MICS - Why Is Karaoke Products Maker Singing Machine's Stock Gaining Today? | Benzinga
On Friday, The Singing Machine Company, Inc. (NASDAQ:MICS) completed the acquisition of SemiCab, an artificial intelligence technology company in the global logistics space.
The transaction was structured as an asset purchase/sale. At closing, Singing Machine will issue to SemiCab 641,806 shares of its common stock, which represents approximately 10% of the company’s issued and outstanding common stock as of July 3, 2024, and the assumption of approximately $2.6 million in liabilities as of March-end. The deal was announced on June 12.
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