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Wednesday, March 22, 2023

How Does The Agrify (AGFY) Stock Price Increase By 26% Pre-Market?

As of the last check, shares of Agrify Corporation (AGFY) were up 26.82% at $0.4852. AGFY stock appears to be recovering its losses in the absence of any relevant news. Agrify closed the previous session at $0.38, decreasing by -13.52% or -$0.06.

What has AGFY been up to lately?

Agrify (AGFY) announced last week that Prairie State Cannabis LLC in Illinois, LowKey LLC in Massachusetts, and MediFlora Cultivation LTD in South Africa have each chosen Agrify’s Rapid Deployment Packs (“RDPs”) to run their respective cultivation businesses, further validating Agrify’s unique and attractive offering.

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As part of Agrify’s RDP program, a broader range of customers can now access Agrify’s award-winning cultivation technology.

  • The thoughtfully designed and engineered RDPs feature Agrify’s flagship Vertical Farming Units (“VFUs”) in a prepackaged, self-contained, and quick-to-deploy format, resulting in a faster path to profit production, and cash flow.
  • In as little as 60-90 days, AGFY can provide customers who have properly equipped facilities with best-in-class cultivation capabilities by removing certain barriers and points of friction with the RDPs.
  • With RDPs, customers are able to grow and scale seamlessly once they are installed, due to their modular nature.
  • Prairie State Cannabis LLC, LowKey LLC, and MediFlora Cultivation LTD have signed RDP agreements with a total value of over $7.5 million in cultivation-related hardware sales, as well as future recurring SaaS fees and production success fees.
  • Each Agrify customer will receive an RDP configuration containing 56 virtual function units at first.
  • Each customer will be able to produce approximately 5.2 grow cycles per year with this infrastructure, producing 7.5 pounds of premium quality flowers per VFU, per cycle.

In response to a lawsuit, AGFY denied it:

Recently, Agify released a statement regarding the default of Bud & Mary’s Cultivation, Inc. In response to the default notice, Bud & Mary’s filed a lawsuit in response to the construction loan facility Agrify extended to Bud & Mary’s associated with an Agrify Total Turn-Key Solution (“Agrify TTK Solution”) project.

  • Agrify notified Bud & Mary’s of its default and subsequently filed a meritless lawsuit on behalf of Bud & Mary’s in an apparent attempt to avoid repayment.
  • During all stages of the design and construction process, Agrify worked closely and transparently with Bud & Mary’s team. AGFY fully complied with its contractual requirements under Agrify TTK Solution contracts.
  • As a result, Agrify (AGFY) is taking all necessary steps in order to pursue Bud & Mary’s repayment. The company will also take all necessary steps in order to safeguard the interests of its shareholders.

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