AUS
NZ
UK
CA
USA
IND
Summary
- AgriFORCE’s stock bounced back on Friday after declining in its stock market debut on Thursday.
- The agriculture-focused technology company raised approximately US$13.6 million in the public offering.
- AgriFORCE stock, which was priced at US$5 in the IPO, rallied up to US$8.45 on Friday.
Shares of AgriFORCE Growing Systems Ltd. (NASDAQ:AGRI), which declined in its NASDAQ debut on Thursday, jumped as much as 70 percent on Friday morning.
The agriculture-focused technology company had priced its initial public offering at US$5. The stock opened for trading on July 8 at US$4.75 and closed at US$4.61.
On Friday, the stock opened at US$7.19 and rallied up to US$8.45. As of 12:54 pm ET, AgriFORCE shares were trading at US$5.80, up 25.80 percent.
AgriFORCE currently has a market capitalization of around US$64.85 million. About 17 million shares changed hands on Friday.
Initial Public Offering
AgriFORCE raised approximately US$13.6 million in the initial public offering. The company offered 2.7 million shares at a price of US$5 per unit.
Benchmark Investments, LLC’s EF Hutton is the book-running manager for the IPO. The underwriter has an option to buy 407,999 additional shares at the offering price in 45 days.
Some of the companies that made their stock market debut recently through an IPO include DiDi Global Inc. (NYSE:DIDI), Moving iMage Technologies (NYSE:MITQ), Confluent, Inc. (NASDAQ:CFLT) and Krispy Kreme Inc. (NASDAQ:DNUT)
READ MORE: Moving iMage (MITQ) IPO: Stock jumps 700% on NYSE debut
Source: Pixabay
READ MORE: Levi Strauss (NYSE:LEVI) stock pops on FY’21 outlook, Q2 profit
What does AgriFORCE do?
AgriFORCE enables businesses and enterprises to improve plant cultivation and processing through its proprietary facility design and automated growing solutions. The company was incorporated in 2017 with registered office in Canada.
AgriFORCE’s facilities and automated systems support the production of high-value crops, pharmaceuticals and nutraceuticals.
The company is has not recorded any revenues until now. AgriFORCE’s revenue sources include rentals from facilities, intellectual property income from the license and management and advisory fees from service contract.
In 2020, AgriFORCE reported research and development expenses of US$123,916 related to a biosphere facility.
READ MORE: ToughBuilt (NASDAQ:TBLT) stock rides high on Amazon.com sales growth
The company posted a US$ 3.2 million loss in 2020 and a US$884,606 loss in the first quarter
ended March 31, 2021.
Please note: The above constitutes a preliminary view and any interest in stocks/cryptocurrencies should be evaluated further from an investment point of view.
