DefaultJun 22, 2026, 04:47 PM
Algorhythm Holdings Gets Second Forbearance on $1.5M Debt Payment
AI Summary
Algorhythm Holdings, Inc. entered into a second forbearance agreement with SemiCab, Inc. after failing to make a $1,500,000 payment due on May 2, 2026, related to a $1,750,000 promissory note. SemiCab, Inc. has irrevocably waived the default caused by the missed payment. The agreement extends the forbearance period, preventing SemiCab from taking action until July 16, 2026, to allow the company more time to address the overdue amount.
Key Highlights
- Algorhythm Holdings failed to make a $1,500,000 payment due on May 2, 2026.
- The original promissory note with SemiCab, Inc. was for $1,750,000, issued May 2, 2025.
- A second forbearance agreement was entered into on June 16, 2026.
- SemiCab, Inc. irrevocably waived the default for the missed $1,500,000 payment.
- Forbearance from taking action by SemiCab, Inc. is extended until July 16, 2026.
- The remaining $250,000 on the promissory note is due November 2, 2026.
Price Impact
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