Why Agrify Shares Are Falling Over 50% Friday

Agrify Corp AGFY shares are trading lower by 51.58% to $0.40 Friday morning after the company announced pricing of a public offering.

The aggregate gross proceeds from the offering are expected to be approximately $8.7 million, before deducting applicable expenses. The offering is expected to close on December 20, subject to the satisfaction of customary closing conditions.

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

According to data from Benzinga Pro, AGFY has a 52-week high of $119.00 and a 52-week low of $0.39.