Hydrofarm Shares Surge After $16 Million Aurora Peat Sale

MT Newswires Live

Aug 03

Hydrofarm (HYFM) shares rose more than 364% in recent Monday trading after the company completed the sale of Aurora Peat Products to Raven for $16 million, including a $5 million promissory note.

The company said it will use the proceeds to reduce term loan debt, while the divestiture streamlines its operations and eliminates capital spending on peat harvesting assets.

Hydrofarm also launched Project Agility, an initiative aimed at expanding its logistics services platform and pursuing growth opportunities in adjacent markets, the company added.

Price: 2.51, Change: +1.97, Percent Change: +364.81

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