---
schema_version: "secwatch.filing_event.v1"
accession: "0001493152-24-042405"
form_type: "8-K"
ticker: "RIME"
cik: "0000923601"
company_name: "Algorhythm Holdings, Inc."
filed_at: "2024-10-24T23:59:59+00:00"
generated_at: "2026-05-30T10:52:26.306202+00:00"
event_type: "debt"
sentiment: "negative"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001493152-24-042405
- form_type: 8-K
- ticker: RIME
- cik: 0000923601
- company_name: Algorhythm Holdings, Inc.
- filed_at: 2024-10-24T23:59:59+00:00
- event_type: debt
- sentiment: negative
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 1.01, 2.03, 3.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/923601/000149315224042405/0001493152-24-042405-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/923601/000149315224042405/form8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001493152-24-042405
- JSON: https://secwatch.observer/filing/0001493152-24-042405.json
- Plain text: https://secwatch.observer/filing/0001493152-24-042405.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.