AppHarvest Completes Merger With Novus Capital, Expected To Begin Trading Monday

AgTech company AppHarvest confirmed Friday morning the completion of its previously announced business combination with Novus Capital Corp NOVS.

What Happened: The combined entity will be named AppHarvest and its stock is expected to trade on the Nasdaq on Feb. 1 under a new ticker symbol "APPH." AppHarvest CEO and Founder Jonathan Webb will lead the new company.

The business combination was first announced on Sept. 29, 2020. AppHarvest's backers include AOL co-founder Steve Case and NBA star Blake Griffin. Notable celebrity chef and entrepreneur Martha Stewart is a member of the company's board.

Related Link: AppHarvest's Ag Tech Play: Updates From The Martha Stewart-Linked SPAC IPO Prospect

Why It's Important: AppHarvest's recent milestones include the first-ever shipment of beefsteak tomatoes to select national grocers, including Walmart Inc WMT, Kroger Co KR, among others.

What's Next: AppHarvest announced on Oct. 20, 2020, it started constructing a second high-tech controlled environment agriculture facility in Central Appalachia. Six days after the company confirmed, construction commenced on the third facility in Berea, Kentucky and will be 15 acres once complete.

(Photo: AppHarvest)