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Tag: Singing Machine

  • Acquisition Move Boosts Singing Machine (MICS) Stock Pre-Hours

    Acquisition Move Boosts Singing Machine (MICS) Stock Pre-Hours

    Following the announcement of a significant acquisition, shares of The Singing Machine Company, Inc. (NASDAQ: MICS) have seen a notable rise in the US stock market. As of the most recent pre-market session, MICS stock experienced a 5.32% increase, reaching a price of $1.98.

    Strategic Acquisition

    Singing Machine (MICS) disclosed that it has finalized a definitive agreement to acquire SemiCab, Inc., a prominent artificial intelligence technology company specializing in optimizing freight for Fortune 1000 clients across the US and Indian markets. SemiCab’s AI technology is designed to create a hyper-efficient trucking network, achieving utilization levels exceeding 90%, significantly higher than the industry standard of 65%.

    This technology links thousands of stakeholders on a single network, formulating fully optimized transit routes that enhance cost efficiencies for both customers and shippers. The founder of SemiCab and its software development team bring over 30 years of expertise in developing sophisticated software solutions for the global freight and logistics market.

    Benefits And Financial Details Of The Transaction

    Singing Machine’s decision to acquire SemiCab stems from the latter’s innovative AI-powered technology and its impressive client base eager to expand existing partnerships. SemiCab’s technology provides substantial cost savings and efficiencies, benefiting both carriers and Fortune 1000 clients.Singing Machine perceives this acquisition as a transformative step towards enhancing growth prospects, creating shareholder value, and scaling SemiCab into a formidable global entity in the logistics sector for the foreseeable future.

    The acquisition is structured as an asset purchase/sale. Upon closing, Singing Machine will issue 952,710 shares of its common stock to SemiCab, equating to approximately 15% of the Company’s issued and outstanding common stock as of June 11, 2024, and will assume around $2.6 million in liabilities as of March 31, 2024. Additionally, Singing Machine will grant SemiCab a 20% membership interest in its newly formed wholly-owned subsidiary, SemiCab Holdings, LLC.

    Expansion Into The Indian Market

    As part of the acquisition agreement, Singing Machine has also secured an option to acquire SMCB Solutions Private Limited, SemiCab’s wholly-owned subsidiary based in Bangalore, India. This subsidiary caters to the technological needs of the combined businesses and serves India-based enterprise customers. The consideration for this segment of the transaction includes an additional 314,485 shares of Singing Machine’s common stock.

  • Does Singing Machine (SMDM) Carry an Optimistic Near-term Outlook?

    When viewed in terms of performance, Singing Machine Co. Inc. (SMDM) performance for the week was -8.57% while its performance for the month was -15.79%. The stock recorded Volume of 25.00K against the 30-day Average Volume of 17.26K. During the last 52-week period, SMDM value ranged from $0.2500 to $0.5000.

     

    Most recent Development

    SMDM (OTCQX: SMDM) has announced the release of Carpool Karaoke Microphone 2.0, the company’s widely acclaimed product. Carpool Karaoke Microphone’s first version became a viral sensation on TikTok last year. This new version follows in the same footsteps. With the next generation of microphones by SMDM, users can become louder and have more fun on social media. The new perks added to the device are following:

    • The Black & Gold and Rose Gold colors have been added.
    • Bravo! Make the entire car sing with two microphones.
    • The built-in effects will change the tone of your voice and make your ride fun.
    • There are 3 sound effects built-in for endless entertainment.
    • The best vocal removal technology that allows your voice to shine.

    With over 2.5 billion views and celebrities sharing their favorite songs with James Corden during SMDM CARPOOL KARAOKE, the segment from THE LATE LATE SHOW WITH JAMES CORDEN has become a global sensation. Following its popularity, the segment was picked up by Apple TV as one of the first original series. It is currently in its fourth season of presentation.

    The popular CARPOOL KARAOKE segment will continue to appear every Monday through Friday on the CBS Television Network as part of THE LATE LATE SHOW WITH JAMES CORDEN. An Emmy award has been given to the Apple series for a best short-form variety show.

     

    Company Profile

    In the consumer karaoke industry, SMDM is the North American leader. This company is a pioneer in the industry, selling karaoke systems throughout the world through stores and online retailers such as major mass merchandisers. In addition to offering the largest selection of karaoke entertainment products, there are machines to suit every need and skill level. Karaoke is one of the world’s most popular forms of entertainment, and SMDM’s products integrate the latest technology for practicing, watching, and sharing music. Customers of the Singing Machine can stream and download over 24,000 songs and benefit from the industry’s best warranties. A majority of major retailers in North America and abroad carry the products of The Singing Machine.