To go public, AppHarvest will merge with Novus Capital, a SPAC (special-purpose acquisition company). The AppHarvest-Novus SPAC deal seeks to raise $475 million, which the agriculture technology startup will deploy toward growing its business. Based in Morehead, Ky., AppHarvest provides smart technology solutions to the agriculture sector to improve farm yields.
AppHarvest’s board of directors include Martha Stewart and J.D. Vance, the author of Hillbilly Elegy. Also on the board are former hedge fund investor Jeffrey Ubben and Impossible Foods CFO David Lee. AppHarvest CEO Jonathan Webb will continue to lead the combined company.
We’re excited to share that @AppHarvest has entered into a business combination with Novus Capital to become publicly traded.— Rise of the Rest (@RiseOfRest) September 29, 2020
“This is a bet on a company and a bet on the future of an industry and also a bet on a region reimagined,” says @AnnaMasonDC. https://t.co/NsN32lrUIj
When is the AppHarvest stock IPO through the Novus SPAC deal?
On Sept. 29, AppHarvest announced its plan to go public through a SPAC instead of the traditional IPO process, following in the footsteps of Nikola and DraftKings. The exact date when AppHarvest will go public is yet to be revealed, but the startup aims to complete the process in the fourth quarter of 2020.
Should I buy the AppHarvest stock IPO?
AppHarvest stock may appeal to investors seeking exposure to the agricultural technology space. The U.S. smart agriculture market is on track to grow to $22 billion in 2025 from $13.8 billion in 2020.
With the COVID-19 pandemic exposing how reliance on imports can jeopardize a country’s food security, farmers are expected to invest more in technology to boost domestic food production, which would boost demand for AppHarvest’s technology. Investors shopping for green tech stocks may also find AppHarvest attractive.
Where to buy the AppHarvest stock IPO
Novus Capital SPAC stock will transform into AppHarvest stock upon closure of the merger deal later this year. Therefore, investors interested in becoming AppHarvest shareholders can simply buy publicly traded SPAC Novus shares.
You can buy Novus shares on the Nasdaq under the "NOVS" ticker symbol by opening a stock trading account with online brokers such as Webull, Tastyworks, Charles Schwab, SoFi Invest, Cash App Investing, or Robinhood.
How to buy the AppHarvest stock IPO on Robinhood
Robinhood lets you buy and sell stocks commission-free. It also supports fractional share purchases that allow you to start investing from as little as $1. Investors can buy the AppHarvest stock IPO on Robinhood by first creating a stock trading account with the broker. There are several account types to choose from. Robinhood Instant and Robinhood Gold accounts allow margin trading.
Once you open a Robinhood trading account, you can search for AppHarvest stock under the "NOVS" symbol. From there, you can choose the number of shares to buy and place your order.