Spring Valley Acquisition Corp. Reports All Proposals Related To Business Combo Deal With Dream Holdings Were Approved By Shareholders

Author: Benzinga Newsdesk | August 30, 2021 04:20pm

Spring Valley Acquisition Corp. (“Spring Valley”) (NASDAQ:SV, SVSVW, SVSVU))) today announced the results for the ten proposals considered and voted upon by its shareholders at its extraordinary general meeting of shareholders held on August 30, 2021 (the “Extraordinary General Meeting”). Spring Valley reported that all of the proposals related to the previously announced business combination agreement between Spring Valley and Dream Holdings, Inc. (“AeroFarms”) were approved by the Spring Valley shareholders at the Extraordinary General Meeting. A Form 8-K disclosing the full voting results has been filed with the Securities and Exchange Commission.

As a result of redemptions by holders of Spring Valley’s Class A ordinary shares, the minimum cash requirement in Spring Valley and AeroFarms’ Agreement and Plan of Merger has not been satisfied. Spring Valley and AeroFarms are pursuing additional capital sources, which must be agreeable to both Spring Valley and AeroFarms. It is expected that existing AeroFarms insiders would represent a significant portion of the additional capital and that the investment into the combined company would be on the same terms as provided to existing PIPE investors. If the parties agree to close, the closing of the business combination is anticipated to take place on or before September 24, 2021. Following closing of the business combination, the combined company’s stock and warrants are expected to trade under the ticker symbols “ARFM” and “ARFMW”, respectively. There can be no assurance that additional capital will be raised or that the business combination will be consummated.

Posted In: SV