AppHarvest Inc.’s early efforts at indoor farming aren’t bearing financial fruit for shareholders of the SPAC that bought the startup in February.
The stock tumbled as much as 40% on Wednesday to as little as $7.20, well below the typical $10 starting point for “special-purpose acquisition companies,” after a disappointing second-quarter report. The recent crop at AppHarvest’s first facility in Kentucky was marred by historically low tomato prices, and sales were hurt by lower-than-expected quality, the company said.
