Cannabis tech company converts $13.8M in debt to equity

Added on 24 May 2024

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Cannabis tech company converts $13.8M in debt to equity

Cannabis technology company Agrify converted roughly $13.8 million in debt to equity to regain compliance with Nasdaq’s stock listing rules.

CP Acquisitions, an entity controlled by Agrify Chair and CEO Raymond Chang and board member I-Tseng Jenny Chan, converted $11.5 million of its senior convertible notes into a prefunded warrant exercisable for up to approximately 8.6 million shares of common stock, according to a news release.