Agrify Corporation (NASDAQ:AGFY) has signed a definitive agreement with its institutional lender to successfully amend its existing credit facility.
Pursuant to the modification, Agrify will partially prepay the senior secured note originally issued to the lender in March 2022 and exchange the remaining balance of the original note for a new senior secured note with an original principal amount of $35.0 million and a new warrant to purchase 14.23 million shares of common stock. Additionally, Agrify will exchange the warrant to purchase 6.88 million shares of common stock issued in the prior closing for a new warrant with the same number of underlying shares but with a reduced exercise price.
