Agrify converts ~$13.8M debt to equity; expects to regain Nasdaq compliance

RYTHM, Inc.

CP Acquisitions converted $11.5M of senior convertible note into Pre-Funded Warrants for up to 8.56M shares.
GIC Acquisition converted ~$2.29M junior secured note into Pre-Funded Warrants for up to 3.23M shares.
Company believes stockholders' equity now exceeds $2.5M, regaining compliance with Nasdaq Listing Rule 5550(b)(1).
Pre-Funded Warrants include adjustment provisions subject to shareholder approval under Nasdaq Rule 5635.
Conversions by entities controlled by CEO Raymond Chang and director I-Tseng Jenny Chan demonstrate insider support.

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