Agrify Corp Faces Delisting Concerns

TL;DR

Agrify's on the chopping block - might get delisted.

AI Summary

Agrify Corporation filed an 8-K on March 6, 2024, reporting a notice of delisting or failure to satisfy continued listing rules. The filing indicates potential issues with the company's continued listing on the stock exchange, though specific details regarding the reasons or the financial implications are not yet elaborated in this initial report.

Why It Matters

This filing signals potential financial distress or non-compliance with exchange rules, which could significantly impact investor confidence and the company's ability to trade publicly.

Risk Assessment

Risk Level: high — A notice of delisting directly threatens the company's public trading status, indicating severe financial or compliance issues.

Key Players & Entities

• Agrify Corporation (company) — Registrant
• March 5, 2024 (date) — Earliest event reported date
• March 6, 2024 (date) — Report date
• Nevada (jurisdiction) — State of incorporation
• 001-39946 (filing_id) — Commission File Number
• 30-0943453 (tax_id) — IRS Employer Identification No.
• 2468 Industrial Row Dr. Troy, MI 48084 (address) — Principal executive offices
• (617) 896-5243 (phone_number) — Registrant's telephone number

FAQ

Key Financial Figures

• $0.001 — ch registered Common Stock, par value $0.001 per share AGFY The Nasdaq Capital M
• $1.00 — Company's common stock had closed below $1.00 per share, which is the minimum closing

Filing Documents

• ea0201307-8k_agrifycorp.htm (8-K) — 25KB
• 0001213900-24-020454.txt ( ) — 195KB
• agfy-20240305.xsd (EX-101.SCH) — 3KB
• agfy-20240305_lab.xml (EX-101.LAB) — 33KB
• agfy-20240305_pre.xml (EX-101.PRE) — 22KB
• ea0201307-8k_agrifycorp_htm.xml (XML) — 4KB

01 Notice of Delisting or Failure to Satisfy a Continued Listing

Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. On March 5, 2024, Agrify Corporation (the "Company") received a deficiency letter (the "Notice") from the Listing Qualifications Department (the "Staff") of The Nasdaq Stock Market, LLC ("Nasdaq") notifying the Company that, for the last 30 consecutive business days, the bid price for the Company's common stock had closed below $1.00 per share, which is the minimum closing price required to maintain continued listing on the Nasdaq Stock Market under Nasdaq Listing Rule 5550(a)(2) (the "Minimum Bid Requirement"). The Notice has no immediate effect on the listing of the Company's common stock on Nasdaq. In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has 180 calendar days to regain compliance with the Minimum Bid Requirement. To regain compliance with the Minimum Bid Requirement, the closing bid price of the Company's common stock must be at least $1.00 per share for a minimum of 10 consecutive trading days during this 180-day compliance period, unless the Staff exercises its discretion to extend this period pursuant to Nasdaq Listing Rule 5810(c)(3)(H). The compliance period for the Company will expire on September 3, 2024. In the event that the Company does not regain compliance within the 180-day compliance period, the Company may be eligible for an additional 180 calendar day compliance period. To qualify, the Company would be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for Nasdaq, with the exception of the Minimum Bid Requirement, and provide written notice to the Staff of its intention to cure the deficiency during the second compliance period, by effecting a reverse stock split, if necessary. However, if it appears to the Staff that the Company will not be able to cure the deficiency, or if the Company does not meet the other listing standards,

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 hereunto duly authorized. AGRIFY CORPORATION Date: March 6, 2024 By: /s/ Raymond Nobu Chang Raymond Nobu Chang Chief Executive Officer

View Full Filing

View this 8-K filing on SEC EDGAR