Agrify Corporation and Natures Miracle Holdings Inc. have mutually agreed to terminate their previously announced merger due to unfavorable market conditions. The companies executed a termination agreement, including a mutual release of obligations, and canceled a related debt purchase agreement. Agrify’s CEO Raymond Chang expressed confidence in the company’s ongoing momentum in cultivation and extraction businesses and reiterated commitment to exploring strategic options for shareholder value. Agrify provides innovative cultivation and extraction solutions for the cannabis industry, leveraging technology and data for high-quality output. The company also issued forward-looking statements, cautioning about potential risks and uncertainties.
Cannabis, Mergers and Acquisitions,United States
https://www.globenewswire.com/news-release/2024/05/20/2884774/0/en/Agrify-Corporation-Mutually-Agrees-to-Terminate-Plan-to-Merge-with-Nature-s-Miracle.html