ALGORHYTHM (RIME) Buys Biomass Power Developer Azure Energy for $23 Million
Nasdaq-listed Algorhythm Holdings closed an all-stock purchase of Azure Energy and handed the CEO and chairman roles to co-founder Andrew Thompson.
Algorhythm Holdings (RIME) said it has completed the acquisition of Azure Energy, a renewable biomass power plant developer based in Charlotte, North Carolina, for total consideration of roughly $23 million. The deal was structured as an asset purchase paid in common stock and in a new class of preferred stock that only gains voting rights and becomes convertible into common stock once shareholders approve the transaction.
