Cannabis production technology company Agrify Corp. is being acquired by controlled environment agriculture tech firm Nature’s Miracle Holding in a deal that values Agrify’s equity at roughly $6.3 million.
The total value of the deal was not disclosed.
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Under terms of the transaction, Upland, California-based Nature’s Miracle will issue 0.45 common shares to Agrify shareholders for each Agrify share they own, according to a Wednesday news release.
Agrify CEO and board Chair Raymond Chang will become president of Nature’s Miracle’s Agrify division and sit on the company’s board.
Additional terms
The deal also involves Nature’s Miracle buying $750,000 worth of LED lighting from Agrify.
Finally, Nature’s Miracle will purchase Agrify debt owned by companies controlled by Chang, paying with an unspecified combination of
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