Agrify Corporation Mutually Agrees to Terminate Plan to Merge with Nature’s Miracle
May 20 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 Agrify Corporation
and Nature’s Miracle Holdings Inc. (NASDAQ: NMHI) (“Nature’s
Miracle”) have mutually agreed to terminate the agreement and plan
of merger, previously announced on May 16, 2024, given unfavorable
market conditions.
In connection with the termination of the
merger, Agrify and NMHI have executed a termination agreement with
respect to the merger agreement and have also terminated a debt
purchase agreement with entities controlled by Agrify’s Chief
Executive Officer with respect to the purchase of outstanding debt.
Each of the termination agreements contained mutual releases.
Raymond Chang, Chief Executive Officer and
Chairman of the Board of Agrify, stated, “Agrify continues to see
strong momentum and pipeline growth quarter over quarter in both
cultivation and extraction business divisions. We believe that it
is in Agrify’s best interest to stay the course and continue to
execute. Agrify’s management team and Board are committed to
continuing to explore all strategic options in order to create the
highest 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
sales momentum, pipeline, project timelines, 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
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