**Agrify Corporation Issues Convertible Note and Announces Board Changes**

Agrify Corporation, a leading provider of cultivation and extraction solutions for the cannabis industry, recently issued a Secured Convertible Note to RSLGH, LLC, a subsidiary of Green Thumb Industries Inc. This note, maturing on November 5, 2025, with a 10.0% annualized interest rate, involves customary covenants and potential redemption or conversion terms. The conversion price per share is set at $3.158, subject to adjustments.

Additionally, in a move following the note issuance, Agrify saw changes in its board composition. Raymond Chang resigned as Director and CEO, with Benjamin Kovler assuming the role of Chairman and Interim CEO. This restructuring also led to the appointment of Armon Vakili and Richard Drexler to the board.

The company highlights these developments as pivotal for its growth strategy and operational enhancements, emphasizing the capabilities and experience the new appointees bring to the table. Notably, Agrify retains most of its current management team post these changes.

Furthermore, a press release stated that Agrify secured a $20 million financing through a convertible secured note from Green Thumb Industries, strengthening the company’s financial position. This transaction aligned with Green Thumb’s acquisition of common stock and warrants from departing key figures.

The company expressed confidence in its strategic direction and potential value creation with the infusion of financing and the expertise of new board members. The transition reflects a strategic shift in leadership focus towards sustainable growth and shareholder value.

This significant update, coupled with the planned operational changes, underscores Agrify’s commitment to innovation and growth within the cannabis industry. The company remains focused on harnessing its technologies and market presence for continued success.

This news signifies pivotal changes for Agrify Corporation, showcasing a strategic financing move and revamped board leadership, signaling a new phase for the company’s trajectory.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Agrify’s 8K filing here.

About Agrify

Agrify Corporation offers hardware and software cultivation and extraction solutions for the cannabis and hemp industry in the United States. It offers vertical farming units and Agrify Insights Software-as-a-Service software; integrated grow racks and LED grow lights; and non-proprietary products designed, engineered, and manufactured by third parties, such as air cleaning systems and pesticide-free surface protection products.