Algorhythm Holdings Announces Changes to Board of Directors
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.
Algorhythm Holdings (NASDAQ: RIME) ha annunciato cambiamenti significativi nel suo Consiglio di Amministrazione il 10 settembre 2024. Il Presidente Esecutivo Milton "Todd" Ault, insieme ai direttori James M. Turner e Kenneth Cragun, si sono dimessi volontariamente con effetto dal 5 settembre 2024. Le dimissioni sono state attribuite al loro desiderio di concentrarsi su altri impegni professionali.
Il CEO Gary Atkinson ha espresso riconoscenza per il contributo dei direttori uscenti negli ultimi due anni, sottolineando gli sforzi di Ault nell'individuare capitale di crescita e nel proporre modi per creare valore per gli azionisti. Atkinson considera questo cambiamento un'opportunità per attrarre competenze specializzate nel team di leadership, soprattutto alla luce dei recenti sviluppi aziendali come l'acquisizione di SemiCab, il rebranding e la ristrutturazione in una holding con segmenti aziendali diversificati e orientati alla tecnologia.
Algorhythm Holdings (NASDAQ: RIME) anunció cambios significativos en su Junta Directiva el 10 de septiembre de 2024. El Presidente Ejecutivo Milton "Todd" Ault, junto con los directores James M. Turner y Kenneth Cragun, renunciaron voluntariamente, con efecto a partir del 5 de septiembre de 2024. Las renuncias se atribuyeron a su deseo de enfocarse en otros compromisos profesionales.
El CEO Gary Atkinson expresó su agradecimiento por las contribuciones de los directores salientes durante los últimos dos años, destacando los esfuerzos de Ault en identificar capital de crecimiento y proponer maneras de crear valor para los accionistas. Atkinson ve este cambio como una oportunidad para atraer experiencia especializada al equipo de liderazgo, especialmente a la luz de los recientes desarrollos corporativos como la adquisición de SemiCab, el rebranding y la reestructuración en una sociedad holding con segmentos comerciales diversos impulsados por la tecnología.
Algorhythm Holdings (NASDAQ: RIME)가 2024년 9월 10일 이사회의 중대한 변화를 발표했습니다. 실행회장 밀턴 "토드" 올트와 이사 제임스 M. 터너, 케네스 크라군은 2024년 9월 5일자로 자발적으로 사임했습니다. 이들의 사임은 다른 전문적인 약속에 집중하고자 하는 바람 때문이라고 합니다.
CEO 게리 앳킨슨은 지난 2년 동안 이탈한 이사들의 공헌에 감사하며, 올트가 성장 자본을 식별하고 주주 가치를 창출할 방법을 제안하는 데 기여한 점을 강조했습니다. 앳킨슨은 이번 변화를 기술 중심의 다양한 사업 부문을 갖춘 홀딩 컴퍼니로의 재구성, 리브랜딩 및 SemiCab 인수와 같은 최근 기업 발전을 고려할 때 리더십 팀에 전문적인 노하우를 유치할 수 있는 기회로 보고 있습니다.
Algorhythm Holdings (NASDAQ: RIME) a annoncé des changements significatifs dans son Conseil d'Administration le 10 septembre 2024. Le Président Exécutif Milton "Todd" Ault, ainsi que les directeurs James M. Turner et Kenneth Cragun, ont démissionné volontairement avec effet au 5 septembre 2024. Les démissions étaient dues à leur désir de se concentrer sur d'autres engagements professionnels.
Le PDG Gary Atkinson a exprimé sa gratitude pour les contributions des directeurs partants au cours des deux dernières années, soulignant les efforts d'Ault pour identifier du capital de croissance et proposer des moyens de créer de la valeur pour les actionnaires. Atkinson considère ce changement comme une opportunité d'attirer une expertise spécialisée dans l'équipe de direction, notamment à la lumière des récents développements d'entreprise tels que l'acquisition de SemiCab, le rebranding et la restructuration en une société holding avec divers segments d'activité axés sur la technologie.
Algorhythm Holdings (NASDAQ: RIME) kündigte am 10. September 2024 bedeutende Veränderungen in seinem Vorstand an. Der Executive Chairman Milton "Todd" Ault sowie die Direktoren James M. Turner und Kenneth Cragun haben freiwillig mit Wirkung zum 5. September 2024 resigniert. Die Rücktritte wurden damit begründet, dass sie sich auf andere berufliche Verpflichtungen konzentrieren möchten.
CEO Gary Atkinson äußerte seine Anerkennung für die Beiträge der scheidenden Direktoren in den letzten zwei Jahren und hob Aults Bemühungen hervor, Wachstumskapital zu identifizieren und Möglichkeiten zur Schaffung von Aktionärswerten vorzuschlagen. Atkinson sieht diese Veränderung als eine Gelegenheit, spezialisierte Expertise ins Führungsteam zu gewinnen, insbesondere im Hinblick auf die jüngsten Unternehmensentwicklungen wie die Übernahme von SemiCab, das Rebranding und die Umstrukturierung in eine Holdinggesellschaft mit diversen technologieorientierten Geschäftsbereichen.
- Opportunity to attract specialized expertise to the leadership team
- Recent acquisition of SemiCab strengthens company's portfolio
- Restructuring into a holding company with diverse technology-driven business segments
- Loss of experienced board members, including the Executive Chairman
- Potential disruption in leadership continuity
- Possible delay in decision-making processes during transition period
Executive Chairman and Two Other Directors Voluntarily Resign
Fort Lauderdale, FL, Sept. 10, 2024 (GLOBE NEWSWIRE) -- Algorhythm Holdings, Inc. (“Algorhythm”) (NASDAQ: RIME) – an AI technology and consumer electronics holding company, announced today its Executive Chairman, Milton “Todd” Ault, as well as James M. Turner and Kenneth Cragun, tendered their resignations from the Board, effective September 5, 2024. The resignations were voluntary, as Messrs. Ault, Turner and Cragun expressed a desire to dedicate more of their time and resources to other professional commitments.
“We appreciate all three directors’ efforts and insights over the past two years,” commented Gary Atkinson, CEO of Algorhythm. “We acknowledge Todd’s efforts as Executive Chairman, where he helped identify various forms of growth capital, made important introductions, and proposed to the Board several ways to create stockholder value. With their resignations, Todd, James and Ken reiterated that they remain supportive of our company and hope for continued success. We sincerely wish them well in their future endeavors.”
“With the acquisition of SemiCab, our corporate rebrand, and restructuring to become a holding company with multiple diverse, technology-driven business segments, this change within our Board presents a unique opportunity to attract specialized expertise to our leadership and governance team. As a Board, we will thoughtfully consider how best to use this development to strengthen the Company as we move in an exciting new direction,” concluded Mr. Atkinson.
About Algorhythm Holdings
Algorhythm Holdings, Inc. is a holding company with two primary investments. First, the Company owns SemiCab Holdings, an emerging leader in the AI-enabled global logistics industry. Second, the Company owns The Singing Machine Company, the worldwide leader in the consumer karaoke industry.
SemiCab is a cloud-based Collaborative Transportation Platform built to achieve the scalability required to predict and optimize millions of loads and hundreds of thousands of trucks. To orchestrate collaboration across manufacturers, retailers, distributors, and their carriers, SemiCab uses real-time data from API-based load tendering and pre-built integrations with TMS and ELD partners. To build fully loaded round trips, SemiCab uses AI/ML predictions and advanced predictive optimization models. On the SemiCab platform, shippers pay less and carriers make more while not having to change a thing.
Since 2020, SemiCab has enabled major retailers, brands and transportation providers to address these common supply-chain problems globally. SemiCab's Orchestrated Collaboration™ AI model has proven to increase transportation capacity, improve asset utilization, reduce empty miles, lower logistics costs, and provide visibility into the entire transportation network. Models show the technology has the capability of saving shippers tens of billions of dollars annually through optimization. Further, SemiCab’s technology also has the potential to play a key role in the improved sustainability model globally. Based on its proven ability to improve truck utilization rates from
For additional information regarding SemiCab: http://www.semicab.com
The Singing Machine Company, Inc. is the worldwide leader in consumer karaoke products. Based in Fort Lauderdale, Florida, and founded over forty years ago, the Company designs and distributes the industry's widest assortment of at-home and in-car karaoke entertainment products. Their portfolio is marketed under both proprietary brands and popular licenses, including Carpool Karaoke and Sesame Street. Singing Machine products incorporate the latest technology and provide access to over 100,000 songs for streaming through its mobile app and select WiFi-capable products and is also developing the world’s first globally available, fully integrated in-car karaoke system. The Company also has a new philanthropic initiative, CARE-eoke by Singing Machine, to focus on the social impact of karaoke for children and adults of all ages who would benefit from singing. Their products are sold in over 25,000 locations worldwide, including Amazon, Costco, Sam’s Club, Target, and Walmart. To learn more, go to www.singingmachine.com.
Investor Relations Contact:
investors@algoholdings.com
www.singingmachine.com/investors
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any statement that is not historical in nature is a forward-looking statement and may be identified by the use of words and phrases such as "expects," "anticipates," "believes," "will," "will likely result," "will continue," "plans to," "potential," "promising," and similar expressions. These statements are based on management's current expectations and beliefs and are subject to a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those described in the forward-looking statements, including the risk factors described from time to time in the Company's reports to the SEC, including, without limitation the Company’s Transition Report on Form 10-KT for the transition period from April 1, 2023 to December 31, 2023, the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2024.
You should not place undue reliance on any forward-looking statement, each of which applies only as of the date of this press release. Except as required by law, we undertake no obligation to update or revise publicly any of the forward-looking statements after the date of this press release to conform our statements to actual results or changed expectations, or as a result of new information, future events or otherwise.
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