Max Holtzman, a director at Agrify Corp (NASDAQ:AGFY), recently sold a total of 1,097 shares of the company’s common stock. The transactions, which took place on December 3, 2024, were executed at prices ranging from $40.80 to $43.25 per share, resulting in a total value of $45,753.
Following these sales, Holtzman no longer holds any shares in Agrify. The sales were carried out in two separate transactions, with 800 shares sold at an average price of $41.1352 and the remaining 297 shares at $43.25. With a market capitalization of $57.2 million, Agrify's stock has shown high price volatility - InvestingPro subscribers can access 18 additional key insights about the company's financial health and market performance.
In other recent news, Agrify Corporation has secured approximately $25.9 million through a private placement deal. The company plans to utilize the funds for general corporate purposes, including working capital and business development. Agrify has also expanded its borrowing capacity by amending its Junior Note with CP Acquisitions, LLC, raising the maximum principal from $1.5 million to $3 million.
In an effort to meet Nasdaq's minimum bid price requirement for continued listing, Agrify has announced a 1-for-15 reverse stock split. Nasdaq has granted the company an additional 180-day period to regain compliance. Furthermore, Agrify has amended its agreement with Mack Molding Company, agreeing to purchase a minimum of 50 Vertical Farming Units and committing to payments totaling $2 million.
Other recent developments include Agrify securing a $500,000 agreement with Grotech Farms LLC for a comprehensive hydrocarbon extraction and lab equipment package. The company has also partnered with Justice Cannabis Co. to aid their expansion into the New Jersey market. These moves are part of Agrify's ongoing efforts to broaden its market reach.
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