Algorhythm Holdings, Inc. (NASDAQ: RIME) shares zoomed Monday. Algorhythm, an AI-driven technology and consumer electronics holding company, today announced that it has been awarded a service contract with a leading global beverage, food, and snack company. Under the agreement, Algorhythm’s subsidiary, SemiCab Holdings, LLC will provide enterprise-level shipping services through its AI-powered software platform, focusing on reducing empty truck miles. The contract, commencing mid-October, will initially cover multiple large metropolitan markets, with the potential to rebid for additional lanes after six months.
“This is a major milestone for SemiCab,” commented CEO Gary Atkinson. “This new award represents the first major new business won by SemiCab in the US since our acquisition of the company in July. It also represents the largest customer in the US that has awarded lanes to SemiCab, reinforcing our belief in our ability to disrupt the traditional shipper-carrier model within the transportation sector.”
Ajesh Kapoor, Founder and President of SemiCab added, “We’re thrilled at this new major opportunity. This contract provides us the ability to prove our model with a customer that spends over $1 billion annually on freight. Further, it provides us the leverage to bid on additional shipping opportunities in late Q1 2025 and immediately builds on our network, providing more density of shipping volume within key geographic markets. This new client should serve as a major catalyst to enable our team to pursue additional enterprise level-U.S. clients in the coming months.”
RIME shares skyrocketed 25 cents, or 54.7%, to begin Monday at 71 cents.
