Algorhythm Holdings Faces Delisting Notice

TL;DR

Algorhythm Holdings got a notice about possibly getting delisted. Big trouble ahead?

AI Summary

Algorhythm Holdings, Inc. (formerly Singing Machine Co Inc) filed an 8-K on January 6, 2025, reporting a notice of delisting or failure to satisfy a continued listing rule or standard as of December 30, 2024. The company is incorporated in Delaware and its principal executive offices are located in Fort Lauderdale, FL.

Why It Matters

This filing indicates potential delisting from a stock exchange, which could significantly impact the liquidity and trading of Algorhythm Holdings' stock.

Risk Assessment

Risk Level: high — A notice of delisting or failure to meet listing standards poses a significant risk to the company's stock trading and overall financial health.

Key Numbers

• 001-41405 — Commission File Number (SEC identifier for the company)
• 95-3795478 — IRS Employer Identification No. (Company tax identification number)

Key Players & Entities

• Algorhythm Holdings, Inc. (company) — Registrant
• Singing Machine Co Inc (company) — Former company name
• December 30, 2024 (date) — Date of earliest event reported
• January 6, 2025 (date) — Filing date
• Delaware (jurisdiction) — State of incorporation
• Fort Lauderdale, FL (location) — Principal executive offices

FAQ

Key Financial Figures

• $0.01 — ch registered Common stock, par value $0.01 per share RIME The Nasdaq Stock Mar
• $1.00 — Company's common stock had closed below $1.00 for more than 30 consecutive business d
• $0.10 — Company's common stock had closed below $0.10 per share for the 13-consecutive tradin

Filing Documents

• form8-k.htm (8-K) — 37KB
• 0001493152-25-000986.txt ( ) — 209KB
• mics-20241230.xsd (EX-101.SCH) — 3KB
• mics-20241230_lab.xml (EX-101.LAB) — 33KB
• mics-20241230_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): December 30, 2024 Algorhythm Holdings, Inc. (Exact name of registrant as specified in charter) Delaware 001-41405 95-3795478 (State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification No.) 6301 NW 5th Way , Suite 2900 Fort Lauderdale , FL 33309 (Address of principal executive offices) (Zip Code) (954) 596-1000 (Registrant's telephone number, including area code) 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 RIME 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 If an emerging growth company, indicate by check mart 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 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. Nasdaq Minimum Bid Price Requirement Deficiency As previously disclosed, on August 26, 2024, Algorhythm Holdings, Inc. (the "Company") received a letter from the Nasdaq Listing Qualification Staff (the "Staff") of the Nasdaq Stock Market ("Nasdaq") indicating that the Company was not in compliance with Nasdaq Listing Rule 5550(a)(2) because the closing bid price per share for the Company's common stock had closed below $1.00 for more than 30 consecutive business days (the "Bid Price Rule"). The Company was given until February 24, 2025, to regain compliance with the Bid Price Rule. On December 30, 2024, the Company received notice from the Staff indicating that the bid price for the Company's common stock had closed below $0.10 per share for the 13-consecutive trading day period ended December 27, 2024 and, accordingly, the Company is subject to the provisions contemplated under Nasdaq Listing Rule 5810(c)(3)(A)(iii) (the "Low Priced Stock Rule") and its securities are subject to delisting from Nasdaq unless the Company timely requests a hearing before the Nasdaq Hearings Panel (the "Panel"). The Company plans to timely request a hearing before the Panel, which request will stay any further action by Nasdaq at least until the hearing is held and the expiration of any extension period that may be granted by the Panel. The Company's common stock will continue to trade on Nasdaq under the symbol "RIME" pending completion of the hearing process. There can be no assurance that the Panel will grant the Company's request for continued listing or that the Company will be able meet the continued listing requirements during any compliance period that may be granted by the Panel. 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: January 6, 2025 ALGORHYTHM HOLDINGS, INC. By: /s/ Gary Atkinson Gary Atkinson Chief Executive Officer

View Full Filing

View this 8-K filing on SEC EDGAR