Agrify Announces 1-For-20 Reverse Stock Split To Meet Nasdaq Minimum Bid Price

(RTTNews) - Agrify Corp. (AGFY), focused on cannabis industry, on Monday announced a 1-for-20 reverse stock split with effect from July 5. With this, the firm aims to increase the per share trading price of its shares to enable the company to satisfy the minimum bid price requirement for the continued listing on the Nasdaq. ?

The 1-for-20 reverse stock split will automatically convert 20 current Agrify shares into one new share.

This will reduce the number of shares outstanding to around 1.622 million from 32.458 million shares. It will also proportionally reduce the number of authorized shares to 10 million from 200 million without any change to the par value of the share.

Broadridge Corporate Issuer Solutions, Inc. will serve as the exchange agent for the reverse stock split.