Agrify acquires incredibles brand IP for $5.1M cash, issues $30M convertible notes

RYTHM, Inc.

Acquired all equity of MC Brands (incredibles brand) from Green Thumb subsidiary VCP for $5,075,000 cash.
Issued $30M secured convertible notes due Nov 2026, 10% annual interest payable in pre-funded warrants.
Green Thumb (34% owner, Chairman/CEO Kovler) is counterparty in multiple license and services agreements.
Exclusive license back to Green Thumb for incredibles brand in state-licensed cannabis; also got Beboe and Rythm licenses for hemp.
Existing convertible note amended to allow conversion into pre-funded warrants; notes rank pari passu.

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