Agrify Announces 1-For-20 Reverse Stock Split
03 Julho 2023 - 8:00AM
Agrify Corporation (Nasdaq:AGFY) (“Agrify” or the “Company”),
a leading provider of innovative cultivation and extraction
solutions for the cannabis industry, today announced that the
Company’s Board of Directors approved a 1-for-20 reverse stock
split, to be effective as of 12:01
a.m. on Wednesday, July 5, 2023. The Company’s common
stock will open for trading on the Nasdaq Capital Market
on Wednesday, July 5, 2023 on a split-adjusted basis under the
current trading symbol “AGFY.” The reverse stock split is intended
to increase the per share trading price of the Company's common
stock to enable the Company to satisfy the minimum bid price
requirement for continued listing on the Nasdaq Capital Market.
The 1-for-20 reverse stock split will automatically convert 20
current shares of Agrify’s common stock into one new share of
common stock. No fractional shares will be issued in connection
with the reverse stock split. Stockholders who would otherwise hold
a fractional share of Agrify’s common stock will receive a whole
share in lieu thereof. The reverse stock split will reduce the
number of shares of outstanding common stock from approximately
32,458,929 shares to approximately 1,622,947 shares. Proportional
adjustments also will be made to the exercise prices of Agrify’s
outstanding stock options, warrants, shares held back in connection
with acquisitions and to the number of shares issued and issuable
under Agrify’s equity incentive plans. The reverse stock split will
proportionally reduce the number of authorized shares of common
stock from 200,000,000 to 10,000,000, but will not change the par
value of Agrify’s common stock.
Broadridge Corporate Issuer Solutions, Inc. (“Broadridge”)
will act as the exchange agent for the reverse stock split.
Stockholders holding their shares electronically in book-entry form
are not required to take any action to receive post-split shares.
Stockholders owning shares through a bank, broker or other nominee
will have their positions automatically adjusted to reflect the
reverse stock split, subject to the respective individual brokers’
particular processes, and will not be required to take any action
in connection with the reverse stock split. In connection with the
reverse stock split, the CUSIP number for the Company’s common
stock will change to 00853E305 as of 12:01
a.m. on Wednesday, July 5, 2023.
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 high 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, statements regarding compliance with
the minimum bid price requirement and other applicable Nasdaq
continued listing standards and the effect of the reverse stock
split, including the estimated number of shares of common stock
outstanding after effecting the reverse stock split. 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 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 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 and Media Inquiries
Caitlin BrickerChief of Staffcaitlin.bricker@agrify.com(617)
733-0584
Source: Agrify
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