Agrify Corporation AGFY share dropped by 30% on April 19, just days after a regulatory filing found that the company’s financial statements should no longer be relied on.
Accountants at Marcum LLP Review Three Different Agrify Fiscal Periods; those ending March 31, 2022, June 30, 2022 and September 30, 2022.
Agrify plans to raise up to $1.84 million the exercise of 10.65 million common share warrants and a reduction in the exercise price of all existing warrants from $0.65 per share to $0.1725 per share.
Agrify’s Audit Committee concluded that 301,575 warrants issued in a private placement on January 28, 2022 and 688,111 warrants issued in a private placement on March 23, 2022 were classified as a fair value liability rather than a fair value liability component of equity should have been classified .
The change in fair value of the warrants is a non-cash charge and is expected to be reflected in Agrify’s income statement.
Agrify shares opened at 20 cents on Friday, April 21st. At the time of writing, it was up 2.97%.
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