Agrify Receives Nasdaq Notification of Non-Compliance with Listing Rule 5250(c)(1)
23 Maio 2023 - 5:30PM
Agrify Corporation (Nasdaq: AGFY) (“Agrify” or the “Company”),
a leading provider of innovative cultivation and extraction
solutions for the cannabis industry, today announced that on May
17, 2023, it received a letter from the Listing Qualifications
Department of the Nasdaq Stock Market LLC (“Nasdaq”) notifying
Agrify that it was not in compliance with requirements of Nasdaq
Listing Rule 5250(c)(1) as a result of not having timely filed its
Quarterly Report on Form 10-Q for the fiscal quarter ended March
31, 2023, with the Securities and Exchange Commission (“SEC”).
This notification has no immediate effect on the listing of
Agrify’s common stock on the Nasdaq. However, if Agrify fails to
timely regain compliance with the Nasdaq Listing Rule, Agrify’s
common stock will be subject to delisting from Nasdaq.
As disclosed in the Current Report on Form 8-K filed by the
Company on April 17, 2023, Agrify’s audit committee concluded that,
as a result of errors in the accounting for warrants previously
issued by Agrify, it is appropriate to restate Agrify’s previously
issued unaudited condensed consolidated financial statements as of
and for the fiscal periods ended March 31, 2022, June 30, 2022 and
September 30, 2022 in amended quarterly reports for the affected
periods. Given the scope of the process for preparing the amended
quarterly reports, Agrify was unable to complete and file the Form
10-K for the fiscal year ended December 31, 2022 and the Form 10-Q
for the fiscal quarter ended March 31, 2023 by their respective due
dates. On May 15, 2023, the Company filed a Form 12b-25
Notification of Late Filing with the SEC related to the Form 10-Q
for the fiscal quarter ended March 31, 2023.
Under the Nasdaq rules, the Company has until June 20, 2023 to
submit to Nasdaq a plan to regain compliance with the Nasdaq
Listing Rule. If Nasdaq accepts the Company’s plan, then Nasdaq may
grant the Company up to 180 days from the prescribed due date for
filing the Form 10-K and Form 10-Q to regain compliance. If Nasdaq
does not accept the Company’s plan, then the Company will have the
opportunity to appeal that decision to a Nasdaq Hearings Panel.
The Company is working diligently and expects to file its Form
10-Q within the prescribed period, which would eliminate the need
for the Company to submit a formal plan to regain compliance.
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, the timing and filing of the amended
Quarterly Reports on Form 10-Q and the delayed Annual Report on
Form 10-K and Quarterly Report on Form 10-Q and Agrify’s ability to
regain compliance with applicable Nasdaq rules. 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.
Agrify has based these forward-looking statements largely on
its current expectations and projections about future events and
financial trends that it believes may affect its 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 Agrify’s 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 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
Caitlin Moakley BrickerChief of
Staffcaitlin.moakley@agrify.com (617) 733-0584
Media Inquiries
Rachel SoulsbyVice President of
Marketingrachel.soulsby@agrify.com (978) 660-9125
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