Algorhythm Holdings, Inc. entered into a Forbearance Agreement with SemiCab, Inc. waiving default on a $1,750,000 promissory note due to missed Initial Payment on May 2, 2026, with forbearance until June 16, 2026.
Key takeaways
Company failed to pay Initial Payment Amount on $1,750,000 Promissory Note dated May 2, 2025, on due date May 2, 2026.
Noteholder SemiCab, Inc. irrevocably waived the resulting default or Event of Default under the Promissory Note.
Noteholder will forbear from action on defaults related to this payment through June 16, 2026.
Agreement dated May 9, 2026; Promissory Note remains in full force and effect otherwise.