Agrify (AGFY) has released an update to notify the public and investors about an entry into a material definitive agreement.
CP Acquisitions LLC, affiliated with Agrify Corporation’s CEO Raymond Chang and board member I-Tseng Jenny Chan, acquired debt instruments from a prior lender and consolidated them into a Restated Convertible Note with revised terms. Stockholders approved these revisions, including a lower conversion price, increased ownership limits, higher interest rates, and an extended maturity date to December 31, 2025. The Restated Note’s outstanding principal at issuance was approximately $18.9 million, with $3.9 million immediately converted into common stock shares, leaving $15.0 million outstanding. Concurrently, a Junior Secured Promissory Note was also restated to increase its principal and extend its maturity.
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