Cannabis firm Agrify, a developer of highly advanced and proprietary precision hardware and software grow solutions for the indoor agriculture marketplace, has 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.
The Massachusetts-based developer of indoor agriculture technology will sell roughly 5.6 million shares of common stock at $13.50 per share and proceeds from the raise will be used “for working capital and general corporate purposes,” according to a Feb. 11 regulatory filing.
That could include Agrify investing in or acquiring “complementary businesses, services or technologies that we believe would allow us to deliver better cultivation results, such as companies that focus on LED lighting solutions, environmental controls or nutrients.”
The offering is expected to close on or around Feb. 19.
Shares of Agrify trade as AGFY on the Nasdaq exchange.
“With technology as our backbone and grow science in our DNA, we aspire to support horticulturalists worldwide with our revolutionary indoor agriculture solutions,” says company CEO Raymond Nobu Chang.
The company’s highly advanced and proprietary hardware and software solutions have been designed to help its customers achieve the highest quality, consistency, and yield, all at the lowest possible cost.