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  "documentTitle": "AppHarvest | SPAC Presentation Deck | 29 slides",
  "authorId": "appharvest",
  "authorName": "Cowen",
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  "presentationDate": "2020-09-01 00:00:00",
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      "text": "Valuation: Transaction implies a pro forma enterprise value of $550 million. 2.2x based on projected 2024E revenue of $246 million. 11.2x based on projected 2024E Adj. EBITDA of $49 million. Existing AppHarvest shareholders will receive ~60% of the pro forma equity.",
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      "text": "Capital Structure: The transaction will be funded by a combination of Novus cash held in trust account, Novus common stock, and proceeds from the PIPE. Transaction expected to result in ~$277 million net proceeds to AppHarvest.",
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      "text": "Transaction Structure: Novus has proposed to enter into a business combination with AppHarvest... expected to close in 2H 2020... retain AppHarvest name... listed on NASDAQ... $200 million PIPE financing.",
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      "text": "(a) See slide 24 for key assumptions and additional details.",
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      "text": "Transaction Overview",
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