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

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 [e-mail] or by telephone at [phone].

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.

 

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