AeroFarms and Spring Valley Acquisition Corp. Mutually Agree to Terminate Business Combination Agreement
October 14 2021 - 7:00AM
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/.
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version on businesswire.com: https://www.businesswire.com/news/home/20211014005402/en/
AeroFarms Investor Relations: Jeff Sonnek ICR
Jeff.Sonnek@icrinc.com 1-646-277-1263
Media Relations: Marc Oshima AeroFarms MarcOshima@AeroFarms.com
1-917-673-4602
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