AppHarvest announces pricing of $40 million underwritten public offering of common stock

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 pricing of its previously announced underwritten public offering of 40,000,000 shares of its common stock at a price to the public of $1.00 per share. Additionally, AppHarvest has granted to the underwriters a 30-day option to purchase up to 6,000,000 additional shares of common stock at the public offering price, less underwriting discounts and commissions. The gross proceeds to AppHarvest from the offering are expected to be approximately $40 million, before deducting underwriting discounts and commissions and estimated offering expenses. All of the shares of common stock are being offered by AppHarvest.

The offering is expected to close on or about February 14, 2023, subject to customary closing conditions. AppHarvest expects to use the net proceeds of the offering for working capital and general corporate purposes.

Cowen and Company, LLC is acting as sole book-running manager for the offering. Roth Capital Partners, LLC is acting 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 preliminary 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, when available, 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 these securities, 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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