Algorhythm Holdings, Inc. (RIME): M&A transaction — Singing Machine closes acquisition of AI logistics firm SemiCab; issues 641,806 shares

Algorhythm Holdings, Inc.

Completed acquisition of SemiCab, AI logistics platform, structured as asset purchase; issued 641,806 shares (approx 10% of outstanding) and assumed ~$2.6M liabilities.
Also granted 20% membership interest in new subsidiary SemiCab Holdings LLC; option to buy SMCB Solutions for 320,903 additional shares.
SemiCab claims technology improves freight utilization from 65% to 90%, enabling >10% cost savings for shippers.
SemiCab selected by India's National Digital Freight Exchange (NDFE); SMCB subsidiary generated ~$1.4M in LTM sales.

item 1.01 item 2.01 item 3.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

Algorhythm Holdings, Inc. completed an acquisition involving SemiCab, Inc. for 641,806 shares of its common stock, par value $0.01 (closed 2024-07-03).

Action: acquisition
Counterparty: SemiCab, Inc.
Consideration: 641,806 shares of its common stock, par value $0.01
Closing: 2024-07-03

Exact text from the filing

he “Buyer”), SemiCab, Inc., a Delaware corporation (“SemiCab” or the “Seller”), Ajesh Kapoor and

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29 m&a transactions filed in the last 30 days. Browse all m&a transactions →

Algorhythm Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-24-026286

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