SV - SPAC Kernel Group gains on report of talks to take urban farming company Infarm public

AzmanL/E+ via Getty Images SPAC Kernel Group (KRNL) rose 1.3% in after hours trading on a report that the firm is in talks to take vertical farming startup Infarm public. The deal is expected to value the combined companies at more than a $1B, according to a Bloomberg report. Reuters reported in April that the German vertical farming company had hired Goldman Sachs to help with talks to find a SPAC deal. Infarm raised $100M in new funding in March from firms including Hanaco Ventures and Atomico, according to a Bloomberg report, bringing its total funding to over $400M Infarm said it uses 95% less water, 90% less transport and zero chemical pesticide than soil-based agriculture with the majority of electricity use throughout the Infarm network coming from renewable energy. Infarm competes with AeroFarms, which announced a deal  to go public through combination a with SPAC Spring Valley Acquisition Corp. (SV) in late March.

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SPAC Kernel Group gains on report of talks to take urban farming company Infarm public