David Aaron Kessler, the Chief Science Officer of Agrify Corp (NASDAQ:AGFY), reported a series of stock sales on December 3, 2024, according to a recent SEC filing. Kessler sold a total of 13,093 shares of common stock, generating proceeds of approximately $509,094. The sales occurred at prices ranging from $32.66 to $45.62 per share. The timing is notable as AGFY's stock has shown remarkable volatility, with a 625% surge over the past six months, though InvestingPro analysis indicates the stock is currently trading below its Fair Value.
Following these transactions, Kessler's direct ownership in Agrify was reduced to zero shares. This series of transactions reflects a complete divestment of his direct holdings in the company.
Agrify Corp, based in Troy, Michigan, specializes in agriculture services, positioning itself within the industrial applications and services sector.
In other recent news, Agrify Corporation has secured approximately $25.9 million in a private placement deal, intending to use the capital for general corporate purposes. The company has also increased its borrowing capacity by amending its Junior Note with CP Acquisitions, LLC, from $1.5 million to $3 million. Furthermore, Agrify announced a 1-for-15 reverse stock split, a strategic move to comply with Nasdaq's minimum bid price requirement for continued listing.
The company has been granted an additional 180-day period by Nasdaq to regain compliance. Agrify also amended its agreement with Mack Molding Company, committing to payments totaling $2 million and agreeing to purchase a minimum of 50 Vertical Farming Units.
In addition, Agrify secured a $500,000 agreement with Grotech Farms LLC for a comprehensive hydrocarbon extraction and lab equipment package and partnered with Justice Cannabis Co. to aid their expansion into the New Jersey market. These are recent developments in Agrify Corp's ongoing efforts to grow and broaden its market reach.
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