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Spring Valley Acquisition Corp. (SV, SVSVW, SVSVU) and AeroFarms have mutually agreed to terminate their merger agreement, effective immediately. CEO David Rosenberg emphasized that this decision aligns with AeroFarms' growth strategy and is in the best interests of shareholders. The company is experiencing strong retail distribution gains and anticipates commercial production at its Virginia farm by mid-2022. Additionally, AeroFarms plans to enhance its technological edge with a new R&D facility in Abu Dhabi.
Positive
AeroFarms anticipates strong retail distribution gains, enhancing market presence.
Commercial production at the Virginia farm is scheduled for mid-2022, indicating growth.
Opening a new R&D facility in Abu Dhabi aims to boost technological capabilities.
Negative
Termination of the merger may delay potential capital influx or synergies.
Strategic uncertainties arise from the lack of a merger, impacting future growth plans.
NEWARK, N.J.--(BUSINESS WIRE)--
Dream Holdings, Inc. (“AeroFarms”), a certified B Corporation and leader in indoor vertical farming, and Spring Valley Acquisition Corp. (“Spring Valley”) (Nasdaq: SV, SVSVW, SVSVU), a publicly traded special purpose acquisition company, announced today that both companies have mutually agreed to terminate their previously announced agreement and plan of merger (the “Business Combination Agreement”), 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 to deliver on our mission to grow the best plants possible for the betterment of humanity. 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 has tremendous momentum with strong retail distribution gains of our award winning AeroFarms® branded products and we are 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 distinct technology-driven competitive advantages with the opening of our AgX research and development facility in Abu Dhabi in first quarter of 2022, and operational expertise to grow innovative superior products with the quality, taste, and texture that are redefining the fresh produce industry.”
About AeroFarms
Since 2004, AeroFarms has been leading the way for indoor vertical farming and championing transformational innovation for agriculture. On a mission to grow the best plants possible for the betterment of humanity, AeroFarms is a Certified B Corporation with global headquarters in Newark, New Jersey. Named one of the World’s Most Innovative Companies by Fast Company two years in a row and one of TIME’s Best Inventions in Food, AeroFarms patented, award-winning indoor vertical farming technology provides the perfect conditions for healthy plants to thrive, taking agriculture to a new level of precision, food safety, and productivity while using up to 95% less water and no pesticides ever versus traditional field farming. AeroFarms enables local production to safely grow all year round, using vertical farming for elevated flavor. In addition, through its proprietary growing technology platform, AeroFarms has grown over 550 varieties and has developed multi-year strategic partnerships ranging from government to major Fortune 500 companies to help uniquely solve agriculture supply chain needs. For additional information, visit: https://aerofarms.com/.
