Cannabis technology company Agrify Corporation announced it has regained compliance with Nasdaq's stock listing rules after converting $13.8 million in debt into equity.
“The $13.8 million debt-to-equity conversion is a strategic move between management and major shareholders to ensure continued Nasdaq listing,” Raymond Chan, AgriFi's chairman and CEO, said in a statement. This is a very important promise.”
Two companies associated with Chang, CP Acquisitions and GIC Acquisition, completed their conversions on May 22nd.
“Over the past few months, we have made significant progress toward cleaning up our balance sheet, reducing our cash burn, and growing our business,” Chan said.
“The work is far from over. We remain committed to ensuring a complete turnaround and creating long-term shareholder value.”
Nasdaq issued an equity warning to the Troy, Michigan-based company on December 1, 2023.
Agrify has struggled to comply with Nasdaq listing requirements. company:
The company's stock trades as AGFY on the Nasdaq and was trading at less than 50 cents a share on Wednesday.
