Blank Rome Represents Novus Capital Corporation in Business Combination with AppHarvest
AppHarvest to Begin Trading on Nasdaq as “APPH” on February 1, 2021
A Blank Rome team represented Novus Capital Corporation, a publicly traded special purpose acquisition company, or SPAC, in closing its business combination with AppHarvest, Inc. on January 29, 2021. AppHarvest is 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 for which EarlyBirdCapital, Inc. served as representative of the underwriters.
Key highlights of this deal include:
- The transaction provided $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.
- The transaction advances AppHarvest’s mission to redefine American agriculture through the development of several large-scale, controlled indoor farms.
The Blank Rome team representing Novus Capital Corporation was led by partners Robert J. Mittman, Kathleen A. Cunningham, Brad L. Shiffman, Emanuel J. Adler, and Joseph T. Gulant, with the assistance of associate Elena P. Jacque.