What's Behind Algorhythm Holdings' (RIME) Nearly 29% After-Hours Jump?

Algorhythm Holdings Inc. (NASDAQ:RIME) rose 28.7% in after-hours trading on Tuesday, reaching $1.57.

Check out the current price of RIME stock here. 

According to Benzinga Pro data, the stock rose 19.61% in the regular session, closing at $1.22.

SemiCab Expands Apollo Tyres Partnership

The Florida-based AI technology company announced that its subsidiary, SemiCab, received an expansion to its master services agreement with Apollo Tyres Ltd., India's second-largest tire manufacturer, with over $5 billion in annual sales and ranked among the top ten global competitors in the tire industry.

Contract Terms and Revenue Capacity

According to the company's announcement, SemiCab, a Georgia-based collaborative transportation platform, will provide managed transportation services across 20 densely populated lanes in India, offering a higher overall frequency of loads shipped across the expanded geographic footprint.

The expanded agreement has the capacity to generate as much as $2.5 million in annual revenue for SemiCab, according to Algorhythm Holdings.

SemiCab launched its commercial pilot program with Apollo Tyres in September 2024.

AI-Enabled Platform Details

SemiCab’s managed services are powered by its AI-enabled, cloud-based Collaborative Transportation Platform designed to reduce service costs, improve delivery accuracy, and eliminate empty miles.

The platform also provides live tracking and integrates with existing TMS systems for automated indenting, invoicing, and real-time shipment visibility.

Ajesh Kapoor, CEO of SemiCab Holdings, LLC, stated the partnership “represents a major step forward in our mission to revolutionize freight logistics in India.”

Trading Metrics, Technical Analysis

Algorhythm Holdings has a Relative Strength Index (RSI) of 43.04.

With a 12-month decline of 97.31%, the stock has experienced a drastic drop, suggesting that traders remain cautious as the long-term trend remains negative.

The company has a market capitalization of $3.32 million, with a 52-week high of $67.72 and a 52-week low of $0.94.

RIME is currently positioned at just 0.42% of its 52-week range, suggesting that RIME is near its lows, which could indicate potential for a rebound if buying interest returns.

Benzinga’s Edge Stock Rankings indicates RIME stock has a negative price trend across all time frames. Track the performance of other players in this segment.

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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.