8-K filed September 20, 2023, 7:59 PM ET CIK 0001807707

other material confidence high sentiment negative materiality 1.00

AppHarvest, Inc.: going-concern / distress — AppHarvest Chapter 11 plan confirmed; all common stock canceled, liquidation underway

AppHarvest, Inc.

Court confirmed Second Amended Joint Plan of Liquidation on Sept 14, 2023.
All 155,108,773 common shares and warrants will be canceled on effective date with no distributions.
Plan creates 11 creditor claim classes; holders of Classes 8-11 (including equity) receive nothing.
Short-term leases of Richmond, Morehead, and cabin properties to Equilibrium expiring Oct 14, 2023.
Plan administrator to wind down operations, liquidate remaining assets, and make creditor distributions.

Key facts

Extracted from this filing and checked against the source text.

Distress & Bankruptcy SEC 8-K Item 1.03 confidence 0.9

AppHarvest, Inc. entered chapter 11 in United States Bankruptcy Court for the Southern District of Texas (petition 2023-07-23).

Proceeding: chapter 11
Court: United States Bankruptcy Court for the Southern District of Texas
Petition: 2023-07-23

Exact text from the filing

AppHarvest, Inc. (the “ Company ”) and certain of its affiliates (collectively, the “ Debtors ”) filed voluntary petitions for relief under Chapter 11 of Title 11 of the United States Code in the United States Bankruptcy Court for the Southern District of Texas (the “ Court ”), thereby commencing chapter 11 cases for the Debtors (the “ Chapter 11 Cases ”).

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

AppHarvest, Inc. entered into Cabin Lease Agreement with CEFF II AppHarvest Holdings, LLC valued at Lease of real property at 100 Lake Park Drive, Morehead, Kentucky 40351, expiring October 14, 2023 (effective 2023-09-14).

Action: entry
Agreement: lease
Counterparty: CEFF II AppHarvest Holdings, LLC
Value: Lease of real property at 100 Lake Park Drive, Morehead, Kentucky 40351, expiring October 14, 2023
Effective: 2023-09-14

Exact text from the filing

On September 14, 2023, AppHarvest Operations, Inc. (“ AppHarvest Operations ”) and Equilibrium entered into a certain Lease Agreement (the “ Cabin Lease Agreement ”, and together with the Richmond Lease Agreement and Morehead Lease Agreement, the “ Lease Agreements ”) pertaining to certain real property commonly known as 100 Lake Park Drive, Morehead, Kentucky, 40351 owned by AppHarvest Operations (the “ Cabin Real Property ”).

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

AppHarvest, Inc. amended Morehead Lease Amendment with CEFF II AppHarvest Holdings, LLC valued at Amendment requiring Equilibrium to maintain property insurance with respect to FF&E during the term (effective 2023-09-15).

Action: amendment
Agreement: lease
Counterparty: CEFF II AppHarvest Holdings, LLC
Value: Amendment requiring Equilibrium to maintain property insurance with respect to FF&E during the term
Effective: 2023-09-15

Exact text from the filing

On September 18, 2023, each of AppHarvest Richmond, AppHarvest Morehead, and AppHarvest Operations entered into amendments to the Richmond Lease Agreement (the “ Richmond Lease Amendment ”), Morehead Lease Agreement (the “ Morehead Lease Amendment ”), and Cabin Lease Agreement (the “ Cabin Lease Amendment ”) with Equilibrium, each dated as of September 15, 2023, as applicable (collectively, the “ Lease Amendments ”).

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

AppHarvest, Inc. entered into Morehead Lease Agreement with CEFF II AppHarvest Holdings, LLC valued at Lease of real property at 500 Appalachian Way, Morehead, Kentucky 40351, expiring October 14, 2023 (effective 2023-09-14).

Action: entry
Agreement: lease
Counterparty: CEFF II AppHarvest Holdings, LLC
Value: Lease of real property at 500 Appalachian Way, Morehead, Kentucky 40351, expiring October 14, 2023
Effective: 2023-09-14

Exact text from the filing

On September 14, 2023, AppHarvest Morehead Farm, LLC (“ AppHarvest Morehead ”) and Equilibrium entered into a certain Lease Agreement (the “ Morehead Lease Agreement ”) pertaining to certain real property commonly known as 500 Appalachian Way, Morehead, Kentucky 40351 owned by AppHarvest Morehead (the “ Morehead Property ”).

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

AppHarvest, Inc. amended Cabin Lease Amendment with CEFF II AppHarvest Holdings, LLC valued at Amendment requiring Equilibrium to maintain property insurance with respect to FF&E during the term (effective 2023-09-15).

Action: amendment
Agreement: lease
Counterparty: CEFF II AppHarvest Holdings, LLC
Value: Amendment requiring Equilibrium to maintain property insurance with respect to FF&E during the term
Effective: 2023-09-15

Exact text from the filing

On September 18, 2023, each of AppHarvest Richmond, AppHarvest Morehead, and AppHarvest Operations entered into amendments to the Richmond Lease Agreement (the “ Richmond Lease Amendment ”), Morehead Lease Agreement (the “ Morehead Lease Amendment ”), and Cabin Lease Agreement (the “ Cabin Lease Amendment ”) with Equilibrium, each dated as of September 15, 2023, as applicable (collectively, the “ Lease Amendments ”).

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

AppHarvest, Inc. entered into Richmond Lease Agreement with CEFF II AppHarvest Holdings, LLC valued at Lease of real property at 1415 Speedwell Road, Richmond, Kentucky 40475, expiring October 14, 2023 (effective 2023-09-14).

Action: entry
Agreement: lease
Counterparty: CEFF II AppHarvest Holdings, LLC
Value: Lease of real property at 1415 Speedwell Road, Richmond, Kentucky 40475, expiring October 14, 2023
Effective: 2023-09-14

Exact text from the filing

On September 14, 2023, AppHarvest Richmond Farm, LLC (“ AppHarvest Richmond ”) and CEFF II AppHarvest Holdings, LLC (“ Equilibrium ”), an affiliate of Equilibrium Sustainable Foods, LLC (“ ESF ”), entered into a certain Lease Agreement (the “ Richmond Lease Agreement ”) pertaining to certain real property commonly known as 1415 Speedwell Road, Richmond, Kentucky 40475 owned by AppHarvest Richmond (the “ Richmond Property ”).

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

AppHarvest, Inc. amended Richmond Lease Amendment with CEFF II AppHarvest Holdings, LLC valued at Amendment requiring Equilibrium to maintain property insurance with respect to FF&E during the term (effective 2023-09-15).

Action: amendment
Agreement: lease
Counterparty: CEFF II AppHarvest Holdings, LLC
Value: Amendment requiring Equilibrium to maintain property insurance with respect to FF&E during the term
Effective: 2023-09-15

Exact text from the filing

On September 18, 2023, each of AppHarvest Richmond, AppHarvest Morehead, and AppHarvest Operations entered into amendments to the Richmond Lease Agreement (the “ Richmond Lease Amendment ”), Morehead Lease Agreement (the “ Morehead Lease Amendment ”), and Cabin Lease Agreement (the “ Cabin Lease Amendment ”) with Equilibrium, each dated as of September 15, 2023, as applicable (collectively, the “ Lease Amendments ”).

View on SEC.gov

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Source: SEC EDGAR

accession 0001807707-23-000122

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