Algorhythm Holdings Announces Supply Chain Finance Facility with Bank of America for SemiCab India
Multi-Million Dollar, Non-Dilutive Facility Supports
SemiCab's Three Largest Global Customers
Fort Lauderdale, FL, Sept. 08, 2025 (GLOBE NEWSWIRE) -- Algorhythm Holdings, Inc. ("Algorhythm") (NASDAQ: RIME), an AI technology holding company, announced today that its subsidiary, SMCB Solutions Private Limited ("SemiCab India), has secured a supply chain finance receivables facility with Bank of America.
The facility provides SemiCab India with access to low-cost, non-dilutive working capital by enabling accelerated payment on all eligible accounts receivable for services provided to its three largest global customers, which are some of the largest multinational fast moving consumer goods ("FMCG") industrial and automotive companies in India. The Bank of America facility allows accelerated payment on eligible accounts receivable, without limit, at a rate of 1% above the Indian one-year Treasury Bill rate, currently equivalent to approximately 5.6%. The arrangement is entirely non-dilutive and carries no equity or equity-linked provisions.
"This milestone demonstrates both our importance as a strategic partner and the quality of capital now available to SemiCab," said Gary Atkinson, CEO of Algorhythm. "Our largest clients' global financing programs will allow us to leverage their exceptionally low cost of capital to accelerate the collection of accounts receivable. This facility gives us access to immediate working capital at a fraction of traditional financing costs, enabling us to scale faster without relying heavily on the capital markets for equity financing."
Atkinson added, "Pairing this program with our recent $4.4 million financing ensures that we are sufficiently capitalized into 2026 to support SemiCab's accelerating growth. Expanding these client-driven financing solutions across more relationships is a key priority for us as we execute upon our plan to grow SemiCab into the market leader in AI-powered logistics and distribution solutions."
About Algorhythm Holdings
Algorhythm Holdings, Inc. is an AI technology company focused on the growth and development of SemiCab, an emerging leader in the global logistics and distribution industry. Since 2020, SemiCab has enabled major retailers, brands and transportation providers to address these common supply-chain problems globally. Its AI-enabled, cloud-based Collaborative Transportation Platform achieves the scalability required to predict and optimize millions of loads and hundreds of thousands of trucks. SemiCab uses real-time data from API-based load tendering and pre-built integrations with TMS and ELD partners to orchestrate collaboration across manufacturers, retailers, distributors, and their carriers. SemiCab uses AI/ML predictions and advanced predictive optimization models to enable fully loaded round trips. With SemiCab's AI platform, shippers pay less and carriers make more without having to change a thing.
For additional information, please go to: http://www.semicab.com
Investor Relations Contact:
Brendan Hopkins
407-645-5295
[email protected]
www.algoholdings.com
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any statement that is not historical in nature is a forward-looking statement and may be identified by the use of words and phrases such as "expects," "anticipates," "believes," "will," "will likely result," "will continue," "plans to," "potential," "promising," and similar expressions. These statements are based on management's current expectations and beliefs and are subject to a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those described in the forward-looking statements, including the risk factors described from time to time in Algorhythm's reports to the SEC, including, without limitation Algorhythm's Annual Report on Form 10-K for the year ended December 31, 2024. You should not place undue reliance on any forward-looking statement, each of which applies only as of the date of this press release. Except as required by law, we undertake no obligation to update or revise publicly any of the forward-looking statements after the date of this press release to conform our statements to actual results or changed expectations, or as a result of new information, future events or otherwise.
