VANCOUVER, BC - AgriForce Growing Systems Ltd. (NASDAQ:AGRI), a company specializing in prefabricated metal buildings and components, has announced the postponement of its Annual Meeting of Shareholders originally scheduled for September 23, 2024. The meeting has been adjourned due to the absence of a quorum and is now set to reconvene on Tuesday, October 1, at the same location.
The company, which is headquartered at 800-525 West 8th Avenue, Vancouver, BC, Canada, filed the notice of adjournment with the Securities and Exchange Commission (SEC) on Friday, September 27, 2024. The adjournment notice is a standard procedure when the number of shareholders present is not sufficient to conduct the meeting's business.
Shareholders of record will be able to attend the rescheduled meeting on October 1, to vote on various company matters. The specific time for the rescheduled meeting is 11:00 a.m. PST.
AgriForce Growing Systems Ltd. is listed on The Nasdaq Capital Market under the trading symbols AGRI for its common shares and AGRIW for its Series A Warrants. The company is identified as an emerging growth company, which is reflected in its SEC filings and public communications.
In other recent news, AgriForce Growing Systems Ltd. has made significant strides in diversifying its market reach and solidifying its financial strategy. The company recently acquired Radical Clean Solutions (RCS), integrating its patent-pending hydroxyl technology into AgriForce's portfolio.
This technology, which breaks down contaminants at an atomic level, is expected to offer environmentally friendly solutions for eliminating pathogens and other harmful compounds in various industries.
AgriForce has also entered a new equity distribution agreement with Maxim Group LLC, replacing the previous agreement with B. Riley, Inc. This deal allows the company to sell common stock up to $3.08 million through Maxim, with the timing and amount of sales determined by AgriForce. The proceeds from these sales are anticipated to be used for general corporate purposes.
On the executive front, AgriForce has announced new compensation arrangements for Chairman David Welch and CEO Jolie Kahn. Welch will receive an annual cash compensation of $45,000, plus restricted stock units valued at $50,000 for each successful acquisition or joint venture transaction. Kahn's annual cash salary will be set at $220,000, with additional sums accruing quarterly and an equivalent amount in RSUs awarded annually.
InvestingPro Insights
As AgriForce Growing Systems Ltd. (NASDAQ:AGRI) prepares for its rescheduled Annual Meeting of Shareholders, investors may benefit from additional financial context provided by InvestingPro. The company's market capitalization stands at a modest $4.9 million, reflecting its status as a small-cap stock.
InvestingPro Tips highlight that AGRI is trading near its 52-week low and has experienced significant price declines over various timeframes, including a 71.9% drop in the past six months. This price performance aligns with the company's current financial situation, as InvestingPro Data shows a negative gross profit margin of -48.93% for the last twelve months as of Q2 2024.
Despite these challenges, AGRI holds more cash than debt on its balance sheet, which could provide some financial flexibility as the company navigates its current difficulties. Additionally, the stock is trading at a low Price / Book multiple of 0.43, potentially indicating undervaluation if the company can improve its operational performance.
For a more comprehensive analysis, InvestingPro offers 18 additional tips for AGRI, which could be valuable for shareholders attending the upcoming meeting or considering their investment strategy.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.