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Fort Lauderdale, FL, Dec. 06, 2024 (GLOBE NEWSWIRE) -- Algorhythm Holdings, Inc. (“Algorhythm” or the “Company”) (NASDAQ: RIME), an AI-driven technology and consumer electronics holding company, announced today the closing of its previously announced public offering with gross proceeds to the Company of approximately $9.5 million, before deducting placement agent fees and other estimated expenses payable by the Company. The offering comprised of 55,882,352 shares of the Company’s common stock (or pre-funded warrants in lieu of shares of common stock). Each share of common stock or pre-funded warrant was sold with one Series A Warrant to purchase one share of common stock at an exercise price of $0.17 per share (the “Series A Warrants”) and one Series B Warrant to purchase one share of common stock at an exercise price of $0.34 per share (the “Series B Warrants” and, together with the Series A Warrants, the “Warrants”). The Warrants will become exercisable upon the approval of the Company’s stockholders of the issuance of the shares of common stock issuable upon exercise of the Warrants, and certain other provisions of the Warrants. The Series A Warrants will expire on the five-year anniversary of its initial exercise date and the Series B Warrants will expire on the two and one-half-year anniversary of its initial exercise date. The purchase price of each share of common stock and accompanying Warrants was $0.17, and the purchase price of each pre-funded warrant and accompanying Warrants was such price minus $0.01. The Company intends to use the net proceeds from this offering for working capital and other general corporate purposes, and for repayment of certain outstanding senior secured notes of the Company. Univest Securities, LLC is acting as sole placement agent for the offering. The securities described above are being offered by the Company pursuant to a registration statement on Form S-1 (File No. 333283178) (the “Registration Statement”) previously filed and declared effective by the Securities and Exchange Commission (the “SEC”). This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction. The offering is being made only by means of a prospectus which is a part of the Registration Statement. A final prospectus relating to the offering has been filed with the SEC and is available on the SEC’s website at www.sec.gov . Electronic copies of the final prospectus relating to this offering may be obtained, when available, by contacting Univest Securities, LLC at info@univest.us , or by calling +1 (212) 343-8888. 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 TM 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 65% to over 90%, this results in a dramatic reduction in the carbon footprint of the industry. The optimization of existing truck utilization can add approximately 30% more trucking capacity without adding more trucks, drivers or driven miles which addresses common problems plaguing the industry like severe driver shortage and road congestion. Trucking optimization could also eliminate approximately 25% of CO2 emissions attributable to road freight. 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.algoholdings.com Forward Looking Statements This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which statements are subject to considerable risks and uncertainties. The Company intends such forward-looking statements to be covered by the safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts included in this press release, including statements about our beliefs and expectations, are "forward-looking statements" and should be evaluated as such. Forward-looking statements may be identified by words such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “may,” “plans,” “projects,” “seeks,” “should,” “suggest”, “will,” and similar expressions. Forward-looking statements in this press release include, without limitation, statements relating to the timing, size and expected gross proceeds of the Offering, the completion of the Offering, the satisfaction of customary closing conditions related to the Offering and sale of securities, the Company’s ability to complete the Offering, and the intended use of proceeds from the Offering. The Company has based these forward-looking statements on its current expectations and projections about future events. Forward-looking statements are subject to and involve risks, uncertainties, and assumptions that may cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements predicted, assumed or implied by such forward-looking statements, including, without limitation, risks, uncertainties and assumptions related to market conditions and the satisfaction of closing conditions related to the Offering, risks disclosed in the section titled “Risk Factors” included in the Registration Statement on Form S-1 initially filed with the SEC on November 12, 2024, and risks disclosed under item 1A. “Risk Factors” in the Company’s most recently filed Form 10-KT filed with the SEC and the Company’s Quarterly Reports on Form 10-Q. This press release speaks as of the date indicated above. The Company undertakes no obligation and expressly disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.Lululemon Athletica Inc. LULU shares are trading higher after the company reported better-than-expected third-quarter financial results and increased its share buyback program by $1 billion. Throughout the third quarter, the company repurchased 1.6 million shares of its common stock for $408.5 million. Furthermore, it approved a $1.0 billion increase to its share repurchase program, bringing the total authorized repurchases to approximately $1.8 billion. Lululemon issued guidance for the 2024 fourth quarter. It sees revenue from $3.475 billion to $3.510 billion versus analyst estimates of $3.496 billion. Multiple analyst firms raised their respective price forecasts on the stock. Here are the analysts’ takes on the earnings results: Stifel analyst Jim Duffy reiterated the Buy rating on Lululemon, raising the price forecast to $438 from $370. JP Morgan analyst Matthew R. Boss reiterated the Overweight rating on the stock, increasing the price forecast to $425 from $338. Goldman Sachs analyst Brooke Roach maintained a Neutral rating on the company and raised the price forecast to $365 from $291. KeyBanc Capital Markets analyst Ashley Owens reiterated the Overweight rating on the stock, boosting the price forecast to $400 from $350. Truist Securities analyst Joseph Civello reiterated the Buy rating on the stock, raising the price forecast to $420 from $360. Guggenheim analyst Robert Drbul maintained the Buy rating on Lululemon, raising the price forecast to $415 from $350. Oppenheimer analyst Brian Nagel reiterated the Outperform rating on Lululemon. Stifel: Duffy sees Lululemon as well-positioned to benefit from ongoing trends, with international growth potentially underestimated. The analyst writes that the company may continue its strong growth by attracting new customers and increasing revenue per customer. In fact, Duffy forecasts several years of mid-teens revenue growth, margin expansion, and share repurchases, supported by the company’s capital-efficient business model. The analyst raised FY24 EPS estimates from $14.00 to $14.17. Also Read: Driving Price Innovation: Unlimited Commission-Free Option Trades – Why Serious Options Traders Choose Tradier JP Morgan: The analyst notes that the company still has strong potential in the domestic market, with international expansion offering significant untapped opportunities. Boss predicts the brand could reach around $12 billion in revenue by FY26, compared to approximately $4 billion in FY19. This growth is expected to be driven by expanding international presence, strong growth in men’s products, entry into new categories like personal care and footwear, and continued growth in e-commerce. Goldman Sachs: The analyst is encouraged by Lululemon’s sequential improvement in business and a strong start to the holiday season. Roach notes that management is progressing in product innovation and rebalancing, which should help unlock stronger growth in the U.S. market. The analyst is also positive about the company’s consistent international growth momentum and effective cost control. KeyBanc Capital Markets: The analyst sees opportunities for innovation across product categories, colors, and prints, as well as in brand awareness, which remains low in the U.S. at 36%. Owens also sees growth potential in men’s products, accessories, and international markets. The analyst adds that in 2025, Lululemon plans to expand into new markets, including Italy (company-operated) and, Denmark, Belgium, Turkey, and the Czech Republic (under franchise models). Truist Securities: The analyst notes that Lululemon’s new reporting structure, where Global Creative Director Jonathan Chung reports to CEO Calvin McDonald and Chief Merchant Liz Bender reports to Chief Brand Officer Nikki Neuburger, is streamlining the product development process. This has allowed the company to introduce new products more quickly, improving conversion rates. Civello sees new product offerings to continue improving through the fourth quarter and reach historical levels by the first quarter of 2025. Guggenheim : Drbul notes that Lululemon’s FY24 EPS estimate has been increased to $14.15, up from $14.05. This adjustment reflects a promising start to the holiday season, but the analyst remains cautious due to macroeconomic uncertainties and the shorter holiday shopping period. Oppenheimer: The analyst mentions that while they have taken a more cautious view on Lululemon in the short term, Nagel still considers the company and its shares well-positioned for the intermediate to long term. Price Action: LULU shares are trading higher by 18.5% to $408.5 at last check Friday. Read Next: EXCLUSIVE: Bitcoin Briefly Tops $100,000, But Where Do Benzinga Readers Predict It Will Finish 2024? Image via Shutterstock © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.Special counsel moves to abandon election interference and classified documents cases against Trump

North Korean leader Kim Jong Un vowed his country will "invariably support" Russia's war in Ukraine as he met Russia's defense chief, the North's state media reported Saturday. Related video above: US confirms North Korean troops in Russia (10/24/24) A Russian military delegation led by Defense Minister Andrei Belousov arrived in North Korea on Friday, amid growing international concern about the two countries' expanding cooperation after North Korea sent thousands of troops to Russia last month. The official Korean Central News Agency said that Kim and Belousov reached "a satisfactory consensus" on boosting strategic partnership and defending each country's sovereignty, security interests and international justice in the face of the rapidly changing international security environments in a Friday meeting. Kim said that North Korea "will invariably support the policy of the Russian Federation to defend its sovereignty and territorial integrity from the imperialists' moves for hegemony," KCNA said. North Korea has supported Russia's invasion of Ukraine, calling it a defensive response to what both Moscow and Pyongyang call NATO's "reckless" eastward advance and U.S.-led moves to stamp out Russia's position as a powerful state. Kim slammed a U.S. decision earlier in November to let Ukraine strike targets inside Russia with U.S.-supplied longer-range missiles as a direct intervention in the conflict. He called recent Russian strikes on Ukraine "a timely and effective measure" to demonstrate Russia's resolve, KCNA said. According to U.S., Ukrainian and South Korean assessments, North Korea has sent more than 10,000 troops to Russia, and some of them have already begun engaging in combat on the frontlines. The U.S., South Korea and others say North Korea has also shipped artillery systems, missiles and other conventional weapons to replenish Russia's exhausted weapons inventory. Both North Korea and Russia haven't formally confirmed the North Korean troops' movements and have steadfastly denied reports of weapons shipments. South Korea, the U.S. and their partners are concerned that Russia could give North Korea advanced weapons technology in return, including help to build more powerful nuclear missiles. Last week, South Korean national security adviser Shin Wonsik told a local SBS TV program that that Seoul assessed that Russia has provided air defense missile systems to North Korea. He said Russia also appeared to have given economic assistance to North Korea and various military technologies, including those needed for the North's efforts to build a reliable space-based surveillance system. Belousov also met North Korean Defense Minister No Kwang Chol on Friday. During a dinner banquet later the same day, Belousov said the the two countries' strategic partnership was crucial to defend their sovereignty from aggression and the arbitrary actions of imperialists, KCNA said. In June, Kim and Putin signed a treaty requiring both countries to provide immediate military assistance if either is attacked. It's considered the two countries' biggest defense deal since the end of the Cold War.‘Yu Gi Oh Early Days Collection’ Had Its Games Leak, and I’m Sad

Authorities Say 15-Year-Old ID'd as Armed Person Killed by Officer After Gunshots Heard Nearby

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