Algorhythm Retires $2.0 Million in Convertible Debt
Key Highlights
- ➤Algorhythm repaid approximately $2.0 million in senior secured convertible debt
- ➤Repayment immediately reduced convertible debt balances by 20%
- ➤Company intends to retire or refinance all convertible securities
- ➤Management implemented cost reductions across business units after Azure acquisition
Expert Statements
Greg Smith, CEO of Algorhythm Holdings
“This voluntary prepayment represents the first meaningful step towards strengthening our balance sheet”
Greg Smith, CEO of Algorhythm Holdings
“This paydown reduces our convertible debt by an immediate 20%. We intend to take further action in the near term to bring this balance down further in a constructive manner that we believe will significantly improve shareholder value.”
Greg Smith, CEO of Algorhythm Holdings
“We brought Azure Energy into the Algorhythm holding company with the intent to build a strong, renewable power generation business that generates scalable revenues, cash flows, and lasting intrinsic value. To accelerate this plan, we are taking the necessary steps to curtail dilution, delever, and strengthen our balance sheet. Today is the first step towards completing this process”
Repayment Represents an Immediate 20% Reduction in Convertible Debt Balances, Company Intends to Retire or Refinance All Convertible Securities
Fort Lauderdale, FL, Nov. 12, 2026 (GLOBE NEWSWIRE) -- Algorhythm Holdings, Inc. (the “Company”) (NASDAQ: RIME), a diversified holding company and owner of Azure Energy (“Azure”), a strategic advisor to renewable power plant developers, and SemiCab Holdings, an AI-enabled logistics provider, today announced it has repaid approximately $2.0 million of existing senior, secured convertible debt. The repayment was proposed and agreed to by the Company as part of a broader plan to strengthen the balance sheet, attract long-term shareholders, and enhance shareholder value.
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