Agrify exchanges $2M of debt for 8.9M common shares with High Trail

RYTHM, Inc.

Agrify exchanged $2.0M of senior secured note principal for 8,903,927 common shares with High Trail Special Situations LLC.
Exchange shares are unregistered, issued under Section 3(a)(9) exemption; eligible for Rule 144 resale without restrictive legend.
Beneficial ownership limit of 4.99% applies; shares exceeding limit held in abeyance until permitted.
Closing expected on or around May 1, 2023, subject to customary conditions.
Transaction reduces remaining principal under August 2022 note; prior exchanges totaled $35.2M+ in prepayments.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

RYTHM, Inc. entered into Letter Agreement with Lender valued at Exchanged $2.0 million of the August 2022 Note for 8,903,927 shares of common stock (effective 2023-04-26).

Action: entry
Counterparty: Lender
Value: Exchanged $2.0 million of the August 2022 Note for 8,903,927 shares of common stock
Effective: 2023-04-26

Exact text from the filing

On April 26, 2023, the Company entered into a letter agreement with the Lender (the “Letter Agreement”), pursuant to which the Company and the Lender agreed to exchange $2.0 million of the remaining outstanding principal amount under the August 2022 Note for 8,903,927 shares (the “Exchange Shares”) of common stock of the Company, par value $0.001 per share (the “Common Stock”).

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RYTHM, Inc. filing history →

Source: SEC EDGAR

accession 0001213900-23-033012

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