Singing Machine Terminates Loan Agreement with Oxford Commercial Finance

Algorhythm Holdings, Inc. (OTCMKTS:SMDM) announced the termination of the Loan Agreement with Oxford Commercial Finance and the associated Revolving Credit Note on October 17, 2024. As of the termination date, the company had no outstanding loan balance. In line with the termination, a $40,000 early termination fee was required.

Furthermore, on October 18, 2024, Algorhythm Holdings, Inc. made amendments to its Amended By-laws to reduce the quorum required for stockholder meetings. The amendment lowered the Quorum Requirement from a majority to thirty-three and one-third percent (33 1/3%) of the voting power of issued and outstanding shares eligible to vote at meetings.

The By-law Amendment received approval from the company’s Board of Directors on the same day. This alteration to the Quorum Requirement aims to streamline decision-making processes within the organization.

The details of the By-law Amendment are summarized above, with the complete text provided in Exhibit 3.1 attached to the report and incorporated herein by reference.

The disclosure under Item 3.03 regarding the By-law Amendment is encompassed in the report under Item 5.03.

Additionally, the company included the following exhibits in the filing:

– Exhibit 3.1: Amendment No. 1 to Amended By-laws, effective October 18, 2024
– Exhibit 104: Cover Page Interactive Data File (embedded within the Inline XBRL document)

Finally, the report was signed on October 21, 2024, by Gary Atkinson, the Chief Executive Officer of Algorhythm Holdings, Inc., in compliance with the Securities Exchange Act of 1934.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Singing Machine’s 8K filing here.

About Singing Machine

The Singing Machine Company, Inc, together with its subsidiaries, engages in the development, marketing, and sale of consumer karaoke audio equipment, accessories, and musical recordings in North America, Europe, Asia, and Australia. It offers karaoke products under the flagship brand Singing Machine; licensed karaoke microphone products under the Carpool Karaoke brand; microphone accessories and portable Bluetooth microphones under the Party Machine brand; music entertainment singing machines for children under the brand Singing Machine Kids; and karaoke music subscription services for the iOS and Android platforms, as well as a web-based download store and integrated streaming services for Singing Machine hardware.