secwatch.observer — SEC 8-K summary
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Issuer:     Algorhythm Holdings, Inc. (RIME)
CIK:        0000923601
Form:       8-K
Filed at:   2021-08-12T23:59:59+00:00
Accession:  0001493152-21-019422
Event type: other_material
Sentiment:  neutral
Materiality: 0.80
Item codes: 1.01, 5.02, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Singing Machine redeems 19.6M shares from former majority owners; closes $10M private placement
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- Redeemed ~19.6M shares (~50.2% of outstanding) from Koncepts and Treasure Green for $7.16M; shareholders no longer hold any shares.
- Directors Phillip Lau, Peter Hon, Yat Tung Lau resigned effective Aug 10, 2021; CEO Gary Atkinson appointed to the Board.
- Private placement closed Aug 10: raised ~$10M through 16.5M shares + warrants at $0.35 and 16.8M pre-funded warrants at $0.01 per share.
- Proceeds from private placement exceeded the redemption price; company to use best efforts to list on a national exchange by Dec 31, 2021.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/923601/000149315221019422/0001493152-21-019422-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/923601/000149315221019422/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-21-019422

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer