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Can I buy AeroFarms stock?

AeroFarms has pulled the plug on its plans to go public. But you can buy stock in other sustainable farming companies.

AeroFarms has cancelled its IPO. Even though you won’t be able to buy stock in AeroFarms directly, you can invest in other sustainable farming companies.

What we know about the AeroFarms SPAC deal and IPO

On October 14, 2021, AeroFarms and Spring Valley Acquisition Corp. announced that the merger that would have brought AeroFarms to the stock market was no longer taking place.

Spring Valley Acquisitions, a special purpose acquisitions company (SPAC), trades on the Nasdaq Capital Market under the ticker symbol “SV.” AeroFarms had originally planned to merge with Spring Valley and begin selling stock on the Nasdaq under the ticker symbol “ARFM.” The deal would have raised $357 million and valued AeroFarms at around $1.2 billion.

No specific reason was given for the cancellation, but there is some speculation that investor confidence in the deal had waned. This is backed by the fact that Spring Valley’s stock price jumped 10% the day the termination was announced.

No alternative IPO plan has been announced as of yet. We’ll update this page as more information becomes available.

Buy stocks in other sustainable farming companies

Although you can’t buy AeroFarms stock, you can still invest in similar publicly-traded companies.

CompanyStock info
AppHarvest, Inc.Nasdaq Global Select Market: APPH
Hydrofarm Holdings Group, Inc.Nasdaq Global Select Market: HYFM
CubicFarm Systems Corp.TSX: CUB
Agrify CorporationNasdaq Capital Market: AGFY
Kalera ASOTC Markets: KSLLF
Village Farms International, Inc.Nasdaq Capital Market: VFF
Heliospectra ABStockholm Stock Exchange: HELIO

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Tax implications of buying US stocks in Canada

Agreements between Canada and the US require Canadians holding US stock investments to pay the US Internal Revenue Service (IRS) a 15% withholding tax on any dividends earned on their US stocks. Interest earned from bonds or other interest-yielding US investments are similarly taxed at a rate of 10%.

An exception is made for stock investments held in trust exclusively designed to provide retirement income. Such trusts include RRIFs, LIRAs, LIFs, LRIFs and Prescribed RRIFs. RRSPs are also exempt from US withholding tax if you own US investments in the form of US stocks, bonds or ETFs.

Investment accounts that do not qualify for this exemption include RESPs, TFSAs and RDSPs.

All income from investments, including foreign investments, must be declared as part of your income on your Canadian tax return. Unless your US earnings are exempt from withholding tax, this means you’ll be double taxed on those earnings — first by the IRS, then by the CRA. However, the CRA may allow you to claim foreign tax credits for any taxes you’ve already paid to the IRS.

Speak with a tax professional to find out what rules and exceptions apply to your circumstances.

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