Nature's Miracle mutually agrees to terminate plan to merge with Agrify Corp.

Date:05-21-2024

Nature's Miracle Holding Inc. (NASDAQ: NMHI) ("Nature's Miracle" or the "Company"), a leader in vertical farming technology and infrastructure, announced that both Nature's Miracle and Agrify Corporation (NASDAQ: AGFY) ("Agrify"), have mutually agreed to terminate the previously announced plan to merge, originally announced on May 16, 2024. Given unfavorable market conditions, a decision was reached to terminate the planned merger.

In connection with the termination of its plan to acquire Agrify, the Company and Agrify have executed a termination agreement with respect to the merger agreement and have also executed a debt termination agreement with entities controlled by Agrify's Chief Executive Officer with respect to the purchase of outstanding debt. Each of the termination agreements contained mutual releases.  Both the "Merger Agreement" and "Purchase of Notes" agreements have been cancelled with no termination or cancellation fees attached to either party. 

James Li, Chairman and CEO of Nature's Miracle Holding Inc. stated, "Based on the current unfavorable market conditions, we've determined this is in the best interest of our shareholders and the long-term value of our business. At Nature's Miracle, we will continue to focus on our core indoor growing products including grow light, dehumidifier and container growing systems where we are seeing strong momentum.  We extend our appreciation to  the Agrify team for their cooperation."