SMDM - Singing Machine prices $10M private placement

The Singing Machine Company (OTCQX:SMDM) enters into a securities purchase agreement with large institutional investors and a strategic investor for a private placement of common stock and warrants exercisable for common stock expected to result in gross proceeds of ~$10M. Company has agreed to sell 16.5M shares and warrants. Each share of common stock and accompanying common warrant are being sold together at a combined offering price of $0.30, and each pre-funded warrant and accompanying common warrant are being sold together at a combined offering price of $0.29. Private placement is expected to close on or about August 10, 2021.

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Singing Machine prices $10M private placement