Agrify CEO's affiliate purchases ~$15.5M notes, extends maturity, settles Mack dispute

RYTHM, Inc.

CP Acquisitions (affiliate of CEO Chang) purchased ~$15.5M aggregate principal of notes from existing lender.
Existing lender exchanged $3.0M principal + $1.1M accrued interest for warrants to buy 2,809,669 shares at $0.001/share.
New Lender waived defaults through Dec 31, 2023 and extended note maturity to Dec 31, 2025.
Settled $8.24M Mack Molding dispute: $500k due Nov 1, $250k due Feb 2024; issued 750k-share warrant at $4.00.
Company issued $3M junior secured note (10%, Dec 2023 maturity) to CP Acquisitions; $2M drawn.

item 1.01 item 2.03 item 3.02 item 8.01 item 9.01

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 Modification and Settlement Agreement with Mack Molding Company valued at settlement of outstanding dispute of approximately $8.24 million under the Supply Agreement; payment (effective 2023-10-18).

Action: entry
Agreement: supply
Counterparty: Mack Molding Company
Value: settlement of outstanding dispute of approximately $8.24 million under the Supply Agreement; payment
Effective: 2023-10-18

Exact text from the filing

Mack Molding Modification Agreement Immediately prior to the Note Purchase on October 27, 2023, and with an effective date as of October 18, 2023, the Company entered into a Modification and Settlement Agreement (the “Modification Agreement”) with Mack Molding Company (“Mack”).

View on SEC.gov

Browse all material agreements →

RYTHM, Inc. filing history →

Source: SEC EDGAR

accession 0001213900-23-083943

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.