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Algorhythm Holdings, Inc. (NASDAQ: RIME) has secured a service contract with a leading global beverage, food, and snack company. The agreement involves Algorhythm's subsidiary, SemiCab Holdings, , providing enterprise-level shipping services through its AI-powered software platform. The contract, starting mid-October 2024, will initially cover multiple large metropolitan markets, with potential for expansion after six months.
Key points:
- This marks SemiCab's first major new business in the US since its acquisition by Algorhythm in July
- The client spends over $1 billion annually on freight
- The contract offers opportunities for additional shipping bids in late Q1 2025
- It enhances SemiCab's network density in key geographic markets
- The agreement could lead to broader collaboration in other geographies as SemiCab expands in 2025 and beyond
Algorhythm Holdings (NASDAQ: RIME), an AI technology and consumer electronics holding company, has announced its participation in the iAccess Alpha Buyside Best Ideas Fall Conference 2024. The event is scheduled for September 24 and 25, 2024.
CEO Gary Atkinson will deliver a company presentation on September 24 at 3:00 PM ET and host one-on-one meetings on September 25. The conference, which features companies recommended by investors, includes webcast presentations on the first day and individual meetings with management teams on the second day.
Interested parties can register for the conference and schedule meetings through the iAccess Alpha website. The presentation will be webcast live and available for replay on both the conference platform and Algorhythm's website under the Events and Presentations tab.
Algorhythm Holdings (NASDAQ: RIME) announced significant changes to its Board of Directors on September 10, 2024. Executive Chairman Milton "Todd" Ault, along with directors James M. Turner and Kenneth Cragun, voluntarily resigned effective September 5, 2024. The resignations were attributed to their desire to focus on other professional commitments.
CEO Gary Atkinson expressed appreciation for the departing directors' contributions over the past two years, highlighting Ault's efforts in identifying growth capital and proposing ways to create stockholder value. Atkinson views this change as an opportunity to attract specialized expertise to the leadership team, particularly in light of recent corporate developments such as the SemiCab acquisition, rebranding, and restructuring into a holding company with diverse technology-driven business segments.
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