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Univest today announced the closing of registered direct offering of approximately $2 million for its client Algorhythm Holdings, Inc. (NASDAQ: RIME), 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 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.
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