NASDAQ-Traded Cannabis Co. Agrify Secures $25.9M Via Private Placement, Here’s How They’ll Spend It
Agrify Corporation (NASDAQ:AGFY) announced Thursday that is has secured a $25.9 million non-brokered private placement.
What Happened
The company said it has entered into securities purchase agreements with institutional and accredited investors in a non-brokered private placement priced at $22.30 per share.
The placement is set to close on Thursday, Nov. 21, subject to customary closing conditions.
Benjamin Kovler, chairman and interim CEO, participated in the private placement to purchase 10,000 shares of common stock at $38.76.
The news comes on the heels of the company’s board of directors having approved a $20 million convertible secured note. Of that sum $10 million will be drawn upon at closing, from a wholly-owned subsidiary of Green Thumb …