secwatch.observer — SEC 8-K summary
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Issuer:     Algorhythm Holdings, Inc. (RIME)
CIK:        0000923601
Form:       8-K
Filed at:   2023-09-01T23:59:59+00:00
Accession:  0001493152-23-031486
Event type: debt
Sentiment:  negative
Materiality: 0.70
Item codes: 1.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Singing Machine receives waiver for loan default but credit line cut from $5M to $2M
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- Lender waived Event of Default from failing to deliver June 2023 financial statements on time.
- Borrowing base and maximum revolving loan limit reduced from $5M to $2M.
- New liquidity covenant: cash + availability must be at least $2.5M at each month-end starting July 31, 2023.
- Termination fee (Section 4.05(e)) and Section 12.04 deleted from Credit Agreement.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/923601/000149315223031486/0001493152-23-031486-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/923601/000149315223031486/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-23-031486

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