Why Agrify Shares Soared Early Tuesday, Then Lost Steam
Marijuana stock Agrify (NASDAQ: AGFY) jumped 18.2% early Tuesday before losing all of those gains as the day progressed. The stock closed the day up just under 1%.
Agrify announced it had acquired two brands, Precision Extraction Solutions and Cascade Sciences, from Sinclair Scientific for $50 million, including $30 million in cash and Agrify stock worth $20 million. The total price, however, could go up to $65 million based on how Cascade and Precision perform in the full year ending Dec. 31.
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Source Fool.com
