Welcome to our dedicated page for Algorhythm Holdings news (Ticker: RIME), a resource for investors and traders seeking the latest updates and insights on Algorhythm Holdings stock.
Algorhythm Holdings Inc (RIME) delivers cutting-edge solutions through its dual focus on AI-driven logistics and consumer karaoke entertainment. This page serves as the definitive source for official company announcements, providing stakeholders with timely updates across both business segments.
Access consolidated press releases covering strategic partnerships, product launches, and operational milestones. Investors will find earnings reports and leadership updates, while industry observers can track developments in AI-enabled supply chain technology and consumer entertainment innovations.
Key updates include logistics algorithm enhancements, karaoke product expansions, and market penetration strategies. All content is sourced directly from corporate communications to ensure accuracy and compliance.
Bookmark this page for streamlined access to RIME's latest developments. Combine sector-specific insights with corporate strategy analysis through our curated news collection.
Algorhythm Holdings (NASDAQ: RIME) has completed its public offering, raising $9.5 million in gross proceeds. The offering included 55,882,352 shares of common stock (or pre-funded warrants) at $0.17 per share, each accompanied by two warrants: a Series A Warrant with a $0.17 exercise price (5-year term) and a Series B Warrant with a $0.34 exercise price (2.5-year term).
The warrants will become exercisable upon stockholder approval. The company plans to use the proceeds for working capital, general corporate purposes, and repayment of outstanding senior secured notes. Univest Securities acted as the sole placement agent for the offering.
Algorhythm Holdings (NASDAQ: RIME) has announced pricing of a $9.5 million public offering, consisting of 55,882,353 shares of common stock (or pre-funded warrants) at $0.17 per share. Each share comes with two warrants: a Series A Warrant with $0.17 exercise price (5-year expiry) and a Series B Warrant with $0.34 exercise price (2.5-year expiry).
The warrants will become exercisable upon stockholder approval. The company plans to use proceeds for working capital, general corporate purposes, and repayment of outstanding senior secured notes. The offering is expected to close around December 6, 2024, with Univest Securities acting as sole placement agent.
Algorhythm Holdings (NASDAQ: RIME) reported Q3 2024 results with revenues of $10.6 million, down 33% from $15.9 million in Q3 2023. The company posted net income of $1.2 million, up from $0.1 million year-over-year. Operating expenses decreased to $1.1 million from $3.6 million, including a $3.9 million non-cash gain from lease termination. Shareholders' equity improved to $2.7 million from a deficit of $(0.9) million.
Key developments include closing the SemiCab acquisition, securing multiple pilot contracts with major CPG companies, and establishing an OEM partnership with BYD for automotive karaoke technology. The company believes it has regained compliance with Nasdaq's Minimum Equity Rule.
Algorhythm Holdings (NASDAQ: RIME), an AI technology and consumer electronics holding company, has scheduled the release of its Q3 2024 financial results for November 19, 2024. Management will host a conference call on November 20, 2024, at 10:00 AM ET to discuss the results and provide a business update. Investors can access the call via dial-in number (888)-800-3146 with Conference ID: RIME. An audio replay will be available on the company's investor website.
Algorhythm Holdings (Nasdaq: RIME) announces its subsidiary, Singing Machine, has partnered with BYD and Stingray to launch globally available in-car karaoke microphones. The system will integrate with Stingray Karaoke app and BYD's vehicle infotainment systems, featuring vocal effects and live pitch-detection scoring. The microphones, manufactured by BYD Electronics, will debut during Black Friday in Brazil and Christmas in Europe, with worldwide availability starting early 2025. The partnership enhances BYD's existing Stingray Karaoke app with new features including gaming mode, scoring system, and live pitch correction. The system includes safety features that disable scrolling lyrics on the center console while driving, offering a passenger app for mobile device control.
Algorhythm Holdings, Inc. (NASDAQ: RIME) announced that its subsidiary SemiCab's Indian entity has secured a master service agreement with Apollo Tyres, , India's largest tire manufacturer. Apollo, a top 10 global tire producer with over $3 billion in sales in 2023, has awarded SemiCab India a commercial pilot freight contract for transportation services in India.
The contract, starting in October 2024, will initially cover southern India's commercial corridors with plans to expand into southwest India. It has a 12-month initial duration and allows for scalable lane service. SemiCab will provide its AI-powered platform to reduce service costs, improve delivery accuracy, and eliminate empty miles.
This partnership represents SemiCab's largest freight opportunity in India to date and marks Apollo as the first tire company to join the National Digital Freight Exchange (NDFE) in collaboration with SemiCab.
Algorhythm Holdings (NASDAQ: RIME) has announced a significant commercial breakthrough in India. The company's subsidiary, SemiCab Holdings, has secured a master service agreement with a leading Mumbai-based multinational consumer goods company. This $10 billion company specializes in health, beauty, wellness, and healthy packaged foods.
Under the agreement, SemiCab will provide enterprise-level shipping services through its AI-powered software platform. The contract, set to begin in mid-October 2024, will cover several major metropolitan markets across India. This marks SemiCab's first major client win in India since being acquired by Algorhythm in Q3 2024.
The pilot demonstrates that the SemiCab model is effective internationally and showcases Algorhythm's ability to expand its addressable market beyond the National Digital Freight Exchange network in India. The MSA will be serviced by SemiCab's Indian subsidiary, SMCB Private Solutions , which Algorhythm expects to acquire in Q4 2024.
Algorhythm Holdings (NASDAQ: RIME) has terminated its at-the-market (ATM) equity program with Ascendiant Capital, The company successfully raised approximately $1.4 million in gross proceeds, selling about 2.16 million shares of common stock at an average price of $0.65 per share.
CEO Gary Atkinson stated that the ATM was the most cost-effective way to raise equity capital without issuing warrants or providing market discounts. The proceeds will provide working capital for the company's global karaoke brand, Singing Machine, and its AI logistics business, SemiCab.
Algorhythm is preparing for a strong fourth quarter, with its karaoke division ramping up for holiday sales and its automotive karaoke microphone business aiming to secure its first OEM partnership. The company's AI logistics business is gaining momentum, winning new clients and expanding existing relationships.
Algorhythm Holdings, Inc. (NASDAQ: RIME) has secured a service contract with a leading global beverage, food, and snack company. The agreement involves Algorhythm's subsidiary, SemiCab Holdings, , providing enterprise-level shipping services through its AI-powered software platform. The contract, starting mid-October 2024, will initially cover multiple large metropolitan markets, with potential for expansion after six months.
Key points:
- This marks SemiCab's first major new business in the US since its acquisition by Algorhythm in July
- The client spends over $1 billion annually on freight
- The contract offers opportunities for additional shipping bids in late Q1 2025
- It enhances SemiCab's network density in key geographic markets
- The agreement could lead to broader collaboration in other geographies as SemiCab expands in 2025 and beyond
Algorhythm Holdings (NASDAQ: RIME), an AI technology and consumer electronics holding company, has announced its participation in the iAccess Alpha Buyside Best Ideas Fall Conference 2024. The event is scheduled for September 24 and 25, 2024.
CEO Gary Atkinson will deliver a company presentation on September 24 at 3:00 PM ET and host one-on-one meetings on September 25. The conference, which features companies recommended by investors, includes webcast presentations on the first day and individual meetings with management teams on the second day.
Interested parties can register for the conference and schedule meetings through the iAccess Alpha website. The presentation will be webcast live and available for replay on both the conference platform and Algorhythm's website under the Events and Presentations tab.
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