Agrify Announces Closing of $8.7 Million Public Offering
December 20 2022 - 4:05PM
Agrify Corporation (Nasdaq:AGFY) (“Agrify” or the “Company”),
a leading provider of innovative cultivation and extraction
solutions for the cannabis industry, today announced the closing of
its previously announced underwritten public offering of
(i) 11,884,615 shares of its common stock, and, in lieu of
common stock to certain investors that so chose, pre-funded
warrants (the “Pre-Funded Warrants”) to purchase 1,500,000 shares
of its common stock, and (ii) accompanying warrants (the
“Common Warrants”) to purchase 26,769,230 shares of its common
stock (the “Offering”).
The shares of common stock (or Pre-Funded Warrants) and the
accompanying Common Warrants were issued separately but were
purchased together in the Offering. The combined public offering
price for each share of common stock and accompanying two Common
Warrants was $0.65, and the combined offering price for each
Pre-Funded Warrant and accompanying two Common Warrants
was $0.649, which equals the public offering price per share
of the common stock and accompanying two Common Warrants, less
the $0.001 per share exercise price of each Pre-Funded
Warrant. The aggregate gross proceeds from the Offering were
approximately $8.7 million, before deducting the underwriting
discounts and commissions and estimated offering expenses payable
by Agrify, and assuming no exercise of the Common Warrants.
Total shares outstanding after the Offering were 20,740,977. All
securities sold in the Offering were sold by the Company.
The Company intends to use the net proceeds from the Offering
for working capital and general corporate purposes, which may
include capital expenditures and repayment of debt.
Canaccord Genuity acted as the sole bookrunner for the
Offering.
The Offering was made only by means of a prospectus supplement
and accompanying prospectus forming part of a shelf registration
statement on Form S-3 (File No. 333-265710) that was declared
effective by the Securities and Exchange Commission (the
"SEC") on June 24, 2022. The final prospectus supplement
relating to the Offering was filed with the SEC on December 16,
2022. Copies of the prospectus supplement and the accompanying
prospectus relating to and describing this Offering may be obtained
by contacting Canaccord Genuity LLC, Attention: Syndicate
Department, 99 High Street, Suite 1200, Boston,
MA 02110 or by email at prospectus@cgf.com. These
documents may also be obtained for free on
the SEC's website located at http://www.sec.gov.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy any securities in the Offering.
There shall not be any sale of these securities in any state or
jurisdiction in which such offering, sale or solicitation would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
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. Our
proprietary micro-environment-controlled Vertical Farming Units
(VFUs) enable cultivators to produce the highest quality products
with unmatched consistency, yield, and ROI at scale. Our
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, future prospects and financial
performance. 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. Forward-looking statements in this press release
include, but are not limited to, statements regarding the expected
uses of the proceeds from the Offering. 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, 2021 with the SEC, which can be
obtained on the SEC website at http://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
Investor Relations Inquiries
Jared Jaffe Director of Investor Relations and Corporate
Communicationsjared.jaffe@agrify.com (617) 686-1309
Media Inquiries
Rachel SoulsbyVice President of
Marketingrachel.soulsby@agrify.com (978) 660-9125
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