Company Formally Introduces New CEO and COO, and Promotes Controller to CFO Role, to Strengthen the Executive Team

Fort Lauderdale, FL, Sept. 30, 2026 (GLOBE NEWSWIRE) -- Algorhythm Holdings, Inc. (the "Company") (NASDAQ: RIME) – a diversified holding company that owns and operates Azure Energy, a renewable power plant developer, and SemiCab, a leading AI enabled logistics provider, today formally introduced three new members of its executive team.

The leadership appointments include two executives who joined the Company in connection with its acquisition of the Azure Energy business on September 15, 2026, as well as the promotion of the Company's Controller to Chief Accounting Officer and Interim Chief Financial Officer.

As part of the leadership transition associated with the Azure Energy acquisition, Andrew Thompson succeeded Gary Atkinson as Chief Executive Officer, while Leticia Raele assumed the financial leadership responsibilities previously held by Alex Andre. Mr. Atkinson and Mr. Andre remain engaged by the Company as consultants and are working with the new executive team to support an orderly transition, continuity of operations and the transfer of knowledge. The Company also created the new position of Chief Operating Officer and appointed Ryan Smith to that role.

Appointment of Chief Executive Officer

Effective September 15, 2026, the Company’s board of directors (the "Board") appointed Andrew Thompson to serve as the Company’s Chief Executive Officer.

Mr. Thompson has obtained significant financial and executive leadership experience during his career, developing extensive experience in corporate finance, treasury management, and corporate leadership. He has served as a Managing Partner of Azure Energy, LLC since co-founding the company in August 2025. Mr. Thompson also serves as Co-Founder and Treasurer of Azure Renewables, S.A., located in San José, Costa Rica. Earlier in his career, he served as Co-Owner and Chief Financial Officer of South Georgia Tissue and as Chief Financial Officer of United Tissue, Inc.

Mr. Thompson received an undergraduate degree from Augusta State University and received his MBA from Augusta State University’s College of Business Administration.

In connection with his appointment, the Company issued 2,119,542 shares of restricted stock to Mr. Thompson outside of the Company’s 2022 Equity Incentive Plan in reliance on Nasdaq Listing Rule 5635(c)(4) as an inducement material to Mr. Thompson accepting the Company’s offer to serve as its Chief Executive Officer. Of those shares, 1,059,771 were fully vested on the grant date. The remaining 1,059,771 shares are subject to a restricted stock award agreement and will vest in full on September 15, 2027.

Appointment of Chief Operating Officer

The Board also created the new position of Chief Operating Officer and appointed Ryan Smith to that position effective September 15, 2026.

Mr. Smith has served as Vice President of Development at Azure Energy, LLC since January 2026, where he led the origination and development of energy and infrastructure projects, overseeing the full project lifecycle from site control to permitting. Prior to joining Azure Energy, Mr. Smith held a series of operational risk roles at Wells Fargo Bank, most recently serving as Vice President, Risk Officer in the Wealth Investment Management business in the Charlotte, North Carolina office where he led a variety of risk management programs aimed at documenting and mitigating the firm’s business risks. Prior to that, he served as Vice President, Operational Risk Officer in Recovery & Resolution Planning, as Assistant Vice President, Operational Risk Consultant in Asset Backed Finance, and as an Operational Risk Consultant within Wealth and Investment Management from. Earlier in his career, he served as an Operations Manager at Hexcel Corporation, a global leader in advanced composite materials, and, prior to that, served as an Infantry Officer and Risk Assessment Officer in the United States Army.

Mr. Smith received his Bachelor of Arts degree from the University of California, Santa Barbara, and his MBA from the University of North Carolina at Chapel Hill’s Kenan-Flagler Business School.

Appointment of Chief Accounting Officer and Interim Chief Financial Officer

Effective September 15, 2026, the Board promoted Leticia Raele from her position as Controller of the Company to the position of Chief Accounting Officer and Interim Chief Financial Officer.

Prior to joining the Company as Controller, Ms. Raele held a series of accounting leadership roles at FlexShopper, LLC, the principal operating subsidiary of FlexShopper, Inc., a publicly traded financing solutions business, most recently as Chief Accounting Officer and, before that, as Controller and Assistant Controller. Earlier in her career, Ms. Raele spent more than 11 years as an accountant for Price Waterhouse & Co. S.R.L., the PwC member firm in Argentina, most recently as an Audit Manager where she led audits of public and private companies.

Ms. Raele received her degree in Public Accounting from the Universidad de Buenos Aires and holds the Diploma in International Financial Reporting from the Association of Chartered Certified Accountants.

About Algorhythm Holdings

Algorhythm Holdings, Inc. is a diversified holding Company that owns and operates two businesses -- Azure Energy and SemiCab.

Azure Energy is a leading developer of renewable biomass power generation infrastructure. Its team consists of some of the most experienced biomass power plant experts in the U.S. today. Collectively this team has designed and built 72 facilities generating 17.5GW of renewable power to date. The company was launched in 2025 and has already secured equity participation rights valued at over $220 million in net present value through multiple power plants projects that are currently under construction. The Company has multi-year contracts in place that will yield significant fee-income consulting revenues, and is currently generating scaling, positive EBITDA. For additional information, please go to: http://www.azure-energy.co.

SemiCab is an AI-enabled logistics software provider. Since 2020, SemiCab has enabled major retailers, brands and transportation providers to address common supply-chain problems globally. Its AI-enabled, cloud-based Collaborative Transportation Platform achieves the scalability required to predict and optimize millions of loads and hundreds of thousands of trucks. SemiCab uses real-time data from API-based load tendering and pre-built integrations with TMS and ELD partners to orchestrate collaboration across manufacturers, retailers, distributors, and their carriers. SemiCab uses AI/ML predictions and advanced predictive optimization models to enable fully loaded round trips. With SemiCab’s AI platform, shippers pay less and carriers make more without having to change a thing. For additional information, please go to: http://www.semicab.com.

Investor Relations Contact

Brendan Hopkins

407-645-5295

investors@algoholdings.com

www.algoholdings.com

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any statement that is not historical in nature is a forward-looking statement and may be identified by the use of words and phrases such as "expects," "anticipates," "believes," "will," "will likely result," "will continue," "plans to," "potential," "promising," and similar expressions. These statements are based on management's current expectations and beliefs and are subject to a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those described in the forward-looking statements, including the risk factors described from time to time in Algorhythm’s reports to the SEC, including, without limitation Algorhythm’s Annual Report on Form 10-K for the year ended December 31, 2025. You should not place undue reliance on any forward-looking statement, each of which applies only as of the date of this press release. Except as required by law, we undertake no obligation to update or revise publicly any of the forward-looking statements after the date of this press release to conform our statements to actual results or changed expectations, or as a result of new information, future events or otherwise.