Agrify closes sale of its cultivation business to CP Acquisitions

Agrify (AGFY) announced the Company has signed an agreement for and closed the sale of its cultivation business to CP Acquisitions, an entity affiliated with Raymond Chang, the Company’s former Chairman and Chief Executive Officer. The Transaction involves the sale of the Agrify cultivation business and assets, the assumption of liabilities related to the cultivation business by CP, and the termination of two convertible notes held by CP totaling approximately $7 million.