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In a recent transaction involving Algorhythm Holdings, Inc. (NASDAQ:RIME), currently trading at $2.70 with a market capitalization of $6.45 million, Regalia Ventures LLC, an entity wholly owned by Jay B. Foreman, the company’s director, sold 5,494 shares of common stock back to the issuer. According to InvestingPro analysis, RIME’s stock has experienced significant volatility, declining 96.55% over the past six months. This sale was conducted under a Stock Repurchase Agreement dated November 1, 2024. Instead of a cash payment, the transaction was settled with a promissory note valued at $472,527.43. The note carries an annual interest rate of 10%, with interest payable monthly, and the principal due on demand.
Following this transaction, Regalia Ventures LLC no longer holds any shares directly, while Mr. Foreman retains 254 shares in a direct capacity.
In other recent news, Algorhythm Holdings has announced several significant corporate developments. The company has confirmed a 1-for-200 reverse stock split, set to reduce the number of outstanding shares to approximately 2,381,799. This move comes alongside an increase in authorized shares from 100 million to 800 million, following stockholder approval. Additionally, Algorhythm Holdings is facing potential delisting from the Nasdaq Stock Market due to non-compliance with the minimum bid price requirement, although the company plans to request a hearing to delay any delisting actions. In a separate announcement, Algorhythm Holdings disclosed a $2 million stock sale through a registered direct offering, with Univest Securities, LLC acting as the exclusive placement agent. This transaction is expected to close on December 18, 2024. The company’s recent SEC filings provide further details on these corporate actions. Investors are advised to consider these developments as they assess Algorhythm Holdings’ market position and future prospects.
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