Agrify Receives Extended Stay of Suspension from Nasdaq
08 Novembro 2023 - 6:30PM
Agrify Corporation (Nasdaq: AGFY) (“Agrify”), a leading
provider of innovative cultivation and extraction solutions for the
cannabis industry, today announced that on November 6, 2023 it
received a letter from the Hearings Panel (the “Panel”) of The
Nasdaq Stock Market LLC (“Nasdaq”) notifying Agrify that the stay
of suspension for Agrify’s common stock will be extended until a
hearing before the Panel and issuance of a final Panel decision.
As previously reported, on October 17, 2023,
Nasdaq staff notified Agrify (the “Staff Determination”) that it
had initiated a process that could result in the delisting of
Agrify’s securities from Nasdaq as a result of Agrify not being in
compliance with Nasdaq Listing Rule 5250(c)(1) (the “Listing
Rule”), which requires listed companies to timely file all required
periodic financial reports with the Securities and Exchange
Commission (the “SEC”). The Staff Determination had no immediate
effect and will not immediately result in the suspension of trading
or delisting of Agrify’s shares of common stock.
The Staff Determination was issued because
Agrify has not filed its Annual Report on Form 10-K for the fiscal
year ended December 31, 2022 and the Quarterly Reports on Form 10-Q
for the fiscal quarters ended March 31, 2023 and June 30, 2023
(collectively, the “Delinquent Reports”) by the Extension Deadline
(defined below). As disclosed in the Current Report on
Form 8-K filed by Agrify 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 was 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. Agrify filed amended Forms 10-Q
on October 2, 2023 with the required restated financial statements.
However, given the scope of the process for preparing the amended
quarterly reports, Agrify was unable to complete and file the
Delinquent Reports by their respective due dates.
Nasdaq had granted Agrify a period of 180 calendar days from the
prescribed due date of the Second Quarter Form 10-Q, or until
October 16, 2023 (the “Extension Deadline”), to file the Delinquent
Reports to regain compliance with the Listing
Rule. Agrify previously disclosed the delay in and
circumstances behind the late filing of each of the Delinquent
Reports in Notifications of Late Filing on Form 12b-25, filed with
the SEC on March 31, 2023, May 15, 2023 and August 21, 2023,
respectively.
Agrify intends to complete the Delinquent
Reports, after which the financial statements contained in the
Delinquent Reports will be subject to audit and/or review
by Agrify’s independent registered public accounting firm.
Following completion of the audit or review, as applicable, of the
Delinquent Reports, Agrify plans to file the Delinquent
Reports. There can be no assurance that Agrify will be able to
file the Delinquent Reports within the extension period
granted by the Panel.
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, statements relating to the filing of
the Delinquent Reports and Agrify’s ability to regain
compliance with the Nasdaq continued listing standards. 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 and Media
Inquiries
Ray Chang Jr.Director of Business
Development ray.chang@agrify.com(781) 941-9338
Agrify (NASDAQ:AGFY)
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