Agrify restates Q1 2024 financials; issues $1.5M insider convertible note

RYTHM, Inc.

Restatement: Q1 2024 interim financials no longer reliable due to errors in Mack Molding settlement accounting.
Loan: $1.5M junior secured note from CP Acquisitions (CEO Chang/Board member Chan); 10% interest, matures July 1, 2025.
Conversion: Note convertible at $0.2633/share into common or pre-funded warrants (exercise price $0.001).
Misstatements affect notes payable, accumulated deficit, equity, cost of goods sold, G&A, settlement gain, interest.
Company plans to file amended Form 10-Q as soon as practicable.

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