Why Singing Machine Shares Are Surging Today

  • The Singing Machine Company Inc MICS said it has terminated its at-the-market (ATM) equity program.
  • The company elected to terminate because it had achieved its objective of raising capital under the ATM.
  • Through the ATM, the company sold approximately 1.1 million shares and raised about $1.74 million in gross proceeds, or approximately $1.64 per share.
  • "The Company successfully met its goal of bolstering its balance sheet without issuing warrants or providing a discount to market," said CEO Gary Atkinson.
  • "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."
  • Price Action: MICS shares are trading higher by 57.5% at $1.66 on the last check Tuesday.
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