“(U]nfavorable market conditions” led to the cancellation of a merger between cannabis technology provider Agrify Corp. and controlled-environment ag-tech firm Nature’s Miracle, according to a Monday announcement.
The deal, announced in April, was for an undisclosed amount but valued the equity of publicly traded Agrify at $6.3 million.
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Stocks drop after news
Shares of Agrify (AGFY) tumbled nearly 15% during Monday trading on the Nasdaq exchange, from 33 cents per share at the opening to 28 cents by midday.
Nature’s Miracle shares (NMHI) fell more than 20% during Monday trading on the Nasdaq, from 74 cents in the morning to just under 54 cents.
Under terms of the original “major consolidation” deal, Nature’s Miracle was to purchase $750,000 of LED lighting equipment
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