rome team representing Novus Capital Corporation is led by partners Robert J. Mittman, Kathleen A. Cunningham, Brad L. Shiffman, Emanuel J. Adler, and Joseph T. Gulant, with the assistance of associates Elena P. Jacque, Andrae A. D. Nelson, and Jose A. Manalo Jr.