Articles from Agrify

TROY, Mich., Nov. 14, 2024 (GLOBE NEWSWIRE) -- Agrify Corporation (Nasdaq:AGFY) (“Agrify” or the “Company”), a leading provider of branded innovative solutions for the cannabis and hemp industries, today announced financial results for the quarter ended September 30, 2024. 

TROY, Mich., Nov. 05, 2024 (GLOBE NEWSWIRE) -- Agrify Corporation (Nasdaq: AGFY) (“Agrify” or the “Company”), a leading provider of innovative cultivation and extraction solutions for the cannabis industry, today announced that its Board of Directors has approved a $20 million convertible secured note (the “Financing”), of which $10M will be drawn upon at closing, from a wholly-owned subsidiary of Green Thumb Industries Inc. (“Green Thumb”) (CSE: GTII) (OTCQX: GTBIF), a leading national cannabis consumer packaged goods company and owner of RISE Dispensaries. Prior to this financing, the Green Thumb subsidiary acquired an ownership stake in Agrify through the purchase of common stock and warrants (the “Transaction”) from its outgoing Chairman and CEO Raymond Chang and outgoing Director I-Tseng Jenny Chan. Agrify will continue to operate as an independent business and was not a participant in the Transaction. Following the Transaction and Financing, Agrify retains the majority of its existing management team and all of its independent Directors.

TROY, Mich., Aug. 14, 2024 (GLOBE NEWSWIRE) -- Agrify Corporation (Nasdaq:AGFY) (“Agrify” or the “Company”), a leading provider of innovative cultivation and extraction solutions for the cannabis industry, today announced financial results for the second quarter ended June 30, 2024.

Company achieves near break-even quarterly results

Company achieves first positive quarterly net income of approximately $572,000

Company Continues to Make Progress on its Turn-Around Initiative with Reduced Operating Loss and Cash-Burn

Company Continues to Focus on Cutting Costs and Restructuring Debts and Liabilities to Overcome Industry Headwinds

TROY, Mich., Oct. 20, 2023 (GLOBE NEWSWIRE) -- Agrify Corporation (Nasdaq: AGFY) (“Agrify”), a leading provider of innovative cultivation and extraction solutions for the cannabis industry, today announced that on October 17, 2023 it received a letter from the Listing Qualifications Department (the “Listing Department”) of The Nasdaq Stock Market LLC (“Nasdaq”) notifying Agrify that Nasdaq has 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 has no immediate effect and will not immediately result in the suspension of trading or delisting of Agrify’s shares of common stock.

TROY, Mich., Oct. 02, 2023 (GLOBE NEWSWIRE) -- 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 has completed restatements of previously issued quarterly filings for the first three quarters of its 2022 fiscal year (collectively the “Restatements”). The Company will file its Amended Forms 10-Q for the first, second, and third quarters of 2022 with the U.S. Securities and Exchange Commission (“SEC”) today.

BILLERICA, Mass., Aug. 21, 2023 (GLOBE NEWSWIRE) -- 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 August 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) as a result of not having timely filed its Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2023, with the Securities and Exchange Commission (“SEC”).

BILLERICA, Mass., July 03, 2023 (GLOBE NEWSWIRE) -- 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. ​

New Product Enables Continuous Hydrocarbon Extraction

New Product Offers Safer Option for THC-A Crystallization at Scale

BILLERICA, Mass., May 25, 2023 (GLOBE NEWSWIRE) -- Agrify Corporation (Nasdaq:AGFY) (“Agrify” or the “Company”), a leading provider of innovative cultivation and extraction solutions for the cannabis industry, today announced three leadership changes to support sustainable long-term growth initiatives:

BILLERICA, Mass., May 23, 2023 (GLOBE NEWSWIRE) -- 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”).

New Product Offering Creates Potential for Recurring Consumable Revenue

BILLERICA, Mass., April 24, 2023 (GLOBE NEWSWIRE) -- Agrify Corporation (Nasdaq: AGFY) (“Agrify” or the “Company”), a leading provider of innovative cultivation and extraction solutions for the cannabis industry, today announced that it will not consummate the warrant inducement transaction that Agrify had previously announced on April 19, 2023, which, if completed, would have resulted in gross proceeds of up to $1.84 million and the issuance of approximately 21.3 million new warrants to exercising warrant holders.  

BILLERICA, Mass., April 24, 2023 (GLOBE NEWSWIRE) -- 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 April 18, 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 Annual Report on Form 10-K for the fiscal year ended December 31, 2022, with the Securities and Exchange Commission ("SEC").

BILLERICA, Mass., April 19, 2023 (GLOBE NEWSWIRE) -- Agrify Corporation (Nasdaq: AGFY) (“Agrify” or the “Company”), a leading provider of innovative cultivation and extraction solutions for the cannabis industry, today announced it has entered into warrant inducement letters to raise up to $1.84 million in gross proceeds from the exercise of 10,651,430 common stock warrants issued in the Company’s public offering from December, 2022, or the Existing Warrants.

Phase 1 of major construction is complete at the facility with plans for both cultivation and extraction

Las Vegas Facility Expected to be Ready to Grow in 132 of Agrify’s Units This April

New Terms Will Significantly Reduce Outstanding Debt and Provide Agrify with Additional Flexibility to Pursue Future Growth and Strategic Initiatives

Cost Efficiency Measures, Enhanced Sales Initiatives, and Leadership Appointments Designed to Provide Responsible and Compelling Path Forward

BILLERICA, Mass., Dec. 20, 2022 (GLOBE NEWSWIRE) -- Agrify Corporation (Nasdaq:AGFY) (“Agrify” or the “Company”), a leading provider of innovative cultivation and extraction solutions for the cannabis industry, today announced the closing of its previously announced underwritten public offering of (i) 11,884,615 shares of its common stock, and, in lieu of common stock to certain investors that so chose, pre-funded warrants (the “Pre-Funded Warrants”) to purchase 1,500,000 shares of its common stock, and (ii) accompanying warrants (the “Common Warrants”) to purchase 26,769,230 shares of its common stock (the “Offering”).

BILLERICA, Mass., Dec. 16, 2022 (GLOBE NEWSWIRE) -- Agrify Corporation (Nasdaq:AGFY) (“Agrify” or the “Company”), a leading provider of innovative cultivation and extraction solutions for the cannabis industry, today announced the pricing of its underwritten public offering of (i) 11,884,615 shares of its common stock, and, in lieu of common stock to certain investors that so chose, pre-funded warrants (the “Pre-Funded Warrants”) to purchase 1,500,000 shares of its common stock, and (ii) accompanying warrants (the “Common Warrants”) to purchase 26,769,230 shares of its common stock (the “Offering”). The shares of common stock (or Pre-Funded Warrants) and the accompanying Common Warrants will be issued separately but can only be purchased together in the Offering. The combined public offering price for each share of common stock and accompanying two Common Warrants is $0.65, and the combined offering price for each Pre-Funded Warrant and accompanying two Common Warrants is $0.649, which equals the public offering price per share of the common stock and accompanying two Common Warrants, less the $0.001 per share exercise price of each Pre-Funded Warrant. The aggregate gross proceeds from the Offering are expected to be approximately $8.7 million, before deducting the underwriting discounts and commissions and estimated offering expenses payable by Agrify. All of the securities in the Offering will be sold by Agrify. The Offering is expected to close on December 20, 2022, subject to the satisfaction of customary closing conditions.

BILLERICA, Mass., Dec. 15, 2022 (GLOBE NEWSWIRE) -- Agrify Corporation (Nasdaq:AGFY) (“Agrify” or the “Company”), a leading provider of innovative cultivation and extraction solutions for the cannabis industry, today announced the launch of an underwritten public offering of shares of its common stock or, in lieu of common stock to certain investors that so choose, pre-funded warrants to purchase shares of its common stock, and accompanying warrants to purchase its common stock (the "Offering"). All of the securities in the Offering will be sold by Agrify. The Offering is subject to market and other conditions, and there can be no assurance as to whether or when the Offering may be completed or as to the actual size or terms of the Offering.

Industry Headwinds Continue to Challenge Business 

State-of-the-Art Solution Will Initially Be Utilized by Three Customers Including Alchemist Ventures in Maryland

BILLERICA, Mass., Oct. 31, 2022 (GLOBE NEWSWIRE) -- Agrify Corporation (Nasdaq:AGFY) (“Agrify” or the “Company”), a leading provider of innovative cultivation and extraction solutions for the cannabis industry, today announced that it has received written notice from The Nasdaq Stock Market LLC (“Nasdaq”) informing the Company that it has regained compliance with Nasdaq’s minimum bid price listing requirement. The Company has satisfied the terms for continued listing on the Nasdaq Capital Market by complying with the minimum bid price requirement of $1.00 per share under Nasdaq Listing Rule 5550(a)(2). Accordingly, Nasdaq has advised that the matter is now closed.

BILLERICA, Mass., Oct. 31, 2022 (GLOBE NEWSWIRE) -- Agrify Corporation (Nasdaq:AGFY) (“Agrify” or the “Company”), a leading provider of innovative cultivation and extraction solutions for the cannabis industry, today announced it will host a conference call to review its financial results for the third quarter ended September 30, 2022 on Wednesday, November 9, 2022 at 8:30 a.m. Eastern Time (ET). The call will be hosted by Raymond Chang, Chief Executive Officer, and Timothy Oakes, Chief Financial Officer. All interested parties are invited to attend. The Company will report its financial results for the third quarter in advance of the call.

BILLERICA, Mass., Oct. 27, 2022 (GLOBE NEWSWIRE) -- Agrify Corporation (Nasdaq:AGFY) (“Agrify” or the “Company”), a leading provider of innovative cultivation and extraction solutions for the cannabis industry, today provided an update on sales under its previously announced at-the-market equity program (the “ATM Program”), which was established on October 18, 2022 with Canaccord Genuity serving as the sales agent. As of October 26, 2022, the Company had sold a total of 6,038,817 shares of common stock under the ATM Program for aggregate gross proceeds of $15.40 million and net proceeds, after deducting commissions, of $14.94 million. As of October 26, 2022, the Company had $34.60 million of remaining availability for future issuances of common stock under the ATM Program.

BILLERICA, Mass., Oct. 17, 2022 (GLOBE NEWSWIRE) -- 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-10 reverse stock split, to be effective as of 12:01 a.m. on Tuesday, October 18, 2022. The Company’s common stock will open for trading on the Nasdaq Capital Market on Tuesday, October 18, 2022 on a split-adjusted basis under the current trading symbol "AGFY." The reverse stock split was approved by the Company’s stockholders on October 14, 2022 and 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. ​

BILLERICA, Mass., Oct. 06, 2022 (GLOBE NEWSWIRE) -- Agrify Corporation (Nasdaq:AGFY) (“Agrify” or the “Company”), a leading provider of innovative cultivation and extraction solutions for the cannabis industry, today issued the following statement relating to the default of its customer Bud & Mary’s Cultivation, Inc. (“Bud & Mary’s”) under a construction loan facility extended by Agrify to Bud & Mary’s associated with an Agrify Total Turn-Key Solution (“Agrify TTK Solution”) project and the lawsuit brought by Bud & Mary’s in response to the default notice:

Projects in Illinois, Massachusetts, and South Africa Expected to Generate Over $7.5 Million in Cultivation-Related Hardware Sales with Additional Recurring SaaS and Production Success Fees