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AI brief of an SEC Form 8-K · Algorhythm Holdings, Inc. (RIME)

Algorhythm Completes $23 Million Azure Energy Asset Purchase, Replaces CEO

Mixed Impact 4 of 5 m&a Written later

On September 15, 2026, Algorhythm Holdings closed its purchase of substantially all assets of Azure Energy, LLC, paying entirely in company securities valued at $23,000,000. The same day, CEO Gary Atkinson and CFO Alex Andre were terminated, Andrew Thompson became CEO, and the company issued a $4,025,000 secured note in an exchange for its Series A Preferred Stock. The common shares issued equal 19.99% of outstanding common stock, and the filing states the company is now seeking to shift its operating focus to renewable power.

Key points

  • Closed September 15, 2026; price of $23,000,000 paid in 4,076,312 common shares (19.99% of outstanding as of September 14, 2026) and 22,038 Series B Preferred shares
  • Option to buy 79.0286% of Azure S.R.L. equity for $30,000,000 within 36 months; up to 50% of exercise price payable in cash
  • Andrew Thompson appointed CEO effective September 15, 2026; Gary Atkinson and Alex Andre employment terminated not for cause; Atkinson also resigned from the board
  • Streeterville exchanged 3,500 Series A Preferred shares for a $4,025,000 Secured Pre-Paid Purchase #5 bearing 9% interest, maturing three years from September 15, 2026

The filing

CompanyAlgorhythm Holdings, Inc. (RIME)
Form8-K, current report
Filed with the SECSep 21, 2026, 5:17 PM ET
Accession number0001493152-26-043599

Items reported: 1.01 Material Definitive Agreement2.01 Acquisition or Disposition Completed2.03 New Direct Financial Obligation3.02 Unregistered Equity Sale3.03 Change to Shareholder Rights5.02 Director / Officer Change5.03 Bylaw / Charter Amendment7.01 Regulation FD Disclosure

Read the filing on SEC.gov ↗

Written by AI on Nov 9, 2026, 8:28 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on September 21, 2026.

Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.