What is a “SPAC”? A SPAC is a “special purpose acquisition company.” A “SPAC” is simply one way in which a company can “go public”; others include an IPO or direct listing.
What is being announced? We have entered into a business combination agreement with Spring Valley Acquisition Corp. (Nasdaq: SV) (“Spring Valley”) a publicly traded special purpose acquisition company. Upon closing of the transaction, AeroFarms will become a publicly traded company, and it is expected that its common stock will be listed on the Nasdaq under the symbol “ARFM”.
Is AeroFarms a public company? AeroFarms and Spring Valley Acquisition Corp. (Nasdaq: SV), a publicly-traded special purpose acquisition company, announced a definitive agreement for a business combination that would result in AeroFarms becoming a public company upon closing of the deal. The transaction is expected to close in the second quarter of 2021.
How can I invest in AeroFarms? Which symbol do I buy?
- Until the transaction closes, interested investors can purchase shares of common stock in Spring Valley Acquisition Corp. under the stock symbol SV on the Nasdaq Stock Market. Upon the closing of the transaction, these shares will convert into shares of AeroFarms which will remain listed on the Nasdaq under a new ticker symbol (Nasdaq: ARFM). You can purchase stock in Spring Valley Acquisition Corp. (Nasdaq: SV) through your stock broker or an online brokerage company.
- Please consult your investment advisor prior to making any stock purchases.
What is the symbol SV on Nasdaq? The symbol SV represents the shares of common stock in Spring Valley Acquisition Corp. which trades on the Nasdaq exchange and that will convert into shares of AeroFarms at the close of the deal.
What is the symbol SVSVW on Nasdaq? The symbol SVSVW represents redeemable warrants of Spring Valley Acquisition Corp. which trades on the Nasdaq Stock Market. Each warrant can be exercised to buy a share of Spring Valley Acquisition Corp. (Nasdaq: SV) common stock at an exercise price of $11.50 per share. See the Spring Valley Acquisition Corp. form 8-K, dated November 30, 2020 for more information on the Spring Valley Acquisition Corp. warrants.
When will the transaction close? We are still in the process of moving forward with the business combination, but the transaction is expected to close in the second quarter of 2021.
Who can I contact if I have additional questions? For any investor related inquiries, please contact Jeff Sonnek at Jeff.Sonnek@icrinc.com.