Agrify Poised To Raise An Additional $75M In Financing

Agrify Corp. AGFY has secured roughly $75 million in financing through an underwritten public offering of its shares.

The Burlington, Massachusetts-based company opted to sell additional shares of its common stock — more than 5.5 million — at $13.5 per share.

The move comes on the heels of the company’s debut on the Nasdaq Capital Market under the symbol “AGFY.”

The company announced the pricing of its upsized initial public offering of 5.4 million of its shares of common stock at $10 per share in January.

Agrify also confirmed that Maxim Group LLC will act as the sole book-running manager for the offering.

Underwriters have a 45-day option to buy up to 833,333 shares of common stock at a price set for the initial public offering.

The offering is scheduled to close on or about Feb. 19.

Meantime, several of Agrify’s industry peers reported raising funds to either accelerate their business growth or settle some obligations.

Chicago-based Green Thumb Industries Inc. GTII GTBIF recently announced its intentions to sell up to 10 million of its subordinate voting shares to raise some $100 million to boost its capitalization and financial flexibility. 

CBD company and wellness brand Beam closed its $5 million Series A funding round earlier this month.

Cannabis cultivator, Columbia Care Inc. CCHW CCHWF is poised to close a bought deal offering of its shares on or about Feb. 25.

Under the agreement with Canaccord Genuity Corp., the New York cannabis company is selling its shares to raise CA$25.2 million ($19.8 million) in funding.