Algorhythm announces pause on capital raising activities

Algorhythm (RIME) Holdings will pause new capital raising activities for the next six months. In light of the Company’s current cash position, combined with a comprehensive assessment of the current market environment and our business operations, the management team has decided to suspend seeking out any new financing plans for the next six months. During this period, the Company will not seek new investments including transactions like an “At-the-Market” offering or usage of the Company’s Shelf registration statement. Additionally, the Company intends to seek the approval of its stockholders at its upcoming annual meeting of stockholders in January 2025, to implement a reverse stock split of its outstanding common stock to regain compliance with The Nasdaq Stock Market minimum bid requirement.