AgriFORCE Growing Systems Ltd. Announces Pricing of $13.6 Million Initial Public Offering and Nasdaq Listing
July 07 2021 - 8:53PM
AgriFORCE Growing Systems Ltd. ("AgriFORCE" or the "Company")
(Nasdaq:AGRI;AGRIW), today announced the pricing of an initial
public offering of 2,719,999 units, each consisting of one common
share and one Series A warrant to purchase one common share, at a
public offering price of $5.00 per unit for aggregate gross
proceeds of approximately $13.6 million, prior to deducting
underwriting discounts, commissions, and other offering expenses.
In addition, the Company has granted the underwriters a 45-day
option to purchase up to an additional 407,999 units, which
consists of an aggregate amount of 407,999 common shares and/or
Series A warrants to purchase up to 407,999 common shares, at the
public offering price less the underwriting discounts and
commissions. The offering is expected to close on or about July 12,
2021, subject to satisfaction of customary closing conditions.
The Company has received approval to list its
common shares and Series A warrants on the Nasdaq Capital Market,
with its common shares trading under the symbol “AGRI” and the
warrants trading under the symbol “AGRIW”, with trading expected to
begin on July 8, 2021. Each warrant is exercisable for one common
share at an exercise price of $6.00 per share and will expire three
years from the date of issuance.
EF Hutton, division of Benchmark Investments,
LLC, is acting as sole book-running manager for the offering.
The Securities and Exchange Commission ("SEC")
declared effective a registration statement on Form S-1 relating to
these securities on July 7, 2021. A final prospectus relating to
this offering will be filed with the SEC. The offering is being
made only by means of a prospectus, copies of which may be
obtained, when available, from: EF Hutton, division of Benchmark
Investments, LLC, 590 Madison Avenue, 39th Floor, New York, NY,
10022, Attention: Syndicate Department, or via email at
syndicate@efhuttongroup.com or telephone at (212) 404-7002.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy any of the
securities described herein, nor shall there be any sale of these
securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About AgriFORCE Growing Systems
Ltd.
AgriFORCE Growing Systems Ltd. is an
agriculture-focused technology company that is developing systems
that are intended to deliver innovative, reliable and financially
robust solutions for high value crops through its proprietary
facility design and automation intellectual property to businesses
and enterprises. The Company intends to operate in the plant based
pharmaceutical, nutraceutical, and other high value crop markets
using its unique proprietary facility design and hydroponics-based
automated growing system that enable cultivators to effectively
grow crops in a controlled environment. The Company calls its
facility design and automated growing system the “AgriFORCE grow
house”. The Company has designed its AgriFORCE grow house to
produce in virtually any environmental condition and to optimize
crop yields to as near their full genetic potential possible while
substantially eliminating the need for the use of pesticides and/or
irradiation.
Forward-Looking Statements
This press release contains statements that
constitute "forward-looking statements," including with respect to
the Company's initial public offering. No assurance can be given
that the offering will be completed on the terms described, or at
all. Forward-looking statements are subject to numerous conditions,
many of which are beyond the control of the Company, including
those set forth in the Risk Factors section of the Company's
registration statement and preliminary prospectus for the offering
filed with the SEC. Copies are available on the SEC's website,
www.sec.gov. The Company undertakes no obligation to update these
statements for revisions or changes after the date of this release,
except as required by law.
Company Contact:Ian PedersenTel: (604)
757-0952Email: ipedersen@agriforcegs.com
Investor Relations:Crescendo Communications,
LLCDavid Waldman/Natalya RudmanTel: (212) 671-1021Email:
AGRI@crescendo-ir.com
Media Relations:AHA Creative Strategies
Inc.Ruth AtherleyTel: 604 846 8461Email: ruth@ahacreative.com
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