Welcome to our dedicated page for Algorhythm Holdings news (Ticker: RIME), a resource for investors and traders seeking the latest updates and insights on Algorhythm Holdings stock.
Our selection of high-quality news articles is accompanied by an expert summary from Rhea-AI, detailing the impact and sentiment surrounding the news at the time of release, providing a deeper understanding of how each news could potentially affect Algorhythm Holdings’s stock performance. The page also features a concise end-of-day stock performance summary, highlighting the actual market reaction to each news event. The list of tags makes it easy to classify and navigate through different types of news, whether you’re interested in earnings reports, stock offerings, stock splits, clinical trials, fda approvals, dividends or buybacks.
Designed with both novice traders and seasoned investors in mind, our page aims to simplify the complex world of stock market news. By combining real-time updates, Rhea-AI’s analytical insights, and historical stock performance data, we provide a holistic view of Algorhythm Holdings’s position in the market.
Rhea-AI Summary
Algorhythm Holdings (Nasdaq: RIME) announces its subsidiary, Singing Machine, has partnered with BYD and Stingray to launch globally available in-car karaoke microphones. The system will integrate with Stingray Karaoke app and BYD’s vehicle infotainment systems, featuring vocal effects and live pitch-detection scoring. The microphones, manufactured by BYD Electronics, will debut during Black Friday in Brazil and Christmas in Europe, with worldwide availability starting early 2025. The partnership enhances BYD’s existing Stingray Karaoke app with new features including gaming mode, scoring system, and live pitch correction. The system includes safety features that disable scrolling lyrics on the center console while driving, offering a passenger app for mobile device control.
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Rhea-AI Summary
Algorhythm Holdings, Inc. (NASDAQ: RIME) announced that its subsidiary SemiCab’s Indian entity has secured a master service agreement with Apollo Tyres, , India’s largest tire manufacturer. Apollo, a top 10 global tire producer with over $3 billion in sales in 2023, has awarded SemiCab India a commercial pilot freight contract for transportation services in India.
The contract, starting in October 2024, will initially cover southern India’s commercial corridors with plans to expand into southwest India. It has a 12-month initial duration and allows for scalable lane service. SemiCab will provide its AI-powered platform to reduce service costs, improve delivery accuracy, and eliminate empty miles.
This partnership represents SemiCab’s largest freight opportunity in India to date and marks Apollo as the first tire company to join the National Digital Freight Exchange (NDFE) in collaboration with SemiCab.
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Rhea-AI Summary
Algorhythm Holdings (NASDAQ: RIME) has announced a significant commercial breakthrough in India. The company’s subsidiary, SemiCab Holdings, has secured a master service agreement with a leading Mumbai-based multinational consumer goods company. This $10 billion company specializes in health, beauty, wellness, and healthy packaged foods.
Under the agreement, SemiCab will provide enterprise-level shipping services through its AI-powered software platform. The contract, set to begin in mid-October 2024, will cover several major metropolitan markets across India. This marks SemiCab’s first major client win in India since being acquired by Algorhythm in Q3 2024.
The pilot demonstrates that the SemiCab model is effective internationally and showcases Algorhythm’s ability to expand its addressable market beyond the National Digital Freight Exchange network in India. The MSA will be serviced by SemiCab’s Indian subsidiary, SMCB Private Solutions , which Algorhythm expects to acquire in Q4 2024.
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Rhea-AI Summary
Algorhythm Holdings (NASDAQ: RIME) has terminated its at-the-market (ATM) equity program with Ascendiant Capital, The company successfully raised approximately $1.4 million in gross proceeds, selling about 2.16 million shares of common stock at an average price of $0.65 per share.
CEO Gary Atkinson stated that the ATM was the most cost-effective way to raise equity capital without issuing warrants or providing market discounts. The proceeds will provide working capital for the company’s global karaoke brand, Singing Machine, and its AI logistics business, SemiCab.
Algorhythm is preparing for a strong fourth quarter, with its karaoke division ramping up for holiday sales and its automotive karaoke microphone business aiming to secure its first OEM partnership. The company’s AI logistics business is gaining momentum, winning new clients and expanding existing relationships.
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Rhea-AI Summary
Algorhythm Holdings, Inc. (NASDAQ: RIME) has secured a service contract with a leading global beverage, food, and snack company. The agreement involves Algorhythm’s subsidiary, SemiCab Holdings, , providing enterprise-level shipping services through its AI-powered software platform. The contract, starting mid-October 2024, will initially cover multiple large metropolitan markets, with potential for expansion after six months.
Key points:
- This marks SemiCab’s first major new business in the US since its acquisition by Algorhythm in July
- The client spends over $1 billion annually on freight
- The contract offers opportunities for additional shipping bids in late Q1 2025
- It enhances SemiCab’s network density in key geographic markets
- The agreement could lead to broader collaboration in other geographies as SemiCab expands in 2025 and beyond
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Rhea-AI Summary
Algorhythm Holdings (NASDAQ: RIME), an AI technology and consumer electronics holding company, has announced its participation in the iAccess Alpha Buyside Best Ideas Fall Conference 2024. The event is scheduled for September 24 and 25, 2024.
CEO Gary Atkinson will deliver a company presentation on September 24 at 3:00 PM ET and host one-on-one meetings on September 25. The conference, which features companies recommended by investors, includes webcast presentations on the first day and individual meetings with management teams on the second day.
Interested parties can register for the conference and schedule meetings through the iAccess Alpha website. The presentation will be webcast live and available for replay on both the conference platform and Algorhythm’s website under the Events and Presentations tab.
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Rhea-AI Summary
Algorhythm Holdings (NASDAQ: RIME) announced significant changes to its Board of Directors on September 10, 2024. Executive Chairman Milton “Todd” Ault, along with directors James M. Turner and Kenneth Cragun, voluntarily resigned effective September 5, 2024. The resignations were attributed to their desire to focus on other professional commitments.
CEO Gary Atkinson expressed appreciation for the departing directors’ contributions over the past two years, highlighting Ault’s efforts in identifying growth capital and proposing ways to create stockholder value. Atkinson views this change as an opportunity to attract specialized expertise to the leadership team, particularly in light of recent corporate developments such as the SemiCab acquisition, rebranding, and restructuring into a holding company with diverse technology-driven business segments.
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FAQ
What is the current stock price of Algorhythm Holdings (RIME)?
The current stock price of Algorhythm Holdings (RIME) is $0.229 as of November 14, 2024.
What is the market cap of Algorhythm Holdings (RIME)?
The market cap of Algorhythm Holdings (RIME) is approximately 2.8M.
Algorhythm Holdings, Inc.
Nasdaq:RIME
RIME Stock Data
2.78M
9.74M
25.5%
2.26%
3.07%
Consumer Electronics
Phonograph Records & Prerecorded Audio Tapes & Disks
United States of America
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