Algorhythm Holdings repurchases 1,098,901 shares from director-affiliated entity via note

Algorhythm Holdings, Inc.

Repurchased 1,098,901 shares of common stock from Regalia Ventures LLC, wholly owned by director Jay Foreman.
Purchase price equals higher of prior day's closing price or highest 10-day VWAP; paid via promissory note.
Shares originally issued to Regalia Ventures on Nov 21, 2023 under a stock purchase agreement.
Repurchased shares will be cancelled and retired; board unanimously approved the transaction.
Consideration is a promissory note with principal equal to the formula-based price; terms not yet specified.

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