08:18 AM EDT, 10/07/2024 (MT Newswires) -- Algorhythm Holdings ( RIME ) said Monday it has been awarded a service contract from an unnamed major global beverage, food, and snack company.

Under the agreement, its subsidiary SemiCab Holdings will deliver enterprise-level shipping services using an AI-powered software platform that reduces empty truck miles.

The company said the contract will begin in mid-October 2024 and will initially focus on several large metropolitan markets, with opportunities to rebid for additional lanes after six months.

Shares of the company rose 54% in premarket activity.

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