AgriFORCE Growing Systems Ltd. (NASDAQ:AGRI) Stock Sees Selling Pressure: Time To Sell Now?
AgriFORCE Growing Systems Ltd. (NASDAQ:AGRI) dropped 17.5% after the company closed an underwritten initial public offering of around 3.128 million units.
Each unit comprises a common share and a Series A warrant to buy one common share at $5 per share for total proceeds of around $15.6 million before subtracting underwriting commissions, discounts, and offering expenses. The common stock and Series A warrants started trading on the Nasdaq exchange on July 8, 2021, under ticker “AGRI” and “AGRIW.”
The SEC declared a registration statement on Form S-1 associated with the securities effective on July 7, 2021. In addition, the company filed a final prospectus associated with the offering with the SEC, with the offering made only through a prospectus. AgriForce, which develops systems offering robust high-value solutions through its “AgriFORCE grow house,” plans to offer its products in nutraceutical, pharmaceutical, and high-value markets. The company designed AgriFORCE grow house to create any environmental conditions to optimize yields. So in the coming months, AGRI is a stock to watch.
Market Reaction:
On Monday, AGRI stock plunged 17.50% at $4.62 with more than 4.68 million shares, compared to its average volume of 11.75 million shares. The stock had moved within a range of $ 4.4700 – 5.1483 after opening the trade at $5. Over the past 52-week, the stock has been trading within a range of $3.6500 – 8.4500.
