AppHarvest sells Kentucky farm to Mastronardi Produce for $127M

Just two months after its official opening, a high-tech indoor farm in Kentucky is changing ownership. It's a sale-leaseback transaction, meaning AppHarvest will now lease the facility from Mastronardi, which has been the agritech company's exclusive marketing and distribution partner. The deal includes the farm itself and surrounding property totaling 40 acres, according to a filing with the U.S. Securities and Exchange Commission (SEC). In a news release, the company said the 60-acre Richmond farm is officially open, growing Campari tomatoes. The first harvest is expected next month. The company had a net loss of nearly $24 million for the quarter, which is greater than the $17.3 million it lost in the same quarter in 2021. Its net loss per common share was 23 cents in the quarter. In addition to the sale-leaseback of its Berea facility, it is also pursuing additional financing alternatives, which include third-party equity or debt financing, or other sources, such as strategic relationships or other transactions with third parties, that may or may not include business combination transactions, the report states. 'The team is now focused on operations to ramp up production and revenue from the four high-tech farms.' As of 11 a.m., its price per share was more than 66 cents. According to Investopedia, the delisting process is set in motion when a company trades for 30 consecutive business days below the minimum closing bid price requirement or less than the required market value.