Agrify Corporation Rebrands to RYTHM, Inc. After Acquisition
Introduction to RYTHM, Inc.
In a significant move, Agrify Corporation, a trailblazer in innovative solutions within the cannabis and hemp sectors, is set to rebrand itself as RYTHM, Inc. The company has recently completed the acquisition of an impressive portfolio of brands, including RYTHM, Dogwalkers, and Beboe from Green Thumb Industries, marking a pivotal transition aimed at strengthening its market presence.
Details of the Acquisition
Brand Portfolio and Licensing Agreement
The acquisition, valued at approximately US$50 million, was executed through a convertible note. Along with the purchase, RYTHM entered a licensing agreement that authorizes Green Thumb Industries to manufacture and distribute these brands. This strategic partnership will undoubtedly bolster RYTHM's outreach capabilities and provide them with a robust distribution network.
Significance of the Name Change
As part of this transition, RYTHM, Inc. will adopt the Nasdaq ticker symbol "RYM." This name change signifies a rebranding effort intended to align the company more closely with consumer wellness trends, tapping into the growing demand for products that enhance well-being.
Strategic Growth Focus
This acquisition represents not only a change in name but also a shift towards becoming a leader in the consumer well-being market. With the demand for hemp-derived THC products on the rise, RYTHM aims to achieve significant topline growth through enhanced licensing revenue and the introduction of new product lines, such as the recently launched RYTHM Beverages.
Chairman's Vision
Ben Kovler, Chairman and Interim CEO, expressed optimistic sentiments about the future of the company, stating the necessity to focus on revenue growth. He highlighted the increasing consumer preference for THC as an alternative to traditional alcoholic beverages, which positions RYTHM favorably in this evolving market landscape.
Current Financial Standing
Post-acquisition, RYTHM has approximately 2.0 million shares of common stock outstanding, along with warrants for about 7.6 million shares of common stock. Additionally, the company is holding convertible notes that, if exercised, would result in approximately 6.7 million shares of common stock. The CUSIP number will remain the same, ensuring continuity for investors.
About RYTHM, Inc.
RYTHM's diverse portfolio encompasses some of the most reputable names in the cannabis and hemp arena, including Dogwalkers and Beboe, among others. These brands are accessible across numerous physical outlets and online platforms, emphasizing the company’s commitment to quality and safety in delivering wellness products to millions of consumers. With a foundation in innovation, RYTHM aims to reshape cannabis experiences that enrich everyday life.
Frequently Asked Questions
What led to Agrify's name change to RYTHM, Inc.?
The name change reflects the company's new focus on its acquired brand portfolio aiming to enhance consumer well-being.
What brands were included in the acquisition?
The acquisition included notable brands like RYTHM, Dogwalkers, and Beboe, enhancing the company’s existing portfolio.
When will RYTHM begin trading under its new ticker symbol?
RYTHM will begin trading on the Nasdaq under the symbol "RYM" starting September 2, 2025.
What strategic benefits does this acquisition bring?
The acquisition allows RyTHM to leverage Green Thumb Industries' distribution while aligning its offerings with current wellness trends.
How many shares does RYTHM currently have outstanding?
RYTHM has 2.0 million shares of common stock outstanding following the acquisition, with additional warrants and convertible notes contributing to its share structure.
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