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Spring Valley Acquisition Corp. (SV) announced that shareholders voted on August 30, 2021, to approve ten proposals related to its merger with AeroFarms. However, due to Class A ordinary share redemptions, the minimum cash requirement for the merger was not met. Spring Valley and AeroFarms are now seeking additional capital, which is anticipated to come primarily from existing AeroFarms insiders. The business combination is expected to close on or before September 24, 2021. Post-closing, the company will trade under the ticker symbols ARFM and ARFMW.
Spring Valley Acquisition Corp. (NASDAQ: SV) has postponed its extraordinary general meeting of shareholders from August 20, 2021, to August 30, 2021, with a deadline extension for Class A ordinary share redemption until August 26, 2021. The meeting will vote on the proposed business combination with AeroFarms, Inc., with sufficient shareholder approval received; however, not all closing conditions are satisfied. The definitive proxy statement outlines further details regarding this transaction.
Spring Valley Acquisition Corp. (Nasdaq: SV) has postponed its extraordinary general meeting of stockholders originally set for August 20, 2021, now rescheduled for August 30, 2021. This meeting will address proposals related to the business combination with AeroFarms, Inc. A sufficient number of stockholders have already approved the combination, but certain closing conditions remain unmet. The record date for eligible voters remains July 19, 2021. The Board encourages stockholders to vote in favor of the proposals.
AeroFarms, a leader in indoor vertical farming, is progressing towards its merger with Spring Valley Acquisition Corp. and listing on Nasdaq. CEO David Rosenberg highlighted significant developments since announcing the merger, including new farm and retail expansions, partnerships, and R&D advancements. Year-to-date yields at their Newark farm improved by 8% compared to 2020. The company is scaling operations globally while maintaining its commitment to innovation and sustainability, aiming to enhance plant quality using less water and no pesticides.
Cargill has partnered with AeroFarms to enhance the cocoa sector through a multi-year research agreement. This collaboration aims to improve cocoa bean yields and develop climate-resilient farming methods in response to environmental challenges and rising demand. By leveraging AeroFarms' expertise in controlled environment agriculture alongside Cargill's cocoa agronomy knowledge, they will explore new growing technologies. Initial work is underway in Newark, NJ, expanding to a new facility in Abu Dhabi in 2022. This initiative targets faster growth, higher yields, and improved pest resistance.
AeroFarms has announced plans to expand its operations to the Midwest, launching a 150,000 square foot indoor vertical farm in the greater St. Louis area. The expansion, part of a collaboration with the World Wildlife Fund and STLCEA, aims to reduce the environmental footprint of agriculture. This facility will utilize advanced technology, boosting productivity by up to 390 times compared to traditional farming and using 95% less water. The demand for AeroFarms’ greens is rising, with products already available at major retailers like Walmart and Whole Foods.
Spring Valley Acquisition Corp. (Nasdaq: SV) is urging its shareholders to vote in favor of the proposed business combination with AeroFarms, scheduled for a virtual Special Meeting on August 20, 2021. Shareholders holding common stock as of July 19, 2021, are eligible to vote until August 19, 2021, at 11:59 p.m. ET. The business combination will make AeroFarms publicly traded under the ticker 'ARFM' and is expected to close shortly after approval, subject to conditions being met. Voting can be done online, by phone, or by mail.
AeroFarms, a leader in indoor vertical farming, announced its participation in two significant events. On August 11, 2021, the company will join the Nobel Capital Markets Virtual Road Show, featuring Co-Founder and CEO David Rosenberg and CFO Guy Blanchard. The next day, August 12, they will partake in a fireside chat hosted by IPO Edge. AeroFarms aims to showcase its innovative partnership with Nokia Bell Labs for AI-enabled plant vision technology. Additionally, AeroFarms has a definitive business combination agreement with Spring Valley Acquisition Corp. (Nasdaq: SV) to go public under the ticker 'ARFM'.
AeroFarms and Nokia Bell Labs have announced a strategic multi-year partnership aimed at enhancing vertical farming through advanced technologies. This collaboration combines AeroFarms' expertise in indoor agriculture with Nokia's cutting-edge AI and machine vision technologies. The partnership has already achieved a proof of concept and is set to scale its integrated system across AeroFarms' crop varieties. The initiative is expected to improve plant yields and quality while employing sustainable practices, using less water and eliminating pesticides.
AeroFarms, a leader in indoor vertical farming, will participate in the Water Tower Research Virtual Fireside Chat Series on August 4, 2021, at 2:30 pm ET. The event will feature AeroFarms' Co-Founder and CEO David Rosenberg and CFO Guy Blanchard discussing the company's technological advancements that support rapid growth. Investors can register for the live event, which will also be available for replay. AeroFarms is known for its innovative farming techniques, using 95% less water, and plans to go public after merging with Spring Valley Acquisition Corp., trading under the ticker 'ARFM'.
