Agrify
TROY, Mich., May 28, 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 after the recent $13.8 million debt-to-equity conversions by CP Acquisitions, LLC and GIC Acquisition, LLC, two entities affiliated with Raymond Chang, Chairman and CEO of Agrify, Agrify has received confirmation from Nasdaq that it has regained compliance with the stockholders’ equity requirement of minimum of $2.5 million in Listing Rule 5550(b)(1).
“We are very thankful that Nasdaq has confirmed that Agrify has regained compliance with the minimum stockholders’ equity requirement. The $13.8 million debt-to-equity conversion is a very significant commitment from the management and the leading shareholders to ensure the ongoing Nasdaq listing. In the last few months, we have made tremendous progress towards cleaning up our balance sheet, reducing our cash burn, and growing our business. The work is not yet over, and we remain committed to ensuring a full turnaround and creating long term shareholder value.”
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. Agrify’s proprietary micro-environment-controlled Vertical Farming
