Cannabis Cultivation Solutions Provider Agrify And California’s Nature’s Miracle Sign Definitive Merger Deal
Vertical farming technology and infrastructure provider Nature’s Miracle Holding Inc. (NASDAQ:NMHI) and Agrify Corporation (NASDAQ:AGFY) announced Thursday that both parties have signed a definitive agreement and merger plan.
Under the deal, a new wholly-owned subsidiary of Nature’s Miracle will merge with and into Agrify, which will survive as a wholly-owned subsidiary of Nature’s Miracle.
The signing of the agreement directly follows the previously announced term sheet for the merger, according to a press release.
Deal Details
Pursuant to the agreement, shareholders of Agrify will be issued 0.45 of a share of Nature’s Miracle common stock for each share of Agrify common stock they hold. Agrify shareholders are anticipated to collectively own roughly 30% of the post-merger common stock of the combined companies.
Additionally, Nature’s Miracle agreed to purchase and guarantee certain senior and junior notes issued by Agrify with a combination of cash and Nature’s Miracle stock.
Why It Matters
The deal is expected to bring a meaningful …