AeroFarms calls off SPAC deal with Spring Valley

Vertical farming company AeroFarms — now formally Dream Holdings Inc. — has called off its planned merger with special purpose acquisition company Spring Valley Acquisition Corp., it announced Thursday.

The SPAC deal, announced in March, would have taken the Newark-based pioneer in indoor farming public under a merger agreement.

“We made this decision to ensure that AeroFarms is in an optimal position to pursue our growth strategy and to deliver on our mission to grow the best plants possible for the betterment of humanity,” co-founder and CEO David Rosenberg said in a prepared statement.

“We believe proceeding with this transaction is not in the best interests of our shareholders. We have a great working relationship with Spring Valley and wish them well in pursuing their business.”