Item 8.01 Other Events
As previously disclosed on a Current Report on Form 8-K dated February 2, 2021,
Agrify Corporation (the "Company"), on February 1, 2021, consummated its initial
public offering ("IPO") of 5,400,000 shares of common stock for a price of
$10.00 per share, less certain underwriting discounts and commissions. Pursuant
to an Underwriting Agreement, dated as of January 27, 2021, by and between the
Company and Maxim Group LLC, as representative of the underwriters named therein
(the "Underwriters"), the Company granted the Underwriters a 45-day option to
purchase up to 810,000 additional shares of its common stock on the same terms
and conditions for the purpose of covering any over-allotments.
Subsequently, the underwriters exercised the over-allotment option, and on
February 4, 2021, the Company closed on the sale of an additional 810,000 shares
of common stock for a price of $10.00 per share, less a 7% underwriting
commission. The exercise of the over-allotment option brings the total number of
shares of common stock sold by the Company in connection with the IPO to
6,210,000 shares and the total net proceeds received in connection with the
offering to approximately $57 million, after deducting underwriting discounts
and estimated offering expenses.
The offering was made pursuant to the Company's registration statement on Form
S-1 (File No. 333- 251616), which was declared effective by the Securities and
Exchange Commission (the "SEC") on January 27, 2021 under the Securities Act of
1933, as amended, and the Company's Registration Statement on Form S-1MEF (File
No. 333-252490). A final prospectus describing the terms of the offering was
filed with the SEC on January 29, 2021 and is available on the SEC's website
located at http://www.sec.gov.
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