Nature's Miracle Holding Inc. (NMHI) has entered into a term sheet to acquire 100% of all the outstanding shares of Agrify Corporation (AGFY). Nature's Miracle expects to acquire Agrify through issuing shares of Nature's Miracle common stock which would result in Nature's Miracle 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. AGFY equity is valued at $6.35 million, or $0.4185 per share. Also, Nature's Miracle will buy all of the current debt of Agrify held by two entities controlled by Raymond Chang with a combination of cash and Nature's Miracle stock.
Raymond Chang, CEO 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.
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