An announcement from Agrify (AGFY) is now available.
On May 16, 2024, Agrify Corporation entered into a Merger Agreement with Nature’s Miracle Holding Inc. and its subsidiary. The agreement outlined that Agrify Corporation will merge into Nature’s Miracle, with the former’s common stock being converted into Nature’s Miracle shares at a specified exchange ratio. The merger is deemed beneficial by the Company’s Board and includes conditions such as shareholder approvals and regulatory clearances. Additionally, the agreement features provisions for equity awards and warrants, board composition post-merger, and customary representations, warranties, and covenants. The deal, subject to various closing conditions, can be terminated under certain circumstances, with a possible termination fee of $2 million. Concurrently, a Debt Purchase Agreement was signed, involving the sale of convertible and secured notes from entities associated with Agrify’s CEO and a director to Nature’s Miracle.
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