APPH - AppHarvest secures $100M equity facility from B.Riley

AppHarvest (NASDAQ:APPH) signs a stock purchase agreement with B. Riley Principal Capital for $100M. This committed equity facility provides AppHarvest with the right, without obligation, to sell and issue up to $100M of shares over 24-month to B.Riley. "..this committed equity facility with B. Riley is an incremental funding tool we are pleased to have as we ramp up our network of four farms selling tomatoes, leafy greens and berries by the end of next year," says AppHarvest President David Lee. The company reiterated its FY2021 outlook of net sales of $7M-$9M vs. consensus of $8.05M and Adjusted EBITDA in the range of a loss of $70M-$75M. Also, AppHarvest says it is on track to open three more farms by the end of 2022 as planned, which are expected to produce vine crops, berries and leafy greens, and the 10-acre Morehead North leafy green facility that has an expected 2023 delivery. "AppHarvest: The Collapse Looks

For further details see:

AppHarvest secures $100M equity facility from B.Riley