Agrify Corp Faces Delisting Concerns

TL;DR

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

AI Summary

Agrify Corporation filed an 8-K on September 6, 2024, reporting a notice of delisting or failure to satisfy a continued listing rule or standard as of September 4, 2024. The company, incorporated in Nevada, is based in Troy, Michigan.

Why It Matters

This filing indicates potential issues with Agrify's continued listing on an exchange, which could lead to significant stock price volatility and reduced investor confidence.

Risk Assessment

Risk Level: high — A notice of delisting directly threatens the company's ability to remain publicly traded, posing a severe risk to its operations and shareholder value.

Key Players & Entities

• Agrify Corporation (company) — Registrant
• Nevada (jurisdiction) — State of incorporation
• Troy, MI (location) — Principal executive offices
• September 4, 2024 (date) — Date of earliest event reported
• September 6, 2024 (date) — Filing date

FAQ

Key Financial Figures

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

Filing Documents

• ea0213698-8k_agrify.htm (8-K) — 28KB
• 0001213900-24-076220.txt ( ) — 199KB
• agfy-20240904.xsd (EX-101.SCH) — 3KB
• agfy-20240904_lab.xml (EX-101.LAB) — 33KB
• agfy-20240904_pre.xml (EX-101.PRE) — 22KB
• ea0213698-8k_agrify_htm.xml (XML) — 4KB

01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing

Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. As previously reported, on March 5, 2024, Agrify Corporation (the "Company") received written notice (the "Notice Letter") 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 "Bid Price Rule"). The Notice Letter stated that the Company had 180 calendar days, or until September 3, 2024, to regain compliance by maintaining a minimum closing bid price of at least $1.00 for a minimum of 10 consecutive business days unless the Staff exercises its discretion to extend this period pursuant to Nasdaq Listing Rule 5810(c)(3)(H). On September 4, 2024, the Staff notified the Company in writing (the "Extension Letter") that while the Company had not regained compliance with the Bid Price Rule, it was eligible for an additional 180-day compliance period, or until March 3, 2025, to regain compliance with the Bid Price Rule. Nasdaq's determination was based on the Company having met the continued listing requirement for market value of publicly held shares and all other applicable requirements for initial listing on The Nasdaq Capital Market, with the exception of the Bid Price Rule, and on the Company's written notice to Nasdaq of its intention to cure the deficiency during the second compliance period by effecting a reverse stock split, if necessary. If the Company does not regain compliance during the second 180-day period, then Nasdaq will notify the Company of its determination to delist the Company's common stock, at which point the Company would have an opportunity to appeal the delisting determination to a hearings panel. Th

Forward-Looking Statements

Forward-Looking Statements This report contains "forward-looking statements," within the meaning of the Private Securities Litigation Reform Act of 1995, regarding, among other things, the Company's plans to regain compliance with the Bid Price Rule. Such forward-looking statements are based on current expectations and involve inherent risks and uncertainties, including factors that could delay, divert or change them, and could cause actual results to differ materially from those projected in the forward-looking statements. Meaningful factors that could cause actual results to differ include, but are not limited to, (a) Nasdaq's discretion in applying listing requirements so that, among other things, the Company might be required to maintain a closing bid price of $1.00 or more for more than 10 consecutive business days to regain compliance, (b) the continued failure of the Company's common stock to trade at prices above $1.00 per share, and (c) other factors discussed in the "Risk Factors" section of the Company's Annual Report on Form 10-K for the year ended December 31, 2023, which is on file with the Securities and Exchange Commission and available on its website at http://www.sec.gov. The forward-looking statements in this report speak only as of the date of this report (unless another date is indicated). The Company undertakes no obligation, and specifically declines any obligation, to publicly update or revise any such forward-looking statements, whether as a result of new information, future events or otherwise. 1

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: September 5, 2024 By: /s/ Raymond Nobu Chang Raymond Nobu Chang Chief Executive Officer 2

View Full Filing

View this 8-K filing on SEC EDGAR