Algorhythm Closes $23M Renewable Power Plant Developer Acquisition
RIME sits 16% above its 52-week low of $0.212.
Summary
Algorhythm completed its $23 million acquisition of Azure Energy, a renewable power plant developer serving Fortune 500, AI data center, and advanced manufacturing clients. The purchase price consisted of 4,076,312 common shares, representing 19.99% of outstanding shares, and 22,038 Series B preferred shares. The deal also includes a $30 million option for 79.03% of Azure S.R.L., a $4.025 million debt exchange with Streeterville, and new executive appointments. Azure has over $10 million in current contractual backlog and holds project equity interests in multiple power plants under construction with a management-estimated net present value exceeding $220 million. Azure is generating positive EBITDA in 2026, expected to scale significantly over the next 12 months. The deal follows the CEO dismissal earlier today and the strategic review announced in August, diversifying revenue into high-growth energy infrastructure and potentially addressing going concern risk.
Updated with an SEC 8-K filing · What changed
Updates
· SEC 8-K — The 8-K details the $23M purchase price: 4,076,312 common shares (19.99% of outstanding) and 22,038 Series B preferred shares. It also includes a $30M option for 79.03% of Azure S.R.L., a $4.025M debt exchange with Streeterville, and new executive appointments.
At the time of this announcement, RIME was trading at $0.25 on NASDAQ in the Energy & Transportation sector, with a market capitalization of approximately $4.2M. The 52-week trading range was $0.21 to $4.58. This news item was assessed with positive market sentiment and an importance score of 9 out of 10. Source: Dow Jones Newswires.