Agrify Announces $25.9 Million Non-Brokered Private Placement

TROY, Mich., Nov. 21, 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 the Company has entered into securities purchase agreements with institutional and accredited investors in a non-brokered private placement priced at $22.30 per share for aggregate proceeds of approximately $25.9 million. The Company intends to use the proceeds from the private placement for general corporate purposes, including, among other things, working capital and business development. The private placement is expected to close on November 21, 2024, subject to the satisfaction of customary closing conditions. Benjamin Kovler, Chairman and Interim Chief Executive Officer, participated in the private placement to purchase 10,000 shares of common stock at a purchase price of $38.76 in compliance with applicable Nasdaq requirements.