AgriFORCE Growing Systems Ltd. (AGRI) stock has plummeted to a 52-week low, trading at just $0.06. This significant drop reflects a staggering 1-year change, with the company's stock value eroding by -98.76%. Investors have watched with concern as AgriFORCE, a company that has been focusing on innovative agriculture solutions, struggles to maintain its market position amidst challenging conditions. The 52-week low serves as a stark indicator of the hurdles the company has faced over the past year, marking a period of intense volatility and uncertainty for its shareholders.
In other recent news, AgriForce Growing Systems Ltd. has announced new compensation arrangements for its key executives, according to a recent SEC filing. Chairman David Welch will receive an annual cash compensation of $45,000, effective July 1, 2024, in addition to his current Board fees. Welch is also set to be awarded restricted stock units (RSUs) valued at $50,000 for every successful acquisition or joint venture transaction.
CEO Jolie Kahn's compensation package has also been revised. Starting June 4, 2024, Kahn's annual cash salary will be set at $220,000, paid monthly, with additional sums accruing quarterly. Kahn will also receive an equivalent of $220,000 in RSUs annually, distributed quarterly. Both Welch and Kahn could be considered for bonuses and other forms of compensation as determined by the Compensation Committee of AgriForce. These recent developments indicate a strategic update in the company's corporate governance.
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