Marijuana tech firm Agrify seeks gross proceeds of $8.7 million in share offering

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Marijuana cultivation technology firm Agrify Corp. priced a public offering of shares and warrants to raise gross proceeds of roughly $8.7 million before expenses.

Massachusetts-based Agrify said net proceeds from the offering will be used “for working capital and general corporate purposes, which may include capital expenditures and repayment of debt.”

The underwritten public offering includes:

  • Roughly 11.9 million shares of Agrify common stock.
  • Prefunded warrants to buy 1.5 million shares.
  • Warrants to buy about 26.8 million shares.

Agrify went public in early 2021.

Since then, it has raised capital by means including an underwritten public offering and a senior secured debt facility.

The company reported a $46.3 million net loss for the quarter ended Sept. 30, with $7 million in revenue.

Shares of Agrify trade as AGFY on the Nasdaq exchange, where the company has lost more than 99% of its value year-to-date.