UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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| Item 8.01 | Other Events |
As previously reported, on October 27, 2023, CP Acquisitions LLC (the “Lender”), an entity affiliated with and controlled by Raymond Chang, the Chief Executive Officer of Agrify Corporation (the “Company”) and a member of its Board of Directors, purchased from an institutional investor the Senior Secured Convertible Note originally issued by the Company on March 10, 2023 (the “Note”).
On November 28, 2023, the Company granted an aggregate of 1,774,409 restricted stock units (the “RSUs”) pursuant to its 2022 Omnibus Equity Incentive Plan (the “Plan”) to its officers, directors and employees. The vesting of the RSUs is subject to future shareholder approval of an amendment to the Plan to increase the shares available for issuance thereunder by an amount that is sufficient for issuance of the underlying shares.
In connection with and conditioned upon the grant of the RSUs, on November 30, 2023, the Lender agreed to forgive $1.0 million of principal amount outstanding under the Note.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| AGRIFY CORPORATION |
| By: | /s/ Raymond Chang | |
| Raymond Chang | ||
| Chief Executive Officer |
| Date: November 30, 2023 |