Agrify Corp Stock Price, News & Analysis

Agrify Corporation (NasdaqCM:AGFY) announced the launch of its Agrify Total Turn-Key Solution (TTK Solution), targeting up to $50 million in initial partnerships. This comprehensive program aims to support strategic partners in establishing advanced cultivation facilities, providing capital and expertise. Agrify plans to create long-term partnerships, offering design, training, and ongoing support. The company anticipates an Internal Rate of Return (IRR) of 40-50% from its revenue streams. CEO Raymond Chang expressed confidence in the solution's potential to enhance market share and shareholder value.

Agrify Corporation (NasdaqCM:AGFY) announced participation by CEO Raymond Chang in two key conferences: the Roth Capital Partners 33rd Annual Conference from March 15-17 and the M Vest LLC and Maxim Group LLC Emerging Growth Virtual Conference from March 17-19. At these events, Chang will engage in discussions about innovative technologies in the cannabis industry and broader opportunities in indoor agriculture. Agrify focuses on precision hardware and software solutions to enhance efficiency, productivity, and yield for indoor farming.

Agrify Corporation (NasdaqCM:AGFY) has formed a new Advisory Board, appointing Rosie Mattio, CEO of MATTIO Communications, and Matthew Kressy, Founding Director of MIT Integrated Design & Management program. The board aims to provide strategic guidance on market opportunities and enhance Agrify's business. CEO Raymond Chang expressed enthusiasm for their expertise in accelerating growth and capitalizing on new markets. Mattio highlighted Agrify's scientific approach as crucial for competitiveness in the cannabis marketplace. Kressy emphasized his commitment to solving grower challenges.

Agrify Corporation (NasdaqCM:AGFY) announces the appointment of Stuart Wilcox as an Independent Director, replacing Matthew Kressy, who remains on the Advisory Board. With over 30 years of experience in the cannabis industry, including his role as COO of Curaleaf, Wilcox is expected to enhance Agrify's strategic growth. CEO Raymond Chang emphasized Wilcox's extensive knowledge as a key asset for the company. Wilcox commended Agrify's innovative cultivation solutions and their integration with the Agrify Insights platform.

Agrify Corporation (AGFY) has signed a binding letter of intent with Hannah Industries for a 30,000 sq. ft. cannabis cultivation facility in Washington State. The build-out contract is valued at $3 million, with additional annual SaaS revenue projected at $285,000. Financing will be provided by Agrify over two years at a 25% APR. This agreement complements the previously purchased 179 Vertical Farming Units. Completion is expected by early Q4 2021.

Agrify Corporation (NasdaqCM:AGFY) has announced a public offering of 5,555,555 shares at $13.50 each, aiming to raise approximately $75 million. The offering, managed by Maxim Group LLC, includes a 45-day option for underwriters to purchase an additional 833,333 shares. It is anticipated to close around February 19, 2021, subject to standard conditions. Shares are being offered under Registration No. 333-253005, with a prospectus available from the SEC. This funding is expected to support Agrify's growth in precision agriculture technology.

Agrify Corporation (NasdaqCM:AGFY) has announced a new partnership with Confident Cannabis, integrating lab data with Agrify Insights™. This collaboration aims to improve cannabis cultivation by providing growers with automated insights on how environmental factors affect plant chemical profiles. The integration eliminates manual data entry errors, enhancing operational efficiency. The partnership is expected to assist cultivators in achieving better yields and terpene expressions, ultimately increasing the value of their cannabis products.

Agrify Corporation has enhanced its Agrify Insights™ software by integrating Metrc, a compliance tracking solution used in 15 states. This integration adds regulatory tracking and compliance features, enabling cultivators to optimize their operations while ensuring adherence to legal standards. The platform allows real-time data synchronization between Agrify Insights and Metrc, automating key processes like strain information and harvest yields. Agrify aims to roll out this functionality across all certified states, supporting clients in achieving greater efficiency and operational effectiveness.

Agrify Corporation (NasdaqCM:AGFY) announced the pricing of its upsized IPO, offering 5,400,000 shares at $10.00 each, totaling $54 million before expenses. Trading is set to begin on January 28, 2021, with the offering expected to close on February 1, 2021, subject to conditions. Joint book-running managers for this offering are Maxim Group LLC and Roth Capital Partners, with an additional 810,000 shares available to underwriters for over-allotments. This offering follows Agrify's effective SEC registration.