AGFY - Agrify Corporation Mutually Agrees to Terminate Plan to Merge with Nature's Miracle | Benzinga
TROY, Mich., May 20, 2024 (GLOBE NEWSWIRE) -- Agrify Corporation (NASDAQ:AGFY) ("Agrify" or the "Company"), a leading provider of innovative cultivation and extraction solutions for the cannabis industry, today announced that Agrify Corporation and Nature's Miracle Holdings Inc. (NASDAQ:NMHI) ("Nature's Miracle") have mutually agreed to terminate the agreement and plan of merger, previously announced on May 16, 2024, given unfavorable market conditions.
In connection with the termination of the merger, Agrify and NMHI have executed a termination agreement with respect to the merger agreement and have also terminated a debt purchase agreement with entities controlled by Agrify's Chief Executive Officer with respect to the purchase of outstanding debt. Each of the termination agreements contained mutual releases.
Raymond Chang, Chief Executive Officer and Chairman of the Board of Agrify, stated, "Agrify continues to see strong momentum and pipeline growth quarter over quarter in both cultivation and extraction business divisions. We believe that it is in Agrify's best interest to stay the course and continue to execute. Agrify's management team and Board are committed to continuing to ...