Fleet Dossiers · 双轨深研 · Claude 轨
RIME
Algorhythm Holdings, Inc.(Nasdaq: RIME)系统梳理
从卡拉 OK 机到 AI 物流,再到刚宣布的生物质发电——一家用可变价预付购买、优先股同意权和法院和解股续命的微盘公司。只报事实与直接含义,不做入选、评分或值不值得买。
RIMEClaude · Fable 5.1 · 稿于 2026-09-16 · 一手件截至 2026-08-14 10-Q 与 2026-09-15 两篇 PR · 股价截至 2026-09-15
一分钟读懂
RIME 今天是一家市值不到四百万美元、账上负债一千五百万、对一家私募基金欠着七百多万可变价债务和四百万优先股的公司。它在 2026-09-15 用「约 2,300 万美元的股票」买下一家 2025 年才成立的生物质发电开发商,同一天解雇了做了十四年的 CEO,把对方创始人请来当 CEO 兼董事长。这笔交易到今天还没有 8-K。
  1. 三次换故事。Singing Machine 做了四十年家用卡拉 OK 机;2024-07 买下 SemiCab(AI 货运撮合,客户几乎全在印度),2024-09 改名 Algorhythm、代码 RIME;2025-08-01 把卡拉 OK 业务以 50 万美元卖给关联方 Stingray;2026-09-15 买 Azure Energy,能源成「主营」,SemiCab 挂牌待售。
  2. 钱几乎全靠稀释。2024 年以来到手现金约 3,650 万美元(ATM 310 万、票据 200 万、公开发行 900 万、直发 200 万、Streeterville 四笔预付购买实收 1,950 万);同期净亏 2024 年 2,326 万、2025 年 1,587 万、2026 上半年 953 万。
  3. 股数十四个月翻了七倍。2025-02-10 做过 1:200 反拆,拆后 239 万股;到 2026-08-11 已是 16,990,135 股,其中约 1,208 万股是 Streeterville 按前十日最低成交均价九折拿走再卖出的。
  4. 可变价工具现在卡在地板上。Streeterville 的购股价不能低于合同地板(四笔分别 $0.418、$0.4348、$0.282、$0.30),而股价只有 $0.22;低于地板时它有权改要现金。剩下约 740 万美元余额(9% 利息、全资产担保、350 万现金抵押)不再是「换股慢慢卖」,而是现金债。
  5. 反拆窗口只有一次,且是单边下跌。2025-02-10 前 15 后 30 个交易日:最高 $8.88(1/17)→ 最低 $1.71(3/4),5.19 倍,先高后低。真正的拉升在窗口之前:2024-12-20 $14.50 到 2025-01-07 $67.72(4.7 倍,复权口径),发生在股东投票反拆之前。
  6. 下一步全看那份还没出的 8-K:2,300 万美元对价折多少股、新优先股什么条款、董事会换了谁、Streeterville 有没有同意、Atkinson 被「解职」是不是无因(无因 = 2 倍年薪奖金约 108 万美元遣散)。
$0.2173
2026-09-15 收盘 · 市值约 $369 万
16,990,135
在外股数(2026-08-11 封面)· 拆后 18 个月 ×7.1
$7.41M + $4.03M
Streeterville 预付购买本金余额 + Series A 优先股面值(6/30)
5.19×
2025-02-10 反拆窗口 最高÷最低 · 先高后低(下跌)
一、这家公司是怎么走到今天的

四十年卡拉 OK → 两年 AI 物流 → 一天生物质发电

The Singing Machine Company 卖家用卡拉 OK 机起家,2022 年做了 1:30 缩股后登上纳斯达克。2023 年把财年从 3 月底改到 12 月底。生意一直在缩:2023 年 4–12 月九个月收入 2,920 万美元、亏 640 万;2024 年全年收入 2,349 万(其中 SemiCab 只贡献 30 万)。

2024-06-11 签约买 SemiCab, Inc. 的资产(AI 货运撮合平台,创始人 Ajesh Kapoor),7 月 3 日交割,对价 641,806 股(拆前)加 SemiCab 子公司 20% 权益;SemiCab 的印度子公司 SMCB 另以 2025-05-02 的 175 万美元本票买下。2024-09-05 改名 Algorhythm Holdings,9 月 9 日起代码 RIME。2025-08-01 把卡拉 OK 业务连资产带负债以 50 万美元卖给 Stingray Music USA(董事 Peloquin 所在集团的子公司)。之后公司的全部收入来自 SemiCab,而且「几乎全部来自印度客户」(10-K 原话)。

2026-08-19 宣布评估收购一家「为数据中心提供孤岛式发电」的能源公司,8/25 宣布 SemiCab 可能出售、分拆或保留,9/15 宣布完成收购 Azure Energy, LLC、能源成为主营、CEO 换人。

二、钱从哪来、去了哪
$0M$2M$4M$6M$8M$10M$3.1M2024 ATM$2M2024-10 票据$9M2024-12 公开发行$2M2024-12 直发$0.85M2025-06/07 小票据$4MPPP#1 2025-08$5MPPP#2 2025-11$1MPPP#3 2025-12$9.5MPPP#4 2026-02蓝=公开/直发/ATM/票据(毛额)· 绿=Streeterville 预付购买(实收现金;面值另含 OID)· 2024 ATM 为累计卖出额 · 不含 CCI 3(a)(10)(以股抵债)与 Azure(以股付对价)
图 1 · 2024 年以来各轮到手现金。九轮合计约 3,645 万美元,其中 Streeterville 四笔实收 1,950 万;不含以股抵债的 CCI 和以股付对价的 Azure。
时间工具到手现金给出去什么原件
2024-06 → 12ATM(Ascendiant,3% 佣金)$3.10M市价卖股(拆前)424B5 ×3;I.B.6 额度
2024-10-24OID 15% 高级担保票据(Univest 7%)$2.00M面值 $2,352,941 + 2,300,000 股(拆前,值 94.3 万);90 天到期,年内还清8-K 2024-10-24
2024-12-06公开发行,合价 $0.17(拆前)$9.00M 毛4.2M 股 + 51.68M 预融资权证 + Series A/B 权证各 55.88M 份;股东批准后重置到最低 VWAP 但不低于地板;B 权证可 1:1 无现金换股424B4 2024-12-06(第 2 份);8-K 2024-12-06
2024-12-18注册直发 @ $0.0831(拆前)$1.6M 净24,067,388 股(拆前)8-K 2024-12-18
2025-06 / 071800 Diagonal ×2、Boot、Agile 小票据$0.73M 净一次性 12% 利息、周供/月供;13.4 万以 135,723 股抵;2026-06-15 全清10-Q Q2 2026 Note 11
2025-08-21Streeterville PPP#1$4.00M面值 $4,390,000(OID 36 万 + 费 3 万)+ 95,694 承诺股;Univest 8%8-K 2025-08-27 Ex.10.1–10.4
2025-11-13Streeterville PPP#2$5.00M($4.5M 锁 DACA)面值 $5,450,000;2026-02-13 以 6,447,017 股还清(均价 $0.762)10-Q 2025-11-19 附件;10-K Note 12
2025-12-19Streeterville PPP#3$1.00M面值 $1,090,000;2026-01-07 以 1,132,410 股还清(均价 $0.875)8-K 2025-12-29
2026-02-17Streeterville PPP#4$9.50M($3.5M 锁 DACA)面值 $10,355,000;地板 $0.30;6/29 切 350 万换优先股后余 $7,202,3728-K 2026-02-23;8-K 2026-07-02
2026-07-21CCI 3(a)(10) 和解$0(抵 $1.93M 债)最多 5,000,000 股自由流通股,按 5 日最低价均值 8 折发,地板 $0.108-K 2026-07-24 Ex.10.3
2026-09-15Azure Energy 资产收购$0(付股)约 $23M 普通股 + 新优先股(股东批准后有投票权、可转换)仅 PR;8-K 待出

去了哪

  • 2024 年经营现金流 −856 万;2025 年净亏 1,587 万(含 B 权证重估损失 647 万、A 权证发行损失 889 万等非现金项);2026 上半年经营现金流 −659 万(约每月 110 万)。
  • 2025-02 → 04 花 76 万回购两位关联股东 2023 年的认购股;2025 年付清 SemiCab 旧债 ECL 和解 95 万;2026-07-02 付 Blue Yonder 判决和解 50 万。
  • Streeterville 的 OID 与配售费:四笔面值合计 2,128.5 万对实收 1,950 万,差 178.5 万;Univest 再收 8%。
  • 6/30/2026 账上:现金 497 万 + 受限现金(DACA)298 万;负债合计 1,529 万(票据净额 641 万、关联方票据 230 万、应付与预提 534 万);股东权益 328 万。

SemiCab 本身赚不赚钱

  • 2025 年收入 439 万;2026 上半年 541 万,Q2 单季 300 万(同比 +161%)——但毛利是负的:上半年毛亏 127 万,经营亏损 705 万。
  • 2026-03-27 员工 49 人。收入几乎全部来自印度客户(P&G India、Apollo Tyres、Kellanova India、Asian Paints、Bajaj Electricals,均为公司 PR 点名)。
  • 创始人 Kapoor 借给 SemiCab 的 55 万美元中,16.5 万(2/1 到期)与 15 万(7/10 到期)已违约;买 SMCB 的 175 万本票 150 万部分 5/2 违约,宽限到 7/16 后再无披露。
  • 8/25 起公司公开寻求出售 SemiCab;PR 称收到「多方购买意向」。
三、Streeterville 每一轮拿了什么

一份 2,000 万美元的「预付购买」额度,本质是可变价可转债

2025-08-21 的证券购买协议:Streeterville 分笔预付现金(每笔含 9% 原始折扣与 9% 年息、三年到期、全资产担保、子公司保证),然后由它单方面决定何时把余额换成股票:购股价 = 前十个交易日最低日 VWAP × 90%,不低于合同地板;任一时点持股不超过 9.99%;股票必须是自由流通(S-1 转售登记已两次生效,共 2,009.6 万股额度)。公司若想提前还钱要付 110%。违约后余额加 7.5%、利率 18%,而且违约后它仍可继续换股。

笔日期面值实收地板抵押结局(截至 2026-06-30)
#12025-08-214,390,0004,000,000$0.418全资产 + IP2026 上半年换 4,237,269 股(Q1 均价 $1.03、Q2 $0.52);余本金 554,000
#22025-11-135,450,0005,000,000$0.4348450 万现金进 DACA2026-02-13 以 6,447,017 股还清,均价 $0.762
#32025-12-191,090,0001,000,000$0.282全资产2026-01-07 以 1,132,410 股还清,均价 $0.875
#42026-02-1710,355,0009,500,000$0.30350 万现金进 DACA + RIME Holdings 保证未换股;6/29 切 350 万换 3,500 股优先;余本金 6,855,000(含息 7,202,372)

到 2026-06-04 招股书口径:Streeterville 已买走 12,077,557 股,抵掉 1,022.9 万美元余额,均价 $0.847;加 95,694 承诺股。它 2025-12-16 的 13G 只报持有 271,905 股(9.99%)——拿到就卖,合同只限它每周卖出不超过当周成交额的 15%。

PPP#1 · 2025-08-21 · 面值 $4,390,000 · 地板 $0.418(Ex.10.2 原句)

原件:0001641172-25-025707

  • 本金与折扣:「This Pre-Paid Purchase carries an original issue discount of $360,000.00 (“ OID ”). In addition, Company agrees to pay $30,000.00 to Investor to cover Investor’s legal fees, accounting costs, due diligence, monitoring and other transaction costs incurred in connection with the purchase and sale of this Pre-Paid Purchase (the “ Transaction Expense Amount ”). The OID and the Transaction Expense Amount are included in the initial principal balance of this Pre-Paid Purchase and are deemed to be fully earned and non-refundable as of the Purchase Price Date.」
  • 利息:「to pay interest on the Outstanding Balance at the rate of nine percent (9%) per annum from the Purchase Price Date until the same is paid in full. All interest calculations hereunder shall be computed on the basis of a 360-day year comprised of twelve (12) thirty (30) day months, shall compound daily」
  • 到期:「1.3. Maturity Date . Any remaining Outstanding Balance will be due and payable in cash on the date that is three (3) years from the Effective Date.」
  • 提前还款:「If Company exercises its right to prepay this Pre-Paid Purchase, Company shall make payment to Investor of an amount in cash equal to 110% multiplied by the portion of the Outstanding Balance Company elects to prepay.」
  • 购股价:「A15. “ Purchase Share Purchase Price ” means 90% multiplied by the lowest daily VWAP during the ten (10) Trading Day period preceding the applicable measurement date. A16」
  • 地板:「A6. “ Floor Price ” means $0.418. A7」;低于地板:「(v) In the event the Purchase Share Purchase Price is below the Floor Price, Investor will have the right to elect to have the applicable Purchase Amount paid in cash rather than Purchase Shares.」
  • 9.99% 上限:「(b) Ownership Limitation . Notwithstanding anything to the contrary contained in this Pre-Paid Purchase or the other Transaction Documents (as defined in the Purchase Agreement), Company shall not effect any issuance of Purchase Shares pursuant to this Pre-Paid Purchase to the extent that after giving effect to such issuance, the issuance would cause Investor (together with its affiliates) to beneficially own a number of Common Shares exceeding 9.99% of the number of Common Shares outstanding on such date (including for such purpose the Common Shares issuable upon such issuance) (the “ Maximum Percentage ”).」
  • 预交付股:「3.3. Pre-Delivery Shares . At any time following the Effective Date, Investor also will have the right to require Company to issue and sell Purchase Shares to Investor at the Pre-Delivery Purchase Price by delivering a Purchase Notice to Company indicating the portion of the Outstanding Balance Investor is electing to use for th」;「A10. “ Pre-Delivery Purchase Cap ” means $25,000.00. A11. “ Pre-Delivery Purchase Price ” 」
  • 违约后仍可换股:「Investor may continue making Purchases pursuant to Section 3 at any time following an Event of Default until such time as the Outstanding Balance is paid in full.」
PPP#2 · 2025-11-13 · 面值 $5,450,000 · 地板 $0.4348 · 450 万锁 DACA(10-Q 2025-11-19 Ex.10.6 原句)

原件:0001493152-25-024305

  • 本金与折扣:「This Pre-Paid Purchase carries an original issue discount of $450,000.00 (“ OID ”). The OID is included in the initial principal balance of this Pre-Paid Purchase and is deemed to be fully earned and non-refundable as of the Purchase Price Date.」
  • 钱怎么分:「(a) $4,500,000.00 to the Deposit Account (as defined in the DACA (as defined below)), and (b) $500,000.00 to the bank account designated in writing by Company.」
  • 最低留存:「(i) $4,500,000.00, and (ii) 90% of the then-current Outstanding Balance (the “ Minimum Balance Amount ”).」
  • 购股价:「A13. “ Purchase Share Purchase Price ” means 90% multiplied by the lowest daily VWAP during the ten (10) Trading Day period preceding the applicable measurement date. A14」
  • 地板:「A6. “ Floor Price ” means $0.4348. A7」
  • 结局:2026-02-13 以 6,447,017 股全部还清(10-Q Q2 2026 Note 11)
PPP#3 · 2025-12-19 · 面值 $1,090,000 · 地板 $0.282(8-K 2025-12-29 Ex.10.2 原句)

原件:0001493152-25-029389

  • 本金与折扣:「This Pre-Paid Purchase carries an original issue discount of $90,000.00 (“ OID ”). The OID is included in the initial principal balance of this Pre-Paid Purchase and is deemed to be fully earned and non-refundable as of the Purchase Price Date.」
  • 购股价:「A13. “ Purchase Share Purchase Price ” means 90% multiplied by the lowest daily VWAP during the ten (10) Trading Day period preceding the applicable measurement date. A14」
  • 地板:「A6. “ Floor Price ” means $0.282. A7」
  • 结局:2026-01-07 以 1,132,410 股全部还清(10-Q Q2 2026 Note 11)
PPP#4 · 2026-02-17 · 面值 $10,355,000 · 地板 $0.30 · 350 万锁 DACA(Ex.10.2 原句)

原件:0001493152-26-007763

  • 本金与折扣:「This Pre-Paid Purchase carries an original issue discount of $855,000.00 (“ OID ”). The OID is included in the initial principal balance of this Pre-Paid Purchase and is deemed to be fully earned and non-refundable as of the Purchase Price Date.」
  • 钱怎么分:「The purchase price of $9,500,000.00 (the “ Purchase Price ”) shall be payable via wire transfer of immediately available funds as follows: (a) $3,500,000.00 to the Deposit Account (as defined in the DACA (as defined below)), and (b) $6,000,000.00 to the bank account designated in writing by Company.」
  • 最低留存:「2.1. DACA . This Pre-Paid Purchase will be secured by cash in an amount not less than the lesser of (i) $3,500,000.00, and (ii) 90% of the then-current Outstanding Balance (the “ Minimum Balance Amount ”).」
  • 购股价:「A13. “ Purchase Share Purchase Price ” means 90% multiplied by the lowest daily VWAP during the ten (10) Trading Day period preceding the applicable measurement date. A14」
  • 地板:「A6. “ Floor Price ” means $0.30. A7」
  • 结局:2026-06-29 切出 $3,500,000 换 3,500 股 Series A;余额 $7,202,371.69(8-K 2026-07-02);截至 6/30 一股未换
SPA 通用条款 · 2025-08-21(Ex.10.1 原句)

原件:0001641172-25-025707

  • 后续地板公式:「The Floor Price (as defined in the Pre-Paid Purchases) per Common Share of each subsequent Pre-Paid Purchase will be the greater of: (i) twenty percent (20%) of the Nasdaq Minimum Price on the Pre-Paid Purchase Date, and (ii) $0.10 (the “ Effective Floor Price ”).」
  • 不得低于地板发股:「Company agrees that, so long as any Pre-Paid Purchase is outstanding, Company will not issue any Common Shares, or any security that is exercisable or convertible into Common Shares, at a price per Common Share or for total consideration per Common Share that is lower than the Effective Floor Price.」
  • 最惠:「11. Most Favored Nation . So long as any Pre-Paid Purchase is outstanding, upon any issuance by Company of any security (including Pre-Paid Purchases issued after the Initial Pre-Paid Purchase) with any term or condition more favorable to the holder of such security or with a term in favor of the holder of such security that was not similarly provided to Investor in the Transaction Documents, in all cases solely with…」
  • 参与权:「13. Participation Right . Beginning on the Closing Date and ending on the date that all Pre-Paid Purchases have been paid in full and the Commitment Period has terminated or otherwise expired, Company hereby grants to Investor a participation right, whereby Investor shall have the right to participate at Investor’s discretion in up to twenty-five percent (25%) of the amount sold in any debt or equity financing (the “ Participation Right ”).」
  • 周卖出上限:「14. Sales Limitation . Investor agrees that, so long as no Event of Default (as defined the Pre-Paid Purchases) has occurred under any Pre-Paid Purchase, it will not sell, during any calendar week, Common Shares in an amount exceeding fifteen percent (15%) of the total weekly dollar trading volume of the Common Shares on all trading markets (including regular and extended trading) for such week (the “ Weekly Sales Cap ”).」
  • 交易所上限与股东批准:「5.7. Exchange Cap . Notwithstanding anything to the contrary contained in this Agreement or the other Transaction Documents, Company and Investor agree that the total cumulative number of Common Shares issued to Investor under this Agreement and all Pre-Paid Purchases together with all other Transaction Documents may not exceed the requirements of Nasdaq Listing Rule 5635(d) (the “ Exchange Cap ”), except that such limitation will not apply following Approval (defined below). Within seventy-five (75) days of Closing, Company will seek stockholder approval of this transaction, all Pre-Paid Purchases that have been or may be issued hereunder covering the Commitment Shares, the full Commitment Amount and the issuance of Purchase Shares (including, but not limited to, the Pre-Delivery Shares) under all Pre-Paid Purchases in excess of the Exchange Cap (the “ Approval ”).」
  • 预交付股回购:「12. Pre-Delivery Shares . At such time as the Pre-Paid Purchase Outstanding Balance is zero and the Commitment Period has ended, Company may repurchase the Pre-Delivery Shares upon a written request delivered to Investor within thirty (30) Trading Days of the later of both such events, and within thirty (30) Trading Days of such written request from Company, Investor shall deliver to Company a number of Common Shares…」
四、可变价转股与优先股同意权,对普通股意味着什么

1. 现在的价格让「换股」停摆,债务变成现金债

股价 $0.2173(9/15 收盘)。四笔的地板 $0.418、$0.4348、$0.282、$0.30 全在市价之上(未清的是 #1 与 #4)。按合同,购股价低于地板时 Streeterville 有权改要现金——它不会用高于市价的地板价买股。于是约 741 万美元本金(含息约 775 万)在股价回到约 $0.33(0.30 ÷ 0.9)之前基本不能靠发股消化,而是每天按 9% 复利涨、由全部资产和 350 万现金抵押担保的债。公司 6/30 手里非受限现金 497 万,半年烧 659 万。

反过来,如果股价涨回 $0.45,剩余余额可换约 1,650 万股,是现在在外股数的 97%;涨回 $1,换约 823 万股。股价越涨,供给越多,这是可变价工具对普通股最直接的含义。

2. Series A 优先股:不可转换,但握着一揽子否决权

2026-06-29 从 PPP#4 切出 350 万换 3,500 股 Series A,面值 $1,150/股 = 402.5 万美元,9% 日复利、按季付,公司可选现金或再发优先股(PIK)。它不转普通股、没有投票权、持有人不能要求赎回;公司想赎回要付清算额的 110%。它排在所有股本之前。

指定证书第 10 条的契约,只要还有一股优先股在外就有效:不得增减授权股;不得新发股票或可转换证券(豁免:员工股权、既有证券行权、董事会多数无利害董事批准且没有登记权的受限股、总额不超过 500 万美元的融资);不得质押资产;不得处置重大资产;除纳斯达克缺陷外不得反拆;未经优先股多数持有人同意不得做「根本性交易」(合并、出售全部资产、他人取得 50% 以上投票权等)。违约面值 +15%、可累计三次,回报升到 15%,且持有人可申请禁令禁止公司向任何人发股直到优先股被全额赎回。

直接含义:Azure 收购是以股付对价的资产收购,要么落在豁免(受限股、无登记权),要么拿到了 Streeterville 同意——两者 8-K 都该写。若 Azure 拿到的普通股是「无登记权的受限股」,它们至少六个月不能公开卖(Rule 144),这对流通盘是好消息,但对 Azure 卖方是锁定。

Series A 指定证书原句:回报、赎回、契约、违约、豁免与根本性交易定义(8-K 2026-07-02 Ex.3.1)

原件:0001493152-26-031919

第 5 条 回报:Section 5. Preferred Return . (a) Each share of Series A Stock shall accrue a rate of return on the Stated Value at the rate of nine percent (9%) per annum, to be determined pro rata for any fractional year periods (the “Preferred Return”). The Preferred Return shall accrue on each share of Series A Stock from its Issuance Date and shall be payable or otherwise settled as set forth herein. Following the occurrence of an Event of Default (as defined below), the Preferred Return will increase to 15% per annum. (b) The Preferred Return shall compound daily and be payable on a quarterly basis, within five (5) Trading Days following the end of each calendar quarter, either in cash or via the issuance to the applicable Series A Holder of an additional number of shares of Series A Stock equal to (i) the Preferred Return then accrued and unpaid, divided by (ii) $1,150.00, with the election as to payment in cash or via the issuance of additional shares of Series A Stock to be determined in the discretion of the Corporation. (c) In the event that the Corporation elects to pay any Preferred Return via the issuance of shares of Series A Stock, no fractional shares of Series A Stock shall be issued, and the Corporation shall pay in cash the Preferred Return that would otherwise be payable via the issuance of a fractional share of Series A Stock. Section 6. Liquidation, Dissolution or Winding Up . In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Corporation, each share of Series A Stock shall be entitled to be paid out of the assets of the Corporation available for distribution to its shareholders before any payment shall be made to the holders of Common Stock by reason of their ownership thereof, an amount per share of Series A Stock equal to the Stated Value at such time plus any accrued and unpaid Preferred Return (as applicable, the “Series A Preferred Liquidation Amount”). If upon any such liquidation, dissolution or winding up of the Corporation, the assets of the Corporation available for distribution to its shareholders shall be insufficient to pay the Series A Preferred Liquidation Amount, the Series A Holders with respect to their shares of Series A Stock shall share ratably in any distribution of the assets available for distribution in proportion to the respective amounts which would otherwise be payable in respect of the shares held by them upon such distribution if all amounts payable on or with respect to such shares were paid in full. Following the payment of the Series A Preferred Liquidation Amount, if there are any remaining assets of the Corporation available for distribution to its shareholders, the Series A Stock shall not participate in such distributions.

第 7 条 公司选择赎回:Section 7. Corporation Optional Redemption . (a) Subject to the terms and conditions herein, the Corporation may elect, in the sole discretion of the Board, to redeem all or any portion of the Series A Stock then issued and outstanding from all of the Series A Holders (a “Corporation Optional Redemption”) by paying to the applicable Series A Holders an amount in cash equal to the Series A Preferred Liquidation Amount then applicable to such shares of Series A Stock being redeemed in the Corporation Optional Redemption multiplied by 110% (the “Redemption Price”). For the avoidance of doubt, any redemptions made in connection with a Fundamental Transaction will be paid at the Redemption Price. (b) The Corporation shall provide written notice of any Corporation Optional Redemption to the Series A Holders within ten (10) Trading Days following the determination of the Board to consummate the applicable Corporation Optional Redemption, and thereafter such Corporation Optional Redemption shall be completed on the third (3 rd ) Trading Day following the delivery of such notice, and at such time the Corporation shall deliver to the Series A Holders the Redemption Price in valid funds. Each Series A Holder agrees to execute and deliver to the Corporation such instruments and documents, and to take such actions, as reasonably required to consummate the Corporation Optional Redemption.

第 10–12 条 契约、违约、不得由持有人要求赎回:Section 10. Covenants . Until such time as no shares of Series A Stock remain outstanding, the Corporation and any subsidiary (to the extent applicable) will at all times comply with the following covenants: (a) The Corporation will timely file on the applicable deadline (inclusive of any timely filed extensions) all reports required to be filed with the SEC pursuant to Sections 13 or 15(d) of the Exchange Act, and will take all reasonable action under its control to ensure that adequate current public information with respect to the Corporation, as required in accordance with Rule 144 of the Securities Act, is publicly available, and will not terminate its status as an issuer required to file reports under the Exchange Act even if the Exchange Act or the rules and regulations thereunder would permit such termination. (b) The Common Stock will be listed or quoted for trading on any of NYSE, NYSE American or Nasdaq. (c) After the initial issuance of Series A Stock, the Corporation will not issue any new shares of Series A Stock to anyone other than the initial holder of Series A Stock. (d) The Corporation will not increase or decrease the authorized shares of Common Stock or Preferred Stock. (e) The Corporation will not make any Restricted Issuance. (f) The Corporation shall not enter into or extend any agreement or otherwise agree to any covenant, condition, or obligation that locks up, restricts in any way or otherwise prohibits the Corporation (i) from entering into a variable rate transaction with any Series A Holder or any Affiliate of any Series A Holder, or (ii) from issuing Common Stock, Preferred Stock, warrants, convertible notes, other debt securities, or any other of the Corporation’s securities to any Series A Holder or any Affiliate of any Series A Holder. (g) The Corporation will not pledge or grant a security interest in any of its assets. (h) The Corporation will not, and will not enter into any agreement or commitment to, dispose of any assets or operations outside the ordinary course of business that are material to the Corporation’s operations. (i) Except in connection with satisfaction of a Nasdaq deficiency notice, the Corporation will not, and will not enter into any agreement or commitment to, undertake or complete any reverse split of any class of Common Stock or Preferred Stock. (j) The Corporation will not consummate a Fundamental Transaction or enter into an agreement to consummate a Fundamental Transaction without the consent of the Required Holders. Section 11. Covenant Default . (a) Event of Default . The Required Holders may elect to declare an “Event of Default” if any of the following conditions or events shall occur and be continuing: (i) The Corporation fails to fully comply with any covenant, obligation or agreement of the Corporation in this Certificate of Designation (other than payment or issuance defaults which are addressed in subparagraph (ii) below) or a breach of any covenant owed to any Series A Holder in any other agreement between the Corporation and such Series A Holder, and such failure is not cured within five (5) Trading Days of the occurrence of such event; (ii) The Corporation fails to pay any amount due and payable to the Series A Holders pursuant to and as required by this Certificate of Designation, or fails to issue any additional shares of Series A Stock to the Series A Holders pursuant to and as required by this Certificate of Designation, and such failure, if known to the Series A Holders and reasonably possible of cure, is not cured within five (5) Trading Days of the occurrence of such event; or (iii) The Corporation shall (1) apply for or consent to the appointment of, or the taking of possession by, a receiver, custodian, trustee or liquidator; (2) make a general assignment for the benefit of the Corporation’s creditors; or (3) commence a voluntary case under the U.S. Bankruptcy Code as now and hereafter in effect, or any successor statute. (b) Consequences of Events of Default . Upon the occurrence of an Event of Default the Stated Value will automatically increase by fifteen percent (15%) (the “Default Effect”). The Default Effect may be applied up to three (3) times for three (3) separate Events of Default. If an Event of Default has occurred (i) the Series A Holders shall have the right to pursue any remedies that the Required Holders may have under applicable law and/or in equity; and (ii) the Series A Holders shall have the right to seek and receive injunctive relief from a court or an arbitrator prohibiting the Corporation from issuing any of its Common Stock or Preferred Stock to any party unless all the shares of Series A Stock owned by the Series A Holders are redeemed in full simultaneously with such issuance. (c) Expenses . In the event that any Series A Holder incurs expenses in the enforcement of its rights hereunder, including but not limited to reasonable attorneys’ fees, then the Corporation shall immediately reimburse such Series A Holder the reasonable costs thereof. Section 12. No Redemption at the Option of Series A Holder . Notwithstanding anything in this Certificate of Designation to the contrary, the Series A Stock shall not be redeemable at the option of any Series A Holder, and no Series A Holder shall have any right, under any circumstance or upon the occurrence of any event (including any Event of Default or any Fundamental Transaction), to require, demand or compel the Corporation to redeem, repurchase or otherwise acquire any shares of Series A Stock, or to otherwise require the Corporation to transfer cash or other assets in respect of the Series A Stock. Every redemption of the Series A Stock shall be effected solely at the option and in the sole discretion of the Corporation.

「豁免发行」定义:(e) “Exempt Issuance” means: (i) the issuance of shares of Common Stock or securities exercisable or convertible into shares of Common Stock to employees, officers, directors, consultants or advisors of the Company pursuant to any equity compensation plan of the Company, (ii) the issuance of shares of Common Stock upon the conversion, exercise or vesting of any securities of the Company outstanding on the date of this Agreement or issued in the future under Section 12(e)(i), (iii) the issuance of any securities issued pursuant to transactions approved by a majority of the disinterested directors of the Company, provided that such securities are issued as “restricted securities” (as defined in Rule 144 of the Securities Act) and carry no registration rights that require or permit the filing of any registration statement in connection therewith (other than a registration , or (iv) the issuance of any securities in a capital-raising transaction in an aggregate amount not to exceed $5,000,000.

「根本性交易」定义(节录):(f) “Fundamental Transaction” means: that (i) (A) the Corporation or any of its subsidiaries shall, directly or indirectly, in one or more related transactions, consolidate or merge with or into (whether or not the Corporation or any of its subsidiaries is the surviving corporation) any other person or entity, (B) the Corporation or any of its subsidiaries shall, directly or indirectly, in one or more related transactions, sell, lease, license, assign, transfer, convey or otherwise dispose of all or substantially all of its respective properties or assets to any other person or entity, (C) the Corporation or any of its subsidiaries shall, directly or indirectly, in one or more related transactions, allow any other person or entity to make a purchase, tender or exchange offer that is accepted by the holders of more than fifty (50%) of the outstanding shares of voting stock of the Corporation (not including any shares of voting stock of the Corporation held by the person or persons making or party to, or associated or affiliated with the persons or entities making or party to, such purchase, tender or exchange offer), (D) the Corporation or any of its subsidiaries shall, directly or indirectly, in one or more related transactions, consummate a stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-o…

「受限发行」定义:“Restricted Issuance” means: (i) the issuance, incurrence or guaranty of any debt obligations other than Liabilities or trade payables incurred in the ordinary course of business, (ii) the issuance of (a) any Equity Securities; or (b) any securities that are convertible into or exchangeable for Equity Securities, other than in each of the foregoing clauses (i) and (ii): (x) for any such issuances or sales to a Series A Holder as contemplated in this Certificate of Designation or otherwise to a Series A Holder or any of its Affiliates, or (y) for any Exempt Issuances.

3. 三层工具叠在一起时的顺序

  1. Streeterville 预付购买(约 775 万含息):有担保、有 DACA、有换股权、有周卖出上限、有最惠与参与权。
  2. Series A 优先(402.5 万 + 每季约 9 万回报):排在普通股前;同意权。
  3. CCI 3(a)(10) 和解股(目标卖得款:8-K 与 10-Q 写债权的 120% ≈ 231 万;协议正文把「Target Gross Proceeds」定义为债权 ÷ 0.80 = $2,410,017.50,即 125%——以协议为准,8-K 摘要与之不一致):法院批准、自由流通、按 5 日最低价 8 折发,地板 $0.10,CCI 任一时点持股不超 4.99%,无股东批准时发行不超过在外股数 19.99%,储备 500 万股。按 $0.2173 计发行价约 $0.174,500 万股只能覆盖约 87 万美元;余下部分需要股东批准才能突破 19.99%,否则未清偿部分「回到公司」。
  4. Azure 新优先股(条款未披露):股东批准后有投票权、可转换。它排在 Series A 之后(Series A 的「平行股」需其同意)。
  5. 普通股:最后一层。
CCI 3(a)(10) 和解协议原句:股价公式、估值期、分批、储备与 19.99%(8-K 2026-07-24 Ex.10.3)

原件:0001493152-26-034615

  • 债权额:「“CLAIM AMOUNT” shall mean $1,928,014 (subject to any applicable discounts pursuant to the annexed Claim Purchase Agreement(s)).」
  • 股价:「“SHARE PRICE” shall mean the price determined by (i) selecting the five lowest Sale Prices of the Company’s Common Stock on the Principal Market, excluding the highest and lowest traded prices of those five lowest Sale Prices, and calculating the arithmetic mean of the remaining three (3) Sale Prices during the applicable Valuation Period, and (ii) multiplying the arithmetic mean by 80%; provided, however, that in no event shall the “Share Price” be less than $0.10.」
  • 估值期:「“VALUATION PERIOD” shall mean the five (5) day trading period preceding the date of any Share Request made by CCI pursuant to this agreement.」
  • 目标卖得款(协议原句,与 8-K 的 120% 不一致):「“TARGET GROSS PROCEEDS” shall mean that amount equal to the Claim Amount divided by 0.80.」
  • 4.99% 持股上限:「Settlement Shares beneficially owned by CCI at any given time, when aggregated with all other shares of the Company then beneficially owned by CCI … shall not exceed 4.99% of the number of shares of Common Stock issued and outstanding …」
  • 股东批准与 19.99%:「“SHAREHOLDER APPROVAL” shall mean such approval as may be required by the applicable rules and regulations of the Nasdaq Capital Market/Nasdaq National Market (or any successor entity) from the shareholders of the Company with respect to the transactions contemplated by this Agreement, including the issuance of that portion of the shares of Common Stock which would, if issued to CCI by the Company, be in excess of 19.99% of the issued and outstanding Common Stock on the Settlement Date. If Shareholder Approval is not obtained, any remaining unpaid portion of the Claim Amount at the time of such Share Issuance pursuant to this Agreement which could require a Share Issuance in excess of 19.99% of the issued and outstanding shares of the Company’s Common Stock as of the Settlement Date may, at the option of either Party, be terminated, and any unpaid portion of the Claim Amount shall be reinstated and revert to the Company (net of any amounts already satisfied).」
  • 发股:「a. In settlement of the Claims, the Company shall issue and deliver to CCI shares of Common Stock equal to the Claim Amount divided by the Share Price (the “Initial Issuance”), subject to adjustment and ownership limitations as set forth below. Such shares of Common Stock shall be freely trading securities issued pursuant to Section 3(a)(10) of the Securities Act (the “Settlement Shares”).」「The Initial Issuance may be completed in one or more tranches as determined by CCI in its discretion (each, a “Tranche”). The number of shares of Common Stock issuable in each Tranche shall be equal to that portion of the Claim Amount specified on the Share Request divided by the Share Price specified on the Share Request.」
  • 储备 500 万股:「irrevocable and unconditional instruction to the Company’s stock transfer agent to reserve 5,000,000 shares of the Company’ Common Stock for issuance to CCI pursuant to the terms of this Agreement, such instruction to be substantially in the form annexed hereto as Exhibit C (the “Share Reservation Letter”).」
五、股本结构与转售限制(Tony 标准 ①)
0M3M6M9M12M15M18M2024-012024-072025-012025-072026-012026-0716,990,135(2026-08-11)2024-12-17 拆前 70.1M=拆后 350K2.72M拆前数字÷200 折成同一口径;点=各期报告封面/8-K 披露的在外股数
图 2 · 在外普通股,全部折成 1:200 拆后口径。2024-12-17 拆前 7,010 万股 = 拆后 35 万股;2025-04-14 拆后 239 万;2026-08-11 1,699 万。
时点在外股数来源期间发生了什么
2024-12-1770,097,528(拆前)= 350,488424B512 月两次发行前
2025-04-142,394,82910-K FY2024 封面反拆;B 权证换 1,910,975 股;预融资权证行权
2025-08-152,514,57110-QSMCB 对价 119,742 股
2025-09-292,641,778DEF 14A 记录日承诺股 95,694 等
2025-11-172,721,77810-Q
2025-12-313,414,54210-K1800 Diagonal 抵债 135,723;Streeterville 开始换股
2026-01-215,758,1028-K 2026-01-23PPP#3 全换(1,132,410)+ PPP#1 部分
2026-03-2714,651,66510-K 封面 / Q1 末PPP#2 全换(6,447,017)+ PPP#1(Q1 共 3,218,166)
2026-06-3015,670,76810-QPPP#1 再换 1,019,103
2026-08-1116,990,13510-Q 封面新增 1,319,367 股,10-Q 未逐项披露(CCI 7/23 起可分批发股,最可能来源)
2026-09-15 后?待 8-KAzure 对价普通股 + 新优先股

补注(2026-09-17 股本专题复核):上表与下文把 6/30→8/11 新增的 1,319,367 股写作「最可能是 CCI」。专题页复核后改为三源并列、无法归属:Streeterville(按合同地板价倒推,PPP#1 约到 7/20、PPP#4 约到 8/17 仍可能换股)、CCI 3(a)(10) 和解股(7/23 法院批准后才能发)、激励股。10-Q 未拆分。详见 股本结构专题 · Claude 轨。

分层:谁手里有多少、能不能卖

层股数(约)转售限制依据
内部人(高管董事 7 人)≈120,000 实股 + 1,790,155 股期权/限制股(大多未归属)Form 144 / Rule 144 关联方限制;期权大多虚值(CEO 740,597 股 @ $1.84)10-K Item 12(3/27 合计 340,469 含期权 = 2.3%);10-Q Note 9
Streeterville 手中≈271,905(2025-12-16 13G)· 随换随卖S-1 转售登记生效(2025-11-10、2026-06-03);周卖出 ≤ 15% 成交额;9.99% 上限13G;SPA §14
2024-12 公开发行买家(Ionic、L1 Capital、S.H.N. 等)Ionic 由 9.9% 降到 1.9%(2026-03-31);L1 4.99%(2025-12-31);S.H.N. 0公开发行股,无限制;A 权证 1,133,652 股 @ $8.38 深度虚值13G/A 序列
CCI(3(a)(10))7/23 起分批,最多 5,000,000;6/30→8/11 新增 1,319,367 股疑为此法院批准、自由流通、无持有期;任一时点 ≤ 19.99%8-K 2026-07-24 Ex.10.3 §3
Azure 卖方未披露(约 $23M 对价,按 9/15 收盘 $0.2173 若全为普通股 ≈ 1.06 亿股,实际含优先股)若为私募受限股:Rule 144 六个月持有期;优先股需股东批准才有投票权与转换权PR 2026-09-15;Series A 契约豁免条件推断
其余公众(散户与未申报机构)≈ 1,699 万 − 以上各层 ≈ 1,500 万上下无限制差额

「能卖的全砸进市场」情景:今天在外 1,699 万股几乎全是自由流通(内部人实股不到 1%)。已经排队的新供给:CCI 剩余额度(至多 500 万股上限,按现价发行价 $0.174 只能抵 87 万美元,之后要么股东批准突破 19.99%、要么债权回表);Streeterville 约 775 万美元余额在股价回到 $0.33 以上时重新可换($0.45 时约 1,650 万股,$1 时约 823 万股);Azure 优先股在股东批准后可转(数量未知);A 权证 113 万股要 $8.38 才有意义。对照成交:8/19 以来 19 个交易日日均 214 万股、约 59 万美元;6–9 月日均 81 万股、约 28 万美元。

六、反拆窗口(Tony 标准 ②)

2024-01-01 以来只有一次反拆:2025-02-10,1:200

股东 2025-01-13 授权 1:10 到 1:250,董事会次日定 1:200 并递交章程修正,2 月 10 日在市场生效,当日收盘 $2.98。触发原因:2024-12-30 纳斯达克告知连续 13 个交易日收盘低于 $0.10(低价股规则),公司申请听证;反拆后连续十个交易日高于 $1,2025-03-25 恢复合规并进入一年 panel monitor。

$2$3$4$5$6$7$8$901-1702-1003-0403-252025-02-10 反拆生效(1:200)窗口最高 $8.88(2025-01-17)窗口最低 $1.7112(2025-03-04)前 15 日(1/17–2/7)|生效日|后 30 日(2/11–3/25)· 价格为复权口径(拆前价×200)· 来源:Nasdaq 官方日线
图 3 · 反拆生效日前 15、后 30 个交易日(2025-01-17 → 2025-03-25),复权口径(拆前价 × 200)。
窗口盘中最高(日期)盘中最低(日期)最高÷最低时序判定
全窗口 前 15 + 生效日 + 后 30(1/17–3/25)$8.88(2025-01-17)$1.7112(2025-03-04)5.19先高后低 → 下跌
前 15 日(1/17–2/7)$8.88(1/17)$3.32(2/7)2.67先高后低 → 下跌
生效日(2/10)$3.337$2.801.19开 $3.22 收 $2.98
后 30 日(2/11–3/25)$3.14(2/20)$1.7112(3/4)1.83先高后低 → 下跌
低点后的最大反弹(3/4 → 3/14)$2.70(3/14)$1.7112(3/4)1.58先低后高,但幅度小于跌幅

收盘:生效前一日 $3.40 → 生效日 $2.98 → 第 30 日 $2.44。结论:这次反拆窗口内没有拉升,只有单边下跌,跌幅 5.19 倍。

46 个交易日逐日复算明细(前 15 · 生效日 · 后 30;复权口径;红字=窗口最高/最低所在行)
位置日期开高低收成交量
前 152025-01-177.848.887.68.321,935,899
前 142025-01-217.67.726.46.921,157,128
前 132025-01-226.987.26.46.64787,488
前 122025-01-236.867.566.56.82734,291
前 112025-01-247.587.977.561,434,635
前 102025-01-276.967.166.426.7604,913
前 92025-01-286.76.86.026.18564,073
前 82025-01-29665.025.2694,814
前 72025-01-305.25.24.64.88631,910
前 62025-01-316.46.445.025.121,708,990
前 52025-02-035.965.965.15.34942,515
前 42025-02-044.765.344.74.88628,548
前 32025-02-054.264.583.844.181,191,431
前 22025-02-064.344.424.164.26674,989
前 12025-02-073.964.023.323.450,000
生效日2025-02-103.223.3372.82.981,126,570
后 12025-02-112.912.942.512.871,106,686
后 22025-02-122.863.062.62.971,172,018
后 32025-02-132.972.972.652.78664,523
后 42025-02-142.732.772.642.71553,186
后 52025-02-182.852.862.412.48860,840
后 62025-02-192.452.732.412.7553,723
后 72025-02-202.723.142.662.88992,259
后 82025-02-213.023.022.712.77315,617
后 92025-02-242.772.862.412.44291,561
后 102025-02-252.422.5452.212.35246,053
后 112025-02-262.392.562.312.43104,471
后 122025-02-272.372.432.282.4120,526
后 132025-02-282.32.552.222.41142,434
后 142025-03-032.422.422.122.16174,074
后 152025-03-042.072.071.7111.95358,649
后 162025-03-051.952.221.952.12174,805
后 172025-03-062.112.111.9361.9687,047
后 182025-03-071.932.281.932.14325,214
后 192025-03-102.092.2721.942.08200,838
后 202025-03-112.062.272.032.23236,764
后 212025-03-122.182.2722.12.1161,943
后 222025-03-132.122.682.12.46628,721
后 232025-03-142.472.72.442.51334,833
后 242025-03-172.432.4422.272.29130,237
后 252025-03-182.252.3582.212.35106,645
后 262025-03-192.282.4392.282.3986,849
后 272025-03-202.342.442.32.358,003
后 282025-03-212.312.3312.22.21114,596
后 292025-03-242.242.512.212.47157,156
后 302025-03-252.542.612.3762.44119,108

算法:窗口内盘中最高 8.88(2025-01-17)÷ 盘中最低 1.711(2025-03-04)= 5.19;最高日期早于最低日期 ⇒ 先高后低 ⇒ 下跌。数据:Nasdaq 官方历史 API,已按 1:200 复权;本机 market_data/RIME_daily_nasdaq_clean_2023-09-01_2026-09-15.csv。

EthanClaude01 回查 · 2026-09-17:反拆与授权股要逐次查一手件。RIME 两次已落地的反拆,处理方式不同:
① 2022-05-23 生效的 1:30(1996 年起的老壳、当时叫 The Singing Machine):授权股没有同步缩减,普通股授权仍是 100,000,000 股。依据 8-K 2022-05-25 Item 5.03(5/19 向特拉华递交章程修正、5/23 生效)与 424B4 2022-05-25 的资本结构表(拆后在外 1,221,209 股,同页写明「100,000,000 shares authorized」)。该次章程修正的附件 3.1 是扫描图片,无可检索文本,故以 8-K 正文与招股书表为准。
② 2025-02-10 生效的 1:200:授权股不但没缩,反而同次从 1 亿增至 8 亿。依据 8-K 2025-01-13 Item 5.07(年会同时通过反拆授权与授权股 100,000,000 → 800,000,000)与 8-K 2025-01-17 Item 5.03(董事会定 1:200,并「to effect the reverse split and to increase the Company’s authorized shares of common stock from 100,000,000 to 800,000,000」);10-Q 2026-08-14 资产负债表仍列「800,000,000 and 100,000,000 shares authorized」。
③ 授权股是固定数字、有面值(普通股 $0.01、优先股 $1.00),不是 unlimited/无面值,因此「授权余量 ÷ 在外股」这个比值有定义:8 亿 ÷ 16,990,135 ≈ 47.1 倍(2026-08-11 口径)。
本补注只补出处与逐次结论,不改原判断;原文保留。
更正(2026-09-18 基底回查):上面「两次已落地的反拆」这句不完整。按 EDGAR 全部 833 份申报(1996-06-28 起)核,已落地的反拆共三次:1998-04-01 的 1:10(破产重组计划项下,8-K 1998-03-25 公告、10-KSB 1998-12-08 附注 8 记录「effectuated a one for ten (1:10) reverse stock split」,同一附注写明「During April, 1998, the Company filed an amendment to its Articles of Incorporation increasing the authorized shares … to ten million (10,000,000) shares」——授权股是增加、不是缩减;10-KSB 1999-08-09 记 1999-03-08 股东会再把授权由 1,000 万增至 7,500 万)、2022-05-23 的 1:30、2025-02-10 的 1:200。三次都没有同步缩减授权股,其中 1998 与 2025 两次还在同期增加了授权股。原句保留不删。
检索基底(2026-09-18 回查):官方申报总数 833 份(SEC submissions JSON,1996-06-28 至 2026-08-14,filings.files[] 无分片,即 recent 已是全量);本机实际下载 207 份(2023-01-01 起 199 份 = 该区间全量、0 缺件;另定向补拉 8 份 pre-2023:2022 年 3 份,1998、1999、2001、2008、2011 各 1 份);未纳入 626 份,原因是基底预设从 2023-01-01 起,不是限流、超时、下载失败或脚本去重;其中 1996–2000 年的 36 份也不在 EDGAR 全文检索覆盖范围(全文检索只覆盖 2001 年起)。未转成文本的附件另计:221 个(218 个 JPG + 3 个 PDF),分布在 54 份申报里;其中 7 份附件是纯图片、无可检索正文,包括 2025-01-17 那份 1:200 反拆章程修正的附件 3.1 与 2024-09-06 改名章程修正的附件 3.1——本页这两处结论都改用 8-K 正文与招股书资本结构表作依据,没有只靠摘要。
四个数分开写(2026-09-18 补核):①应有份数(官方台账)833 份(其中 2023-01-01 起 199 份);(注:上一段写的「已下载 207 份 / 补拉 8 份」是把那份下成报错页的 1998-02-24 10-KSB40 算作未取回;重下成功后为 208 份 / 补拉 9 份,以本段四个数为准。)②实际取回份数 208 份(2023-01-01 起 199/199,加定向补拉的 pre-2023 9 份);③可全文检索份数 208 份(每份至少有一份文件的纯文本 ≥ 400 字符);④未转成文本的附件 221 个(218 个 JPG + 3 个 PDF,分布在 54 份申报,其中 7 份是纯图片附件)。(2026-09-18 第五轮实物复核补正:这 221 个是已解包落盘的图片/PDF 文件;另有 6 个 GRAPHIC 文档内嵌在「整份提交件」.txt 里、从未以独立文件落盘(2026-08-14 10-Q、2008-09-23 8-K、2022-05-25 的 8-K 与 424B4),按文档实体计应为 227 个非文本文档、分布 58 份申报。份数四个数不受影响。)(2026-09-18 第六轮补核 · PDF 单独过一关:这 3 个落盘 PDF 都能抽出文本(pdftotext 各 668 / 668 / 682 个非空白字符,各 1 页;其中两个是同一封 SEC 意见函在同目录下的副本),而且这两份 UPLOAD 申报本身就各带一个 TYPE=TEXT-EXTRACT 的 .txt 孪生件(754 / 768 字符),内容一字不缺。真正只能靠人眼看图的只有图片:224 个(218 个落盘 JPG + 6 个内嵌 GRAPHIC)。同轮还做了全库扩展名/魔数比对:基底四个根目录 4,776 个文件中 0 个魔数不符、0 个 0 字节。)这四个数不合成一句写:台账说「有多少」,取回说「真拿到多少」,可检索说「能被文字检索到多少」,未转文本说「只能靠人眼看图的有多少」。
空文件与无效文件核查:全量扫描本机 4,780 个文件,0 字节文件 0 个;但首轮确有 1 份「文件存在、内容无效」——1998-02-24 的 10-KSB40(acc 0000950170-98-000355)当时下成 311 字节的 S3 报错页(NoSuchKey,用了旧式扁平路径),份数看着对、全文检索却扫不到任何内容;已按正确路径重取成功(399,734 字节,内容为破产重组计划下「1 x 10 reverse split」的说明),并已计入上面的取回与可检索份数。
内容指纹扫描(2026-09-18 第三条补核):「非空」不等于「有内容」——SEC 限流时会回一个约 3KB 的 Undeclared Automated Tool 提示页,它非空、份数也对,却能同时骗过份数对账与 0 字节核查。本机 4,056 个文本类文件(.htm/.txt/.xml/.json)逐个按内容指纹扫过:Undeclared Automated Tool、Request Rate Threshold、Your Request Originates、Access Denied、403、NoSuchKey、<Error><Code>、captcha 等字样0 命中(2026-09-19 扫描范围补正:上面那 4,056 个是按扩展名白名单 .htm/.html/.txt/.xml/.json/.sgml/.nc 挑出来的,白名单本身也是一道「我自己划的范围」。已把先前被它排除、但其实是文本的 324 个文件(110 个 .xsd、105 个 .js、105 个 .css、4 个 .csv)按同一条七步管线补扫:取件失败 0、解析失败 0、解析出值 324、命中 0。文本类文件合计 4,380 个全部扫过、全部 0 命中;余下 396 个确系二进制(218 JPG、107 ZIP、68 XLSX、3 PDF),其中 PDF 已另行抽文本核过。);另把 162 个小于 4KB 的 .htm/.txt 逐个看过正文,全部是合法内容(图片型附件外壳、EFFECT 生效通知、SEC 问询函文本抽取)。指纹写法按 2026-09-18 全舰纪律修正为只用整句(词边界不够:\bRate Limit\b 照样命中「sepa-rate Limit-ed Power of Attorney」,因为连字符本身就是词边界,所以 Rate Limit、Access Denied 这类短词已整条删出指纹集)(如整句 Your Request Originates from an Undeclared Automated Tool、\bUndeclared Automated Tool\b、<Error><Code>NoSuchKey</Code>),不用 Rate Limit 这类子串宽匹配——SACHClaude 今天就有一例:364KB 托管协议里的正常文字「sepa-rate Limit-ed Power of Attorney」被子串命中,差点把真文件当提示页删掉重下。本席规矩:任何命中都先人工看原文再决定是否重下。上面那份 311 字节文件就是先打开确认内容是 S3 的 <Error><Code>NoSuchKey</Code> XML,才重下的。本库实测:严格指纹 0 命中;而宽口径 /rate limit/i 会命中 14 份文件——全部是贷款协议里的正常条款标题「Interest Rate Limitation」(2024-04-03、2024-11-07、2024-12-06、2025-05-08 四份 8-K 的附件),与 SACH 那一例同类,若按宽口径删档重下就会毁掉真文件。本席原用的指纹集对这 14 份也是 0 命中,故此前的判断与重下都没有误报。独立复跑两套指纹:原宽口径集(15 条)0 命中、严格集(9 条)0 命中;而词写得再松一点误报立刻出现——单词 automated 在本库正常文字里 27 处(多为 DTC 的 Fast Automated Securities Transfer 程序)、rate limit 14 处、denied 3 处,合计 44 处,全是真文件。唯一一例「非空但无内容」就是它,已重下修复。故可全文检索份数仍为 208 份,这个数已按内容而非文件存在与否核定。

拉升在窗口之前:投票前的一周

$10$20$30$40$50$60$7012-0212-1701-0701-1301-1612/17 注册直发 $0.0831(复权 $16.6)· 1/7 盘中最高 $67.72(拆前 $0.3386)· 1/13 年会通过反拆 · 1/14 定 1:200 · 复权口径 · 来源:Nasdaq
图 4 · 2024-12-02 → 2025-01-16,复权口径。12/17 直发定价 $0.0831(复权 $16.62),1/7 盘中 $67.72(拆前 $0.3386)。

2024-12-20 盘中最低 $14.50 → 2025-01-07 盘中最高 $67.72,4.67 倍,先低后高,成交 336 万股(拆后口径);随后 1/8–1/16 跌回 $7.82。这段发生在 1/13 股东投票反拆之前、12/4 公开发行(含 B 权证 1:1 无现金换股)之后,不在 Tony 定义的「落地日前 15 日」窗口内,本页单列不并入。

口径说明:价格来自纳斯达克官方历史数据(四位小数),已按 1:200 折算成同一口径;Yahoo 的拆前数据只保留两位小数(×200 后只剩 $8/$6/$4 台阶),不能用于盘中高低。2022-05-24 的 1:30 缩股在 2024 年之前,不在统计范围。

七、股价与股本时间线
$0.2$0.5$1$2$5$10$20$50$100$2002024-012024-072025-012025-072026-012026-0712345678
图 5 · 2023-09 → 2026-09 复权收盘价(对数轴)。1 SemiCab 交割(2024-07-03) · 2 改名 RIME(2024-09-09) · 3 公开发行 $0.17(2024-12-06) · 4 1:200 反拆(2025-02-10) · 5 Streeterville(2025-08-21) · 6 PPP#4 $10.4M(2026-02-17) · 7 Series A 优先(2026-06-29) · 8 Azure 收购(2026-09-15)

三年跌去 99.9%,中间有两次尖峰

八、2026 年 2 月那次五倍:PPP#4 的定价时点

两天 4.2 倍、三天成交 3 亿股,然后签了一千万美元的预付购买

日期开高低收成交量当天的事
2026-02-110.89020.970.830.8316217,004
2026-02-120.841.510.831.0853,988,870SemiCab「白皮书」效率数据流传(媒体:+29.9%)
2026-02-131.303.651.163.48167,408,700PPP#2 当日以 6,447,017 股全部还清
2026-02-174.524.582.522.5880,932,710PR「SemiCab 愿景」(70% 空驶减少、300–400% 吞吐);签 PPP#4 面值 $10.355M
2026-02-232.092.09941.671.843,556,220CEO 新协议,期权 740,597 股 @ $1.84
2026-03-201.351.411.271.275630,323
2026-05-04收盘跌破 $16/16 纳斯达克通知起算日

直接含义:PPP#4 的地板 $0.30 是按签约日附近价格定的(SPA 公式 20% × 纳斯达克最低价);Streeterville 在 2/13 把 PPP#2 全部换成股票正好卖在高位;之后股价一路回落,PPP#4 至今一股未换。这三天成交 3.02 亿股,而当时在外股数不过 600 万到 1,400 万——换手是流通盘的二三十倍。

九、Azure Energy 收购:已知与未知

已知(只有两篇 PR,没有 8-K)

未知(8-K 最迟应在交割后四个工作日内,约 9/21)

十、纳斯达克合规史
日期事项期限 / 结果原件
2024-02-27买价低于 $1 三十日限 2024-08-268-K 2024-03-01
2024-08-26买价再通知 + 股东权益 −$872,999(要求 ≥ $250 万)买价限 2025-02-24;权益 10/10 前交计划8-K 2024-08-30
2024-12-30连续 13 日收盘 < $0.10(低价股规则)退市决定,公司申请听证8-K 2025-01-06
2025-02-101:200 反拆,收 $2.983/25 恢复买价合规;一年 panel monitor 至 2026-03-25DEF 14A 2025-10-16
2025-11-28股东权益 $100,000 < $250 万1/12 交计划,1/28 获延期;5/21 公司称 Q1 权益 $3.168M 已恢复8-K 2025-11-28、2026-05-21
2026-06-16买价低于 $1(5/4–6/15)限 2026-12-14;可再申请 180 天(需满足其他上市标准)8-K 2026-06-18
2025-11-20 授权1:2–1:10 反拆授权有效至 2026-11-20;Series A 契约只允许为纳斯达克缺陷反拆8-K 2025-11-26;COD §10(i)
2026-09-15 后以股收购 + CEO/董事长更换是否构成控制权变更、需否重新上市申请:待 8-K / 纳斯达克函—

6/30 股东权益 328 万美元,上半年亏 953 万;Q3 若无 Azure 收购带来的权益增加,权益线有再次跌破 250 万的可能——而以股收购会把对价计入权益(商誉与无形资产),这在会计上恰好「修」了权益指标。

十一、控制权与董事会

谁在管、谁走了(任期头衔以本公司申报为准;他司职务为公司委托书自述,未核对方一手件)

人角色本公司一手件备注
Gary AtkinsonCEO 2012-05 → 2026-09-15(解职);董事 2022-08 → 2026-09-15(辞任)DEF 14A 2025-10-16;PR 2026-09-152026-02-23 协议:年薪 36 万、期权 740,597 股 @ $1.84;7/22 重签加控制权变更奖金
Alex AndreCFO 兼总法律顾问 2025-02-13 起8-K 2025-02-18;Form 3/4年薪 27.5 万→30 万;2026-02-23 期权 233,791 股;7/22 重签
Ajesh KapoorSemiCab 创始人;SemiCab Holdings CEO/CTO;董事(Form 3 2025-05-29)8-K 2025-05-08;10-Q Note 7持 SemiCab Holdings 15% 权益;借给公司的 55 万美元中 31.5 万已违约;有权在特定事件下再提名一名董事
Bernardo Melo董事 2022-07 起;CRO 2022-04 → 2025-08DEF 14A
Harvey Judkowitz董事 2004-03 起;审计委员会主席DEF 14A
Scott Thorn、Kapil Gupta董事 2025-10 起8-K 2025-10-06;Form 3;DEF 14A各获 2025-11-20 期权/限制股
Joseph Kling董事,2025-08-21 辞任8-K 2025-08-27与 Streeterville 签约同日
Mathieu Peloquin董事至 2025-10-06(10-Q)/10-03(委托书)10-Q;DEF 14A公司称其为 Stingray Group 高管;Stingray 是卡拉 OK 业务买家与 2023 年认购人
Jay B. Foreman董事 2022-05 → 2025-11-1410-K Note 12Regalia Ventures 实控人;2023 年认购、2025 年被回购
Andrew Thompson / Kevin TangenCEO 兼董事长 / 工程负责人,2026-09-15 起仅 PRAzure Energy 创始人;履历为 PR 自述

股东端

2025 年三次更换审计师(4 月、6 月、10 月各一份 8-K Item 4.01),年会批准 M&K CPAs。

十二、流动性与真实可交易盘
区间交易日日均股数日均成交额备注
2026-06-01 → 09-1574805,994$279,254含 8 月放量日
2026-08-19 → 09-15192,141,413$588,8568/19 1,313 万股、8/25 759 万、9/15 507 万
2026-02-12 → 02-17(三日)3100,776,760—在外股数 600–1,400 万

市值 369 万美元(9/15),对比:Streeterville 余额约 775 万、Series A 402.5 万、SemiCab 本票 175 万、Kapoor 贷款 55 万、应付与预提 534 万。用 8/19 以来的日均成交额算,把整个市值换一遍手要约六个交易日;用 6 月以来的均值要十三个交易日。CCI 分批卖出、Streeterville 若恢复换股,都直接落在这条线上。

十三、风险、反方观点与矛盾清单

公司说法与文件对不上的地方

  1. 8/14 PR:「强健的资产负债表,账上现金超过 600 万」;同日 10-Q:「持续经营存在重大疑虑」,现金 497 万非受限,半年烧 659 万。
  2. CCI 和解:8-K 与 10-Q 都写「卖得债权额的 120%」,协议正文(Ex.10.3)定义目标为债权 ÷ 0.80,即 125%($2,410,017.50)。以协议为准。
  3. SemiCab 175 万本票 150 万部分 5/2 违约、宽限到 7/16——10-Q(8/14)没有第三次宽限,也没有说付了;没有 8-K。Kapoor 两笔贷款违约同样悬着。
  4. 6/30 → 8/11 新增 1,319,367 股,10-Q 后续事项只写了 CCI 和解的框架,没说发了多少股。
  5. 2/12–2/17 的五倍拉升由公司自己的效率宣称驱动(70% 空驶减少、300–400% 吞吐),随后签下 1,035.5 万面值的 PPP#4;3 月起股价回到 $1.3,5 月跌破 $1。
  6. Azure「团队建过 72 座 17.5GW」是 PR 自述;公司 2025 年成立,网站无项目清单;「正 EBITDA」无审计。
  7. Series A 契约禁止公司新发股票,Azure 却是以股付对价——要么走豁免要么已获同意,PR 没说。
  8. 2025-11-20 股东批准迁册内华达;2026-06-29 的指定证书仍是特拉华文件——迁册未执行,未解释。
  9. 2024 年公开发行时公司「认定没有足够授权股来结算 A/B 权证」(10-K 原话),A 权证发行当天就确认 889 万美元损失。

反方(公司叙事)

本页的口径限制

十四、盯什么、哪天可知
日期看什么为什么
约 2026-09-21 前Azure 收购 8-K(Item 1.01/2.01/3.02/5.02)对价股数、优先股条款、新董事、Streeterville 同意、Atkinson 离职性质
2026-09-30 后 5 个交易日内Series A 第一次季度回报(约 9.3 万美元)付现金还是 PIKPIK = 优先股面值开始滚
2026-10 / 11股东会通知(Azure 优先股投票权与转换、CCI 超 19.99%、可能的反拆)控制权正式换手的时点
2026-11-02SemiCab 本票剩余 25 万美元到期;150 万违约部分的处理SemiCab 若出售,卖方 SemiCab, Inc. 是债权人
约 2026-11-16Q3 10-Q9/30 股数、Azure 并表方式、股东权益是否仍 ≥ 250 万、Streeterville 余额、CCI 已发股数
2026-11-201:2–1:10 反拆授权到期不用就要重新投票;Series A 只允许为纳斯达克缺陷反拆
约 2026-11-24Azure 历史财务与备考(8-K/A,交割后 71 天)第一次能看到 Azure 的真实收入与 EBITDA
2026-12-14纳斯达克 $1 买价期限再申请 180 天要满足公众持股市值等初始标准;否则退市决定/听证
随时13D(Azure 卖方若持股 ≥ 5%)、Form 3(新董事高管)、纳斯达克控制权变更函控制权与新内部人
十五、原件逐份表
申报日表格内容EDGAR 原件
2024-03-018-K纳斯达克 $1 买价通知(MICS)0001493152-24-008512
2024-03-258-K其他事项 2024-03-200001493152-24-011136
2024-04-038-KOxford 200 万循环信贷0001493152-24-013045
2024-04-1510-KT过渡期年报 2023-04→120001493152-24-014674
2024-05-1510-QQ1 20240001493152-24-020033
2024-06-128-KSemiCab 资产购买协议 Ex.2.1/10.10001493152-24-023543
2024-06-27424B5ATM $1.08M0001493152-24-025348
2024-07-058-KSemiCab 交割,Ex.2.2 修正0001493152-24-026286
2024-07-09424B5ATM 加到 $2.02M0001493152-24-026550
2024-08-09424B5ATM 加到 $3.1M0001493152-24-031028
2024-08-1910-QQ2 2024(权益 −$872,999)0001493152-24-032956
2024-08-308-K纳斯达克买价 + 股东权益双通知0001493152-24-034617
2024-09-068-K改名 Algorhythm、代码 RIME0001493152-24-035205
2024-09-20SC 13D/AAult 系 17.1%(#8)0001214659-24-016610
2024-09-30SC 13D/AAult 14.9%(#9)0001214659-24-016891
2024-10-08SC 13D/AAult 9.7%(#10)0001214659-24-017300
2024-10-17SC 13D/AAult 6.2%(#11)0001214659-24-017657
2024-10-21SC 13D/AAult 3.1%(#12)0001214659-24-017737
2024-10-218-K终止 Oxford;法定人数降到 1/30001493152-24-041797
2024-10-248-KOID 15% 高级担保票据 + 230 万股0001493152-24-042405
2024-11-1910-QQ3 20240001493152-24-046807
2024-12-06424B4公开发行 $0.17:股 + 预融资权证 + A/B 权证0001493152-24-048975
2024-12-06424B4转售 2,840,344 股(票据买家与顾问)0001493152-24-048977
2024-12-068-K公开发行 8-K,Ex.4.1/4.3 权证0001493152-24-049091
2024-12-10SC 13GIonic Ventures 9.9%0001753926-24-002056
2024-12-06PRE 14A2025-01-13 年会初稿0001493152-24-049150
2024-12-18424B5注册直发 24,067,388 股 @ $0.08310001493152-24-050540
2024-12-188-K直发 8-K0001493152-24-050633
2024-12-19DEF 14A2025-01-13 年会委托书0001493152-24-050745
2024-12-26SCHEDULE 13GL1 Capital 6.4%0001079973-24-001771
2024-12-26SCHEDULE 13GS.H.N. 6.4%0001079973-24-001773
2025-01-068-K低价股规则退市决定、申请听证0001493152-25-000986
2025-01-138-K年会结果:反拆授权 1:10–1:250、授权股 8 亿0001493152-25-001964
2025-01-178-K1:200 反拆章程修正 Ex.3.10001493152-25-002838
2025-02-04SCHEDULE 13G/AIonic 9.9%(2024-12-31)0001753926-25-000177
2025-02-068-K其他事项 2025-020001493152-25-005248
2025-02-14SCHEDULE 13G/AL1 9.99%0001079973-25-000244
2025-02-14SCHEDULE 13G/AS.H.N. 00001079973-25-000246
2025-02-183Andre Form 30001493152-25-007198
2025-02-184Andre RSA/期权0001493152-25-007202
2025-02-188-KCFO 更换:Perez → Andre0001493152-25-007217
2025-02-194Stingray 卖 5,494 股0001104659-25-015072
2025-02-19SCHEDULE 13D/AStingray 降至 0.1%0001104659-25-015073
2025-02-19SCHEDULE 13D/ARegalia/Foreman0001104659-25-015287
2025-02-194Regalia/Foreman0001104659-25-015288
2025-03-258-KReg FD 2025-03-250001641172-25-000600
2025-03-288-K其他事项 2025-03-28(恢复合规)0001641172-25-001212
2025-04-1510-KFY2024 年报(封面 2,394,829 股)0001641172-25-004792
2025-04-308-K换审计师 ①0001641172-25-006724
2025-05-028-K其他事项 2025-05-020001641172-25-008363
2025-05-088-KSMCB 股权购买、175 万本票 Ex.10.1–10.30001641172-25-009278
2025-05-1510-QQ1 20250001641172-25-010876
2025-05-238-K董事变动 2025-05-230001641172-25-012286
2025-05-293Kapoor Form 30001641172-25-012915
2025-06-048-K换审计师 ②0001641172-25-013624
2025-08-078-K卡拉 OK 业务卖给 Stingray Ex.10.10001641172-25-022621
2025-08-13SCHEDULE 13G/AIonic 9.9%(2025-06-30)0001753926-25-001323
2025-08-1910-QQ2 20250001641172-25-024828
2025-08-278-KStreeterville SPA / PPP#1 / 担保 / 保证0001641172-25-025707
2025-10-038-K/ASinging Machine 出售备考0001493152-25-016908
2025-10-03S-1Streeterville 转售登记0001493152-25-016914
2025-10-068-K董事 Thorn、Gupta0001493152-25-017077
2025-10-06PRE 14A2025-11-20 年会初稿0001493152-25-017100
2025-10-098-K换审计师 ③0001493152-25-017614
2025-10-143Thorn Form 30001493152-25-018019
2025-10-16DEF 14A2025-11-20 年会委托书0001493152-25-018323
2025-10-21S-1/A转售登记修正0001493152-25-018809
2025-11-10424B4Streeterville 转售 10,095,694 股0001493152-25-021528
2025-11-10424B4A 权证 1,133,652 股 @ $8.380001493152-25-021529
2025-11-198-KQ3 2025 业绩0001493152-25-024278
2025-11-1910-QQ3 2025:Ex.10.6 PPP#2、Ex.10.8 DACA0001493152-25-024305
2025-11-268-K年会结果:反拆 1:2–1:10、内华达、Streeterville 批准0001493152-25-025167
2025-11-288-K纳斯达克股东权益通知($100K)0001493152-25-025393
2025-12-16SCHEDULE 13GStreeterville 9.99%0001851416-25-000034
2025-12-298-KPPP#3 Ex.10.20001493152-25-029389
2026-01-238-K在外 5,758,102 股0001493152-26-003407
2026-02-17SCHEDULE 13G/AL1 4.99%0001079973-26-000231
2026-02-238-KPPP#4 Ex.10.2/10.40001493152-26-007763
2026-02-254Kapoor 期权0001493152-26-008082
2026-02-254Andre 期权0001493152-26-008084
2026-02-254Atkinson 期权 740,5970001493152-26-008086
2026-02-278-KCEO 雇佣协议 Ex.10.1/10.20001493152-26-008357
2026-03-314Judkowitz0001493152-26-013743
2026-03-314Melo0001493152-26-013748
2026-03-314Thorn0001493152-26-013751
2026-04-01NT 10-K延报0001493152-26-014652
2026-04-0210-KFY2025 年报0001493152-26-014724
2026-04-17S-82022 计划0001493152-26-017875
2026-04-17S-1Streeterville 第二次转售登记0001493152-26-017876
2026-05-058-KReg FD 2026-05-050001493152-26-021239
2026-05-078-KSMCB 本票违约0001493152-26-021727
2026-05-08S-1/A修正 ①0001493152-26-021990
2026-05-118-K第一次宽限0001493152-26-022135
2026-05-12SCHEDULE 13G/AIonic 1.9%0001753926-26-000824
2026-05-134Andre RSA 兑现0001493152-26-022750
2026-05-1410-QQ1 20260001493152-26-022876
2026-05-218-K自称恢复股东权益合规0001493152-26-024859
2026-05-27S-1/A修正 ②0001493152-26-025427
2026-06-03EFFECTS-1 生效9999999995-26-001865
2026-06-04424B4Streeterville 转售 10,000,000 股0001493152-26-027278
2026-06-188-K纳斯达克 $1 买价通知,限 2026-12-140001493152-26-029347
2026-06-228-K第二次宽限到 7/160001493152-26-029603
2026-07-028-KSeries A 交换 Ex.3.1/10.10001493152-26-031919
2026-07-248-KCCI 3(a)(10) + 雇佣协议 Ex.10.1–10.30001493152-26-034615
2026-08-1410-QQ2 2026(封面 16,990,135 股)0001493152-26-038024

共 105 份,全部与本机 199 份申报目录逐一对过(基底=2023-01-01 起的 199 份全量;EDGAR 官方总数 833 份,pre-2023 的 626 份未下载,原因与补拉清单见本页反拆节的回查补注)(deep/COVERAGE.md §4 脚本)。链接指向 EDGAR 该份申报的目录页。PR:GlobeNewswire 2026-02-17、08-14、08-19、08-25、09-15 ×2(存 pr/)。本机:Dropbox/USstock/RIME/01_raw_sec/filings/、sec/filings/、01_raw_sec_filings/2026/;股价 market_data/RIME_daily_nasdaq_clean_2023-09-01_2026-09-15.csv。

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