Business
Singing Machine Announces Corporate Rebrand to Algorhythm Holdings, Inc.
Strategic Rebranding to Focus on Expanded Business Model and Growth Strategy. New Ticker RIME. Fort Lauderdale, FL, Sept. 05, 2024 (GLOBE NEWSWIRE) -- The
About this update from Algorhythm Holdings, Inc.
[{"type":"text","content":"Strategic Rebranding to Focus on Expanded Business Model and Growth Strategy. New Ticker RIME. Fort Lauderdale, FL, Sept. 05, 2024 (GLOBE NEWSWIRE) -- The Singing Machine Company, Inc. (“Singing Machine”) (NASDAQ: MICS) – the worldwide leader in consumer karaoke products, recently announced it has successfully completed the acquisition of SemiCab, Inc. (“SemiCab”), a leading artificial intelligence technology company in the global logistics space. As part of this transaction, the Company announced an expanded business model, centered on making investments in AI driven technology companies focused on solving challenges for some of the largest global industry verticals. Today, the Company unveiled its new holding company name, Algorhythm Holdings, Inc. (“Algorhythm”). Under this new holding company structure, the Company will continue to leverage the strong brand recognition of the Singing Machine for its legacy consumer electronics product portfolio, and SemiCab for its scaling AI logistics business. As part of this rebrand, the Company will also change its ticker symbol, and is expected to trade on Nasdaq under the symbol “RIME.” This change is expected to become effective at the opening of trading on September 9, 2024. This process will also involve repositioning the legacy karaoke business into a wholly-owned subsidiary, separate and distinct from the publicly traded parent company. This legal process is expected to provide great transactional flexibility for the holding company to evaluate attracting minority interest partners for the consumer electronics business while minimizing future dilution, as well as other possible corporate options for this business unit. Gary Atkinson, CEO of Algorhythm, provided insight into the new brand, “We are excited to unveil our new holding company structure, giving us greater flexibility for each business unit to leverage their own brands for their respective markets, clients, and stakeholders. The new structure broadens our growth horizons and is designed to hopefully unlock future value by decoupling the legacy karaoke business from the publicly traded parent company.” “In the context of our expanding business model, the rebrand to Algorhythm is a direct play on both our technology and music-centric subsidiaries. We believe this rebrand provides us with a balanced mix of cohesion and flex...