Nature’s Miracle to acquire all outstanding shares of Agrify

Nature’s Miracle Holding announced it has entered into a term sheet to acquire 100% of all the outstanding shares of Agrify. When closed, the strategic acquisition of Agrify is expected to bring a meaningful revenue stream for Nature’s Miracle through Agrify’s powerful SaaS and AI technology which can be applied to Nature’s Miracle’s vertical farming business, while its leading market share in cannabis extraction continues to drive revenue growth. In return, Agrify will benefit from the distinct expertise and strong operators that comprise the Nature’s Miracle management team. Under the terms of the agreement, Nature’s Miracle expects to acquire Agrify through issuing shares of Nature’s Miracle common stock which would result in Nature’s Miracle wholly owning Agrify. Each shareholder of Agrify would be expected to receive approximately 0.45 of a share of Nature’s Miracle common stock for each share of Agrify common stock, subject to customary adjustments. Upon closing of the Merger, Raymond Chang, Chief Executive Officer and Chairman of the Board of Agrify, will assume the role as President of the Agrify division of Nature’s Miracle and will join the board of Nature’s Miracle. Pursuant to the term sheet with Agrify, Nature’s Miracle agreed to purchase approximately $750,000 of horticultural LED lighting goods from Agrify prior to the closing of the acquisition.