Agrify, Nature's Miracle agree to terminate plan of merger
Agrify Corporation (AGFY) announced that Agrify Corporation and Nature's Miracle Holdings (NMHI) have mutually agreed to terminate the agreement and plan of merger, previously announced on May 16, 2024, given unfavorable market conditions. In connection with the termination of the merger, Agrify and NMHI have executed a termination agreement with respect to the merger agreement and have also terminated a debt purchase agreement with entities controlled by Agrify's CEO with respect to the purchase of outstanding debt. Each of the termination agreements contained mutual releases. Raymond Chang, CEO stated, "Agrify continues to see strong momentum and pipeline growth quarter over quarter in both cultivation and extraction business divisions. We believe that it is in Agrify's best interest to stay the course and continue to execute. Agrify's management team and Board are committed to continuing to explore all strategic options in order to create the highest shareholder value."
