Singing Machine raises $4M in public offering, uplists to Nasdaq Capital Market, appoints Jay Foreman to board

Algorhythm Holdings, Inc.

Public offering of 1,000,000 shares at $4.00/share; gross proceeds of $4.0M; closed May 26, 2022.
Common stock uplisted to Nasdaq Capital Market under ticker MICS effective May 24, 2022; 1-for-30 reverse stock split.
Underwriter Aegis Capital Corp. received warrants to purchase 100,000 shares at $5.00/share, 5-year term.
Jay B. Foreman, founder/CEO of Basic Fun!, appointed to Board effective May 23, 2022 and invested in offering.
Exercise price of certain warrants from August 2021 adjusted to $2.80 per share upon uplisting.

item 1.01 item 5.02 item 8.01 item 9.01

Executive movements

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Appointed

Jay B. Foreman

Director

RIME · Algorhythm Holdings, Inc.

Effective: 2022-05-23
Filed: May 27, 2022, 7:59 PM ET

Effective May 23, 2022, Jay B. Foreman was appointed to serve as a Director of the Company.

Key facts

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Executive change SEC 8-K Item 5.02 confidence 0.95

Jay B. Foreman was appointed as Director at Algorhythm Holdings, Inc..

Action: appointed
Role: Director

Exact text from the filing

Effective May 23, 2022, Jay B. Foreman was appointed to serve as a Director of the Company.

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Algorhythm Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-22-015375

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