Agrify Corporation Announces Pricing of $2.6 Million Public Offering
28 Febbraio 2024 - 3:25PM
Agrify Corporation (Nasdaq: AGFY) (“Agrify” or the “Company”), a
leading provider of innovative cultivation and extraction solutions
for the cannabis industry, today announced the pricing of its
public offering of 6,723,684 shares of common stock (or pre-funded
warrants in lieu thereof) at a public offering price of $0.38 per
share. Gross proceeds, before deducting placement agent fees and
other offering expenses, are expected to be approximately $2.6
million.
The Company intends to use the net proceeds for
working capital and general corporate purposes, which may include
capital expenditures and repayment of debt.
The offering is expected to close on February
28, 2024, subject to customary closing conditions.
Advisor Details
Alexander Capital L.P. is acting as sole
placement agent for the offering. Burns & Levinson LLP served
as counsel to the Company. Lucosky Brookman LLP served as counsel
to the placement agent.
The securities described above are being offered
by Agrify pursuant to a registration statement on Form S-1, as
amended (File No. 333-276724) that was declared effective by the
U.S. Securities and Exchange Commission (the “SEC”) on February 14,
2024. The offering is being made only by means of a prospectus
forming a part of the effective registration statement. A copy of
the final prospectus related to the offering, when available, may
be obtained from Alexander Capital L.P., 10 Drs James Parker
Boulevard #202, Red Bank, NJ 07701, Attention: Equity Capital
Markets, or by calling (212) 687-5650 or emailing
info@alexandercapitallp.com or by logging on to the SEC’s website
at www.sec.gov.
This press release does not constitute an offer
to sell or the solicitation of an offer to buy these securities,
and shall not constitute an offer, solicitation or sale in any
state or jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of that state or jurisdiction. Any offers,
solicitations or offers to buy, or any sales of securities will be
made in accordance with the registration requirements of the
Securities Act of 1933, as amended.
Agrify Corporation
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. Our proprietary micro-environment-controlled Vertical
Farming Units (VFUs), enable cultivators to produce the highest
quality products with unmatched consistency, yield, and ROI (return
on investment) at scale. Our comprehensive extraction product line,
which includes hydrocarbon, ethanol, solventless extraction,
post-processing, and lab equipment, empowers producers to maximize
the quantity and quality of extract required for premium
concentrates. For more information, please visit our website at
http://www.agrify.com.
Forward-Looking Statements
This press release includes statements that may
be deemed to be “forward-looking statements” under federal
securities laws, and we intend that such forward-looking statements
be subject to the safe-harbor created thereby. To the extent that
the information presented in this press release discusses financial
projections, information, or expectations about our business plans,
results of operations, products or markets, or otherwise makes
statements about future events, such statements are
forward-looking. Such forward-looking statements can be identified
by the use of words such as “should”, “may,” “intends,”
“anticipates,” “believes,” “estimates,” “projects,” “forecasts,”
“expects,” “plans,” and “proposes.” Specific forward-looking
statements in this press release include, among others, statements
regarding the expected trading of our shares on The Nasdaq Capital
Market, the expected closing of the offering, and the intended use
of the net proceeds of the offering. Although we believe that the
expectations reflected in these forward-looking statements are
based on reasonable assumptions, there are a number of risks and
uncertainties that could cause actual results to differ materially
and adversely from such forward-looking statements. You are urged
to carefully review and consider any cautionary statements and
other disclosures, including the statements made under the heading
“Risk Factors” in the prospectus included in the Registration
Statement and elsewhere in documents that we file from time to time
with the SEC. Forward-looking statements speak only as of the date
of the document in which they are contained, and Agrify does not
undertake any duty to update any forward-looking statements except
as may be required by law. References and links to websites have
been provided as a convenience, and the information contained on
such websites is not incorporated by reference into this press
release.
For more information, contact: IR@agrify.com
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