Agrify Corporation announced that it has signed a non-binding letter of intent to acquire certain assets from Double or Nothing LLC, the owner, and creator of the Señorita brand of hemp-derived legal THC drinks, in exchange for 530,000 shares of Agrify common stock or common stock equivalents. The Transaction is expected to close before year-end.
Agrify Interim CEO Ben Kovler said: "This is an exciting time for Agrify and our shareholders as our business has fresh energy, a strong balance sheet, and a new perspective on finding solutions in the cannabis industry."
Señorita co-founder Charles Bieler commented: "We started Señorita because we saw an obvious need in the market from American consumers demanding alcohol alternatives that would still provide a great experience."
The Transaction would involve the acquisition of assets involved in the operation of Señorita's HDLT business. There can be no assurances that Agrify will reach a binding agreement and if it does, the terms could differ from those stated in this press release. In any event, Agrify will disclose the final deal terms and binding transaction documents in a future announcement and applicable filings with the Securities Exchange Commission.
For more information:
Agrify Corp.
www.agrify.com