Agrify Corporation (NASDAQ:AGFY) announced a $27.3 million private placement. The company has signed a securities purchase agreement with an institutional investor and other accredited investors in a private placement transaction. Under the agreements, Agrify will issue and sell 4.02 million shares, in lieu of common stock, pre-funded warrants, and accompanying warrants exercisable six months from closing to buy up to 3.02 million shares for a period of five years at an exercise price of $7.48 per share. Shares and warrants will be sold at a combined purchase price of $6.80.
Members of management and the board, including Raymond Chang, the chairman and CEO of the Massachusetts-based company, participated in the offering on the same terms as the other investors except for a combined purchase price of $6.90.
