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'Quite a debate': Alabama, Miami first teams out of CFP fieldFort 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 [email protected] , 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: [email protected] 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.IonQ ( IONQ -9.82% ) stock is falling in Monday's trading. The quantum-computing company's share price was down 7.9% as of 3:15 p.m. ET. Meanwhile, the S&P 500 index was down 0.6%, and the Nasdaq Composite index was down 0.7%. IonQ stock is falling today in conjunction with an uptick in focus on potential bearish catalysts for the tech industry and broader market. In addition to concerns that upcoming inflation data could come in higher than previously anticipated, China also announced that it had launched an antitrust investigation into Nvidia . But even with today's pullback, IonQ stock is up roughly 182% this year. What will the latest inflation data mean for IonQ stock? On the heels of an impressive rally, stocks are taking a breather in Monday's trading. The Bureau of Labor Statistics is scheduled to release its latest Consumer Price Index (CPI) data on Wednesday, and investors are looking to the upcoming report to provide insight on the state of inflation. While the Federal Reserve is broadly expected to deliver another cut for interest rates this month, some investors are feeling skittish ahead of the upcoming CPI report. If the latest update shows that prices in the basket of goods included in the CPI rose more than expected, that could cause investors to become more bearish on the Fed's timeline for rate cuts. If that winds up being the case, it could be particularly bad news for IonQ and other stocks with growth-dependent and otherwise speculative valuations. Stocks in these categories have enjoyed strong bullish momentum amid assumptions that inflation is largely under control and that the Fed will continue cutting rates, but they could face intense bearish pressures if that winds up not being the case. Nvidia news spurs an uptick in tech-sector cautiousness Nvidia has been this year's hottest and most influential stock, and news for the company has often had ripple effects for other companies in the tech sector. Today, China announced that it had launched an antitrust probe into the company. Nvidia has a dominant position in the market for high-performance graphics processing units (GPUs) used to power advanced artificial intelligence ( AI ) applications. Access to its GPUs has become a divisive issue amid already rising tensions between the U.S. and China. Notably, IonQ has recently been demoing technologies using Nvidia's CUDA-Q software platform for hybrid quantum-classical computing. China's Nvidia antitrust investigation is unlikely to have any material effect on IonQ in the near term, but geopolitical dynamics and potential regulatory issues could emerge as bearish catalysts that put significant pressure on valuations for growth-dependent tech stocks.
Covenant Logistics Group Announces Two-For-One Stock Split
(NAPSI)—The holidays are the most wonderful time of the year, but when the average American is spending nearly $1,000 on gifts, food, and decorations, they can also be the most stressful. For many, the pressure to create a picture-perfect holiday can stretch budgets a bit too far. Many of today’s shoppers seek advice from their favorite online influencers, sourcing creative hacks, recipes, DIY projects, and tips to keep the holidays magical without overspending. In fact, 69% of consumers say they value and actively seek out influencer recommendations. Now, questions don’t need to get buried in the comments. This December, TextNow is flipping the script on holiday stress by introducing the Holiday Hotline , a free resource to help you navigate the season, with advice a mere text away. 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Since September, as a package of incremental policies continues to yield its effects, China's economy maintains an upward trend. Overall, we are fully confident in achieving our economic growth goal this year. The country's economic performance has been hard-won. Externally, transformations around the world unseen in a century are unfolding at a greater pace, with global economic growth remaining sluggish, and the complexity, severity and uncertainty of the external environment on the rise. At home, domestic demand is insufficient, social expectations remain weak and there are difficulties associated with structural adjustments. The situation is severe and complex, and the task is difficult and weighty. However, under the strong leadership of the Communist Party of China Central Committee with Comrade Xi Jinping at its core, Chinese localities and government agencies are more confident and are taking solid steps to deliver outcomes. The results underscore that "fundamentals of the Chinese economy, and favorable conditions such as a vast market, strong economic resilience and great potential remain unchanged." Huge market, vast space Markets are the scarcest resource. The modernization achieved by 1.4 billion Chinese people has resulted in the addition of a new super-large market larger than those of all developed countries combined. The new development paradigm will enable China to fully unlock its market potential and create greater demand for other countries. With a new car rolling off production line on November 14 , China's annual production of new energy vehicles (NEVs) surpassed the 10 million milestone, becoming the first country in the world to do so. Behind the number is China's robust supply and demand. In the first 10 months, China's production and sales of NEVs grew by 33 percent and 33.9 percent year-on-year, respectively. China continues to take the lead in the electrification and intelligence transformation of the automotive industry, which is attributed to the supply, policy support and demand advantage in the ultra-large market. Markets bring valuable business opportunities. Take cars for example. By the end of June, China had 345 million cars, but the country's car ownership level per 1,000 residents is less than half of that in developed countries. Additionally, China's NEV ownership is only 24.72 million, which means continuous demand in the future. Markets breed competition advantages. China's vast market contributes to the formation of "economy of scale" and "economy of scope," which generates greater profits for enterprises and reduces innovations costs, and also helps provide a large number of application scenarios and boost the large-scale application of innovations. China leads the world in batteries, motors and electronic control technologies, while its intelligent cockpits and intelligent driving are internationally advanced. Thanks to the benign interactions between supply and demand, the industrialization of new technologies and new products is speeding up. Strong resilience, solid basis Resilience strengthens self-belief. China has come to where it is today after overcoming all kinds of difficulties and challenges. Foreign trade is an important barometer in this regard. In the first 10 months of the year, China's foreign goods trade rose by 5.2 percent year-on-year to reach a new high compared with the same period historically. The improvement in the quality and efficiency of the country's foreign trade against the backdrop of shrinking external demand reflects China's economic resilience. This resilience originates from China's solid manufacturing basis and industrial chain advantages. "We could not do what we do without them," Apple CEO Tim Cook said of Chinese suppliers during his third visit to the Chinese mainland this year, as over 80 percent of Apple's 200 major suppliers have set up factories in China . China has the world's most comprehensive industrial categories and a well-rounded industrial system, with the scale of manufacturing industry ranking top for 14 consecutive years. The high-end, intelligent and green development of the manufacturing sector continues to strengthen the stability of the country's industrial and supply chain. In the first three quarters, the manufacturing industry contributed 32.2 percent to the country's economic growth, up 11.2 percentage points. China moved up to 11th place in the ranking of the world's most innovative economies. The basis is solid, and risks and challenges are not to be feared. Resilience also comes from excellent policy adjustments. The nation has been strengthening counter-cyclical adjustments, accelerating the implementation of major national strategies and the development of securities capabilities in key areas while supporting large-scale equipment upgrades and trade-in policies for consumer goods with robust measures, boosting the stabilization of the property market and galvanizing the capital market. The government has also put forward a package of measures to dissolve local government debt risks. This year, a series of existing policies continue to produce effects and incremental policies are being effectively implemented, jointly helping the economy stabilize. Vast potential, strong momentum China's economy has vast potential and many advantages and favorable conditions for sustaining long-term development momentum. China has been the world's second-largest economy for many years, but still has vast development potential in terms of per capita and structure. China's per capita GDP remains relatively low, and the country's amount of infrastructure per capita is only 20-30 percent of that of developed countries. In 2023, China's urbanization rate, which measures the ratio of permanent urban residents relative to the total population, reached 66.2 percent by the end of 2023. Estimates show that each percentage point increase in the urbanization rate could drive 1 trillion yuan ( $137.55 billion ) in investment. Currently, both China's fiscal deficit ratio and government debt ratio are low, and the country's policy toolbox remains well-stocked. The potential also lies in elementary resources. China's human resources in science and technology ranked first in the country and the average length of education received by new entrants into the workforce has increased to 14 years, turning the demographic dividend into a talent dividend. In addition, overall sufficient social capitals, vast room for the highly efficient use of land and the vast unleashing of the potential of digital elements provide solid foundational support. This potential also comes from the huge market. The country's population of over 1.4 billion and middle-income population of over 400 million support a large-scale, diverse and huge domestic market. Accelerating the building of a unified national market will improve overall economic operation efficiency and continuously unleash the potential of domestic demand. Overall, China is a country with vast territory, a large population and unbalanced and uncoordinated development. This is a shortcoming, but also represents potential and a driving force for future development. Sparking vitality and building synergy through reform is essential to continuously unleashing development potential. From implementing regulations for fair competition reviews, accelerating the legislative process of the law on the promotion of the private economy and formulating normal communication mechanisms between governments and enterprises, to releasing a new national negative list for foreign investment and removing all market access restrictions for foreign investors in the manufacturing sector, China's reforms in key fields continue to deepen this year and high-level opening-up advances in an in-depth way. The third plenary session of the 20th Central Committee of the Communist Party of China adopted the Resolution of the CPC Central Committee on Further Deepening Reform Comprehensively to Advance Chinese Modernization. Driven by reform of the economic system, China is correspondingly boosting reform in other fields, and the internal development momentum and vitality will continue to strengthen. Reviewing allows a clear understanding of the situation and better moving forward. While some major economies experience low growth rates and high inflation this year, China is expected to achieve its economic growth target of around 5 percent, and continue to contribute around 30 percent to world economic growth. This stable performance underlines the fact that China's economy will continue to remain on a positive trajectory over the long run. The story was originally published on the front page of the People's Daily on December 8, 2024 View original content: https://www.prnewswire.com/news-releases/global-times-peoples-daily-article-says-favorable-conditions-for-chinas-economic-development-remain-unchanged-302325568.html SOURCE Global Times