Agrify Announces Launch of Public Offering
16 December 2022 - 8:05AM
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.
The Company intends to use the net proceeds from
the Offering for working capital and general corporate purposes,
which may include capital expenditures and repayment of debt.
Canaccord Genuity is acting as the sole
bookrunner for the Offering.
The Offering will be made only by means of a
prospectus supplement and accompanying prospectus forming part of a
shelf registration statement on Form S-3 (File No. 333-265710)
that was declared effective by the Securities and Exchange
Commission (the "SEC") on June 24, 2022. Copies of the prospectus
supplement and the accompanying prospectus relating to and
describing this Offering may be obtained, when available, by
contacting Canaccord Genuity LLC, Attention: Syndicate
Department, 99 High Street, Suite 1200, Boston, MA 02110 or by
email at prospectus@cgf.com. These documents may also be
obtained for free on the SEC's website located at
http://www.sec.gov.
This press release does not constitute an offer
to sell or the solicitation of an offer to buy any securities in
the Offering. There shall not be any sale of these securities in
any state or jurisdiction in which such offering, sale or
solicitation would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
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 ability to satisfy
the closing conditions for the Offering, future prospects, and
financial performance. 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. Forward-looking statements in
this press release include, but are not limited to, statements
regarding the anticipated closing of the Offering and the expected
uses of the proceeds from the Offering. Completion of the Offering
is subject to numerous factors, many of which are beyond Agrify’s
control, including, without limitation, market conditions, failure
of customary closing conditions and the risk factors and other
matters set forth in the prospectus supplement and accompanying
prospectus included in the registration statement and the documents
incorporated by reference therein. The forward-looking statements
in this press release are only predictions. We have based these
forward-looking statements largely on our current expectations and
projections about future events and financial trends that we
believe may affect our 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 our 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 http://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 Inquiries
Jared Jaffe Director of Investor Relations and Corporate
Communicationsjared.jaffe@agrify.com(617) 686-1309
Media Inquiries
Rachel SoulsbyVice President of
Marketingrachel.soulsby@agrify.com(978) 660-9125
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