I think this will be good in the future, buy while its cheap.

Fort Lauderdale, FL, Oct. 08, 2024 (GLOBE NEWSWIRE) -- Algorhythm Holdings, Inc. (“Algorhythm”) (NASDAQ: RIME), an AI-driven technology and consumer electronics holding company, announced it has terminated its “at-the-market” (“ATM”) equity program with Ascendiant Capital, LLC, as sales agent (the “Agent”). The Company elected to terminate the ATM because it had achieved its objective of raising capital under the ATM. Through the utilization of the most recently amended ATM, the Company raised approximately $1.4 million in gross proceeds, selling approximately 2.16 million shares of common stock at an average share price of $0.65 per share.

Gary Atkinson, the Company’s CEO commented, “We’re pleased to have successfully utilized the ATM as the most cost-effective form of raising equity capital. The Company successfully met its goal of bolstering its balance sheet without issuing warrants or providing a discount to market. The proceeds from the ATM will provide the Company with access to working capital while we continue to execute on the respective business objectives for our global karaoke brand, the Singing Machine, and our rapidly emerging AI logistics business, SemiCab.”

“Our two holdings are positioned for an exciting fourth quarter. Our karaoke consumer electronics division is ramping up for peak sales during the holiday shopping season, with our automotive karaoke microphone business on track to secure its first OEM partnership by the end of Q4 2024. As announced yesterday, our U.S.-based AI logistics business continues to gain momentum, winning new clients and expanding existing relationships. Meanwhile, our Indian AI logistics business is in the final stages of acquisition integration and is set to onboard several key clients in the coming quarter.”

“With this positive momentum, we are pleased to strengthen our liquidity, strategically reduce leverage on the balance sheet, and accelerate operations across all areas,” concluded Mr. Atkinson.

Algorhythm Holdings, Inc. is a holding company with two primary investments. First, the Company owns SemiCab Holdings, an emerging leader in the AI-enabled global logistics industry. Second, the Company owns The Singing Machine Company, the worldwide leader in the consumer karaoke industry.

SemiCab is a cloud-based Collaborative Transportation Platform built to achieve the scalability required to predict and optimize millions of loads and hundreds of thousands of trucks. To orchestrate collaboration across manufacturers, retailers, distributors, and their carriers, SemiCab uses real-time data from API-based load tendering and pre-built integrations with TMS and ELD partners. To build fully loaded round trips, SemiCab uses AI/ML predictions and advanced predictive optimization models. On the SemiCab platform, shippers pay less and carriers make more while not having to change a thing.