Algorhythm raises $2.0M via 15% OID secured notes and 2.3M shares

Algorhythm Holdings, Inc.

Gross proceeds $2.0M from $2.35M principal of 90-day secured notes (15% OID) and 2.3M shares.
Notes accrue 14% interest only upon default; secured by company assets and guaranteed by subsidiaries.
Net proceeds will be used for working capital and general corporate purposes.
Issued 2.3M shares, representing ~19% dilution vs. pre-offering 11.9M shares outstanding.
Univest Securities acted as placement agent, receiving 7% of gross proceeds plus legal fee reimbursement.

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