Brian Towns, Executive Vice President of Extraction at Agrify Corp (NASDAQ:AGFY), has sold shares of the company's common stock valued at $212,304, according to a recent SEC filing. The transactions occurred on December 3, 2024, with prices ranging from $33.123 to $45.6 per share. The stock, currently trading at $32.51, has shown significant volatility, with InvestingPro data showing a 72.59% year-to-date return despite a recent 42.71% weekly decline.
Towns' sales were executed in multiple transactions, and the proceeds from these sales were used to cover taxes associated with the settlement of restricted stock units granted to him in November 2023. Following these sales, Towns retains ownership of 8,314 shares of Agrify's common stock. According to InvestingPro analysis, the company appears undervalued at its current market capitalization of $57.21 million. InvestingPro subscribers have access to 18 additional key insights about AGFY's financial health and market position.
Agrify Corp, a company specializing in agriculture services, continues to engage its executive team in managing stock-based compensation, a common practice among public companies to align the interests of executives with those of shareholders.
In other recent news, Agrify Corporation has secured approximately $25.9 million in a private placement deal and has increased its borrowing capacity from $1.5 million to $3 million by amending its Junior Note with CP Acquisitions, LLC. The company has also announced a 1-for-15 reverse stock split, aiming to comply with Nasdaq's minimum bid price requirement for continued listing. Agrify has been granted an additional 180-day period by Nasdaq to regain compliance.
In further developments, Agrify has committed to payments totaling $2 million and agreed to purchase a minimum of 50 Vertical Farming Units from Mack Molding Company. The company has also secured a $1.5 million loan from CP Acquisitions, LLC, managed by its Chairman and CEO, Raymond (NS:RYMD) N. Chang, and board member, I-Tseng Jenny Chan.
Moreover, Agrify has secured 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 are recent developments in Agrify Corp's ongoing efforts to grow and broaden its market reach.
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