Why Singing Machine Shares Are Surging Today

by Shivani Kumaresan, Benzinga Staff Writer

May 16, 2023 11:56 AM | 1 min read |

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.

Posted In:

Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.