Agrify Corporation Regains Compliance with Nasdaq Stockholders’ Equity Requirement
May 28 2024 - 7:30AM
Agrify Corporation (Nasdaq:AGFY) (“Agrify” or the “Company”), a
leading provider of innovative cultivation and extraction solutions
for the cannabis industry, today announced that after the recent
$13.8 million debt-to-equity conversions by CP Acquisitions, LLC
and GIC Acquisition, LLC, two entities affiliated with Raymond
Chang, Chairman and CEO of Agrify, Agrify has received confirmation
from Nasdaq that it has regained compliance with the stockholders’
equity requirement of minimum of $2.5 million in Listing Rule
5550(b)(1).
"We are very thankful that Nasdaq has confirmed
that Agrify has regained compliance with the minimum stockholders’
equity requirement. The $13.8 million debt-to-equity conversion is
a very significant commitment from the management and the leading
shareholders to ensure the ongoing Nasdaq listing. In the last few
months, we have made tremendous progress towards cleaning up our
balance sheet, reducing our cash burn, and growing our business.
The work is not yet over, and we remain committed to ensuring a
full turnaround and creating long term shareholder value."
About Agrify (Nasdaq:AGFY)
Agrify is a leading provider of innovative
cultivation and extraction solutions for the cannabis industry,
bringing data, science, and technology to the forefront of the
market. Agrify’s proprietary micro-environment-controlled Vertical
Farming Units (VFUs) enable cultivators to produce the highest
quality products with unmatched consistency, yield, and ROI at
scale. Agrify’s comprehensive extraction product line, which
includes hydrocarbon, ethanol, solventless, post-processing, and
lab equipment, empowers producers to maximize the quantity and
quality of extract required for premium concentrates. For more
information, please visit Agrify at http://www.agrify.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
continued listing on Nasdaq, Agrify’s ability to complete a full
turnaround, management’s plans, and Agrify’s ability to deliver
solutions and services. 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.
Company Contacts
Agrify Investor
RelationsIR@agrify.com(857) 256-8110
Agrify (NASDAQ:AGFY)
Historical Stock Chart
From Sep 2024 to Oct 2024
Agrify (NASDAQ:AGFY)
Historical Stock Chart
From Oct 2023 to Oct 2024