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Illustration: Sarah Grillo/Axios

AppHarvest, a Morehead, Ky.-based developer of large-scale tomato greenhouses, is going public via a reverse merger with a SPAC called Novus Capital (Nasdaq: NOVSU). The company would have an initial market value of around $1 billion.

Why it's a BFD: This is about to be a "unicorn" based in one of America's poorest congressional districts. AppHarvest CEO Jonathan Webb tells Axios that the company will employ around 350 people in Morehead by year-end, and that its location allows its product to reach 75% of the continental U.S. within a one-day drive.

  • Details: The merger would include $375 million in new equity commitments from Fidelity, Inclusive Capital, and Novus Capital. AppHarvest previously raised around $160 million in VC funding firms firms like ValueAct Capital, Revolution Rise of the Rest, and Equilibrium Capital.
  • AppHarvest directors include Martha Stewart, J.D. Vance, Jeff Ubben, and Impossible Foods CFO David Lee.
  • The bottom line: “We looked at lots of ag startups, but a lot of time we found a desire to build tech for its own sake without a really good business model or understanding of how to bring the produce to market. But here they already had distribution agreements and were growing produce at scale with defensible margins.” — J.D. Vance, AppHarvest director and early investor, tells Axios

Go deeper

Dan Primack, author of Pro Rata
Oct 6, 2020 - Economy & Business

Tech investor Chamath Palihapitiya bets big on Medicare Advantage provider

Illustration: Annelise Capossela/Axios

Conventional investor wisdom is to steer clear of next month's election, due to its inherent uncertainty and consequential volatility. But, this morning, Chamath Palihapitiya bet big on a company whose fortunes may be significantly impacted by the presidential victor.

Driving the news: Clover Health, a tech-enabled provider of Medicare Advantage plans, agreed to go public via a reverse merger with a Palihapitiya-led SPAC called Social Capital Hedosophia Holdings III (NYSE: IPOC).

26 mins ago - World

Social Democrats' win in Germany could shake up Europe

Olaf Scholz caught the bouquet on Sunday. Photo: Florian Gaertner/Photothek via Getty

BERLIN Angela Merkel's political farewell was spoiled Sunday night when the Social Democrats (SPD) narrowly claimed victory in Germany's elections, just four years after suffering their worst loss since World War II.

Why it matters: The stunning political comeback could swing the balance of power in Germany leftward after 16 years of rule by Merkel's conservative bloc, and it could lay the groundwork for a more ambitious European Union.

Senate Republicans sink short-term government funding, debt limit bill

Senate Minority Leader Mitch McConnell. Photo: Drew Angerer/Getty Images

Senate Republicans on Monday voted down the House-passed bill to fund the government through Dec. 3 and raise the debt limit.

Why it matters: Congress is just 72 hours away from a potential shutdown, so now comes Democrats' Plan B. Democratic leadership is expected strip the short-term funding bill of language about raising the debt limit — the part that Republicans' reject — in order to pass a bill before federal agencies close down on Friday.