secwatch.observer — SEC 8-K summary
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Issuer:     Algorhythm Holdings, Inc. (RIME)
CIK:        0000923601
Form:       8-K
Filed at:   2023-11-22T23:59:59+00:00
Accession:  0001493152-23-042523
Event type: other_material
Sentiment:  positive
Materiality: 0.70
Item codes: 1.01, 1.02, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Singing Machine raises ~$2M in private placement and terminates Fifth Third Bank credit facility
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- Sold 2,197,802 shares at $0.91 per share (3% premium) for gross proceeds of approx. $2 million.
- Purchasers: Regalia Ventures LLC owned by director Jay Foreman and Stingray Group Inc. (director Mathieu Peloquin is officer).
- Terminated Credit and Security Agreement with Fifth Third Bank, repaying outstanding balance of ~$16,662.61.
- Shares issued under Section 4(a)(2) exemption; purchasers get board nomination rights while owning 5% or more.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/923601/000149315223042523/0001493152-23-042523-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/923601/000149315223042523/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-23-042523

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