AgriFORCE Growing Systems (AGRI) stock rocketed higher on Monday after the agriculture-focused technology company announced a name change and capital plan. This will see the company change its name to AVAX One and plan to raise approximately $550 million. The company intends to use a portion of these funds to acquire tokens of Avalanche (AVAX), the native token of the Avalanche network.
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Matt Zhang, Founder of Hivemind Capital and the nominated Chairman of the Board at AgriFORCE Growing Systems, said, “Our vision is to build the ‘Berkshire Hathaway of the onchain financial economy,’ which is the execution of a multi-year thesis that Wall Street needs a smarter, more scalable way to get exposure to institutional grade blockchain infrastructure.”
AgriFORCE Growing Systems said its goal is to acquire more than $700 million worth of AVAX tokens. As part of this change in focus, the company also announced the departure of most of its Board of Directors. They will be replaced with new board members once the company completes its capital-raising plans.
AgriFORCE Growing Systems Stock Movement Today
AgriFORCE Growing Systems stock was up 227.8% in pre-market trading on Monday, following a 2.55% rally on Friday. The shares have fallen 88.7% year-to-date and 95.02% over the past 12 months. Today’s news came with heavy trading, as some 41 million shares changed hands, compared to a three-month daily average of about 455,000 units.
