Shares of special purpose acquisition company Spring Valley Acquisition Corp. shot up 10.1% in premarket trading Thursday, after the SPAC and Dream Holdings Inc., the holding company of indoor vertical farming company AeroFarms, announced the termination of their merger agreement. The companies said neither will be required to pay the other a termination fee, since the decision to terminate the deal was mutual. The merger agreement, which would have taken AeroFarms public, was originally announced in March, in a deal valued at that time at $1.2 billion. “We made this decision to ensure that AeroFarms is in an optimal position to pursue our growth strategy and to deliver on our mission to grow the best plants possible for the betterment of humanity,” said AeroFarms Cief Executive David Rosenberg. “We believe proceeding with this transaction is not in the best interests of our shareholders.” Spring Valley said it will continue to pursue a merger, before the dissolution deadline of May 27, 2022. Spring Valley’s stock had dropped 10.6% since the AeroFarms deal was announced through Wednesday, while the S&P 500 has gained 9.8% over the same time.
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