Algorhythm Holdings Inc. filed SEC Form 8-K: Other Events
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Item 8.01 Other Events.
As reported in Algorhythm Holdings, Inc.’s (the “Company”) quarterly report on Form 10-Q for the quarter ended September 30, 2024, the Company had stockholders’ equity of approximately $2,700,000. For the fiscal year ended December 31, 2024, as reported in the Company’s Annual Report on Form 10-K, the Company had stockholders (deficit) equity of approximately $(10,500,000). The deficit was due primarily to a $16,600,000 warrant liability that the Company recorded in connection with the issuance of Series A and B warrants as part of the Company’s December 6, 2024 public offering of securities.
During the Company’s first fiscal quarter ended March 31, 2025, all contingencies on the Series A warrants were satisfied and all of the Series B warrants were exercised in full. These events caused the warrant liability to be reclassified to stockholders’ equity. As a result, the Company expects to report in excess of $2,500,000 in stockholders’ equity for its fiscal quarter ended March 31, 2025, which will bring the Company into compliance with the minimum stockholders’ equity required by Nasdaq Listing Rule 5550(b)(1) for continued listing on the Nasdaq Stock Market, LLC.
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: May 2, 2025 | ALGORHYTHM HOLDINGS, INC. | |
| By: | /s/ Alex Andre | |
| Name: | Alex Andre | |
| Title: | Chief Financial Officer and General Counsel | |