Ancillary cannabis company Agrify priced an underwritten public offering to raise $75 million, less than a month after raising $54 million in an initial public offering.
The Massachusetts-based developer of indoor agriculture technology will sell roughly 5.6 million shares of common stock at $13.50 per share.
Proceeds from the raise will be used “for working capital and general corporate purposes,” according to a Feb. 11 regulatory filing.
That could include Agrify investing in or acquiring “complementary businesses, services or technologies that we believe would allow us to deliver better cultivation results, such as companies that focus on LED lighting solutions, environmental controls or nutrients.”
The offering is expected to close on or around Feb. 19.
Shares of Agrify trade as AGFY on the Nasdaq exchange.