Singing Machine Expands with SemiCab Asset Purchase

Singing Machine Company (MICS) has provided an update.

The Singing Machine Company and its subsidiary SemiCab Holdings, LLC have entered into an asset purchase agreement with SemiCab, Inc. to acquire most of its assets and certain liabilities, excluding many of SemiCab’s current liabilities. The deal hinges on several conditions, including regulatory approvals, an option agreement for additional acquisitions, a minimum financing transaction, and board appointments. As payment, SemiCab, Inc. will receive shares of common stock and a 20% interest in SemiCab LLC. This move is set to bolster the buyer’s position in the market by integrating SemiCab’s AI and machine learning technology for optimizing shipping and carrier services.

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