STOCKS TELEGRAPH

Tag: AgriFORCE Growing Systems Ltd.

  • AgriFORCE Growing Systems Ltd. (AGRI) stock Continues to Swell Premarket. Why?

    On March 15, AgriFORCE Growing Systems Ltd. (AGRI) continued to rise in the premarket while it had been bullish for the past few days. This bullishness is a result of the company’s binding LOI for acquiring Deroose Plants NV. The company had announced the binding LOI for acquiring one of the largest tissue culture propagation companies in the world on March 10. AGRI stock has been bullish since the news emerged and has so far continued the bullish trend in the premarket today as well.

    At the time of writing, the stock had increased by a further 22.47% to trade at $4.85 per share in the premarket. In the previous trading session, AGRI was able to add a good 25.71% while 113.65 million shares exchanged hands. The volume of the day remained super active at 1,758% of the average. At the close of the previous trading session on Monday, the stock had a price of $3.96 per share.

    The agriculture-oriented technology company, AgriFORCE Growing Systems Ltd. is based in Canada. Currently, the company’s 15.06 million outstanding shares trade at a market capitalization of $47.43 million.

    AGRI’s Binding LOI

    As per the announcement, the company has entered into a binding letter of intent for the acquisition of Deroose Plants NV. With more than 800 employees and 2.11 million sq. ft. lab and greenhouse facilities, Deroose has operations in Europe, North America, and Asia. Furthermore, as per unaudited financials, Deroose had an EBITDA of US$4.2 million on revenue of US40.5 million in 2021.

    Source: Wall Street Prep

    While the LOI is subject to standard due diligence and definitive purchase agreement, the net purchase price by AGRI is expected to be US$69 million. This includes $46.4 million approx. for the Deroose business (cash and debt-free basis) and $22.6 million for its IP portfolio.

    Recent Participations

    On March 09, the company announced its participation in the 34th Annual Roth Conference held on March 13 to 15, 2022. The company’s management was invited to present at the conference in Dana Point, California.

    Previously, AGRI also participated in the Gravitas’ 5th Annual Growth Conference which took place on March 03, 2022. The company’s CEO Ingo Mueller presented at the conference and fielded investors’ questions along with individual investor meetings.

    AGRI’s Convertible Debt Facility

    On March 08, the company announced the execution of a non-binding term sheet for a planned convertible debt facility of up to $20 million with an accredited institutional investor. Moreover, the conversion price of the Notes is $2.75 per share. AGRI intends to use the net proceeds for the acquisition of Delphy Groep BV.

  • AgriFORCE Growing Systems, Ltd. (AGRI) Stock Soaring in Early Trades, Here’s What’s Happening.

    AgriFORCE Growing Systems, Ltd. (AGRI) Stock Soaring in Early Trades, Here’s What’s Happening.

    AgriFORCE Growing Systems, Ltd. (AGRI) is a leader in the development of automated growth systems for the agriculture sector. The company exploits hydroponics systems for the development of different agricultural products. The company is also involved in refining the approaches utilized in controlled-environment agriculture.

    The price of AGRI stock during the early trading of March 10, 2022, was last checked to be $3.35 with a gain of 98.81%.

    AGRI: Events and Happenings

    On March 10, 2022, AGRI updated on its entry into a binding LOI for the acquisition agreement of Deroose Plants NV. It is a leading global tissue culture propagation company with a directory role in horticulture and other sectors. On March 09, 2022, AGRI reported its Executive management’s presentation at the 34th Annual Roth Conference being held on March 13-15, 2022.

    On March 08, 2022, AGRI announced the execution of a non-binding term sheet with an institutional investor for convertible debt service of approximately $20 million. The notes will be convertible at a price of $2.75 per share. The company will obtain a preliminary amount worth $10 million and would have the right to take a supplementary $10 million at its will.

    On February 25, 2022, AGRI informed the press about its management’s participation at the Gravitas’ 5th Annual Growth Conference held on March 3, 2022. On February 22, 2022, AGRI announced its entry into a proprietary global licensing deal with Radical Clean Solutions Ltd. for the marketing of its hydroxyl generating system.

    AGRI: Key Financials

    On November 15, 2021, AGRI reported its financial results for the quarter ended September 30, 2021. Some of the key updates are as follows.

    Revenue

    No revenues were reported by the company in the comparable quarter in 2021 and 2020.

    EPS

    Net loss basic and diluted per share in the third quarter of 2021 was $1.82 million or $0.14 against $0.97 million or $0.12 in the same period of 2020.

    Conclusion

    AGRI stock outdid by 36% in the year-to-date period. The company’s recent stock incline points towards its announcement of its entry into a binding LOI agreement with Deroose Plants.

  • AgriFORCE Growing Systems, Ltd. (AGRI) Stock is Up in Aftermarket, Here’s why.

    AgriFORCE Growing Systems, Ltd. (AGRI) Stock is Up in Aftermarket, Here’s why.

    AgriFORCE Growing Systems, Ltd. (AGRI) is a leading company aimed at developing automated growth platforms for agriculture products. AGRI utilizes hydroponics techniques for the growth of different agri-based products. The company is also engaged in refining the methods used in controlled-environment agriculture.

    The price of AGRI stock during the regular trading on January 28, 2022, was $1.21 with an incline of 2.66%. At last check in the aftermarket, the stock further surged significantly by 8.14%.

    AGRI: Events and Happenings

    On January 28, 2022, AGRI reported that the company’s Executives will present at the Virtual Winter Wonderland Best Ideas Investor Conference being held on February 8-11 2022. On January 11, 2022, AGRI updated about its purchase plan of a principal European consultancy of agri-tech for its optimization and operational skills.

    AGRI reported about its entry into a definitive partnership with Humboldt Bliss, Ltd. on December 02, 2021. The main purpose of the collaboration is the placement of the company’s foundational IP. The main facilities provided by Humboldt include a growing platform for the growth and marketing of important agri-based products.

    On November 24, 2021, the company reported that its Executives presented at the following investor conferences held virtually.

    • Canaccord Genuity 2ndAnnual AgriFood Tech Innovations Forum held on December 2, and
    • Benzinga All Access Event also held on December 2, 2021.

    AGRI: Key Financials

    On November 15, 2021, AGRI reported its financial results for the quarter ended September 30, 2021. Some of the key updates are as follows.

    Assets

    Total current assets during the period were reported to be $10.3 million.

    Net Loss per Share

    Basic and diluted net loss per share in Q3 2021 was $1.82 million or $0.14 against $0.97 million or $0.12 in the same period of 2020.

    On November 10, 2021, the company reported that its Executives presented at the Virtual 10th Annual Roth Technology & Inaugural AgTech Answers Event held on November 16-18, 2021.

    Conclusion

    AGRI stock underplayed during the last six months period as its price declined by 66% over the period. This downfall is the result of global pandemic recessive economic growth. The company announced its participation at an Investor Conference, resultantly the stock price in aftermarket increased. The analysts had shown confidence in the company’s policies.