AeroFarms files with SEC to combine business with Spring Valley acquisition

Vertical farming company AeroFarms filed its registration statement with the U.S. Securities and Exchange Commission to combine with Spring Valley Acquisition Corp. on May 10.

The registration statement, Form S-4, contains information about the proposed business combination including a business overview, terms of the transaction, pro-forma financial information and risk factors.

Spring Valley and AeroFarms announced a definitive merger agreement on March 26 for approximately $357 million, including $125 million of proceeds from the PIPE Financing. The proceeds will be used to accelerate Newark-based AeroFarms’ growth strategy, including expanding retail distribution and market penetration, constructing additional farms, introducing future generations of proprietary innovative farming technology and entering new product categories.

AeroFarms began construction of its next commercial indoor vertical farm in Danville, Va. on April 29, which according to the company will be the largest and most technologically advanced aeroponic indoor vertical farm in the world. It’s expected to be operational in the second quarter of 2022.

The transaction has been unanimously approved by the board of directors of Spring Valley, as well as the board of directors of AeroFarms, and is expected to close during the third quarter 2021.

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