Agrify Corporation (Nasdaq:AGFY) (“Agrify” or the “Company”), a leading provider of innovative cultivation and extraction solutions for the cannabis industry, today 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 Wednesday, July 5, 2023. The Company’s common stock will open for trading on the Nasdaq Capital Market on Wednesday, 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 32,458,929 shares to approximately 1,622,947 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 200,000,000 to 10,000,000, but will not change the par value of Agrify’s common stock.
Broadridge Corporate Issuer Solutions, Inc. (“Broadridge”) will act as the exchange agent for the reverse stock split. Stockholders holding their shares electronically in book-entry form are not required to take any action to receive post-split shares. Stockholders owning shares through a bank, broker or other nominee will have their positions automatically adjusted to reflect the reverse stock split, subject to the respective individual brokers’ particular processes, and will not be required to take any action in connection with the reverse stock split. In connection with the reverse stock split, the CUSIP number for the Company’s common stock will change to 00853E305 as of 12:01 a.m. on Wednesday, July 5, 2023.
