Agrify Shares Tumble 28% After Disclosing Equity Sale with Certain Investors

Dow Jones11-21

By Denny Jacob

Agrify shares tumbled 28% after entering a private placement agreement with certain investors for about $26 million in proceeds.

Shares were trading around $27.95. The stock is up 54% year to date.

The company, which focuses on solutions for the cannabis and hemp industries, said it entered an agreement for a non-brokered private placement priced at $22.30 a share. It intends to use the proceeds from the private placements for general corporate purposes including working capital and business development.

The private placement is expected to close Thursday.

Write to Denny Jacob at denny.jacob@wsj.com

(END) Dow Jones Newswires

November 21, 2024 10:21 ET (15:21 GMT)

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