Agrify’s main business is to provide vertical agricultural system solutions for various high value-added cash crops, especially medical cannabis plants. Interface’s investment in Agrify is based on its optimistic view of global vertical agriculture, especially the market prospects of indoor medical cannabis cultivation. Because Agrify’s hardware equipment vertical planting unit (VFU) can fully integrate the company’s LED drive power, the two parties have a synergistic effect.
At present, Agrify has and will continue to purchase power products from Inventronics. In addition, Inventronics also has the ability to provide systematic power solutions for vertical agriculture.
The reporter noticed that Agrify plans to issue a total of 5.4 million common stocks at US$10 per share and raise approximately US$54 million. After this issuance, the total number of ordinary shares issued by Agrify is 18.04 million.
Inventronics introduced that the listed company has invested US$4 million in Agrify and does not have control rights and does not consolidate its financial statements. After Agrify is listed, the company will confirm the value of the above-mentioned shares in accordance with the provisions of the Accounting Standards for Business Enterprises, and the actual impact of the final financial status is subject to the conclusion of the audit report.