Agrify Closes $8.7M Public Offering

Agrify Corporation AGFY announced the closing of its previously announced underwritten public offering of 11.9 million shares of its common stock, and, in lieu of common stock to certain investors that so chose, pre-funded warrants to purchase 1.5 million shares of its common stock, and accompanying warrants to purchase 26.8 million shares of its common stock.

The shares of common stock and the accompanying common warrants were issued separately but were purchased together in the offering. The combined public offering price for each share of common stock and accompanying two common warrants was $0.65, and the combined offering price for each pre-funded warrant and accompanying two common warrants was $0.649, which equals the public offering price per share of the common stock and accompanying two common warrants, less the $0.001 per share exercise price of each pre-funded warrant. The aggregate gross proceeds from the offering were approximately $8.7 million, before deducting the underwriting discounts and commissions and estimated offering expenses payable by Agrify, and assuming no exercise of the common warrants. Total shares outstanding after the offering were 20.7 million. All securities sold in the offering were sold by the company.

The company intends to use the net proceeds from the offering for working capital and general corporate purposes, which may include capital expenditures and repayment of debt.

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