Algorhythm Holdings (RIME) said Monday it has been awarded a service contract from an unnamed major global beverage, food, and snack company.
Under the agreement, its subsidiary SemiCab Holdings will deliver enterprise-level shipping services using an AI-powered software platform that reduces empty truck miles.
The company said the contract will begin in mid-October 2024 and will initially focus on several large metropolitan markets, with opportunities to rebid for additional lanes after six months.
Shares of the company rose 54% in premarket activity.
Price: 0.7229, Change: +0.25, Percent Change: +53.94
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