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Agrify Corporation (Nasdaq: AGFY) is a leading innovator in precision hardware and software grow solutions for the indoor agriculture market, with a strong focus on the cannabis industry. Established in 2016 and based in Burlington, Massachusetts, Agrify's core offerings include Vertical Farming Units (VFUs), Integrated Grow Racks, LED Grow Lights, and a comprehensive range of non-proprietary products such as air cleaning systems and pesticide-free surface protection products.
The company has developed a reputation for integrating data, science, and technology into its cultivation and extraction solutions. Agrify’s proprietary VFUs are designed to optimize micro-environment controls, enabling cultivators to produce high-quality products with exceptional consistency and yield. The company also offers a suite of associated services, including consulting, engineering, and construction, which bolsters its value proposition in the indoor agriculture space.
Recent financial results indicate significant progress in Agrify's financial health. For instance, the company reported its first positive quarterly net income of approximately $572,000 for the quarter ending December 31, 2023. Agrify has also seen a marked improvement in gross profit and a substantial reduction in operating expenses, demonstrating effective cost management and operational efficiency.
Notable achievements include the successful deployment of Agrify's Total Turnkey (TTK) project with Nevada Holistic Medicine, which showcases the efficacy of Agrify's technology in producing premium-quality cannabis products. Additionally, the company has made strides in the extraction market, signing a $500K Turnkey Hydrocarbon Extraction and Lab Equipment Package deal with Grotech Farms LLC.
Agrify continues to explore strategic partnerships and acquisitions to strengthen its market position. Although a planned merger with Nature's Miracle Holding Inc. was recently terminated due to unfavorable market conditions, Agrify’s management remains committed to pursuing opportunities that create shareholder value.
The company has also taken significant steps to maintain its Nasdaq listing, including a $13.8 million debt-to-equity conversion that helped regain compliance with Nasdaq’s equity requirements. This move underscores the commitment of Agrify's management and leading shareholders to the company's long-term success.
For more information, visit Agrify’s official website at www.agrify.com.
Agrify (Nasdaq: AGFY) held its Annual Meeting of Stockholders on August 12, 2024, with 49.16% of outstanding shares represented. Key outcomes include:
- Re-election of five directors to the Board
- Ratification of GuzmanGray as the independent accounting firm
- Approval of amendments to pre-funded warrants and the 2022 Omnibus Equity Incentive Plan
- Failure to approve the reverse stock split proposal
Agrify faces a September 3, 2024 deadline to regain compliance with Nasdaq's $1 minimum bid price requirement. The company plans to seek a 180-day extension but risks potential delisting if unable to meet listing standards.
Agrify (Nasdaq:AGFY) reminds stockholders to vote before the proxy voting deadline of 11:59 p.m. (Eastern Daylight Time) on August 11, 2024, for the upcoming Annual Meeting of Stockholders. The virtual meeting will be held on August 12, 2024, at 10:00 a.m. (EDT). Agrify's Board of Directors unanimously recommends voting 'FOR' all proposals.
Stockholders can vote online at www.proxyvote.com or by phone at 1-800-579-1639 for registered holders. Beneficial holders should check their proxy card or contact their broker for voting instructions. For questions or assistance, contact Agrify Investor Relations at IR@agrify.com or call (857) 256-8110.
Agrify (Nasdaq: AGFY) has signed a $500K deal with Grotech Farms , a licensed cannabis operator in Bridgeton, NJ, for a Turnkey Hydrocarbon Extraction and Lab Equipment Package. This package includes a PX10 Hydrocarbon Extractor, Cascade Sciences Vacuum Ovens, a 10L Decarboxylation Package, Diamond-Miners, and a Short-Path Distillation System. Grotech Farms aims to produce a variety of craft concentrates, live resin, and distillate. Additionally, Grotech has purchased Agrify's UL-Compliant C1D1 Explosion Proof Room for safe, quality extraction. Agrify's CEO, Raymond Chang, expressed excitement about the partnership and the continuous adoption of their technologies in New Jersey.
Agrify (Nasdaq: AGFY) has announced that it has regained compliance with Nasdaq's minimum stockholders' equity requirement of $2.5 million. This follows a $13.8 million debt-to-equity conversion by CP Acquisitions, , and GIC Acquisition, , entities affiliated with Chairman and CEO Raymond Chang. Nasdaq has confirmed this compliance, a significant step toward ensuring Agrify's ongoing listing. The company has also made strides in improving its balance sheet, reducing cash burn, and driving business growth. Agrify remains focused on a full turnaround and creating long-term shareholder value.
Agrify , a leading provider in the cannabis industry, has announced a significant $13.8 million debt-to-equity conversion involving CP Acquisitions and GIC Acquisitions. This conversion is expected to help Agrify regain compliance with Nasdaq’s Listing Rule by raising its shareholders' equity to at least $2.5 million.
CP Acquisitions, controlled by CEO Raymond Chang, converted $11.5 million of senior notes into warrants for 8,561,644 shares, and GIC Acquisitions converted $2.29 million of junior notes into warrants for 3,225,807 shares. The warrants include provisions for adjustments if Agrify conducts equity financing within the next 12 months, pending shareholder approval.
CEO Raymond Chang expressed optimism, noting that the conversion demonstrates strong management and shareholder commitment to Agrify’s future, providing a cleaner balance sheet to support growth.
Agrify (Nasdaq: AGFY), a leading provider of cultivation and extraction solutions for the cannabis industry, announced its financial results for Q1 2024. Revenue fell to $2.6 million, down from $5.8 million in Q1 2023. However, the company achieved a near break-even quarter, with a net loss of $0.04 million compared to a $10 million loss in Q1 2023. Gross profit slightly decreased to $0.73 million from $1 million in the same period last year. Operating loss was significantly reduced to $0.8 million from $7.6 million in Q1 2023. Agrify credited increased sales of extraction products and consumables, alongside a renewed interest in its VFU technology among multi-state operators, for the improved financial performance.
Agrify (Nasdaq: AGFY) and Nature’s Miracle Holdings Inc. (NASDAQ: NMHI) have mutually decided to terminate their merger agreement due to unfavorable market conditions, just four days after announcing it on May 16, 2024.
Both parties have signed termination agreements and released each other from any obligations related to the merger and a debt purchase agreement involving Agrify's CEO. Agrify's CEO, Raymond Chang, emphasized the company's ongoing momentum in cultivation and extraction sectors and its commitment to exploring strategic options to maximize shareholder value.
Nature's Miracle Holding announced the mutual termination of their merger plan with Agrify , initially revealed on May 16, 2024. The decision was driven by unfavorable market conditions.
Both companies executed a termination agreement, including mutual releases, with no cancellation fees involved. A debt termination agreement was also signed regarding Agrify's outstanding debt with entities controlled by Agrify's CEO.
James Li, CEO of Nature's Miracle, emphasized that the focus will remain on their core indoor growing products.
Nature's Miracle and Agrify have signed a definitive merger agreement. In this transaction, a wholly-owned subsidiary of Nature's Miracle will merge with Agrify, resulting in Agrify becoming a wholly-owned subsidiary of Nature's Miracle.
Post-merger, Agrify shareholders will own approximately 30% of the combined company's common stock. Nature's Miracle will also purchase and guarantee certain senior and junior notes issued by Agrify. The merger aims to leverage both companies' expertise in vertical farming and cannabis extraction, promising cost savings and market share growth.
The transaction is expected to close in the second half of 2024, contingent on shareholder approval and customary conditions.
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