What’s Going on with Spring Valley?
The special purpose acquisition corporation Spring Valley (SV) announced on Aug. 30, 2021, that its shareholders had voted to go ahead with a business combination agreement between Spring Valley and the indoor vertical farming firm AeroFarms. Pre-market today, SV stock was trading at $9.85 a share, representing a 1.01% dip in price.
What Does This Mean for SV?
Spring Valley’s shareholders, in the "Extraordinary General Meeting" held on August 30, 2021, considered, then voted on ten proposals. According to Spring Valley, “all of the proposals related to the previously announced business combination agreement between Spring Valley and Dream Holdings, Inc. (AeroFarms) were approved by the Spring Valley shareholders at the Extraordinary General Meeting.”
The minimum cash requirement for the Spring Valley and AeroFarms merger plan has not yet been satisfied. Spring Valley and AeroFarms are following up on supplementary capital sources, “which must be agreeable to both Spring Valley and AeroFarms.” The parties involved anticipate that “existing AeroFarms insiders would represent a significant portion of the additional capital” needed to close the merger deal. If the deal is finalized, both parties expect the business combination to close “on or before September 24, 2021.”
SV has a Fundamental Rank of 84. Find out what this means to you and get the rest of the rankings on SV!
Spring Valley Acquisition Corp is a blank check company.
