---
schema_version: "secwatch.filing_event.v1"
accession: "0001213900-23-018686"
form_type: "8-K"
ticker: "RYM"
cik: "0001800637"
company_name: "RYTHM, Inc."
filed_at: "2023-03-09T23:59:59+00:00"
generated_at: "2026-06-18T07:27:44.587814+00:00"
event_type: "debt"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Agrify signs debt modification: principal cut to ~$11.7M, interest savings ~$1M/yr

## Summary
- Outstanding debt reduced from ~$32M to ~$11.675M after $10.3M cash prepayment and $10M exchange for convertible note.
- Convertible note matures Aug 2025, bears 9.0% interest, convertible at $0.3820/share; lender capped at 4.99% ownership (may increase to 9.99%).
- Working capital and restricted cash covenants eliminated; $3M mandatory prepayment of August 2022 Note required by Dec 31, 2023.
- Annual interest expense expected to decrease by approximately $1 million.
- Lender may convert additional $10M of remaining August 2022 Note into convertible note on Aug 19, 2023, subject to conditions.

## SEC filing metadata
- accession: 0001213900-23-018686
- form_type: 8-K
- ticker: RYM
- cik: 0001800637
- company_name: RYTHM, Inc.
- filed_at: 2023-03-09T23:59:59+00:00
- event_type: debt
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 2.03, 3.02, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1800637/000121390023018686/0001213900-23-018686-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1800637/000121390023018686/ea174704-8k_agrifycorp.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-23-018686
- JSON: https://secwatch.observer/filing/0001213900-23-018686.json
- Plain text: https://secwatch.observer/filing/0001213900-23-018686.txt

## Key facts
- Debt Financings
  RYTHM, Inc. amended senior notes of Prepayment of approximately $10.3 million and exchange of $10.0 million for Convertible Note with Lender at Not specified maturing Not specified.
  - Instrument: senior notes
  - Principal: Prepayment of approximately $10.3 million and exchange of $10.0 million for Convertible Note
  - Counterparty: Lender
  - Rate: Not specified
  - Maturity: Not specified
  - Event: amendment
  source text: into a new Securities Exchange Agreement (the “ Exchange Agreement ”) with the Lender. Pursuant to the Exchange Agreement, at closing the Company will prepay approximately $10.3 million in principal amount under the August 2022 Note and exchange $10.0 in principal amount of the remaining balance of the August 2022 Note for a new senior secured convertible note
  evidence_url: https://www.sec.gov/Archives/edgar/data/1800637/000121390023018686/0001213900-23-018686-index.htm
- Material Agreements
  RYTHM, Inc. entered into Securities Exchange Agreement with Lender valued at Prepayment of approximately $10.3 million principal under the August 2022 Note and exchange of $10.0 (effective 2023-03-08).
  - Action: entry
  - Counterparty: Lender
  - Value: Prepayment of approximately $10.3 million principal under the August 2022 Note and exchange of $10.0
  - Effective: 2023-03-08
  source text: On March 8, 2023, the Company entered into a new Securities Exchange Agreement (the “ Exchange Agreement ”) with the Lender.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1800637/000121390023018686/0001213900-23-018686-index.htm
- Material Agreements
  RYTHM, Inc. amended Note Amendment with Lender valued at Amendment to the August 2022 Note to remove covenants. (effective 2023-03-08).
  - Action: amendment
  - Agreement: credit facility
  - Counterparty: Lender
  - Value: Amendment to the August 2022 Note to remove covenants.
  - Effective: 2023-03-08
  source text: Note Amendment Concurrently with the closing under the Exchange Agreement, the Company and the Lender will enter into an Amendment to the August 2022 Note (the “ Note Amendment ”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1800637/000121390023018686/0001213900-23-018686-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.