AeroFarms and Spring Valley Acquisition Corp. call off merger

DALLAS – Dream Holdings, Inc. (“AeroFarms“), a certified B Corporation and leader in indoor vertical farming, and Spring Valley Acquisition Corp. (“Spring Valley”), a publicly traded special purpose acquisition company, announced today that both companies have mutually agreed to terminate their previously announced agreement and plan of merger (the “Business Combination Agreement”), effective immediately.

Neither party will be required to pay the other a termination fee as a result of the mutual decision to terminate the Business Combination Agreement.

Spring Valley intends to continue to pursue the consummation of an initial business combination prior to the dissolution deadline of May 27, 2022 (unless such date is extended in accordance with Spring Valley’s governing documents).

About Spring Valley Acquisition Corp.

Spring Valley Acquisition Corp. is a blank check company formed for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities. While Spring Valley may pursue an initial business combination target in any business or industry, it is targeting companies focusing on sustainability, including clean energy and storage, smart grid/efficiency, environmental services and recycling, mobility, water and wastewater management, advanced materials and technology enabled services. Spring Valley’s sponsor is supported by Pearl Energy Investment Management, LLC, a Dallas, Texas based investment firm that focuses on partnering with best-in-class management teams to invest in the North American energy industry.

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