Agrify announced that it borrowed $65 million under a new $135 million senior secured note, and yet the stock dropped 25% shortly after the announcement. Why did the stock drop? Why did they borrow $65 million when they already had $100 million of cash on hand? What does this imply about their business? What is this lender’s long-term interest?
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Agrify also reports its 4Q21 results tomorrow before the open; call will be 8:30 am ET, webcast at this link.