Algorhythm Signs Agreement With Indian Consumer Goods Firm to Offer Shipping Services

MT Newswires Live

2024-10-09

Algorhythm Holdings (RIME) said Wednesday it has signed a new agreement with an unnamed India-based global consumer goods firm under which the company's SemiCab Holdings unit will offer shipping services through its artificial intelligence-powered software platform.

Financial terms weren't disclosed.

The agreement will start in mid-October and will cover key markets throughout India, the company added.

The deal will be serviced by SemiCab's Indian unit, SMCB Private Solutions, which the firm has an option to acquire, with the acquisition anticipated to be completed in Q4, Algorhythm said.

Shares of the company rose 19% in recent Wednesday premarket activity.

Price: 0.6413, Change: +0.10, Percent Change: +18.98

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