Novus Capital to merge with AppHarvest in a $1bn deal.

Novus Capital, a special purpose acquisition company, is set to merge with AppHarvest, an American agricultural technology firm, in a $1bn deal. Transaction provides $475m of gross proceeds to the company, including $375m fully committed common stock PIPE at $10 per share anchored by existing and new investors – including Fidelity Management & Research, Inclusive Capital and Novus Capital. “A mission that’s become even more important since the global pandemic exposed how a rapidly increasing reliance on imports jeopardizes food security. We now know that, to build a more resilient food system that meets our growing population demands, we must immediately start building controlled environment agriculture facilities, as these farms use far fewer resources to grow far more produce. We believe that this partnership with Novus Capital is a transformative transaction which will allow us to both rapidly scale our agriculture facilities, in pursuit of our goal to redefine American agriculture, and build the country’s AgTech capital within Appalachia. Together we can transform agriculture,” Jonathan Webb, AppHarvest Founder & Chief Executive Officer.