Loading…Loading…
Nature’s Miracle Holding Inc. NMHI has entered into a term sheet to acquire 100% of all the outstanding shares of Agrify Corporation AGFY.
What Happened
The California-based agriculture tech company that provides equipment and services to the industry said on Wednesday that it would issue shares of its common stock to acquire Agrify.
Under the agreement, each Agrify shareholder would receive roughly 0.45 of a share of Nature’s Miracle common stock for each share of Agrify common stock.
Agrify’s equity is valued at $6.35 million or $0.4185 per share. Upon closing the merger, Raymond Chang, Agrify’s CEO and board chair agreed to assume the role of president of the Agrify division of Nature’s Miracle and will join the board of Nature’s Miracle.
Nature’s Miracle agreed to purchase roughly $750,000 of horticultural LED lighting goods from Agrify before the closing of the acquisition.
Additionally, the company said it will purchase all of Agrify’s outstanding indebtedness from the entities with a combination of cash and Nature’s Miracle stock.
See also: Agrify Cannabis Cultivation & Tech Company’s Full-Year Earnings Mark Major Positive Comeback
Loading…Loading…Why It Matters
The deal is expected to bring a meaningful revenue stream for Nature’s Miracle through Agrify’s powerful SaaS and AI technology, which can be applied to
