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AGFY

AGFY US Stock
$7.87
Open: $9.18 High: $9.271 Low: $7.58 Close: $7.78
Range: 2021-05-06 - 2021-05-07
Volume: 786,854
Market: Closed
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AGFY
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AGFY News
Latest news about the AGFY
  • Agrify to Host First Quarter 2021 Results Conference Call

    BURLINGTON, Mass., May 05, 2021 (GLOBE NEWSWIRE) -- Agrify Corporation (NasdaqCM:AGFY) (“Agrify” or the “Company”), a developer of highly advanced and proprietary precision hardware and software cultivation solutions for the indoor agriculture marketplace, today announced it will host a conference call to review its financial results for the first quarter ended March 31, 2021 on May 18, 2021 at 8:30 a.m. Eastern Time (ET). The call will be hosted by Raymond Chang, Chief Executive Officer and Niv Krikov, Chief Financial Officer. All interested parties are invited to attend. The Company will report its financial results for the first quarter in advance of the call. DATE:Tuesday, May 18, 2021TIME:8:30 a.m. ETDIAL-IN NUMBER:(833) 919-0714CONFERENCE ID:3871522REPLAY:(855) 859-2056 or (404) 537-3406Available until 11:59 p.m. ET Tuesday, June 1, 2021Replay Code: 3871522 About Agrify (NasdaqCM:AGFY) We are a developer of premium grow solutions for the indoor agriculture marketplace. We use data, science, and technology to empower our customers to be more efficient, more productive, and more intelligent about how they run their businesses. Our highly advanced and proprietary hardware and software solutions have been designed to help our customers achieve the highest quality, consistency, and yield, all at the lowest possible cost. For more information, please visit our website at www.agrify.com. Company Contacts: AgrifyNiv KrikovChief Financial Officerniv.krikov@agrify.com(617) 896-5240 Investor RelationsRob Kellyir@mattio.com(416) 992-4539 Media ContactRenee Cotsisrenee@mattio.com

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  • Agrify Corporation Common Stock (AGFY) Q4 2020 Earnings Call Transcript

    With us on today's call are Raymond Chang, chief executive officer; and Niv Krikov, chief financial officer. Today, management will review the highlights and financial results for the fourth quarter and year-end, as well as recent developments, and provide a business and operational update. Before we begin, we would like to remind everyone that prepared remarks contain forward-looking statements and management may make additional forward-looking statements in response to your questions.

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  • Agrify Announces Receipt of $3.5M Purchase Contract, Expanding Customer Relationship with WhiteCloud Botanicals

    WhiteCloud tripling their current flower production canopy to address increased product demand in growing Nevada marketBURLINGTON, Mass., April 05, 2021 (GLOBE NEWSWIRE) -- Agrify Corporation (NasdaqCM:AGFY) (“Agrify” or the “Company”), a developer of highly advanced and proprietary precision hardware and software cultivation solutions for the indoor agriculture marketplace, today announced it has received a $3.5 million purchase order from LNP, LLC, an existing customer doing business as WhiteCloud Botanicals, to include new phases of facility design and build-out as well as 132 more of Agrify’s Vertical Farming Units (“VFUs”). Additionally, the agreement will include three years of recurring SaaS revenue for use of the Agrify Insights™ software platform. The initial build-out process is expected to commence in April 2021, with a target for completion in Q4 2021. WhiteCloud Botanicals, which is located in Nevada, currently utilizes 64 VFUs enabling 4,096 square feet of flower production canopy, as well as 500 square feet of clone capacity. The additional 132 VFUs will increase their total VFU footprint to 196 and triple their current flower production canopy to 12,544 square feet. WhiteCloud products will be sold under their own proprietary brand, WhiteCloud Botanicals, and Western Cultured, a respected brand known for delivering the finest consciously-crafted cannabis products. Their products are available at select dispensaries including M Jardin and soon, Planet 13. “We are very happy to extend our relationship with WhiteCloud and to be a part of building out their cutting-edge cultivation center,” said Raymond Chang, Chief Executive Officer of Agrify. “Since the initial installation of our software and hardware solution, they have been able to produce some of the highest quality and most consistent flower in Nevada. With the addition of 132 of our upgraded VFUs, we believe they will continue to excel and elevate the quality of their flower, providing their customers with superior products.” “Agrify’s expertise is not only in providing the conditions to cultivate superior flower through their closely controlled VFUs and Agrify Insights™ software platform, but also the unparalleled ability to maximize canopy space for indoor grows,” said Nick Lynch, Owner and Founding Partner of WhiteCloud. “Since implementing the Agrify indoor grow solution, our products have been in high demand, and their double-stacked VFUs enable us to significantly increase cultivation capacity compared to traditional single-tier grow rooms. Accordingly, we have been able to increase our flower production output without expanding our overall facility footprint. Agrify is a partner that we have had the good fortune of working hand-in-hand with to improve cultivation. They have also served as a valuable sounding board for us on our branding, marketing, and distribution strategies, and we look forward to continuing our successful relationship.” About Agrify (NasdaqCM:AGFY) We are a developer of premium grow solutions for the indoor agriculture marketplace. We use data, science, and technology to empower our customers to be more efficient, more productive, and more intelligent about how they run their businesses. Our highly advanced and proprietary hardware and software solutions have been designed to help our customers achieve the highest quality, consistency, and yield, all at the lowest possible cost. For more information, please visit our website at www.agrify.com. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, concerning Agrify and other matters. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding our customer relationships, purchase orders, project timelines, and ability to deliver solutions and services. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expects," "plans," "anticipates," "could," "intends," "targets," "projects," "contemplates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of these terms or other similar expressions. The forward-looking statements in this press release are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events as well as the terms and conditions that were mutually agreed upon in the underlying sales order between Agrify and LNP, LLC (d/b/a WhiteCloud Botanicals). Forward-looking statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. You should carefully consider the risks and uncertainties that affect our business, including those described in our filings with the Securities and Exchange Commission (“SEC”), including under the caption “Risk Factors” in our Annual Report on Form 10-K to be filed for the year ended December 31, 2020 with the SEC, which can be obtained on the SEC website at www.sec.gov. These forward-looking statements speak only as of the date of this communication. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements, whether as a result of any new information, future events or otherwise. You are advised, however, to consult any further disclosures we make on related subjects in our public announcements and filings with the SEC. Company Contacts: AgrifyNiv KrikovChief Financial Officerniv.krikov@agrify.com(617) 896-5240 Investor Relations Rob Kellyir@mattio.com(416) 992-4539 Media ContactRenee Cotsisrenee@mattio.com

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  • Agrify Announces Record FY 2020 Annual Results

    Full Year 2020 revenue nearly tripled year-over-year to $12.1 millionBURLINGTON, Mass., April 01, 2021 (GLOBE NEWSWIRE) -- Agrify Corporation (NasdaqCM:AGFY) (“Agrify” or the “Company”), a developer of highly advanced and proprietary precision hardware and software grow solutions for the indoor agriculture marketplace, today reported financial results for its fourth quarter and year ended December 31, 2020. 2020 Highlights Total revenue increased 195.7% to $12.1 millionBegan realizing higher-margin SaaS revenue as customers commenced operations utilizing the Agrify Insights™ software solutionCompleted the development of and started taking pre-orders for the newest generation of Agrify's Vertical Farming Units (“VFUs”), which offer improved lighting efficiency, greater light output, and a wider range of environmental control and reproduction, furthering the Company's mission to deliver consistency to the industryAcquired TriGrow Systems, Inc., which was the exclusive distributor of Agrify’s indoor grow solutions, giving Agrify full control of sales, product marketing, and customer relationshipsAcquired Harbor Mountain Holdings, LLC (“HMH”), an agile manufacturer and installer of many of Agrify’s products, giving Agrify direct access to HMH’s research and development, testing, and flexible manufacturing plant located just outside Atlanta, GA, along with key engineering talent and equipment Management Commentary “We are pleased with the growth we achieved in 2020,” said Raymond Chang, Chief Executive Officer of Agrify. “On many fronts, last year was a pivotal turning point for Agrify. We successfully executed several strategic initiatives such as accelerating market adoption, focusing on customer success, and building our team, and all of these efforts provide us with the opportunity to deliver sustained revenue growth and profitability. Additionally, we advanced our technology and software platforms and expanded our customer offerings, which enabled us to significantly increase our order backlog and sales pipeline.” “As we look towards 2021, we note that we have already made progress on a number of key initiatives, including launching our Agrify TTK Solution, the industry’s first total turn-key solution. Through this program, we aim to help our customers by providing them with access to capital, leading-edge technology, and the industry expertise they need to consistently cultivate high-quality products. This should enable our customers to get to market faster, with consistent, high-quality products that are grown in a controlled and replicable environment, all at a lower cost of production. We passionately believe this new partnership opportunity will be highly desirable to customers in this rapidly evolving industry, which is experiencing a favorable shift in the regulatory landscape. We are seeing many positive signs of potential cannabis reform in new markets, and as demand continues to grow, we believe there will be an increasing number of potential customers looking to partner with us due to our premium solutions. The Agrify TKK Solution especially enables us to partner with customers early and help establish their cultivation systems to position them as well as ourselves for long-term growth, together.” Mr. Chang concluded, “I would like to thank each member of the Agrify team for their hard work and dedication. All of their efforts have set Agrify up for a great year in 2021. With the right team and technology, combined with a strong balance sheet and significant customer pipeline, we are well-positioned in our drive to capture additional market share and to enhance long-term shareholder value.” Key 2021 Developments, To Date Completed initial public offering and listing on the NASDAQ under the symbol AGFYRaised approximately $147 million in total net proceeds from our initial public offering and a subsequent secondary offering, including two over-allotmentsIntegrated Metrc with Agrify Insights™ software platform, adding regulatory tracking and compliance functionality in several statesEstablished a partnership with Confident Cannabis, the only cannabis B2B wholesale platform powered by verified lab data, to integrate Confident Cannabis’ lab data with the Agrify Insights™ software platform, enabling cultivators to enhance certain processes to optimize the chemical composition of plantsExpanded relationship with Hannah Industries by entering into a binding letter of intent for an additional $3 million contract encompassing facility build-out and installation of 179 VFUsAppointed industry veteran, Stuart Wilcox, former Curaleaf Chief Operating Officer, to the Agrify Board of DirectorsEntered into a binding letter of intent to establish a partnership with Atlantis Hydroponics to build-out a research and development facility focused on the hemp marketIntroduced an enhanced comprehensive customer offering with the launch of the Agrify Total Turn-Key Solution (“Agrify TTK Solution”) and currently engaged in advanced discussions on multiple potential customer opportunities Financial Summary Twelve Months EndedThree Months Ended(in $USD 000’s)Dec. 31 2020Dec. 31 2019Dec. 31 2020Dec. 31 2019Total Revenue$12,087 $4,088 $4,353 $1,663 Gross Profit (loss)570 (245)(290)46 Gross Margin4.7%(6.0%)(6.7%)2.8%Total Operating Expenses13,186 2,846 3,854 1,939 Selling, general and administrative expenses9,832 2,737 2,892 1,861 Research & Development3,354 109 962 78 Net loss attributable to Agrify Corporation*(21,617)(3,042)(13,055)(1,841) Adjusted EBIDTA Twelve Months EndedThree Months Ended(in $USD 000’s)Dec. 31 2020Dec. 31 2019Dec. 31 2020Dec. 31 2019Pro Forma Adjusted Net Income (Loss) Net loss from continuing operations(21,617)(3,042)(13,055)(1,841)Interest expense (income), net481 (49)342 (51)Depreciation and amortization407 10 146 10 Loss on debt extinguishment (1)5,618 --- 5,618 --- Change in fair value of derivative liabilities (2)2,924 --- 2,924 --- Stock-based compensation (3)1,921 109 1,118 109 Loss from write-off of and sale of fixed assets (4)930 --- 85 --- Transaction costs (5)936 --- --- --- Adjusted EBIDTA (8,400)(2,972)(2,822)(1,773) Reflects the elimination of loss on debt extinguishment for 2020.Reflects the elimination of loss from change in fair value of derivatives.Reflects the elimination of the stock-based compensation for the periods presented.Reflects the elimination of loss from development of hardware solution and loss from sale of fixed assets.Reflects costs related to our effort to become publicly listed and merger and acquisition. *Net loss attributable to Agrify Corporation was impacted by non-cash expenses related to convertible promissory notes. During the fourth quarter of 2020, the Company modified the conversion terms of the then outstanding notes which resulted in a change in fair value of the new conversion features as compared to the conversion features immediately prior to the modification that exceeded 10% of the carrying amount of the debt, and as a result, the note modifications were accounted for as extinguishments. Accordingly, we recognized an aggregate loss on extinguishment of $5,618,000 for the difference between the net carrying amount of the extinguished debt of $10,038,000 (inclusive of $11,800,000 of principal, $4,170,000 of debt discount and $2,408,000 of derivative liabilities) and the reacquisition price of the debt in the same aggregate principal amount of $11,800,000, plus the fair value of the new notes’ conversion features of an aggregate of $3,856,000. All of the outstanding notes converted into an aggregate of 1,697,075 shares of our common stock on February 1, 2021, the closing date of our IPO. Non-GAAP Financial Measures We report our financial results in accordance with generally accepted accounting principles in the United States (“GAAP”). However, management believes that certain non-GAAP financial measures provide investors with additional useful information in evaluating our performance and that excluding certain items that may vary substantially in frequency and magnitude period-to-period from net income (loss) provides useful supplemental measures that assist in evaluating our ability to generate earnings and to more readily compare these metrics between past and future periods. These non-GAAP financial measures may be different than similarly titled measures used by other companies. To supplement our audited consolidated financial statements which are prepared in accordance with GAAP, we use “Adjusted EBITDA”, which is a non-GAAP financial measure. Our non-GAAP financial measures should not be considered in isolation from, or as substitutes for, financial information prepared in accordance with GAAP. There are several limitations related to the use of our non-GAAP financial measures as compared to the closest comparable GAAP measures. Some of these limitations include: We define Adjusted EBITDA as net income (loss) excluding interest expense, income taxes, depreciation and amortization, share-based compensation and other unusual and/or infrequent costs (i.e., change in fair value of derivatives liabilities, loss on debt extinguishment, one-time loss from write off and sale of fixed assets, costs associated with efforts to become public, acquisition related fees), which we do not consider in our evaluation of ongoing operating performance. Conference Call Management will host a conference call to review its financial results for the fourth quarter and year ended December 31, 2020 on April 1, 2021 at 8:30 a.m. Eastern Time (ET). The call will be hosted by Raymond Chang, Chief Executive Officer and Niv Krikov, Chief Financial Officer. All interested parties are invited to attend. DATE:Thursday, April 1, 2021TIME:8:30 a.m. ETDIAL-IN NUMBER:(833) 919-0714CONFERENCE ID:1570689REPLAY:(855) 859-2056 or (404) 537-3406Available until 11:59 p.m. ET on Wednesday, April 14, 2021Replay Code: 1570689 About Agrify (NasdaqCM:AGFY) We are a developer of premium grow solutions for the indoor agriculture marketplace. We use data, science, and technology to empower our customers to be more efficient, more productive, and more intelligent about how they run their businesses. Our highly advanced and proprietary hardware and software solutions have been designed to help our customers achieve the highest quality, consistency, and yield, all at the lowest possible cost. For more information, please visit our website at www.agrify.com. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 concerning Agrify and other matters. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding our revenue growth, profitability, the Agrify TTK Solution, our order backlog and sales pipeline, future prospects and financial performance. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expects," "plans," "anticipates," "could," "intends," "targets," "projects," "contemplates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of these terms or other similar expressions. The forward-looking statements in this press release are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. You should carefully consider the risks and uncertainties that affect our business, including those described in our filings with the Securities and Exchange Commission (“SEC”), including under the caption “Risk Factors” in our Annual Report on Form 10-K to be filed for the year ended December 31, 2020 with the SEC, which can be obtained on the SEC website at www.sec.gov. These forward-looking statements speak only as of the date of this communication. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements, whether as a result of any new information, future events or otherwise. You are advised, however, to consult any further disclosures we make on related subjects in our public announcements and filings with the SEC. Company Contacts: AgrifyNiv KrikovChief Financial Officerniv.krikov@agrify.com(617) 896-5240 Rob KellyInvestor Relationsir@mattio.com(416) 992-4539

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  • Agrify Corp to Host Earnings Call

    NEW YORK, NY / ACCESSWIRE / April 1, 2021 / Agrify Corp (NASDAQ:AGFY) will be discussing their earnings results in their 2020 Fourth Quarter Earnings call to be held on April 1, 2021 at 8:30 AM Eastern Time.To listen to the event live or access a replay of the call - visit https://www.

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  • Agrify to Host Fourth Quarter and Year-End 2020 Results Conference Call

    BURLINGTON, Mass., March 25, 2021 (GLOBE NEWSWIRE) -- Agrify Corporation (NasdaqCM:AGFY) (“Agrify” or the “Company”), a developer of highly advanced and proprietary precision hardware and software grow solutions for the indoor agriculture marketplace, today announced it will host a conference call to review its financial results for the fourth quarter and year-ended December 31, 2020 on April 1, 2021 at 8:30 a.m. Eastern Time (ET). The call will be hosted by Raymond Chang, Chief Executive Officer and Niv Krikov, Chief Financial Officer. All interested parties are invited to attend. The Company will report its financial results for the fourth quarter and year-end in advance of the call. DATE:Thursday, April 1, 2021TIME:8:30 a.m. ETDIAL-IN NUMBER:(833) 919-0714CONFERENCE ID:1570689REPLAY:(855) 859-2056 or (404) 537-3406Available until 11:59 PM Eastern Time Wednesday, April 14th, 2021Replay Code: 1570689 About Agrify (NasdaqCM:AGFY) We are a developer of premium grow solutions for the indoor agriculture marketplace. We use data, science, and technology to empower our customers to be more efficient, more productive, and more intelligent about how they run their businesses. Our highly advanced and proprietary hardware and software solutions have been designed to help our customers achieve the highest quality, consistency, and yield, all at the lowest possible cost. For more information, please visit our website at www.agrify.com. Forward-Looking Statements This press release contains forward-looking statements that are made pursuant to the safe harbor provisions within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are based on management’s current expectations and are subject to risks and uncertainties that may cause actual results or events to differ materially from those projected. These risks and uncertainties, many of which are beyond our control, include: risks relating to our growth strategy; our ability to obtain, perform under and maintain financing and strategic agreements and relationships; risks relating to the results of development activities; our ability to attract, integrate and retain key personnel; our need for additional funds; intellectual property matters; competition; as well as other risks described in the section entitled “Risk Factors” in the prospectus from our initial public offering, which can be obtained on the SEC website at www.sec.gov. Readers are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date on which they are made and reflect management’s current estimates, projections, expectations, and beliefs. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions, or circumstances on which any such statement is based, except as required by law. Company Contacts: AgrifyNiv KrikovChief Financial Officerniv.krikov@agrify.com(617) 896-5240 Rob KellyInvestor Relationsrob@mattio.com(416) 992-4539

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  • Agrify Enters into Binding Letter of Intent for Build-Out of Research and Development Facility in Partnership with Atlantis Hydroponics

    Facility Expected to Advance the Agrify Solution for the Fast-Growing Hemp Market and Drive Further Innovation and Evolution of Indoor Agriculture Grow SolutionsBURLINGTON, Mass., March 16, 2021 (GLOBE NEWSWIRE) -- Agrify Corporation (NasdaqCM:AGFY) (“Agrify” or the “Company”), a developer of highly advanced and proprietary precision hardware and software grow solutions for the indoor agriculture marketplace, today announced it has entered into a binding letter of intent, which sets forth the principal terms of a partnership currently being negotiated with Atlantis Hydroponics (“Atlantis”) to build out a 2,500 square foot research and development facility (the “R&D facility”). The new R&D facility will be at the Atlantis location in Georgia, where Atlantis has a license to grow hemp in the state. “At Agrify, we passionately believe indoor, large-scale cultivation is the future of agriculture, and by investing in R&D partnerships, we can continue to foster the necessary data and technology needed to advance the industry,” said David Kessler, Chief Science Officer of Agrify. “We are excited to be potentially working with Atlantis to improve sustainable growing practices while addressing the market need for consistent high-quality products. Our solution works for a wide variety of crops, and we expect that this new facility will help further develop the technology for our offering in the hemp space.” “This collaboration with Agrify is intended to advance our mission to bring self-sustaining gardening practices to the forefront of agriculture and help them become an integral part of our communities,” said Jeremy Doan, Certified Master Grower of Atlantis Hydroponics. “We are dedicated to the manufacturing of great products using a data-first approach, and this facility should enable us to determine how we can grow high-quality consistent hemp in a future forward and sustainable manner.” The R&D facility is expected to focus on increasing concentrations of certain phytochemicals and metabolites (e.g., CBG, CBD, terpenes, and flavonoids) via the manipulation and control over abiotic elements in the growing environment, such as temperature and light spectrum. Agrify and Atlantis believe this research will lead to further stabilization and control over the chemotypic expression, and ultimately to safer and more consistent phyto-derived medicines and products. Testing capabilities at the R&D facility will also include mechanical component testing and improvements, new product development evaluation, remote customer "simulation" studies, and LED light mapping and evaluation. The completed R&D facility will be comprised of Agrify’s Vertical Farming Units (“VFUs”), Integrated Grow Racks (“IGRs”), and Agrify Insights software platform, and operations are expected to commence in April of 2021, subject to entry into a definitive agreement. About Atlantis: Atlantis Hydroponics® opened its first store in 1998, with the drive to help make hydroponics the future of horticulture. We pride ourselves in providing knowledge and the best available products to our customers. Carefully chosen and tested equipment and nutrients ensure our customers have maximum results with their plants. We deal in practical, environmentally conscious methods, mastering how to garden effectively. Teaching earth-friendly practices also translates directly to the community. Atlantis has participated in a number of science days, youth-oriented programs, grade school education, university hydroponic systems, and even art exhibits. https://atlantishydroponics.com/pages/about-us About Agrify (NasdaqCM:AGFY) We are a developer of premium grow solutions for the indoor agriculture marketplace. We use data, science, and technology to empower our customers to be more efficient, more productive, and more intelligent about how they run their businesses. Our highly advanced and proprietary hardware and software solutions have been designed to help our customers achieve the highest quality, consistency, and yield, all at the lowest possible cost. For more information, please visit our website at www.agrify.com. Forward-Looking Statements This press release contains forward-looking statements that are made pursuant to the safe harbor provisions within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are based on management’s current expectations and are subject to risks and uncertainties that may cause actual results or events to differ materially from those projected. These risks and uncertainties, many of which are beyond our control, include: the definitive agreement with Atlantis may not be entered into; risks relating to our growth strategy; our ability to obtain, perform under and maintain financing and strategic agreements and relationships; risks relating to the results of development activities; our ability to attract, integrate and retain key personnel; our need for additional funds; intellectual property matters; competition; as well as other risks described in the section entitled “Risk Factors” in the prospectus from our initial public offering, which can be obtained on the SEC website at www.sec.gov. Readers are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date on which they are made and reflect management’s current estimates, projections, expectations, and beliefs. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions, or circumstances on which any such statement is based, except as required by law. Company Contacts: AgrifyNiv KrikovChief Financial Officerniv.krikov@agrify.com(617) 896-5240 Rob KellyInvestor Relationsrob@mattio.com(416) 992-4539 Atlantis HydroponicsAndrew StreibCustomer Relationsandrews@atlantishydroponics.com(404) 367-0052

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  • Agrify Launches Total Turn-Key Customer Solution with Targeted IRR of 40-50%

    Company has identified up to $50 million in initial TTK partnershipsComprehensive offering created to position customers for long-term success BURLINGTON, Mass., March 15, 2021 (GLOBE NEWSWIRE) -- Agrify Corporation (NasdaqCM:AGFY) (“Agrify” or the “Company”), a developer of highly advanced and proprietary precision hardware and software grow solutions for the indoor agriculture marketplace, today announced it has launched its new comprehensive customer offering, the Agrify Total Turn-Key Solution (“Agrify TTK Solution”). This first-of-its-kind program is designed to offer qualified strategic partners the capital, hands-on support, resources, and know-how needed to quickly establish cutting-edge cultivation facilities that leverage the power of Agrify’s fully integrated grow solution, including its Vertical Farming Units (“VFUs”) and proprietary SaaS solution, Agrify Insights. Agrify currently has up to $50 million in new TTK opportunities identified. The Agrify TTK Solution addresses many obstacles that have historically hindered the progress of new cultivation ventures. Through this program, the Company intends to enter into long-term 10-year partnerships with customers and provide them with prompt access to funding, facility design and construction services, cultivation equipment and software, standard operating procedures, extensive training through Agrify University, data and insights, and ongoing maintenance, support, and equipment upgrades throughout the life of the relationship. The Agrify TTK Solution is intended to be the industry’s first true end-to-end solution. In turn, the Agrify TTK Solution should enable the Company to secure more opportunities earlier in the customer journey, increase adoption of its core technologies, accelerate recognition of yield-based and recurring SaaS revenues, and achieve overall higher return on investment. Agrify is targeting an Internal Rate of Return (“IRR”) of 40-50% for this program through the Company’s comprehensive 10-year production-based revenue streams as well as repayment of construction loans and fixed monthly lease payments from customers. Agrify will initially be focused on working with customers based in states that feature favorable wholesale pricing as well as attractive regulatory conditions. “As the industry’s first total turn-key solution, we believe we can now provide customers with a truly comprehensive end-to-end offering that should allow them to get to market faster and consistently grow the high-quality products that their customers expect, in a controlled and replicable environment, all at a significantly lower cost of production,” said Raymond Chang, Chief Executive Officer of Agrify. “We feel as if the Agrify TTK Solution provides the access to capital and high-touch support that today’s growers are looking for, and we anticipate that this launch will be met with significant interest and excitement from prospective customers. Overall, we are confident that this diverse offering of hardware, software, capital, and complementary services will enable us to increase our total addressable market, gain additional market share, and enhance long-term shareholder value.”About Agrify (NasdaqCM:AGFY) We are a developer of premium grow solutions for the indoor agriculture marketplace. We use data, science, and technology to empower our customers to be more efficient, more productive, and more intelligent about how they run their businesses. Our highly advanced and proprietary hardware and software solutions have been designed to help our customers achieve the highest quality, consistency, and yield, all at the lowest possible cost. For more information, please visit our website at www.agrify.com. Forward-Looking Statements This press release contains forward-looking statements that are made pursuant to the safe harbor provisions within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are based on management’s current expectations and are subject to risks and uncertainties that may cause actual results or events to differ materially from those projected. These risks and uncertainties, many of which are beyond our control, include: risks relating to our ability to execute our new customer offering, the Agrify TTK Solution, our growth strategy; our ability to obtain, perform under and maintain financing and strategic agreements and relationships; risks relating to the results of development activities; our ability to attract, integrate and retain key personnel; our need for additional funds; intellectual property matters; competition; as well as other risks described in the section entitled “Risk Factors” in the prospectus from our initial public offering, which can be obtained on the SEC website at www.sec.gov. Readers are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date on which they are made and reflect management’s current estimates, projections, expectations, and beliefs. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions, or circumstances on which any such statement is based, except as required by law. Company Contacts: AgrifyNiv KrikovChief Financial Officerniv.krikov@agrify.com(617) 896-5240 Rob KellyInvestor Relationsir@agrify.com(416) 992-4539

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  • Agrify Announces March 2021 Conference Participation

    BURLINGTON, Mass., March 12, 2021 (GLOBE NEWSWIRE) -- Agrify Corporation (NasdaqCM:AGFY) (“Agrify” or the “Company”), a developer of highly advanced and proprietary precision hardware and software grow solutions for the indoor agriculture marketplace, today announced that Raymond Chang, Chief Executive Officer of Agrify, will participate at two upcoming conferences: Roth Capital Partners 33rd Annual Conference will take place on March 15-17. Mr. Chang will participate on the Cannabis – Technology Platforms panel, which will discuss leading technologies in the cannabis industry on March 15 at 4PM ET. To access the panel, please click here. M Vest LLC and Maxim Group LLC Inaugural Emerging Growth Virtual Conference will take place on March 17-19. Mr. Chang will participate in a fireside chat discussing the cannabis industry and opportunities in the broader indoor agriculture marketplace with Anthony Vendetti, Executive Managing Director, Equity Research at Maxim Group, on March 18 at 1PM ET. For more information and details on how to access the conference, please click here. About Agrify (NasdaqCM:AGFY) We are a developer of premium grow solutions for the indoor agriculture marketplace. We use data, science, and technology to empower our customers to be more efficient, more productive, and more intelligent about how they run their businesses. Our highly advanced and proprietary hardware and software solutions have been designed to help our customers achieve the highest quality, consistency, and yield, all at the lowest possible cost. For more information, please visit our website at www.agrify.com. Forward-Looking Statements This press release contains forward-looking statements that are made pursuant to the safe harbor provisions within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are based on management’s current expectations and are subject to risks and uncertainties that may cause actual results or events to differ materially from those projected. These risks and uncertainties, many of which are beyond our control, include: risks relating to our growth strategy; our ability to obtain, perform under and maintain financing and strategic agreements and relationships; risks relating to the results of development activities; our ability to attract, integrate and retain key personnel; our need for additional funds; intellectual property matters; competition; as well as other risks described in the section entitled “Risk Factors” in the prospectus from our initial public offering, which can be obtained on the SEC website at www.sec.gov. Readers are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date on which they are made and reflect management’s current estimates, projections, expectations, and beliefs. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions, or circumstances on which any such statement is based, except as required by law. Company Contacts: AgrifyNiv KrikovChief Financial Officerniv.krikov@agrify.com(617) 896-5240 Rob KellyInvestor Relationsir@agrify.com(416) 992-4539

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  • Raymond James Selects Katipult to Support the Digital Advancement of its Private Placements Capabilities

    CALGARY, AB, March 8, 2021 /CNW/ - Katipult Technology Corp. (TSXV: FUND) ("Katipult" or the "Corporation"), a provider of industry leading and award-winning software infrastructure for powering the exchange of capital in equity and debt markets, is pleased to announce the addition of Raymond James & Associates, Inc.

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  • Agrify Announces the Formation of Strategic Advisory Board

    Rosie Mattio, Founder and Chief Executive Officer of MATTIO Communications, and Matthew Kressy, Founding Director of the MIT Integrated Design & Management program, appointed as advisorsBURLINGTON, Mass., Feb. 24, 2021 (GLOBE NEWSWIRE) -- Agrify Corporation (NasdaqCM:AGFY) (“Agrify” or the “Company”), a developer of highly advanced and proprietary precision hardware and software grow solutions for the indoor agriculture marketplace, today announced the formation of its new Advisory Board. Rosie Mattio, Founder and Chief Executive Officer of MATTIO Communications, and Matthew Kressy, Founding Director of the MIT Integrated Design & Management (IDM) program, have both been appointed to serve as trusted advisors to the Company. The Advisory Board has been established to bring together a talented and accomplished group of outside leaders to provide strategic guidance and industry expertise on various aspects of Agrify’s business, including market opportunities, public relations, and hardware and software design and solutions. “We're thrilled to add such knowledgeable talent to our new Advisory Board,” said Raymond Chang, Chief Executive Officer of Agrify. “Rosie and Matthew are both well regarded and experienced leaders with areas of expertise that complement our business goals. They offer unique perspectives and vast industry networks, and they can also advise on ways to help Agrify accelerate growth and capitalize on new market opportunities.” “I’m honored to join the Advisory Board of Agrify and work alongside Raymond and the innovative team at Agrify,” said Rosie Mattio, Founder and Chief Executive Officer of MATTIO Communications. “Agrify applies careful science to their solutions in order to get the most value out of their customers' plants. That competitive advantage will be necessary for brands to compete in an increasingly crowded marketplace.” Matthew Kressy, who previously served as an Independent Director on Agrify’s Board of Directors, added, “I look forward to continuing my involvement with Agrify as a member of their Advisory Board. I’m excited to work with a company that is addressing and solving problems for growers in this emerging space.” Ms. Mattio is Founder and Chief Executive Officer of one of the first and largest cannabis marketing agencies. In 2014, just as the first states in the U.S. were legalizing cannabis, Ms. Mattio took on her first cannabis clients. Today, her firm represents nearly 60 cannabis companies, including some of the best-known brands in the space such as Curaleaf, TerrAscend, LeafLink, and Canndescent. Ms. Mattio hosts her own podcast, Pot to Popular, and is a sought-after expert on cannabis marketing. Mr. Kressy is an expert in product design and development and has served as Senior Lecturer and Founding Director of the MIT IDM program. As an entrepreneur and Founder of Designturn, he has designed, invented, engineered, and manufactured products for a wide range of clients, from startups to Fortune 500 companies. Mr. Kressy has also co-taught collaborative courses in product design and development at top design and business schools, including the MIT Sloan School of Management, the Rhode Island School of Design, and Harvard Business School. About Agrify (NasdaqCM:AGFY) We are a developer of premium grow solutions for the indoor agriculture marketplace. We use data, science, and technology to empower our customers to be more efficient, more productive, and more intelligent about how they run their businesses. Our highly advanced and proprietary hardware and software solutions have been designed to help our customers achieve the highest quality, consistency, and yield, all at the lowest possible cost. For more information, please visit our website at www.agrify.com. Forward-Looking Statements This press release contains forward-looking statements that are made pursuant to the safe harbor provisions within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are based on management’s current expectations and are subject to risks and uncertainties that may cause actual results or events to differ materially from those projected. These risks and uncertainties, many of which are beyond our control, include: the definitive agreement with Hannah may not be entered into; risks relating to our growth strategy; our ability to obtain, perform under and maintain financing and strategic agreements and relationships; risks relating to the results of development activities; our ability to attract, integrate and retain key personnel; our need for additional funds; intellectual property matters; competition; as well as other risks described in the section entitled “Risk Factors” in the prospectus from our initial public offering, which can be obtained on the SEC website at www.sec.gov. Readers are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date on which they are made and reflect management’s current estimates, projections, expectations, and beliefs. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions, or circumstances on which any such statement is based, except as required by law. Company Contacts: AgrifyNiv KrikovChief Financial Officerniv.krikov@agrify.com(617) 896-5240 Rob KellyInvestor Relationsrob@mattio.com(416) 992-4539

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  • Agrify Corporation Appoints Stuart Wilcox to its Board of Directors

    Former Curaleaf Chief Operating Officer brings significant industry knowledge and expertise to Agrify BURLINGTON, Mass., Feb. 22, 2021 (GLOBE NEWSWIRE) -- Agrify Corporation (NasdaqCM:AGFY) (“Agrify” or the “Company”) today announced the appointment of Stuart Wilcox, former Chief Operating Officer of Curaleaf, to its Board of Directors. Mr. Wilcox has replaced Matthew Kressy as an Independent Director on the Board. Mr. Kressy recently stepped down as a Director, but he will continue to engage with the Company by actively serving on Agrify’s Advisory Board. Mr. Wilcox is a highly accomplished executive with over 30 years of domestic and international experience, including multiple leadership roles in the cannabis industry. During his career, he has served on numerous cannabis and biotech boards and teams. Mr. Wilcox is currently Chairman of the Board of Ora Pharm, an international cannabis company based in New Zealand. He is also a member of the Advisory Board for Revelation Micro and Managing Partner of NuRevelation, a biotech company based in North Carolina. Previously, Mr. Wilcox spent three years as the Chief Operating Officer of Curaleaf, during which time the company grew into one of the industry’s largest cannabis companies. Mr. Wilcox has been a strong advocate for cannabis, influencing legislation to require product safety certifications for cannabis operators, standardized product testing, and standard operating procedures. “I am thrilled to welcome Stuart to Agrify’s Board of Directors,” said Raymond Chang, Chief Executive Officer and Chairman of the Board of Agrify. “Stuart brings a wealth of knowledge and experience in the cannabis industry from his previous roles that we believe will be invaluable to Agrify as we continue to scale up our organization to take on the significant growth opportunities ahead of us.” “My experience in the industry has given me substantial insight into the market, and I believe Agrify has one of the most exciting new cultivation solutions available,” said Stuart Wilcox. “I am extremely impressed with the quality of the Vertical Farming Units as well as the seamless integration with the Agrify Insights platform. I strongly believe the turnkey solution Agrify provides customers will enable them to grow with new confidence and insights and drive their ability to produce high-quality flower consistently.” Mr. Chang added, “On behalf of the whole Board, I would also like to thank Matthew for his service as a Director, and we look forward to working with him in his new role as an advisor to our team on product development and design.” Mr. Wilcox’s previous work in the agriculture sector has included amassing the largest hydroponic grow operation for mung beans in the United States and developing hydroponic cultivation facilities for leafy greens. He received an undergraduate degree in Engineering from the University of Toledo and a graduate degree from Central Michigan University. About Agrify (NasdaqCM:AGFY)We are a developer of premium grow solutions for the indoor agriculture marketplace. We use data, science, and technology to empower our customers to be more efficient, more productive, and more intelligent about how they run their businesses. Our highly advanced and proprietary hardware and software solutions have been designed to help our customers achieve the highest quality, consistency, and yield, all at the lowest possible cost. For more information, please visit our website at www.agrify.com. Forward-Looking StatementsThis press release contains forward-looking statements that are made pursuant to the safe harbor provisions within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are based on management’s current expectations and are subject to risks and uncertainties that may cause actual results or events to differ materially from those projected. These risks and uncertainties, many of which are beyond our control, include: risks relating to our growth strategy; our ability to obtain, perform under and maintain financing and strategic agreements and relationships; risks relating to the results of development activities; our ability to attract, integrate and retain key personnel; our need for additional funds; intellectual property matters; competition; as well as other risks described in the section entitled “Risk Factors” in the prospectus from our initial public offering, which can be obtained on the SEC website at www.sec.gov. Readers are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date on which they are made and reflect management’s current estimates, projections, expectations, and beliefs. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions, or circumstances on which any such statement is based, except as required by law. Company Contacts: AgrifyNiv Krikov Chief Financial Officer niv.krikov@agrify.com(617) 896-5240 Rob KellyInvestor Relationsrob@mattio.com(416) 992-4539

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  • Agrify Enters into Binding Letter of Intent for an Additional $3M Contract with Hannah Industries for Facility Build-Out and Installation of 179 Vertical Farming Units

    30,000 sq. ft. cultivation facility expected to supply over 150 locations across Washington StateBURLINGTON, Mass., Feb. 19, 2021 (GLOBE NEWSWIRE) -- Agrify Corporation (NasdaqCM:AGFY) (“Agrify” or the “Company”), a developer of highly advanced and proprietary precision hardware and software grow solutions for the indoor agriculture marketplace, today announced it has entered into a binding letter of intent, which sets forth the principal terms of a contract currently being negotiated with Hannah Industries (“Hannah”), a leading Tier 2 producer and distributor of cannabis in Washington State, for the design and build-out of an approximately 30,000 square foot facility. The contract will include facility build-out services in total of $3 million and annual SaaS revenue of approximately $285,000. Such payments will be financed by Agrify, are to be made monthly over a two-year period commencing upon the first successful harvest, and will reflect an APR of 25%. The agreement for this design and build-out will be in addition to the previously purchased 179 Vertical Farming Units (“VFUs”) and is part of Agrify’s turnkey solution to its customers. The work is expected to be completed by early Q4 2021, subject to entry into a definitive agreement. “We are especially proud to be selected by Hannah Industries, a leading producer and distributor in the State of Washington. Their decision to upgrade from the traditional grow methodology to Agrify’s integrated vertical farming solution is the strongest testimony of our joint belief that Agrify’s solution will help Hannah Industries to produce the highest quality cannabis flowers consistently. We’re thrilled to have been chosen again by Hannah for the facility design, construction, and installation of our proprietary and advanced grow solutions,” said Raymond Chang, Chief Executive Officer of Agrify. “Agrify VFUs and Agrify Insights software should also help Hannah realize increased levels of automation, control, transparency, and repeatability. We expect this will be a great win for our team, and we look forward to working with Hannah to successfully implement it.” “The current market is very competitive, and consumers have lots of options. One of the most important things to our business is being able to deliver a consistent, high-quality supply of cannabis to our retail partners,” said Jason Whitney, Chief Executive Officer of Hannah. “The Agrify grow system and software allow us to have an extremely high level of control over the grow, helping us meet our customers’ needs. In addition, the information Agrify Insights software provides will allow our team to make real-time decisions on supply chain management based on feedback from our customers. This evolution in the industry is one of the reasons we are extremely pleased to be implementing the Agrify solution for our cultivation facility.” About Agrify (NasdaqCM:AGFY)We are a developer of premium grow solutions for the indoor agriculture marketplace. We use data, science, and technology to empower our customers to be more efficient, more productive, and more intelligent about how they run their businesses. Our highly advanced and proprietary hardware and software solutions have been designed to help our customers achieve the highest quality, consistency, and yield, all at the lowest possible cost. For more information, please visit our website at www.agrify.com. About Hannah IndustriesHannah Industries is a leading Tier 2 producer and distributor with a 30,000 square foot I-502 cannabis facility located in the State of Washington. In operation for over three years, Hannah Industries distributes a portfolio of brands to over 150 store locations across the entire State of Washington. Forward-Looking StatementsThis press release contains forward-looking statements that are made pursuant to the safe harbor provisions within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are based on management’s current expectations and are subject to risks and uncertainties that may cause actual results or events to differ materially from those projected. These risks and uncertainties, many of which are beyond our control, include: the definitive agreement with Hannah may not be entered into; risks relating to our growth strategy; our ability to obtain, perform under and maintain financing and strategic agreements and relationships; risks relating to the results of development activities; our ability to attract, integrate and retain key personnel; our need for additional funds; intellectual property matters; competition; as well as other risks described in the section entitled “Risk Factors” in the prospectus from our initial public offering, which can be obtained on the SEC website at www.sec.gov. Readers are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date on which they are made and reflect management’s current estimates, projections, expectations, and beliefs. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions, or circumstances on which any such statement is based, except as required by law. Company Contacts: AgrifyNiv Krikov Chief Financial Officer niv.krikov@agrify.com(617) 896-5240 Rob KellyInvestor Relationsrob@mattio.com(416) 992-4539

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  • Agrify Announces Pricing of $75 Million Public Offering of Common Stock

    BURLINGTON, Mass., Feb. 16, 2021 (GLOBE NEWSWIRE) -- Agrify Corporation (NasdaqCM:AGFY) (“Agrify” or the “Company”), a developer of highly advanced and proprietary precision hardware and software grow solutions for the indoor agriculture marketplace, today announced the pricing of an underwritten public offering of 5,555,555 shares of its common stock at a price to the public of $13.50 per share for gross proceeds of approximately $75 million. Maxim Group LLC is acting as sole book-running manager in connection with the offering. Agrify also has granted the underwriters a 45-day option to purchase up to an additional 833,333 shares of common stock, at the public offering price less discounts and commissions. The offering is expected to close on or about February 19, 2021, subject to customary closing conditions. The shares of common stock described above are being offered by the Company pursuant to a Registration Statement on Form S-1 (Registration No. 333-253005) with the United States Securities and Exchange Commission ("SEC"). A prospectus relating to the offering will be filed with the SEC and will be available on the SEC's website at www.sec.gov. Electronic copies of the prospectus relating to this offering, when available, may be obtained from Maxim Group LLC, 405 Lexington Avenue, 2nd Floor, New York, NY 10174, (212) 895-3745. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, any security in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction. About Agrify (NasdaqCM:AGFY)We are a developer of premium grow solutions for the indoor agriculture marketplace. We use data, science, and technology to empower our customers to be more efficient, more productive, and more intelligent about how they run their businesses. Our highly advanced and proprietary hardware and software solutions have been designed to help our customers achieve the highest quality, consistency, and yield, all at the lowest possible cost. For more information, please visit our website at www.agrify.com. Forward-Looking StatementsThis press release contains forward-looking statements that are made pursuant to the safe harbor provisions within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are based on management’s current expectations and are subject to risks and uncertainties that may cause actual results or events to differ materially from those projected. These risks and uncertainties, many of which are beyond our control, include: risks relating to our growth strategy; our ability to obtain, perform under and maintain financing and strategic agreements and relationships; risks relating to the results of development activities; our ability to attract, integrate and retain key personnel; our need for additional funds; intellectual property matters; competition; as well as other risks described in the section entitled “Risk Factors” in the prospectus from our initial public offering, which can be obtained on the SEC website at www.sec.gov. Readers are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date on which they are made and reflect management’s current estimates, projections, expectations, and beliefs. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions, or circumstances on which any such statement is based, except as required by law. Company Contacts: AgrifyNiv Krikov Chief Financial Officer niv.krikov@agrify.com(617) 896-5240 Rob KellyInvestor Relationsrob@mattio.com(416) 992-4539

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  • Agrify Offers New Data Insights Through Partnership with Confident Cannabis

    Cutting-edge cultivation intelligence delivers added transparency and consistency to growersBURLINGTON, Mass., Feb. 11, 2021 (GLOBE NEWSWIRE) -- Agrify Corporation (NasdaqCM:AGFY) (“Agrify” or the “Company”), today announced a new partnership with Confident Cannabis, the only cannabis B2B wholesale platform powered by verified lab data, that should seamlessly integrate Confident Cannabis’ lab data with Agrify Insights™, allowing cannabis cultivators to augment and improve certain processes to optimize the chemical composition of plants while cultivating at scale. For the first time, Agrify and Confident Cannabis users can see how cultivation inputs correlate with the final chemotypic expression of their crops in a streamlined and automated way. These powerful data insights should provide operators with a deeper understanding of how indoor growing conditions like humidity, VPD (vapor pressure deficit), lighting, and temperature impact the cannabis plant’s terpene and cannabinoid profiles. The seamless and automated data integration also eliminates tedious manual entry and potential for human error. “With this data, we believe cultivators will be able to decipher how certain growing environments affect the plant’s chemical composition,” said Raymond Chang, Chief Executive Officer of Agrify. “This partnership will allow our clients to understand the cultivation process necessary to achieve their desired targets, whether it’s a better yield, higher terpene expression, or a variety of other objectives. We’re thrilled to partner with Confident Cannabis to provide even more value to our clients in terms of consistency, quality, and reliability at scale.” “The chemical ratio of a cannabis plant is a function of its genetics and its growing environment, so understanding how different climates affect its chemical profile is crucial to optimizing output,” added Steve Albarran, Co-CEO of Confident Cannabis. “Our integration with Agrify empowers cannabis growers to produce plants with the desired chemical profiles, furthering our shared mission to simplify cannabis wholesale testing and trade to help bring trust and transparency to the cannabis industry.” The rise of CBD and other minor cannabinoids for numerous health and wellness conditions, such as CBN and its sleep-inducing effects, has led product manufacturers to seek out plants higher in certain compounds than others. The ability for cultivators to use data to better understand how certain growing conditions and processes influence the final chemical expression allows them to produce plants of greater value. About Agrify (NasdaqCM:AGFY)We are a developer of premium grow solutions for the indoor agriculture marketplace. We use data, science, and technology to empower our customers to be more efficient, more productive, and more intelligent about how they run their businesses. Our highly advanced and proprietary hardware and software solutions have been designed to help our customers achieve the highest quality, consistency, and yield, all at the lowest possible cost. For more information, please visit our website at www.agrify.com. Forward-Looking StatementsThis press release contains forward-looking statements that are made pursuant to the safe harbor provisions within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are based on management’s current expectations and are subject to risks and uncertainties that may cause actual results or events to differ materially from those projected. These risks and uncertainties, many of which are beyond our control, include: risks relating to our growth strategy; our ability to obtain, perform under and maintain financing and strategic agreements and relationships; risks relating to the results of development activities; our ability to attract, integrate and retain key personnel; our need for additional funds; intellectual property matters; competition; as well as other risks described in the section entitled “Risk Factors” in the prospectus from our initial public offering, which can be obtained on the SEC website at www.sec.gov. Readers are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date on which they are made and reflect management’s current estimates, projections, expectations, and beliefs. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions, or circumstances on which any such statement is based, except as required by law. About Confident Cannabis Confident Cannabis was founded to foster a sustainable and vibrant ecosystem in which every ethical cannabis business thrives. Confident Cannabis empowers all verticals in the supply chain—and ultimately consumers—to know what is made, who makes it, and what it’s made of, nationwide, in real-time. It’s the only place where cannabis producers, processors, wholesalers and retailers showcase and discover products from verified businesses with test results directly from licensed labs. For more information, please visit: www.confidentcannabis.com Company Contacts: AgrifyNiv Krikov Chief Financial Officer niv.krikov@agrify.com617-896-5240 Rob KellyInvestor Relationsrob@mattio.com416-992-4539 Confident CannabisSalessales@confidentcannabis.com866-586-5866 Press & Mediamedia@confidentcannabis.com866-586-5866

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  • Agrify™ Streamlines Seed to Harvest Compliance with Integration of Metrc

    Agrify’s Cultivation Software Strengthened with Regulatory Tracking and Compliance SystemBURLINGTON, Mass., Feb. 04, 2021 (GLOBE NEWSWIRE) -- Agrify Corporation (NasdaqCM:AGFY) (“Agrify” or the “Company”), a developer of highly advanced and proprietary precision hardware and software grow solutions for the indoor agriculture marketplace, today announced that it has integrated Metrc with its Agrify Insights™ software platform. This integration further strengthens Agrify’s software capabilities by adding regulatory tracking and compliance functionality to Agrify Insights’ many other core features, which allow cultivators to optimize growing environments with the goal to achieve the highest quality, consistency, and yield, all at the lowest possible cost. Metrc is a regulatory compliance tracking and management solution used by 15 states and the District of Columbia to track cannabis from seed to sale. At launch, the Metrc integration is an offered feature in Agrify Insights and is approved for use in Massachusetts, Colorado, and Nevada through Agrify’s Agxion, Inc. subsidiary. In the coming months, Agrify plans to roll out Agrify Insights with the Metrc integration in every state that it is certified for use. “Our cutting-edge cultivation software provides real-time monitoring, control, and management of our clients’ operations while delivering actionable insights into production optimization,” said Raymond Chang, Chief Executive Officer of Agrify. “We follow a customer-centric approach and continuously evaluate how we can best optimize our software platform to help clients achieve high levels of efficiency in their business. Compliance management software is a vital aspect of the cannabis industry, and with this new Metrc integration, we believe clients will have a complete backend solution to help them achieve operational efficiencies.” The Agrify Insights platform seamlessly shares data with Metrc in the following ways: Information about cannabis strains is automatically synchronized between Agrify Insights and MetrcHarvest yields entered into Agrify Insights is uploaded to MetrcFacility locations defined in Agrify Insights can be uploaded to Metrc with the press of a buttonMetrc items can be defined in Agrify Insights or imported from Metrc into Agrify InsightsWhen new lifecycles are started in Agrify Insights, a new plant batch is created in MetrcWhen plants are transplanted from the Integrated Grow Racks (IGR) into a Vertical Farming Unit (VFU), the plant batch location and plant batch growth phase are both updated in MetrcPlant tags in Agrify Insights are synchronized with plants in MetrcPlants in vegetative and flower phases marked as “destroyed” in Agrify Insights are also marked as “destroyed” in MetrcHarvest weights and lab test results are automatically downloaded from Metrc into Agrify Insights where the data can be easily analyzed and plotted on 10 different types of charts To learn more about Agrify Insights and the recent Metrc integration, please contact Agrify directly at (617) 896-5243 or sales@agrify.com. About Agrify (NasdaqCM:AGFY)We are a developer of premium grow solutions for the indoor agriculture marketplace. We use data, science, and technology to empower our customers to be more efficient, more productive, and more intelligent about how they run their businesses. Our highly advanced and proprietary hardware and software solutions have been designed to help our customers achieve the highest quality, consistency, and yield, all at the lowest possible cost. For more information, please visit our website at www.agrify.com. Forward-Looking StatementsThis press release contains forward-looking statements that are made pursuant to the safe harbor provisions within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are based on management’s current expectations and are subject to risks and uncertainties that may cause actual results or events to differ materially from those projected. These risks and uncertainties, many of which are beyond our control, include: risks relating to our growth strategy; our ability to obtain, perform under and maintain financing and strategic agreements and relationships; risks relating to the results of development activities; our ability to attract, integrate and retain key personnel; our need for additional funds; intellectual property matters; competition; as well as other risks described in the section entitled “Risk Factors” in the prospectus from our intiial public offering, which can be obtained on the SEC website at www.sec.gov. Readers are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date on which they are made and reflect management’s current estimates, projections, expectations and beliefs. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions or circumstances on which any such statement is based, except as required by law. Company Contacts: AgrifyNiv Krikov Chief Financial Officer niv.krikov@agrify.com(617) 896-5240 Rob KellyInvestor Relationsrob@mattio.com(416) 992-4539

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  • Agrify Corporation Announces Pricing of Upsized $54 Million Initial Public Offering

    BURLINGTON, Mass., Jan. 27, 2021 (GLOBE NEWSWIRE) -- Agrify Corporation (NasdaqCM:AGFY) (“Agrify” or the “Company”), a developer of highly advanced and proprietary precision hardware and software grow solutions for the indoor agriculture marketplace, today announced the pricing of its upsized initial public offering of 5,400,000 shares of common stock at a price of $10.00 per share for total gross proceeds of $54 million, before deducting underwriting discounts and commissions and offering expenses payable by Agrify. The shares of common stock are expected to begin trading on the Nasdaq Capital Market under the symbol “AGFY” on January 28, 2021. Maxim Group LLC and Roth Capital Partners are acting as joint book-running managers for the offering. Agrify has granted the underwriters a 45-day option to purchase up to an additional 810,000 shares of common stock to cover over-allotments, if any. The offering is expected to close on February 1, 2021, subject to customary closing conditions. The offering is being conducted pursuant to the Company's registration statements previously filed with and subsequently declared effective by the Securities and Exchange Commission ("SEC"). A prospectus relating to the offering will be filed with the SEC and will be available on the SEC's website at www.sec.gov. Electronic copies of the prospectus relating to this offering, when available, may be obtained from Maxim Group LLC, 405 Lexington Avenue, 2nd Floor, New York, NY 10174, (212) 895-3745 or Roth Capital Partners, LLC, 888 San Clemente Drive, Suite 400, Newport Beach, CA 92660, (800) 678-9147. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, any security in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction. About Agrify We are a developer of premium grow solutions for the indoor agriculture marketplace. We use data, science, and technology to empower our customers to be more efficient, more productive, and more intelligent about how they run their businesses. Our highly advanced and proprietary hardware and software solutions have been designed to help our customers achieve the highest quality, consistency, and yield, all at the lowest possible cost. For more information, please visit our website at www.agrify.com. Forward Looking Statements This press release contains forward-looking statements that are made pursuant to the safe harbor provisions within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are based on management’s current expectations and are subject to risks and uncertainties that may cause actual results or events to differ materially from those projected. These risks and uncertainties, many of which are beyond our control, include: the risk that the initial public offering of common stock may not close; risks relating to our growth strategy; our ability to obtain, perform under and maintain financing and strategic agreements and relationships; risks relating to the results of development activities; our ability to attract, integrate and retain key personnel; our need for additional funds; intellectual property matters; competition; as well as other risks described in the section entitled “Risk Factors” in the prospectus, which can be obtained on the SEC website at www.sec.gov. Readers are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date on which they are made and reflect management’s current estimates, projections, expectations and beliefs. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions or circumstances on which any such statement is based, except as required by law. Company Contacts: Niv KrikovRob KellyChief Financial OfficerInvestor Relationsniv.krikov@agrify.comrob@mattio.com(617) 896-5240(416) 992-4539

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