Singing Machine Company (MICS) has issued an update.
The Singing Machine Company has finalized the acquisition of key assets and specific liabilities from SemiCab, Inc., with the deal closing on July 3, 2024. The transaction included the issuance of 641,806 shares of common stock and a 20% membership interest in SemiCab LLC to the seller. Additionally, the buyer acquired the option to purchase all capital securities of the seller’s subsidiary, SMCB Solutions Private Limited, for 320,903 shares of common stock. The company announced this strategic move in a press release on July 5, signaling a significant expansion of its business operations.
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