Agrify Corporation AGFY, announced that the company’s board of directors approved a 1-for-20 reverse stock split, to be effective as of 12:01 a.m. on July 5, 2023. The company’s common stock will open for trading on the Nasdaq Capital Market on July 5, 2023 on a split-adjusted basis under the current trading symbol “AGFY.” The reverse stock split is intended to increase the per share trading price of the company's common stock to enable the company to satisfy the minimum bid price requirement for continued listing on the Nasdaq Capital Market.
The 1-for-20 reverse stock split will automatically convert 20 current shares of Agrify’s common stock into one new share of common stock. No fractional shares will be issued in connection with the reverse stock split. Stockholders who would otherwise hold a fractional share of Agrify’s common stock will receive a whole share in lieu thereof. The reverse stock split will reduce the number of shares of outstanding common stock from approximately 32.5 million shares to approximately 1.6 million shares. Proportional adjustments also will be made to the exercise prices of Agrify’s outstanding stock options, warrants, shares held back in connection with acquisitions and to the number of shares issued and issuable under Agrify’s equity incentive plans. The reverse stock split will proportionally reduce the number of authorized shares of common stock from 200 million to 10 million but will not change the par value of Agrify’s common stock.
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