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Cannabis Company Agrify Goes Public On Nasdaq, Upsizes IPO To Raise $54M

January 28, 2021 1:41 pm
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Cannabis Company Agrify Goes Public On Nasdaq, Upsizes IPO To Raise $54M

Cannabis company Agrify Corp. (NASDAQ:AGFY) is poised to debut on the Nasdaq Capital Market under the symbol “AGFY” on Thursday, Jan. 28.

The Burlington, Massachusetts-based company disclosed the pricing of its upsized initial public offering of some 5.4 million of its shares of common stock at $10 per share.

In addition, Maxim Group LLC and Roth Capital Partners are operating as joint book-running managers for the offering.

Underwriters have a 45-day option to buy up to roughly 810,000 shares of common stock.

The closing of the offering is scheduled for Feb.1.

Agrify is an indoor farming services provider. The company is poised to manage shortfalls in the current cannabis cultivation methods and other crops.

Raymond Nobu Chang, the company’s president, and CEO told Benzinga earlier that their primary focus is to develop solutions to the lack of consistency, quality, and reliability of the flower produced.

The Vertical Farming Unit VFU is the company’s scalable, vertically stackable multi-tier growth chamber that supports production, providing optimized cultivation environments.

And while Agrify continues to expand its presence in the cannabis space, cultivators continue to express “strong interest,” Chang continued.

“More and more cultivators shift their mindset towards consistency and quality, whilst being mindful of the need to reduce their overall OPEX,” Chang added.