AeroFarms and Spring Valley Acquisition announced that both companies have mutually agreed to terminate their previously announced agreement and plan of merger effective immediately.

David Rosenberg, Co-Founder, and Chief Executive Officer, stated, “We made this decision to ensure that AeroFarms is in an optimal position to pursue our growth strategy, and we believe proceeding with this transaction is not in the best interests of our shareholders. We have a great working relationship with Spring Valley and wish them well in pursuing their business.”

Mr. Rosenberg continued, “Our business is looking forward to the additional scale and capacity from our Danville, Virginia farm, which is on track for commercial production in mid-2022. We continue to build upon our competitive advantages with the opening of our AgX research and development facility in Abu Dhabi in the first quarter of 2022.”

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