AppHarvest announces closing of public offering of common stock and full exercise of underwriters’ option to purchase additional shares

Rhea-AI Summary

AppHarvest, Inc. (NASDAQ: APPH, APPHW) has completed its public offering of 46 million shares of common stock at $1.00 per share, raising approximately $46 million before expenses. The offering included the full exercise of a 6 million share option by underwriters. These funds will be allocated for working capital and general corporate uses. Cowen and Company served as the sole book-running manager, while Roth Capital Partners acted as co-manager. AppHarvest operates high-tech indoor farms in Kentucky, utilizing sustainable practices to produce fruits and vegetables with significantly lower water usage than traditional agriculture.

Positive

• Raised $46 million from the public offering.
• Funds will be used for working capital and corporate purposes, potentially aiding growth.

Negative

• Issuance of new shares may lead to shareholder dilution.

MOREHEAD, Ky., Feb. 27, 2023 (GLOBE NEWSWIRE) -- AppHarvest, Inc. (NASDAQ: APPH, APPHW), a sustainable food company, public benefit corporation and Certified B Corp building some of the world’s largest high-tech indoor farms to grow affordable, nutritious fruits and vegetables at scale while providing good jobs in Appalachia, today announced the closing of its previously announced underwritten public offering of 46,000,000 shares of its common stock, which includes the exercise in full by the underwriters of their option to purchase 6,000,000 additional shares at a public offering price of $1.00 per share. The aggregate gross proceeds to AppHarvest from this offering were $46 million, before deducting underwriting discounts and commissions and estimated offering expenses. AppHarvest expects to use the net proceeds of the offering for working capital and general corporate purposes.

Cowen and Company, LLC acted as sole book-running manager for the offering. Roth Capital Partners, LLC acted as co-manager.

A shelf registration statement relating to the offered securities was filed with the Securities and Exchange Commission (SEC) and was declared effective on August 16, 2022. A prospectus supplement and accompanying prospectus relating to the offering have been filed with the SEC and are available on the SEC’s website at www.sec.gov.

Copies of the final prospectus supplement and accompanying prospectus related to the offering may be obtained, from Cowen and Company, LLC, 599 Lexington Avenue, New York, NY 10022, by email at Prospectus_ECM@cowen.com or by telephone at (833) 297-2926.

This news release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About AppHarvest  
AppHarvest is a sustainable food company in Appalachia developing and operating some of the world’s largest high-tech indoor farms with robotics and artificial intelligence to build a reliable, climate-resilient food system. AppHarvest’s farms are designed to grow produce using sunshine, rainwater and up to 90% less water than open-field growing, all while producing yields up to 30 times that of traditional agriculture and preventing pollution from agricultural runoff. AppHarvest currently operates its 60-acre flagship farm in Morehead, Ky., producing tomatoes, a 15-acre indoor farm for salad greens in Berea, Ky., a 30-acre farm for strawberries and cucumbers in Somerset, Ky., and a 60-acre farm in Richmond, Ky., for tomatoes. The four-farm network consists of 165 acres under glass.

 

FAQ

What was the purpose of AppHarvest's recent public offering?

The recent public offering aimed to raise funds for working capital and general corporate purposes.

How much did AppHarvest raise in its public stock offering?

AppHarvest raised approximately $46 million before deducting expenses from the public offering.

How many shares were offered by AppHarvest in its public offering?

AppHarvest offered a total of 46 million shares in its public offering, including an additional 6 million shares exercised by underwriters.

What is AppHarvest's stock symbol?

AppHarvest's stock symbols are APPH and APPHW.

Who managed the recent public offering for AppHarvest?

Cowen and Company acted as the sole book-running manager for the offering, with Roth Capital Partners as co-manager.