Singing Machine Announces Termination of its At-the-Market Equity Program
16 Maggio 2023 - 1:00PM
The Singing Machine Company, Inc.
(“Singing Machine” or the
“Company”) (NASDAQ:
MICS) -- the North
American leader in consumer karaoke products -- today announced it
has terminated its “at-the-market” (“
ATM”) equity
program with Aegis Capital Corp., as sales agent (the
“
Agent”). The Company elected to terminate the ATM
because it had achieved its objective of raising capital under the
ATM.
Through the utilization of the ATM, the Company
sold approximately 1,067,000 shares of common stock and raised
approximately $1.74 million in gross proceeds, or approximately
$1.64 per share.
Gary Atkinson, the Company’s CEO commented,
“We’re pleased to have successfully utilized the ATM as the most
cost-effective form of raising equity capital. The Company
successfully met its goal of bolstering its balance sheet without
issuing warrants or providing a discount to market. The proceeds
from the ATM will provide the Company with access to working
capital while we continue to execute on the business and deliver a
best-in-class karaoke experience to over a million households
throughout the world. The additional working capital also provides
us with fresh capital to invest in exciting new product development
for our newly acquired Sesame Street licensing deal.”
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy, nor shall there be
any sale of shares of the Company’s common stock in any state or
other jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the
securities laws of any such state or other 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 70,000
songs for streaming through its mobile app and select WiFi-capable
products. To learn more, go to www.singingmachine.com.
Investor Relations
Contact:investors@singingmachine.comwww.singingmachine.comwww.singingmachine.com/investors
Forward-Looking StatementsThis
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 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.
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