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AgriForce Stock Rallies on Deal for European Consultancy -Breaking

by Mike Robinson

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© Reuters.

Sam Boughedda

Investing.com — Stocks in IP-focused AgTech firm AgriFORCE Growing Systems (NASDAQ) surged following the announcement that it has reached an agreement with an AgTech European consultant.

AgriFORCE stock rocketed in reaction to the news, up 160% to around  $5.60, but the earlier part of the session its shares jumped over 200% to well over the $7 mark.

Nasdaq listed company stated that the European consulting firm has more than 200 employees. It also reported impressive figures in 2020 with an estimated $26 million annual consulting revenues.

Company estimates that the purchase price will amount to around $29 Million, which includes a combination of stock and cash.

“This acquisition is a union of our complementary skills and shared values. Ingo Müller, CEO of AgriFORCE stated, “Both AgriFORCE & this European AgTech Consultancy are dedicated to improving the lives of both farmers and consumers.”

The acquisition was motivated by several factors, such as the potential to use the consultant’s knowledge and expertise in order to speed up the deployment of AgriFORCE’s Grow House technology.

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