Dallas SPAC gets approval for merger, doesn't have required cash

A Dallas-based blank check company led by local energy executives is planning to merge with an indoor farming and agriculture company by the end of the month if it can pull together the required capital.

Spring Valley Acquisition Corp. announced Monday that its shareholders voted to approve its business combination proposal with AeroFarms, a New Jersey-based vertical farming company. However, so many holders have redeemed their Class A shares that Spring Valley doesn’t have the minimum cash required to execute the merger, a filing said.

The companies said they were pursuing additional capital, and expected a portion to come from AeroFarms insiders on similar terms as the private investment in public equity round of financing.

Though it’s not assured the companies can raise the necessary funds, if they do, the closing of the business combination is slated on or before Sept. 24.

Read more at bizjournals.com

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