Singing Machine acquires SemiCab, Inc. for shares and LLC interest

Algorhythm Holdings, Inc.

Consideration: 962,710 MICS shares and 20% membership interest in SemiCab LLC.
Closing requires MICS raise ≥$1.7M and appoint two seller board designees.
Employment agreements for Ajesh Kapoor (President/CTO) and Vivek Sehgal (CPO) with escalating salaries.
SemiCab provides AI-based digital freight optimization; 5 employees; top 5 customers → 99% of 2023 sales.
MICS to make $1M initial capital contribution for 80% ownership in SemiCab LLC.

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