Algorhythm Holdings closes $9.5M unit offering; repurchases shares from Stingray Group

Algorhythm Holdings, Inc.

Offering of 55.9M shares/pre-funded warrants and Series A/B warrants at $0.17/unit raised ~$9.5M gross, ~$8.37M net.
Net proceeds to fund working capital and repay $2.35M in senior secured notes.
Repurchased 1,098,901 shares from Stingray Group for a promissory note at market price; shares to be cancelled.
Director Mathiew Peloquin is SVP at Stingray Group, making the repurchase a related-party transaction.
Series A warrants exercisable at $0.17 for 5 yrs; Series B at $0.34 for 2.5 yrs; exercise requires shareholder approval.

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