Agrify Corporation announced a private placement to issue Junior Secured Note for the gross proceeds of $3,000,000 on July 12, 2023. The transaction will include participation from new investor GIC Acquisition, LLC. The Junior Secured Note bears interest at a rate of 10% per annum, will mature in full on December 31, 2023, and may be prepaid without any fee or penalty. The Junior Secured Note is a secured obligation of the Company that ranks junior to the notes acquired in the Note Purchase.

On the same date, the company announced that it has issued $2,000,000 in the first tranche.