Agrify Corporation (Nasdaq:AGFY) today announced that it has received written notice from The Nasdaq Stock Market LLC informing the Company that it has regained compliance with Nasdaq’s minimum bid price listing requirement. The Company has satisfied the terms for continued listing on the Nasdaq Capital Market by complying with the minimum bid price requirement of $1.00 per share under Nasdaq Listing Rule 5550(a)(2). Accordingly, Nasdaq has advised that the matter is now closed.
The Company believes the completion of its reverse stock split and subsequent reattainment of compliance with Nasdaq’s listing requirements enables the Company to potentially achieve several important corporate objectives, including but not limited to, the ability to augment Agrify’s visibility within the investment community, broaden its shareholder base, and meet certain security eligibility criteria for consideration for inclusion into market-wide and cannabis sector indices.
Agrify Corporation announced it will host a conference call to review its financial results for the third quarter that ended September 30, 2022, on Wednesday, November 9, 2022, at 8:30 a.m. Eastern Time (ET). The call will be hosted by Raymond Chang, Chief Executive Officer, and Timothy Oakes, Chief Financial Officer.
President Joe Biden recently granted a pardon to all people convicted of simple marijuana possession under federal law, in what amounts to the most extensive White House action taken to date on U.S. drug policy. The president later urged governors to follow his steps and called on the Secretary of Health and Human Services and the Attorney General to “expeditiously review how marijuana is scheduled under federal law. Currently, marijuana is classified as a Schedule I narcotic, meaning it’s deemed to have no medical use and a high potential for abuse. Heroin and LSD are other Schedule I drugs.” as reported by POLITICO
This move led to many cannabis related stocks to appreciate as the move would open additional markets as well as new potential investments made in a sector hit by a consumer decrease.
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