secwatch.observer — SEC 8-K summary
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Issuer:     Algorhythm Holdings, Inc. (RIME)
CIK:        0000923601
Form:       8-K
Filed at:   2025-08-27T23:59:59+00:00
Accession:  0001641172-25-025707
Event type: debt
Sentiment:  negative
Materiality: 0.80
Item codes: 1.01, 2.03, 3.02, 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/923601/000164117225025707/0001641172-25-025707-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/923601/000164117225025707/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001641172-25-025707

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