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New York, Dec. 18, 2024 (GLOBE NEWSWIRE) -- Univest Securities, LLC (“Univest”), a member of FINRA and SIPC, and a full-service investment bank and securities broker-dealer firm based in New York, today announced the closing of registered direct offering (the “Offering”) of approximately $2 million for its client Algorhythm Holdings, Inc. (NASDAQ: RIME) (the “Company”), an AI-driven technology and consumer electronics holding company.
Under the terms of the securities purchase agreement, the Company has agreed to sell to several investors for the purchase and sale of an aggregate of 24,067,388 shares of Company's common stock, par value $0.01 per share (the "Common Stock) at a purchase price of $0.0831 per share in a registered direct offering priced at-the-market under Nasdaq rules.
The aggregate gross proceeds to the Company was approximately $2 million.
Univest Securities, LLC acted as the sole placement agent.
The securities described above are being offered by the Company pursuant to a registration statement on Form S-3 (File No. 333-269183) previously filed and declared effective by the Securities and Exchange Commission (the “SEC”) on January 20, 2023. A final prospectus supplement and accompanying prospectus describing the terms of the proposed offering were filed with the SEC and are available on the SEC's website located at http://www.sec.gov. Electronic copies of the final prospectus supplement and the accompanying prospectus may be obtained, by contacting Univest Securities, LLC at info@univest.us, or by calling +1 (212) 343-8888.
This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sales of such securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. Copies of the prospectus supplement relating to the registered direct offering, together with the accompanying base prospectus, can be obtained at the SEC's website at www.sec.gov.
About Univest Securities, LLC
Registered with FINRA since 1994, Univest Securities, LLC provides a wide variety of financial services to its institutional and retail clients globally including brokerage and execution services, sales and trading, market making, investment banking and advisory, wealth management. It strives to provide clients with value-add service and focuses on building long-term relationship with its clients. For more information, please visit: www.univest.us.