Algorhythm Holdings, Inc. Enters into Stock Repurchase Agreement with Regalia Ventures LLC

On November 1, 2024, Algorhythm Holdings, Inc. (OTCMKTS:SMDM) announced that it has entered into a Stock Repurchase Agreement with Regalia Ventures LLC, a Delaware limited liability company. The agreement entails the repurchase of 1,098,901 issued and outstanding shares of common stock, valued at $0.01 per share, originally issued to Regalia Ventures LLC on November 21, 2023, pursuant to a previous stock purchase agreement.

As part of the Stock Repurchase Agreement, Algorhythm Holdings, Inc. has agreed to repurchase the shares at a price per share determined by the higher of the closing price of the common stock on the last trading day before the agreement date or the highest volume weighted average price of the common stock during a specific pricing period leading to the Repurchase Agreement date. In consideration for the transaction, a promissory note worth the purchase price will be issued to Regalia Ventures LLC.

The completion of the Stock Repurchase is subject to certain conditions, including the issuance of the promissory note to Regalia Ventures LLC and the delivery of the associated stock power with a medallion signature guarantee.

The Stock Repurchase has been unanimously approved by the Board of Directors of Algorhythm Holdings, Inc. Regalia Ventures LLC, the selling entity, is fully owned by one of the company’s directors, Jay Foreman.

To obtain further details regarding the Stock Repurchase Agreement, interested parties can refer to the full text of the agreement filed as Exhibit 10.1 accompanying the 8-K report dated November 1, 2024.

This news release serves as an update on Algorhythm Holdings, Inc.’s recent corporate activities and strategic decisions. Investors and stakeholders are encouraged to review the official documentation for comprehensive information on the agreement and its implications for the company moving forward.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Singing Machine’s 8K filing here.

Singing Machine Company Profile

The Singing Machine Company, Inc, together with its subsidiaries, engages in the development, marketing, and sale of consumer karaoke audio equipment, accessories, and musical recordings in North America, Europe, Asia, and Australia. It offers karaoke products under the flagship brand Singing Machine; licensed karaoke microphone products under the Carpool Karaoke brand; microphone accessories and portable Bluetooth microphones under the Party Machine brand; music entertainment singing machines for children under the brand Singing Machine Kids; and karaoke music subscription services for the iOS and Android platforms, as well as a web-based download store and integrated streaming services for Singing Machine hardware.