Appharvest announces closing of public offering of common stock and full exercise of underwriters' option to purchase additional shares

Morehead, ky., feb. 27, 2023 (globe newswire) -- appharvest, inc. (nasdaq: apph, apphw), a sustainable food company, public benefit corporation and certified b corp building some of the world's largest high-tech indoor farms to grow affordable, nutritious fruits and vegetables at scale while providing good jobs in appalachia, today announced the closing of its previously announced underwritten public offering of 46,000,000 shares of its common stock, which includes the exercise in full by the underwriters of their option to purchase 6,000,000 additional shares at a public offering price of $1.00 per share. the aggregate gross proceeds to appharvest from this offering were $46 million, before deducting underwriting discounts and commissions and estimated offering expenses. appharvest expects to use the net proceeds of the offering for working capital and general corporate purposes.
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