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Nature’s Miracle Holding Inc. (NASDAQ:NMHI) has entered into a term sheet to acquire 100% of all the outstanding shares of Agrify Corporation (NASDAQ:AGFY).
What Happened
The California-based agriculture tech company that provides equipment and services to the industry said on Wednesday that it would issue shares of its common stock to acquire Agrify.
Under the agreement, each Agrify shareholder would receive roughly 0.45 of a share of Nature’s Miracle common stock for each share of Agrify common stock.
Agrify's equity is valued at $6.35 million or $0.4185 per share. Upon closing the merger, Raymond Chang, Agrify’s CEO and board chair agreed to assume the role of president of the Agrify division of Nature’s Miracle and will join the board of Nature’s Miracle.
Nature’s Miracle agreed to purchase roughly $750,000 of horticultural LED lighting goods from Agrify before the closing of the acquisition.
Additionally, the ...