SMDM - The Singing Machine stock slides following Nasdaq uplisting $4M IPO

The Singing Machine (MICS) (OTCQX:SMDM) shares slid on Tuesday following an uplisting to Nasdaq, a 1-for-30 reverse stock split and $4M initial public offering. Shares of the karaoke equipment provider opened at $2.80 and hit a high of $3.85 before sliding. The stock recently changed hands at $3.18 at approximately 10:30 a.m. ET. MICS priced 1M shares at $4 per share, raising around $4M. The stock was listed on Nasdaq under the symbol MICS. Underwriters were granted a 45-day option to buy up to 150k additional shares. Aegis Capital is serving as bookrunner. The company conducted a 1-for-30 reverse stock split on Monday ahead of the IPO and uplisting. MICS shares were previously traded OTC under the symbol SMDM. The stock closed at $0.1865 on Monday before the split. The post-split adjusted closing price was $5.595, according to the company. For more IPO news, check out SA’s IPO News page.

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The Singing Machine stock slides following Nasdaq uplisting, $4M IPO