Agrify prices $8.7M public offering of common stock and warrants; net proceeds ~$8.2M

RYTHM, Inc.

Offering of 11,884,615 shares + pre-funded warrants for 1,500,000 shares + common warrants for 26,769,230 shares at $0.65/unit.
Gross proceeds ~$8.7M; net proceeds ~$8.2M after underwriting discounts and expenses.
Proceeds for working capital and general corporate purposes, including potential debt repayment.
Common warrants exercisable only upon stockholder approval; if not obtained, warrants have no value.
Underwriter Canaccord Genuity; expected close Dec 20, 2022.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

RYTHM, Inc. entered into Underwriting Agreement with Canaccord Genuity LLC valued at approximately $8.2 million (effective 2022-12-16).

Action: entry
Agreement: underwriting
Counterparty: Canaccord Genuity LLC
Value: approximately $8.2 million
Effective: 2022-12-16

Exact text from the filing

On December 16, 2022, Agrify Corporation (the “Company”) entered into an underwriting agreement (the “Underwriting Agreement”) with Canaccord Genuity LLC as underwriter (the “Underwriter”), pursuant to which the Company agreed to issue and sell an aggregate of (i) 11,884,615 shares of its common stock, and, in lieu of common stock to certain investors that so chose, pre-funded warrants (the “Pre-Funded Warrants”) to purchase 1,500,000 shares of its common stock, and (ii) accompanying warrants (the “Common Warrants”) to purchase 26,769,230 shares of the Company’s common stock (the “Offering”).

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RYTHM, Inc. filing history →

Source: SEC EDGAR

accession 0001213900-22-080562

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