Algorhythm terminates Oxford loan (no balance), cuts quorum to 33 1/3%

Algorhythm Holdings, Inc.

Terminated Loan Agreement with Oxford Commercial Finance; no balance outstanding as of Oct 17, 2024.
Early termination fee of $40,000 required.
Amended bylaws to reduce stockholder meeting quorum from majority to 33 1/3%.
Bylaw amendment approved by Board on Oct 18, 2024.

Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

Algorhythm Holdings, Inc.: Reduced the quorum requirement for stockholder meetings from a majority to thirty-three and one-third percent (effective 2024-10-18).

Change: bylaw amendment
Effective: 2024-10-18

Exact text from the filing

On October 18, 2024, the Company amended its Amended By-laws (the “By-law Amendment”), for the purpose of reducing the quorum required to hold meetings of the stockholders of the Company (the “Quorum Requirement”). The By-law Amendment reduced the Quorum Requirement from a majority to thirty-three and one-third percent (33 1/3%) of the voting power of the shares of stock issued and outstanding and entitled to vote at the meeting.

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Algorhythm Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-24-041797

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