AGFY - Nature's Miracle and Agrify to Merge

2024-04-17 09:25:29 ET

DENVER, Colo., Apr 17, 2024 ( 247marketnews.com )- Nature’s Miracle Holding Inc. (NASDAQ:NMHI) reported entering into a term sheet to acquire 100% of all the outstanding shares of Agrify Corporation (NASDAQ: AGFY ), in a move that’s expected to bring a meaningful revenue stream for Nature’s Miracle through Agrify’s powerful SaaS and AI technology, which can be applied to Nature’s Miracle’s vertical farming business.

Raymond Chang, Chief Executive Officer and Chairman of the Board of Agrify, will become the CEO of the combined companies and he stated, “We believe the indoor growing industry is in need of a major consolidation and we are glad to have the opportunity to team up with one of the most impressive and experienced teams in the industry. As a next step to develop the vertical farming industry, it is a natural fit to join forces with the team at Nature’s Miracle. Nature’s Miracle’s lead lighting product is a premium offering in the vertical farming industry and will serve as a critical component in order to advance our extraction and ancillary integrated businesses. Similarly, we developed our VFU, SaaS and AI technologies to be leveraged across indoor farming of agriculture crops and by integrating with Nature’s Miracle’s expansive collection of offerings, we are optimistic the strength of the combined company’s share of vertical farming will reveal a significant scale opportunity.”

James Li, Chief Executive Officer of Nature’s Miracle, stated, “Following our recent public company debut, we are thrilled to announce the signing of a term sheet to acquire Agrify. As we reviewed opportunities to accelerate our business’s growth, it was clear that Agrify represented a business with immediate synergy functions. We believe that Agrify will not only provide meaningful revenue with their cannabis extraction business, but the combined business will benefit through efficiencies with the consolidation of our advanced lighting technology and their industry leading Software as a service (“SaaS”) model and Vertical Farming Unit (“VFU”) technology. We are especially intrigued by the AI learning capability of Agrify’s SaaS and VFU system. We would like to thank Raymond and the entire Agrify team for building Agrify’s innovative technology and we look forward to working in unison to continue to grow Nature’s Miracle as an industry leader in the vertical farming agriculture business.”

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