<div>
  <ul>
    <li>
      <p>
        AppHarvest, an AgriTech company that uses robotics and AI to help indoor farmers make precise and smart farming decisions, has filed for protection under Chapter 11 of the US Bankruptcy Code to pursue a financial and operational transition to reduce its outstanding liabilities.
      </p>
    </li>
    <li>
      <p>
        The company reports that it would continue its business operations, including shipping products to top national grocery store chains, restaurants, and foodservice outlets.
      </p>
    </li>
    <li>
      <p>
        The company has also received a commitment from Equilibrium, the company's largest secured creditor, to secure nearly USD 30 million in debtor-in-possession (DIP) financing to provide the liquidity necessary to support operations at the AppHarvest Morehead, AppHarvest Richmond, and AppHarvest Somerset facilities during the Chapter 11 proceedings. The DIP financing is subject to court approval.
      </p>
    </li>
    <li>
      <p>
        AppHarvest is also transferring its AppHarvest Berea operations to its distribution partner, Mastronardi Produce, or one of its affiliates, in exchange for approximately USD 3.75 million to support the restructuring plan. This transition is also subject to court approval.
      </p>
    </li>
    <li>
      <p>
        <b>Analyst QuickTake: </b>
        AppHarvest is seeking Chapter 11 protection while working on its strategic plan, 
        <a href="https://www.globenewswire.com/en/news-release/2023/05/10/2666064/0/en/AppHarvest-beats-consensus-with-Q1-2023-net-sales-of-13-0-million-and-makes-significant-progress-on-five-year-Project-New-Leaf-strategy.html">
          Project New Leaf
        </a>
        , which is focused on improving operational efficiency for higher yields, improved quality, and cost savings. The company also appointed a 
        <a href="https://sp-edge.com/updates/20119">
          new CEO
        </a>
         this month to lead and execute the project.
      </p>
    </li>
  </ul>
  <p>
  </p>
</div>


<div>
  <p>
    <a href="https://investors.appharvest.com/news-releases/news-release-details/appharvest-announces-chapter-11-filing-support-financial-and">
      Press release
    </a>
  </p>
  <p>
  </p>
</div>


Smart Farming

All Updates

AppHarvest files for Chapter 11 bankruptcy protection

AppHarvest appoints Tony Martin as new CEO

AppHarvest reports Q4 2022 results, achieving net sales guidance

AppHarvest closes public offering of common stock and full exercise of underwriters’ option to purchase additional shares

AppHarvest announces a USD 40 million common stock public offering