Agrify Secures $15M Via Its At-The-Market Equity Program

Agrify Corporation AGFY provided an update on sales under its at-the-market equity program, which was established on October 18, 2022 with Canaccord Genuity CCORF serving as the sales agent. As of October 26, 2022, the company had sold a total of 6 million shares of common stock under the at-the-market program for aggregate gross proceeds of $15.40 million and net proceeds, after deducting commissions, of $14.94 million. As of October 26, 2022, the company had $34.60 million of remaining availability for future issuances of common stock under the at-the-market program.

The proceeds generated through the at-the-market program to date satisfy the terms set forth in the company’s credit facility with its institutional lender requiring that the company consummate a registered equity issuance for gross proceeds of at least $15.0 million prior to October 31, 2022. Agrify intends to use the net proceeds derived from the at-the-market program for general corporate purposes, which may include capital expenditures and repayment of debt.

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