SMDM - Singing Machine prices $4M share offering

The Singing Machine Company (OTCQX:SMDM) has priced its underwritten public offering of 1M shares of common stock at $4/share, for an aggregate gross proceed of $4M. Aegis Capital, the sole book-running manager for the offering, granted a 45-day option to purchase up to 150,000 additional shares of common stock to cover over-allotments, if any. The public purchase price per additional share of common stock will be $4/share. If Aegis exercises the option in full for common stock, the total gross proceeds of the offering including the overallotment are expected to be ~$4.6M before. The common stock will begin trading on the Nasdaq Capital Market under the symbol "MICS" on May 24, 2022. The offering is expected to close around May 26, 2022. The pricing occurs following a 1-for-30 reverse stock split implemented on May 23, 2022.

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Singing Machine prices $4M share offering