Algorhythm Holdings exchanges $3.5M of debt for Series A Preferred Stock with Streeterville Capital

Algorhythm Holdings, Inc.

Exchanged $3.5M portion of Secured Pre-Paid Purchase #4 for 3,500 shares of newly created Series A Preferred Stock.
Series A Preferred Stock has $1,150 stated value per share, accrues 9% annual preferred return, and ranks senior to common stock.
Outstanding balance of PPP #4 reduced to $7,202,371.69 after cancellation of the partitioned amount.
Preferred stock is non-convertible, has no voting rights except limited, and is redeemable at 110% of liquidation amount at board's discretion.
Issuance exempt under Section 3(a)(9); no cash proceeds received.

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