Algorhythm Holdings Retail Chatter Soars Following $9.5M Public Offering
The offering included 55,882,353 shares of common stock, or pre-funded warrants in lieu of shares of common stock.
FollowAlgorhythm Holdings Inc. ($RIME), an AI-driven technology and consumer electronics holding company, is continuing to see increased retail chatter a week after it concluded its stock offering valued at $9.5 million.
The offering included 55,882,353 shares of common stock, or pre-funded warrants in lieu of shares of common stock, the company said in a statement. Univest Securities acted as the sole placement agent.
Net proceeds from the offering will be used for working capital needs, other general corporate purposes, and debt repayment, added the statement.
With over 2,596 watchers of the stock on Stockwits, the company saw a 557.14% jump in message volumes on Monday alone, with a largely bullish take, despite the stock falling nearly 90% in the last six months.
One bullish user was even predicting a short squeeze.
Under the terms of the offering, each share of common stock in the offering was sold with one Series A warrant to purchase one share of common stock at an exercise price of $0.17 per share and one Series B Warrant to purchase one share of common stock at an exercise price of $0.34 per share.
The company plans to use the proceeds for working capital, general corporate purposes, and repayment of outstanding senior secured notes, it said earlier. Univest Securities acted as the sole placement agent for the offering.
Algorhythm sells consumer karaoke audio equipment, accessories, and musical recordings.
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