Agrify Announces $25.9 Million Non-Brokered Private Placement

Core Viewpoint - Agrify Corporation has successfully raised approximately $25.9 million through a non-brokered private placement priced at$22.30 per share, aimed at supporting general corporate purposes including working capital and business development [1][2]. Group 1: Financial Details - The private placement is expected to close on November 21, 2024, pending customary closing conditions [1]. - Benjamin Kovler, Chairman and Interim CEO, participated in the private placement by purchasing 10,000 shares at a price of $38.76 [1]. - Investors will receive pre-funded warrants if their beneficial ownership exceeds 4.99% post-offering [2]. Group 2: Strategic Intent - The capital raised will be allocated to opportunities within Agrify's expertise to benefit shareholders, with a focus on current consumer trends in the cannabis and hemp sectors [2]. - The company is working towards closing the previously announced Señorita transaction, which is on track for completion around year-end [2]. Group 3: Company Overview - Agrify Corporation specializes in developing innovative solutions for the cannabis and hemp industries, including extraction and cultivation technologies [4]. - The company’s proprietary Vertical Farming Units (VFUs) allow cultivators to produce high-quality products with consistent yield and return on investment [4].