Cannabis technology firm Agrify said it has regained compliance with Nasdaq’s stock listing rules after converting $13.8 million of debt to equity.
“The $13.8 million debt-to-equity conversion is a very significant commitment from the management and the leading shareholders to ensure the ongoing Nasdaq listing,” Agrify Chair and CEO Raymond Chang said in a statement.
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Two entities linked to Chang, CP Acquisitions and GIC Acquisition, completed the conversion on May 22.
“In the last few months, we have made tremendous progress towards cleaning up our balance sheet, reducing our cash burn, and growing our business,” Chang said.
“The work is not yet over, and we remain committed to ensuring a full turnaround and creating long term shareholder value.”
The Nasdaq issued a stockholders’
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