Algorhythm defaults on $1.5M note payment; forbearance extended to July 16

Algorhythm Holdings, Inc.

Missed $1.5M initial payment due May 2, 2026 on $1.75M promissory note to SemiCab, Inc.
Second forbearance agreement dated June 16, 2026 waives default until July 16, 2026.
Note issued May 2, 2025; remaining $250K due November 2, 2026.
First forbearance on May 9, 2026 waived default through June 16, 2026.

item 1.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Algorhythm Holdings, Inc. entered into Promissory Note with SemiCab, Inc. valued at $1,750,000 (effective 2025-05-02).

Action: entry
Agreement: notes offering
Counterparty: SemiCab, Inc.
Value: $1,750,000
Effective: 2025-05-02

Exact text from the filing

On May 2, 2025, Algorhythm Holdings, Inc. (the “Company”) issued a promissory note in the principal amount of $1,750,000 (the “Promissory Note”) to SemiCab, Inc., a Delaware corporation (the “Seller”), pursuant to an equity purchase agreement (the “Equity Purchase Agreement”) among the Company and its subsidiary, SemiCab Holdings, LLC, a Nevada limited liability company (“SemiCab Holdings”), and the Seller.

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627 material agreements filed in the last 30 days. Browse all material agreements →

Algorhythm Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-26-029603

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