Agrify Receives Nasdaq Notification of Non-Compliance with Listing Rule 5250(c)(1)
22 Novembro 2023 - 6:00PM
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 November 16, 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) (the “Listing Rule”) as a result of not having timely
filed its Quarterly Report on Form 10-Q for the fiscal quarter
ended September 30, 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
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. Agrify filed amended Forms 10-Q
with those restated financial statements on October 2, 2023.
However, given the timeline for the process to prepare the amended
quarterly reports, Agrify was unable to complete and file
its Form 10-K for the fiscal year ended December 31,
2022 and the Forms 10-Q for the fiscal quarters
ended March 31, 2023, June 30, 2023 and September 30,
2023 (the “Delinquent Reports”) by their respective due
dates.
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 the Listing Rule. On November 6, 2023, the Nasdaq
Hearings Panel (the “Panel”) notified Agrify that it would stay the
suspension of Agrify’s common stock until a hearing before the
Panel and the issuance of a final Panel decision.
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, the timing and filing of the
Delinquent Reports 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 and Media
InquiriesIR@agrify.com(857) 256-8110
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