Algorhythm enters $20M prepaid purchase with Streeterville; director Kling resigns

Algorhythm Holdings, Inc.

Entered up to $20M prepaid purchase agreement with Streeterville; initial $4.39M at 9%, 3-yr maturity.
Net proceeds ~$4M after $360K OID and $30K expenses; used for working capital.
Issued 95,694 commitment shares; resale registration due within 30 days.
Additional purchases up to $3M outstanding, 9% OID; floor price at greater of 20% Nasdaq minimum or $0.10.
Director Joseph Kling resigned from board effective Aug 21, no disagreement.

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