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Shares of Agrify Corporation AGFY are soaring after the news of its proposed acquisition.
Vertical farming technology and infrastructure provider Nature’s Miracle Holding Inc. NMHI entered into a term sheet to acquire 100% of all the outstanding shares of Agrify.
Each shareholder of Agrify would be expected to receive approximately 0.45 of a share of Nature’s Miracle for each share of Agrify common stock.
Based on the fully diluted shares outstanding of 15.17 million and NMHI closing price of $0.93 as of April 16, 2024, AGFY equity is valued at $6.35 million or $0.4185 per share.
The acquisition is expected to act as a revenue stream for Nature’s Miracle through Agrify’s SaaS and AI technology.
In return, Agrify will make use of Nature’s market position providing advanced horticultural and cultivation lighting technologies powering agriculture vertical farming.
After the merger, Raymond Chang, CEO and Chairman of Agrify will become President of the Agrify division of Nature’s Miracle and will join the board of Nature’s Miracle.
Nature’s Miracle agreed to purchase about $750,000 of horticultural LED lighting goods from Agrify prior to the closing of the acquisition.
“We believe the indoor growing industry is in need of a major consolidation and we are glad to have the opportunity to team up with one of the
