It’s Official…

Feb 5, 2021

It’s public knowledge. AppHarvest is officially a member of the NASDAQ family.

The ‘APPH’ ticker soared 44% on opening day, bringing lots of attention to acronyms such as CEA and SPAC. Let’s go there.

CEA: Controlled-environment agriculture. Newsflash folks, this ain’t your average greenhouse.

The Kentucky-based indoor farming startup is making waves in the agrifood value chain. Some highlights of their 60-acre facility include:

  • 45 million pounds of tomatoes produced a year and shipped to folks like Kroger, Walmart, and Publix. Berries, leafy greens, and cucumbers are in the future.
  • 90% less water usage than traditional open-field production via a powerful hydroponic system.
  • Location, location, location. The site sits within a one-day drive of 70% of the U.S. population.

And let’s not forget SPAC: Special Purpose Acquisition Company.

In order to bypass the complications of an initial public offering [IPO], AppHarvest chose the cheaper, faster, yet riskier route. Novus Capital Corp, an existing holding business on the NASDAQ, bought the agtech firm, and then they reverse-merged, leaving AppHarvest as the actual public company.

AppHarvest’s vision: Grow more food, and fast. The team has already cleaned the confetti and is back to work, with plans for 12 more farms to be built by 2025.