Item 8.01 Other Events
As previously disclosed, on February 19, 2021, Agrify Corporation (the
"Company") consummated an underwritten public offering (the "Offering") of
5,555,555 shares of its common stock for a price of $13.50 per share, less
certain underwriting discounts and commissions. Pursuant to an Underwriting
Agreement, dated as of February 16, 2021 (the "Underwriting Agreement"), between
the Company and Maxim Group LLC, as representative of the underwriters named
therein (collectively, the "Underwriters"), the Company granted the Underwriters
a 45-day option to purchase up to 833,333 additional shares of the Company's
common stock on the same terms and conditions for the purpose of covering any
over-allotments in connection with the Offering.
Subsequently, the Underwriters exercised the over-allotment option, and on March
22, 2021, the Company closed on the sale of an additional 833,333 shares of
common stock for a price of $13.50 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 Offering to 6,388,888
shares and the total net proceeds received in connection with the Offering to
approximately $80 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. 333-253005), which was declared effective by the Securities and
Exchange Commission (the "SEC") on February 16, 2021 under the Securities Act of
1933, as amended. A final prospectus describing the terms of the Offering was
filed with the SEC and is available on the SEC's website located at
http://www.sec.gov.
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