---
schema_version: "secwatch.filing_event.v1"
accession: "0001213900-24-094613"
form_type: "8-K"
ticker: "RYM"
cik: "0001800637"
company_name: "RYTHM, Inc."
filed_at: "2024-11-05T23:59:59+00:00"
generated_at: "2026-05-30T05:26:25.856666+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.9
calibrated_materiality_score: 0.9
confidence: "high"
source: SEC EDGAR
---

# Agrify secures $20M Green Thumb note; CEO Chang resigns, Kovler named interim CEO

## Summary
- Issued $20M secured convertible note to Green Thumb subsidiary; $10M drawn at closing, 10% interest, conversion at $3.158, matures Nov 2025.
- Raymond Chang resigned as CEO and director; I-Tseng Jenny Chan resigned from board; no disagreement cited.
- Benjamin Kovler appointed Chairman and Interim CEO; Armon Vakili and Richard Drexler appointed to board.
- Severance agreement with Chang: $1M payable through Feb 1, 2027, plus COBRA reimbursement.
- Green Thumb subsidiary also acquired common stock and warrants from Chang and Chan in separate transaction.

## SEC filing metadata
- accession: 0001213900-24-094613
- form_type: 8-K
- ticker: RYM
- cik: 0001800637
- company_name: RYTHM, Inc.
- filed_at: 2024-11-05T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.9
- calibrated_materiality_score: 0.9
- confidence: high
- sec_items: 1.01, 2.03, 3.02, 5.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1800637/000121390024094613/0001213900-24-094613-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1800637/000121390024094613/ea0220100-8k_agrify.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-24-094613
- JSON: https://secwatch.observer/filing/0001213900-24-094613.json
- Plain text: https://secwatch.observer/filing/0001213900-24-094613.txt

## Key facts
- Executive change
  Benjamin Kovler was appointed as Chairman at RYTHM, Inc..
  - Action: appointed
  - Role: Chairman
  source text: the Board appointed Benjamin Kovler as a member of the Board and Chairman
  evidence_url: https://www.sec.gov/Archives/edgar/data/1800637/000121390024094613/0001213900-24-094613-index.htm
- Executive change
  Raymond Chang resigned as President and Chief Executive Officer at RYTHM, Inc..
  - Action: resigned
  - Role: President and Chief Executive Officer
  source text: Raymond Chang resigned as a member of the Board of Directors (the “Board”) of the Company and any subsidiaries and as President and Chief Executive Officer of the Company
  evidence_url: https://www.sec.gov/Archives/edgar/data/1800637/000121390024094613/0001213900-24-094613-index.htm
- Executive change
  Benjamin Kovler was appointed as Chief Executive Officer at RYTHM, Inc..
  - Action: appointed
  - Role: Chief Executive Officer
  source text: Appointment of Chief Executive Officer Effective as of the Effective Time, the Company appointed Benjamin Kovler as its
  evidence_url: https://www.sec.gov/Archives/edgar/data/1800637/000121390024094613/0001213900-24-094613-index.htm
- Executive change
  I-Tseng Jenny Chan resigned as Director at RYTHM, Inc..
  - Action: resigned
  - Role: Director
  source text: I-Tseng Jenny Chan resigned as a member of the Board.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1800637/000121390024094613/0001213900-24-094613-index.htm
- Executive change
  Armon Vakili was appointed as Director at RYTHM, Inc..
  - Action: appointed
  - Role: Director
  source text: appointed Armon Vakili and Richard Drexler as members of the Board.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1800637/000121390024094613/0001213900-24-094613-index.htm
- Executive change
  Richard Drexler was appointed as Director at RYTHM, Inc..
  - Action: appointed
  - Role: Director
  source text: appointed Armon Vakili and Richard Drexler as members of the Board.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1800637/000121390024094613/0001213900-24-094613-index.htm

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