Agrify (NASDAQ:AGFY) stock is on the move Tuesday as investors react to updates on ownership of the cannabis and hemp company’s shares.
The latest news has to do with the transfer of a convertible senior note to CP Acquisitions. This happened in October 2023 and allows the holder of the note to convert it for shares of AGFY stock. The notes have a limit that doesn’t allow the holder to obtain more than a 4.99% stake in Agrify.
Investors will note that CP Acquisitions is an entity under the control of Raymond Chang, President and CEO of Agrify. Chang holds a total number of securities equivalent to a 49.99% stake in the company.
Additionally, I-Tseng Jenny Chan’s M Zion Capital, M Olivet Capital and M Cannan Capital each hold shares of AGFY stock as well. Chan is a director of Agrify and the shares held by those companies come from the notes secured by CP Acquisitions and help make up its 49.99% stake.
How This Affects AGFY Stock Today
All of this news brings with it heavy trading of AGFY stock. That has more than 13 million shares changing hands as of this writing. This is already well above its daily average trading volume of about 1.4 million shares.
AGFY stock is up 60.6% as of Tuesday morning.
Investors looking for all of the latest stock market stories today are in the right place!
InvestorPlace is home to the most recent stock market news worth reading about on Tuesday! Among that is what has Agape ATP (NASDAQ:ATPC) stock up today, the biggest pre-market stock movers this morning and more. You can catch up on all of these matters at the links below!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
