Marijuana industry cultivation and extraction solutions company Agrify Corp. consolidated its shares on a 20-to-1 basis in order to maintain its equity listing on the Nasdaq stock exchange.
The Massachusetts-based operator announced its board approved the share consolidation on July 3.
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Agrify’s listing (AGFY) on the Nasdaq had been under threat after the exchange warned the company in January that its bid price had fallen below the required $1 minimum.
Nasdaq has also warned Agrify about noncompliance regarding a late 10-K form and a late 10-Q form.
As a result of the share consolidation, the number of common Agrify shares outstanding has been reduced from roughly 32.5 million to about 1.6 million, according to a news release.
“Proportional adjustments also will be made to the exercise prices of Agrify’s outstanding stock options, warrants, shares held back in connection with acquisitions and to the number of
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