New York, December 7, 2024 /PR Newswire/ -- As a member of the american financial industry's regulatory authority and SIPC, Ameriprise Financial announced today that it has completed a follow-on offering of approximately 9.5 million dollars for its client Algorhythm Holdings, Inc. ("Algorhythm Holdings" or "the Company") (nasdaq code: RIME), a technology and consumer electronics holding company driven by ai.

This offering includes 55,882,353 shares of the Company's common stock (or common stock replaced by pre-funded warrants). Each share of common stock or pre-funded warrant will come with a Series A warrant, which can purchase one share of common stock at an exercise price of 0.17 dollars per share ("Series A warrant"), and a Series B warrant, which can purchase one share of common stock at an exercise price of 0.34 dollars per share ("Series B warrant", collectively referred to as "warrants" with the Series A warrant).

The Series A warrants will begin to be exercisable on the day after the necessary waiting period following the Company's submission of an information statement related to shareholder approval ("Shareholder Approval") has completed ("Initial Exercise Date" or "Effective Shareholder Approval Date"), which includes matters such as the issuance of shares upon exercise of the warrants. The Series B warrants will begin to be exercisable on the Effective Shareholder Approval Date. The Series A warrants will expire five years from the Initial Exercise Date, while the Series B warrants will expire two and a half years after the Initial Exercise Date. The purchase price for each share of common stock and the accompanying warrants is 0.17 dollars, and the purchase price for each pre-funded warrant and its accompanying warrants is equal to this price minus 0.01 dollars.

The total fundraising amount for this offering by the Company is approximately 9.5 million dollars.

Univest Securities, LLC serves as the sole placement agent for this issuance.

The equity units for this issuance are being offered pursuant to the S-1 registration statement filed and effective with the U.S. Securities and Exchange Commission ("SEC") (File No.: 333283178). This offering is made solely by means of a prospectus, which constitutes a part of the registration statement that has been filed with the SEC and is available for review on the SEC's website www.sec.gov. Electronic copies can be obtained by contacting Univest Securities in the USA via email at info@univest.us, or by mailing to: Univest Securities, LLC, 75 Rockefeller Plaza, Suite 18C, New York, NY 10019, or by calling +1 (212) 343-8888. Additionally, relevant electronic copies of this offering can also be found on the SEC's website (www.sec.gov).

This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein, nor is there any sale of these securities in any state or jurisdiction where such offers, solicitations, or sales would be unlawful before registration or qualification under the securities laws of any such state or jurisdiction.