Algorhythm Holdings (RIME) Announces $2 Million Registered Direct Offering

Algorhythm Holdings, Inc. (Nasdaq: RIME) (“Algorhythm” or the “Company”), an AI-driven technology and consumer electronics holding company today announced that it has entered into a definitive agreement with several investors for the purchase and sale of an aggregate of 24,067,388 of the Company’s common stock, par value $0.01 per share (the “Common Stock”) at a purchase price of 0.0831 per share in a registered direct offering priced at-the-market under Nasdaq rules.

The aggregate gross proceeds to the Company of this offering are expected to be approximately $2 million. The transaction is expected to close on or about December 18, 2024, subject to the satisfaction of customary closing conditions.

Univest Securities, LLC is acting as the sole placement agent.

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