Algorhythm Holdings, Inc. Files 8-K: Board & Compensation Changes
Ticker: RIME · Form: 8-K · Filed: Sep 10, 2024 · CIK: 923601
| Field | Detail |
|---|---|
| Company | Algorhythm Holdings, Inc. (RIME) |
| Form Type | 8-K |
| Filed Date | Sep 10, 2024 |
| Risk Level | low |
| Pages | 2 |
| Reading Time | 2 min |
| Key Dollar Amounts | $0.01 |
| Sentiment | neutral |
Sentiment: neutral
Topics: corporate-governance, executive-compensation, filing-update
TL;DR
Algorhythm Holdings, Inc. (formerly Singing Machine Co Inc) filed an 8-K on 9/5/24 detailing board and exec comp changes.
AI Summary
Algorhythm Holdings, Inc. announced on September 5, 2024, a change in its board of directors and executive compensation arrangements. The filing also includes other events and financial statements, with the company previously known as Singing Machine Co Inc.
Why It Matters
Changes in a company's board and executive compensation can signal shifts in strategy, governance, or financial outlook, impacting investor confidence.
Risk Assessment
Risk Level: low — This filing primarily reports routine corporate governance and compensation updates without immediate financial distress or significant operational changes.
Key Players & Entities
- Algorhythm Holdings, Inc. (company) — Registrant
- Singing Machine Co Inc (company) — Former company name
- September 5, 2024 (date) — Date of earliest event reported
FAQ
What specific changes were made to the board of directors?
The filing indicates changes related to the 'Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers' but does not detail the specific individuals or changes within this excerpt.
What are the details of the new compensatory arrangements?
The filing mentions 'Compensatory Arrangements of Certain Officers' as an item of information, but the specific details of these arrangements are not provided in the provided text.
When was Algorhythm Holdings, Inc. formerly known as Singing Machine Co Inc?
The date of the name change from Singing Machine Co Inc to Algorhythm Holdings, Inc. was May 23, 1994.
What is the primary business classification for Algorhythm Holdings, Inc. according to the SIC code?
The Standard Industrial Classification (SIC) code provided is 3652, which corresponds to 'PHONOGRAPH RECORDS & PRERECORDED AUDIO TAPES & DISKS'.
What is the physical address and phone number of Algorhythm Holdings, Inc.?
The business address is 6301 NW 5th Way, Suite 2900, Fort Lauderdale, FL 33309, and the business phone number is (954) 596-1000.
Filing Stats: 552 words · 2 min read · ~2 pages · Grade level 10.2 · Accepted 2024-09-10 09:16:18
Key Financial Figures
- $0.01 — ch registered Common Stock, par value $0.01 per share MICS The Nasdaq Stock Mar
Filing Documents
- form8-k.htm (8-K) — 40KB
- ex99-1.htm (EX-99.1) — 16KB
- ex99-1_001.jpg (GRAPHIC) — 14KB
- 0001493152-24-035589.txt ( ) — 253KB
- mics-20240905.xsd (EX-101.SCH) — 3KB
- mics-20240905_lab.xml (EX-101.LAB) — 33KB
- mics-20240905_pre.xml (EX-101.PRE) — 24KB
- form8-k_htm.xml (XML) — 4KB
From the Filing
UNITED SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): September 5, 2024 Algorhythm Holdings, Inc. (Exact Name of Registrant as Specified in Charter) Delaware 001-41405 95-3795478 (State or Other Jurisdiction (Commission (IRS Employer of Incorporation) File Number) Identification No.) 6301 NW 5 th Way , Suite 2900 Fort Lauderdale , FL 33309 (Address of Principal Executive Offices) (Zip Code) Registrant's Telephone Number, Including Area Code: (954) 596-1000 (Former Name or Former Address, if Changed Since Last Report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions ( see General Instruction A.2. below): Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, par value $0.01 per share MICS The Nasdaq Stock Market LLC (The Nasdaq Capital Market) Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (240.12b-2 of this chapter). Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangement of Certain Officers. On September 5, 2024, Milton C. Ault, III, James M. Turner, and Kenneth S. Cragun, each notified the board of directors (the "Board") of Algorhythm Holdings, Inc. (the "Company") of his decision to resign from the Board, effective immediately. Mr. Ault's, Mr. Turner's, and Mr. Cragun's respective decisions to resign were not the result of any disagreement with the Company on any matter relating to the Company's operations, policies or practices. The Company wishes Messrs. Ault, Turner and Cragun all the best in their future endeavors and thanks them for their contributions to the Company while members of the Board. Item 8.01 Other Events. On September 10, 2024, the Company issued a press release announcing the resignations of Messrs. Ault, Turner and Cragun as members of the Board. A copy of the press release is filed hereto as Exhibit 99.1 and incorporated by reference herein. Item 9.01 Financial Statements and Exhibits Exhibit No. Description 99.1 Press Release dated September 10, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: September 10, 2024 Algorhythm Holdings, Inc. By: /s/ Gary Atkinson Name: Gary Atkinson Title: Chief Executive Officer