The Singing Machine Has Completed The Acquisition Of SemiCab And Will Rebrand To Algorhythm To Focus On Expanded Business Model And Growth Strategy, With New Ticker RIME

Author: Benzinga Newsdesk | September 05, 2024 07:10am

Today, the Company unveiled its new holding company name, Algorhythm Holdings, Inc. ("Algorhythm"). Under this new holding company structure, the Company will continue to leverage the strong brand recognition of the Singing Machine for its legacy consumer electronics product portfolio, and SemiCab for its scaling AI logistics business. As part of this rebrand, the Company will also change its ticker symbol, and is expected to trade on Nasdaq under the symbol "RIME." This change is expected to become effective at the opening of trading on September 9, 2024. This process will also involve repositioning the legacy karaoke business into a wholly-owned subsidiary, separate and distinct from the publicly traded parent company. This legal process is expected to provide great transactional flexibility for the holding company to evaluate attracting minority interest partners for the consumer electronics business while minimizing future dilution, as well as other possible corporate options for this business unit.

Posted In: MICS