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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC
20549
FORM 8-K
CURRENT REPORT
Pursuant to
Section 13 OR 15(d)
of The Securities
Exchange Act of 1934
Date of report (Date
of earliest event reported): February 21, 2024
AGRIFY CORPORATION
(Exact name of registrant
as specified in its charter)
Nevada |
|
001-39946 |
|
30-0943453 |
(State or other jurisdiction
of incorporation) |
|
(Commission File Number) |
|
(IRS Employer
Identification No.) |
2468 Industrial Row Dr.
Troy, MI |
|
48084 |
(Address of principal executive offices) |
|
(Zip Code) |
Registrant’s telephone number, including
area code: (617) 896-5243
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ☐ | Written communications pursuant
to Rule 425 under the Securities Act (17 CFR 230.425) |
| ☐ | Soliciting material pursuant to
Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
|
Trading symbol(s) |
|
Name of each exchange on which registered |
Common Stock, par value $0.001 per share |
|
AGFY |
|
The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the
Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act.
Item 2.02. Results of Operations and Financial Condition.
On February 21, 2024, Agrify Corporation (the
“Company”) issued a press release with preliminary financial results for the fiscal quarter ended December 31, 2023 and providing
an update on a customer project. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated
herein by reference.
The information
furnished herein, including Exhibit 99.1, is not deemed to be “filed” for purposes of Section 18 of the Exchange Act, or otherwise
subject to the liability of that section. This information will not be deemed to be incorporated by reference into any filing under the
Securities Act or the Exchange Act, except to the extent that the registrant specifically incorporates them by reference.
Item
9.01 Financial Statements and Exhibits.
(d) Exhibits.
SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
|
AGRIFY CORPORATION |
|
|
|
Date: February 21, 2024 |
By: |
/s/ Raymond Nobu Chang |
|
|
Raymond Nobu Chang |
|
|
Chief Executive Officer |
2
Exhibit 99.1
Agrify Corporation Announces Preliminary Unaudited
Financial Results for Q4 2023 and Update on Customer Project
Expects to Achieve the Lowest Record Net Loss
and Cash Burn in Company History
TROY, Michigan, February 21, 2024 – Agrify
Corporation (Nasdaq: AGFY) (“Agrify” or the “Company”), a leading provider of innovative cultivation and extraction
solutions for the cannabis industry, today announced preliminary unaudited financial results for the fourth fiscal quarter of 2023 and
updates for its Ocean Deep/Golden Lake Business Park project.
Fourth Quarter 2023
Outlook
| ● | Net
Loss in Q4 2023 is expected to be at a historical low of $750 thousand, compared to $2.1
million net loss in Q3 2023, and $58 million loss in Q4 2022. |
| | |
| ● | Loss
from Operations is expected to decrease by 46% to a historical low of $2.5 million, compared
to $4.6 million in Q3 2023 |
| | |
| ● | Gross
Profit is expected to increase 105% to $1.9 million, compared to $1 million in Q3 2023, and
a gross loss of $33.5 million in Q4 2022. |
| | |
| ● | Q4
2023 Net Cash burn is also expected to be the lowest in the Company history, and the Company
expects to be in a position to approach
cashflow break-even in the second half of 2024. |
Agrify is expected to release its financial results
for the fourth quarter and full fiscal year ended December 31, 2023 before the end of March 2024. The financial information presented
in this press release may be adjusted as a result of the completion of customary annual review and audit procedures.
Golden Lake Business Park Project Update
Agrify’s customer, Ocean Deep/Golden Lake
Business Park, is a California-based vertically integrated cannabis operator. Ocean Deep has completed the purchase of a roughly 30,000
square feet facility in Adelanto, California, and is currently constructing Agrify’s UL-Certified EXP1 Explosion Proof Room. Ocean
Deep expects to soon be extracting products with Agrify’s turnkey PX30 Hydrocarbon Extraction Lab Package to bolster its
product offerings. Ocean Deep is also expected to begin operation with an estimated 120 Vertical Farming Units (“VFUs”)
sold by the Company to produce high-quality cannabis flower in 2024.
About Agrify
Agrify is a leading provider of innovative cultivation
and extraction solutions for the cannabis industry, bringing data, science, and technology to the forefront of the market. Our proprietary
micro-environment-controlled Vertical Farming Units (VFUs), enable cultivators to produce the highest quality products with unmatched
consistency, yield, and ROI (return on investment) at scale. Our comprehensive extraction product line, which includes hydrocarbon, ethanol,
solventless extraction, post-processing, and lab equipment, empowers producers to maximize the quantity and quality of extract required
for premium concentrates. For more information, please visit our website at http://www.agrify.com.
Forward-Looking Statements
This press release contains forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995 concerning Agrify and other matters. All statements contained
in this press release that do not relate to matters of historical fact should be considered forward-looking statements including, without
limitation, statements regarding preliminary financial results, the Company’s ability to approach break-even during the second half
of 2024, the timing of the Company’s release of its audited financial statements, and the timing of Ocean Deep’s production
using Agrify products. In some cases, you can identify forward-looking statements by terms such as “may,” “will,”
“should,” “expects,” “plans,” “anticipates,” “could,” “intends,”
“targets,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,”
“potential,” or “continue” or the negative of these terms or other similar expressions. The forward-looking statements
in this press release are only predictions. We have based these forward-looking statements largely on our current expectations and projections
about future events and financial trends that we believe may affect our business, financial condition, and results of operations. Forward-looking
statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance,
or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking
statements. You should carefully consider the risks and uncertainties that affect our business, including those described in our filings
with the Securities and Exchange Commission (“SEC”), including under the caption “Risk Factors” in our Annual
Report on Form 10-K for the year ended December 31, 2022 that was filed with the SEC on November 28, 2023, which can be obtained on the
SEC website at www.sec.gov. These forward-looking statements speak only as of the date of this communication. Except as required by applicable
law, we do not plan to publicly update or revise any forward-looking statements, whether as a result of any new information, future events,
or otherwise. You are advised, however, to consult any further disclosures we make on related subjects in our public announcements and
filings with the SEC.
Agrify Investor Relations
IR@agrify.com
(857) 256-8110
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Agrify (NASDAQ:AGFY)
過去 株価チャート
から 5 2024 まで 6 2024
Agrify (NASDAQ:AGFY)
過去 株価チャート
から 6 2023 まで 6 2024