Bulletin
Investor Alert

Feb. 1, 2021, 4:47 p.m. EST

Greenhouse company AppHarvest soars 44% in SPAC debut

new
Watchlist Relevance
LEARN MORE

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    AppHarvest Inc. (APPH)
  • X
    Kroger Co. (KR)

or Cancel Already have a watchlist? Log In

By Jon Swartz

Shares of AppHarvest Inc., the first greenhouse company to go public via reverse IPO, soared 44% in trading Monday.

The company /zigman2/quotes/218947014/composite APPH -9.86% , whose goal is to operate a dozen greenhouses by 2025, is focused on producing tomatoes, berries, leafy greens, and cucumbers.

“We want to build a better food company, one that is leveraging mother nature,” AppHarvest President David Lee told MarketWatch shortly after the company started trading on Nasdaq. Lee recently left Impossible Foods Inc. as chief financial officer to join AppHarvest.

In September, AppHarvest and Novus Capital Corp., , a publicly traded special-purpose acquisition company, announced a deal to merge that values the next-generation greenhouse owner and operator at about $500 million before proceeds. To date, AppHarvest has raised $475 million in capital.

The company projects it will bring in $21 million in net revenue from 60 acres of capacity in 2021. It also sees a loss before interest, taxes, depreciation, and amortization, or Ebitda, of $41 million next year.

Last month, AppHarvest announced its first-ever harvest of beefsteak tomatoes from its 60-acre Morehead, Ky., flagship indoor farm. The crop is being shipped to select national retailers Kroger Co. /zigman2/quotes/206215053/composite KR +0.88% , Walmart Inc. /zigman2/quotes/207374728/composite WMT +0.77% , Publix Super Markets Inc., K-VA-T Food Stores Inc., and Meijer Inc.

/zigman2/quotes/218947014/composite
US : U.S.: Nasdaq
$ 12.61
-1.38 -9.86%
Volume: 4.14M
April 20, 2021 4:15p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$1.59 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/206215053/composite
US : U.S.: NYSE
$ 37.76
+0.33 +0.88%
Volume: 7.52M
April 20, 2021 4:00p
P/E Ratio
11.48
Dividend Yield
1.91%
Market Cap
$28.31 billion
Rev. per Employee
$284,942
loading...
/zigman2/quotes/207374728/composite
US : U.S.: NYSE
$ 140.79
+1.08 +0.77%
Volume: 8.15M
April 20, 2021 4:00p
P/E Ratio
29.72
Dividend Yield
1.56%
Market Cap
$394.84 billion
Rev. per Employee
$243,109
loading...

This Story has 0 Comments
Be the first to comment
More News In
Industries

Story Conversation

Commenting FAQs »

Partner Center

Link to MarketWatch's Slice.