Timothy Mahoney, a director at Agrify Corp (NASDAQ:AGFY), recently sold 1,097 shares of common stock, totaling $46,829. The shares were sold at a weighted average price of $42.6888, with the transactions occurring at prices ranging from $42.50 to $43.11. Following this sale, Mahoney no longer holds any shares in the company. The transaction comes amid significant price volatility, with the stock dropping over 42% in the past week despite a remarkable 625% gain over six months. According to InvestingPro analysis, the $57 million market cap company currently appears undervalued, with 20 additional key insights available to subscribers.
In other recent news, Agrify Corporation has secured approximately $25.9 million through a private placement deal with institutional and accredited investors. This funding will be used for general corporate purposes such as working capital and business development. The company's Chairman and Interim CEO, Benjamin Kovler, also participated in the private placement by purchasing 10,000 shares.
In addition to the funding, Agrify has amended its Junior Note with CP Acquisitions, LLC, increasing its principal from $1.5 million to $3 million. This move provides Agrify with additional financial flexibility. The company also announced a 1-for-15 reverse stock split, a strategic initiative to comply with Nasdaq's minimum bid price requirement for continued listing.
Furthermore, 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 $500,000 agreement with Grotech Farms LLC for a comprehensive hydrocarbon extraction and lab equipment package. These are among the recent developments in Agrify's ongoing efforts to grow and broaden its market reach.
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