AgriForce Growing Systems Ltd. Announces Material Agreements and Officer Changes
Ticker: AVX · Form: 8-K · Filed: Jan 24, 2025 · CIK: 1826397
| Field | Detail |
|---|---|
| Company | Agriforce Growing Systems Ltd. (AVX) |
| Form Type | 8-K |
| Filed Date | Jan 24, 2025 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 4 min |
| Key Dollar Amounts | $4.55 million, $0.04, $22,500, $3500 |
| Sentiment | neutral |
Sentiment: neutral
Topics: definitive-agreement, acquisition, management-change
TL;DR
AgriForce Growing Systems Ltd. just filed an 8-K detailing a material definitive agreement, an acquisition, and significant changes in its board and officer roles.
AI Summary
On January 17, 2025, AgriForce Growing Systems Ltd. announced the entry into a material definitive agreement and the completion of an acquisition. The company also reported the departure of directors or certain officers, the election of new directors, and the appointment of certain officers, along with compensatory arrangements for these officers. The filing also includes financial statements and exhibits related to these events.
Why It Matters
This 8-K filing indicates significant corporate actions, including acquisitions and changes in leadership, which could impact the company's strategic direction and operational performance.
Risk Assessment
Risk Level: medium — The filing involves material definitive agreements, acquisitions, and changes in directors/officers, which can introduce operational and strategic risks.
Key Players & Entities
- AGRIFORCE GROWING SYSTEMS LTD. (company) — Registrant
- January 17, 2025 (date) — Date of earliest event reported
- British Columbia (jurisdiction) — State or other jurisdiction of incorporation
- 800-525 West 8th Avenue Vancouver , BC , Canada V5Z1C6 (address) — Principal executive address
FAQ
What is the nature of the material definitive agreement entered into by AgriForce Growing Systems Ltd.?
The filing indicates the entry into a material definitive agreement, but the specific details of the agreement are not provided in this summary.
What type of acquisition was completed by AgriForce Growing Systems Ltd.?
The filing states the completion of an acquisition or disposition of assets, but the specifics of the transaction are not detailed here.
Were there any changes in the board of directors or key officers at AgriForce Growing Systems Ltd.?
Yes, the filing reports the departure of directors or certain officers, the election of directors, and the appointment of certain officers.
What is the primary business of AgriForce Growing Systems Ltd. based on its SIC code?
AgriForce Growing Systems Ltd. is classified under SIC code 3448, which pertains to Prefabricated Metal Buildings & Components.
When was this Form 8-K filed with the SEC?
This Form 8-K was filed as of January 24, 2025.
Filing Stats: 1,044 words · 4 min read · ~3 pages · Grade level 12.5 · Accepted 2025-01-24 09:17:22
Key Financial Figures
- $4.55 million — an option to purchase the Facility) was $4.55 million. The assets purchased consist of follow
- $0.04 — purchase agreements to purchase gas at $0.04 per kWh and access leases to the realty
- $22,500 — a. Dr. Mooney is being compensated at $22,500 per month plus $3500 in restricted stoc
- $3500 — g compensated at $22,500 per month plus $3500 in restricted stock units. The Company
Filing Documents
- form8-k.htm (8-K) — 44KB
- ex99-1.htm (EX-99.1) — 28KB
- ex99-1_001.jpg (GRAPHIC) — 11KB
- 0001493152-25-003505.txt ( ) — 267KB
- agri-20250117.xsd (EX-101.SCH) — 3KB
- agri-20250117_lab.xml (EX-101.LAB) — 33KB
- agri-20250117_pre.xml (EX-101.PRE) — 24KB
- form8-k_htm.xml (XML) — 4KB
01 above
Item 1.01 above. Item 5.02 Appointment of Officer Effective January 21, 2025, Barrett Mooney, PhD., was appointed as the Chief Operating Officer of the Company. Dr. Mooney has an extensive track record of growing agriculture and sustainability businesses. He currently provides strategic advisory services to growing Agriculture, Sustainability, and Defence companies. Dr. Mooney served as the CEO and Chairman of the Board for a NYSE-listed aerospace and defense company where he led the company through several major acquisitions and the transition from private to publicly traded. Prior to that, he co-founded and was CEO of HydroBio Inc., a software company that used satellite-driven image analytics to conserve water and maximize crop yields. In May 2017, he sold HydroBio Inc. to The Climate Corporation. Dr. Mooney continued to serve as a Group Product Lead for The Climate Corporation, a subsidiary of Monsanto (acquired by Bayer), where he led teams focused on using artificial intelligence to enhance crop yield and to implement a new organizational structure to improve seed sales efficiency. Additionally, Dr. Mooney has led technology teams for agricultural retail entities, served as an advisor to two venture capital firms, and as an energy efficiency engineer. From 2020-2022, he served as Director of Technology for Wilbur Ellis. In 2019 and from 2022-2023, he served as CEO of AgEagle Aerial Systems, Inc., and from 2020-2021, as the Chairman of its Board. He has had his own consulting firm since 2023 and as such has served as a consultant with various entities in a technology consulting capacity. Dr. Mooney holds a Doctor of Philosophy in Agricultural and Biological Engineering from the University of Florida. Dr. Mooney is being compensated at $22,500 per month plus $3500 in restricted stock units. The Company will enter into a formal employment agreement with Dr. Mooney within nine (9) months and reassess his compensation at that time.. Item 9.01 Exhibits
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Date: January 24, 2025 AGRIFORCE GROWING SYSTEMS, LTD. By: /s/ Jolie Kahn Name: Jolie Kahn, CEO