Singing Machine Announces Closing of $4 Million Public Offering and Uplisting to the Nasdaq Capital Market
May 26 2022 - 10:10AM
The Singing Machine Company, Inc. (“Singing Machine” or the
“Company”) (Nasdaq: MICS) – the worldwide leader in consumer
karaoke products, today announced the closing of its underwritten
public offering of 1,000,000 shares of common stock at a price to
the public of $4.00 per share, for aggregate gross proceeds of $4
million, prior to deducting underwriting discounts and offering
expenses.
In addition, the Company has granted Aegis
Capital Corp. (“Aegis”) a 45-day option to purchase up to 150,000
additional shares of common stock, equal to 15% of the number of
shares sold in the offering solely to cover over-allotments, if
any. The public purchase price per additional share of common stock
will be $4.00 per share. If Aegis exercises the option in full for
common stock, the total gross proceeds of the offering including
the overallotment are expected to be approximately $4.6 million
before deducting underwriting discounts and commissions and
offering expenses.
The Company also announced that, in connection
with the offering, its common stock has been approved for listing
on the Nasdaq Capital Market and has begun trading on the Nasdaq
Capital Market under the symbol "MICS” on May 24, 2022. In
connection with the uplisting, the Company effected a 1-for-30
reverse stock split of its common stock to meet Nasdaq’s minimum
bid price requirement.
Aegis Capital Corp.
acted as sole book-running manager for the
offering.
A registration statement on Form S-1 (No.
333-264277) relating to the securities being sold in this offering
was declared effective by the Securities and Exchange Commission
(the "SEC") on May 23, 2022. The offering has been made only by
means of a prospectus. Copies of the final prospectus may be
obtained on the SEC's website, www.sec.gov, or by contacting Aegis
Capital Corp., Attention: Syndicate Department, 810 7th Avenue,
18th Floor, New York, NY 10019, by email at syndicate@aegiscap.com,
or by telephone at (212) 813-1010.
This press release shall not constitute an offer
to sell or a solicitation of an offer to buy, nor shall there be
any sale of these securities in any state or jurisdiction in which
such an offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
About The Singing Machine
Singing Machine® is the leading provider of
karaoke products to consumers across the world. The Company offers
the industry's widest line of at-home and in-car karaoke
entertainment products, which allow consumers to find a machine
that suits their needs and skill level. The Company’s products are
sold in over 25,000 locations worldwide, including at well-known
retailers such as Amazon, Costco, Sam’s Club, Target, and Walmart.
As the most recognized brand in karaoke, Singing Machine products
incorporate the latest technology and provide access to over
100,000 songs for streaming through its mobile app and select
WiFi-capable products. To learn more, go to
www.singingmachine.com.
Safe Harbor 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. Words such as "may", "could", "expects", "projects,"
"intends", "plans", "believes", "predicts", "anticipates", "hopes",
"estimates" and variations of such words and similar expressions
are intended to identify forward-looking statements. These
statements involve known and unknown risks and are based upon
several assumptions and estimates, which are inherently subject to
significant uncertainties and contingencies, many of which are
beyond the Company's control. Actual results (including the
anticipated benefits of the offering described herein) may differ
materially from those expressed or implied by such forward-looking
statements. Factors that could cause actual results to differ
materially include, but are not limited to, the risk factors
described in the Company's filings with the Securities and Exchange
Commission. The forward-looking statements are applicable only as
of the date on which they are made, and the Company does not assume
any obligation to update any forward-looking statements.
Investor Relations Contact:
Brendan Hopkins
(407) 645-5295
investors@singingmachine.com
www.singingmachine.com
www.singingmachine.com/investors
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