Agrify Announces Appointment of Peter Shapiro and Sanjay Tolia to Board of Directors
Agrify (AGFY) has announced significant changes to its Board of Directors, effective January 31, 2025. Peter Shapiro and Sanjay Tolia have been appointed as new board members, while Richard Drexler has departed.
Shapiro brings extensive experience as an independent music entrepreneur, having operated venues like Brooklyn Bowl and The Capitol Theatre. He has been recognized on Billboard's Power 100 List and serves on various civic boards including New York Public Radio and the Rock and Roll Hall of Fame Museum.
Tolia joins as co-founder of Marine Layer Advisors and Bengal Capital, bringing significant financial expertise and cannabis industry experience. He has a background in equity derivatives and has managed wellness brands through his private equity fund.
Agrify (AGFY) ha annunciato importanti cambiamenti nel suo Consiglio di Amministrazione, a partire dal 31 gennaio 2025. Peter Shapiro e Sanjay Tolia sono stati nominati nuovi membri del consiglio, mentre Richard Drexler si è dimesso.
Shapiro porta con sé una vasta esperienza come imprenditore musicale indipendente, avendo gestito locali come Brooklyn Bowl e The Capitol Theatre. È stato riconosciuto nella Billboard's Power 100 List e fa parte di vari consigli civici, tra cui il New York Public Radio e il Rock and Roll Hall of Fame Museum.
Tolia si unisce come co-fondatore di Marine Layer Advisors e Bengal Capital, portando con sé una significativa esperienza finanziaria e nel settore della cannabis. Ha un background in derivati azionari e ha gestito marchi di benessere attraverso il suo fondo di private equity.
Agrify (AGFY) ha anunciado cambios significativos en su Junta Directiva, que entrarán en vigor el 31 de enero de 2025. Peter Shapiro y Sanjay Tolia han sido nombrados nuevos miembros, mientras que Richard Drexler ha dejado su puesto.
Shapiro aporta una amplia experiencia como empresario musical independiente, habiendo operado en lugares como Brooklyn Bowl y The Capitol Theatre. Ha sido reconocido en la lista Power 100 de Billboard y forma parte de varias juntas cívicas, incluyendo New York Public Radio y el Rock and Roll Hall of Fame Museum.
Tolia se une como cofundador de Marine Layer Advisors y Bengal Capital, aportando una importante experiencia financiera y en la industria del cannabis. Tiene un trasfondo en derivados de capital y ha gestionado marcas de bienestar a través de su fondo de capital privado.
Agrify (AGFY)는 2025년 1월 31일부터 이사회의 중요한 변화를 발표했습니다. Peter Shapiro와 Sanjay Tolia가 새로운 이사로 임명되었으며, Richard Drexler는 이사직에서 물러났습니다.
Shapiro는 Brooklyn Bowl과 The Capitol Theatre와 같은 장소를 운영했던 독립 음악 기업가로서 풍부한 경험을 가지고 있습니다. 그는 Billboard의 Power 100 리스트에 이름을 올렸으며, New York Public Radio와 Rock and Roll Hall of Fame Museum 등 다양한 시민 이사회에서 활동하고 있습니다.
Tolia는 Marine Layer Advisors와 Bengal Capital의 공동 창립자로서, 금융 및 대마초 산업에 대한 상당한 전문 지식을 가지고 있습니다. 그는 주식 파생상품 분야에서의 경력을 갖고 있으며, 개인 자본 펀드를 통해 웰니스 브랜드를 관리한 경험이 있습니다.
Agrify (AGFY) a annoncé des changements significatifs au sein de son Conseil d'Administration, à compter du 31 janvier 2025. Peter Shapiro et Sanjay Tolia ont été nommés nouveaux membres du conseil, tandis que Richard Drexler s'est retiré.
Shapiro apporte une vaste expérience en tant qu'entrepreneur musical indépendant, ayant géré des lieux tels que le Brooklyn Bowl et le Capitol Theatre. Il a été reconnu dans la liste Power 100 de Billboard et siège à plusieurs conseils civiques, y compris le New York Public Radio et le Rock and Roll Hall of Fame Museum.
Tolia rejoint le conseil en tant que co-fondateur de Marine Layer Advisors et Bengal Capital, apportant une expertise financière significative et une expérience dans l'industrie du cannabis. Il a un parcours en produits dérivés d'actions et a géré des marques de bien-être à travers son fonds de capital-investissement.
Agrify (AGFY) hat bedeutende Änderungen im Vorstand bekannt gegeben, die am 31. Januar 2025 in Kraft treten. Peter Shapiro und Sanjay Tolia wurden als neue Vorstandsmitglieder ernannt, während Richard Drexler ausgeschieden ist.
Shapiro bringt umfangreiche Erfahrung als unabhängiger Musikunternehmer mit, da er Orte wie Brooklyn Bowl und das Capitol Theatre betrieben hat. Er wurde in der Billboard Power 100 Liste anerkannt und gehört mehreren zivilen Gremien an, darunter die New York Public Radio und das Rock and Roll Hall of Fame Museum.
Tolia kommt als Mitbegründer von Marine Layer Advisors und Bengal Capital und bringt bedeutende finanzielle Expertise und Erfahrung in der Cannabisbranche mit. Er hat einen Hintergrund in Eigenkapitalderivaten und hat Wellnessmarken über seinen Private-Equity-Fonds verwaltet.
- Board strengthened with addition of experienced members in entertainment and finance sectors
- New director Tolia brings over a decade of cannabis industry experience through Bengal Capital
- Addition of Shapiro could potentially help expand brand presence in entertainment venues
- Loss of board member Richard Drexler indicates potential leadership instability
- Company operating with an Interim CEO suggests ongoing management transition
Richard Drexler Departs from Board
TROY, Mich., Feb. 05, 2025 (GLOBE NEWSWIRE) -- Agrify Corporation (Nasdaq: AGFY) (“Agrify” or the “Company”), a leading provider of branded innovative solutions for the cannabis and hemp industries, today announced that Peter Shapiro and Sanjay Tolia have been appointed to its Board of Directors, effective January 31, 2025. The Company also announced Richard Drexler’s departure from the Board, also effective January 31, 2025.
“We are excited to welcome Peter and Sanjay to our Board of Directors at this critical time for our industry,” said Agrify Chairman and Interim CEO Ben Kovler. “Their expertise and vision align with our commitment to shaping the future of THC consumption in America. As we continue to elevate the experience for the modern consumer by prioritizing well-being, we look forward to the impact Peter and Sanjay will have as we expand access, drive education, and set new standards for quality and wellness.”
Peter Shapiro is an independent music entrepreneur with an eclectic career producing numerous acclaimed and groundbreaking projects. Throughout his career, Shapiro has owned and/or operated numerous celebrated music venues including Brooklyn Bowl, The Capitol Theatre, Wetlands Preserve and most recently, the Bearsville Theater, hosting some of the biggest names in music and producing countless celebrated shows and festivals. Shapiro has repeatedly been named to Billboard’s Power 100 List of “Most Influential People in the Music Business.” In addition to his list of current prominent positions including publisher of Relix magazine and founder and CEO of live music and media company, Dayglo Presents, Shapiro sits on the boards of several civic and charitable organizations, including New York Public Radio, New York City Parks Foundation, youth voter engagement non-profit, Headcount, and was a longtime member of the board of directors of the Rock and Roll Hall of Fame Museum in Cleveland.
“This is an incredibly exciting time for Agrify, as we’re at a pivotal moment in culture with consumers moving toward alcohol alternatives while attending live event experiences,” said Peter Shapiro. “I’m honored that Ben asked me to join the board, and I look forward to helping unlock new opportunities for the company and its brands during this exciting moment.”
Sanjay Tolia is the co-founder of structured note and derivatives provider Marine Layer Advisors and a co-founder and managing director of Bengal Capital, a top equity derivatives hedge fund that has been immersed in the cannabis industry for over a decade. An established entrepreneur with an institutional finance background and solid track record of taking companies public, Tolia began his career at several prominent Chicago-based funds before creating Bengal Capital in 2006. Twelve years later, he founded a leading private equity fund focused on the frontier markets of health and wellness, where he helped manage several industry leading brands and products in the nascent wellness space. He holds a degree in Economics from the University of Michigan Ann Arbor.
“I’ve always been passionate about building companies and connecting threads, and joining Agrify’s board is a fantastic opportunity to help define the next evolution in the THC beverage space,” said Sanjay Tolia. “Ben and the team have accomplished some impressive milestones in a very short time, and I hope to build on that momentum, and continue to explore the tremendous potential of the company and its brands to drive shareholder value.”
About Agrify (Nasdaq: AGFY)
Agrify Corporation (“Agrify” or the “Company”) is a developer of branded innovative solutions for the cannabis and hemp industries. Its Señorita brand offers consumers hemp-derived THC beverages that mirror well-known cocktails like a margarita – in two flavors – classic and mango. Known for its clean, fresh flavors and commitment to high-quality, natural ingredients, Señorita offers a low-sugar, low-calorie alternative to alcoholic beverages and is available at top retailers including Total Wine, ABC Fine Wine & Spirits, and Binny’s in nine U.S. states and Canada, with plans for expansion and future availability in premier on-premises destinations. Products are also available for direct-to-consumer purchase where permissible under state law at www.senoritadrinks.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 concerning Agrify and other matters. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements including, without limitation, statements regarding future financial results, potential growth opportunities and plans for expansion, and potential trends in the hemp-derived beverage market. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these terms or other similar expressions. The forward-looking statements in this press release are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. You should carefully consider the risks and uncertainties that affect our business, including those described in our filings with the Securities and Exchange Commission (“SEC”), including under the caption “Risk Factors” in our Annual Report on Form 10-K filed for the year ended December 31, 2023 with the SEC, which can be obtained on the SEC website at www.sec.gov. These forward-looking statements speak only as of the date of this communication. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements, whether as a result of any new information, future events or otherwise. You are advised, however, to consult any further disclosures we make on related subjects in our public announcements and filings with the SEC.
Contact
Agrify Investor Relations
IR@agrify.com
(857) 256-8110
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