Algorhythm Holdings defaults on $1.5M note payment; interest rate rises from 6% to 8%

Algorhythm Holdings, Inc.

Failed to make $1.5M initial payment due May 2, 2026 on a $1.75M promissory note to SemiCab Inc.
Default triggered; interest rate on the overdue amount increased from 6% to 8% per annum.
Seller may declare all outstanding amounts immediately due and payable upon written notice.
As of May 7, 2026, SemiCab has not exercised any remedies under the note.

item 2.04

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