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AgroFresh Solutions (NASDAQ: AGFS) has entered a merger agreement with investment funds affiliated with Paine Schwartz Partners, acquiring all outstanding common stock at $3.00 per share. This price offers a 91% premium over the stock's closing price on October 26, 2022. The AgroFresh Board unanimously approved the deal, which is viewed as beneficial for unaffiliated shareholders. This transaction aims to enhance AgroFresh's flexibility as a private company to further its mission of reducing food waste. The merger is expected to close in Q1 2023, pending shareholder approval.
AgroFresh Solutions (NASDAQ: AGFS) has partnered with Ceradis Crop Protection to launch CeraFruta, an organic fungicide aimed at reducing food loss in the post-harvest industry. This bio-solution, registered with the EPA and listed by OMRI for organic use, targets various fungal decays that conventional fungicides cannot adequately control. The collaboration aims to enhance AgroFresh's market presence and meet rising consumer demand for fresh produce while promoting sustainable agriculture practices.
AgroFresh Solutions (AGFS) reported a net sales decline of 2.9% to $47.8 million in Q3 2022, though constant currency sales increased 3.1%. The nine-month sales rose 3%, reaching $113.4 million. Diversification revenue grew 12.7%, accounting for 44.5% of total revenue. However, the company faced a net loss of $4.6 million in Q3 2022, compared to a profit of $0.8 million in Q3 2021, and a nine-month net loss of $26.2 million. Adjusted EBITDA fell to $17.9 million for Q3 2022, reflecting lower gross profit. The currency exchange rate negatively impacted revenue significantly.
AgroFresh Solutions, Inc. (Nasdaq: AGFS) will announce its third quarter results after the market closes on November 9, 2022. A conference call is scheduled for the same day at 4:30 p.m. ET, where the executive management team will discuss the results and provide insights. The call will be accessible via the company's website and a replay will be available from 7:30 p.m. ET on November 9 through November 23, 2022. AgroFresh focuses on enhancing the quality and extending the shelf life of fresh produce through science-based solutions and digital technologies.
AgroFresh Solutions (Nasdaq: AGFS), a global leader in AgTech, is set to participate in three key investor conferences in September 2022. These include the H.C. Wainwright Annual Global Investment Conference in New York on September 12-13, where CEO Clint Lewis and CFO Graham Miao will present and hold one-on-one meetings.
Following this, they will attend the Credit Suisse 35th Annual Specialties & Basics Conference on September 14, and the Deutsche Bank 30th Annual Leveraged Finance Conference in Scottsdale, AZ on September 19-20, with Miao and Corporate Treasurer Doug Bressette attending.
AgroFresh Solutions (AGFS) reported a 17.5% increase in second quarter 2022 net sales to $25.8 million. However, the company faced a net loss of $18.4 million for the quarter, slightly worse than a $17.3 million loss in the same period last year. Adjusted EBITDA rose to $2.4 million, up from $1.0 million year-over-year. For the first half of 2022, net sales increased 7.8% to $65.6 million, with a net loss of $21.5 million, compared to $9.1 million previously. The firm anticipates growth in both net sales and Adjusted EBITDA for the full year.
AgroFresh Solutions (NASDAQ: AGFS) has launched VitaFresh Botanicals Life Select, an organic plant-based coating designed to extend the shelf life of fresh produce and reduce food loss. Derived from carnauba palm leaves, this new formulation has achieved CAAE organic certification. Recent tests on avocados demonstrated a shelf life extension of 2-3 days, a 50-67% reduction in internal browning, and improved appearance. The sustainable product complies with ISO 14001 standards and promotes reduced food waste while enhancing profitability for retailers.
AgroFresh Solutions (Nasdaq: AGFS) announced a presentation at the Canaccord Genuity 42nd Annual Growth Conference on August 10-11, 2022. CEO Clinton Lewis, Jr. and CFO Graham Miao will meet with investors to discuss the company’s innovations in AgTech aimed at enhancing produce quality and extending shelf life. The live audio webcast of the presentation will be available on AgroFresh's investor relations website. AgroFresh is dedicated to minimizing food waste and offers science-based solutions across the food supply chain.
AgroFresh Solutions, Inc. (Nasdaq: AGFS) will release its second quarter results on August 9, 2022, after market close, followed by a conference call at 4:30 p.m. ET. The call will feature discussions by the executive management team regarding the financial results. Interested parties can access the live webcast through the company's investor relations webpage. A replay will be available from the call's conclusion until August 23, 2022. AgroFresh is dedicated to enhancing food quality and shelf life through innovative AgTech solutions and has over 40 years of experience in post-harvest technology.
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