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Thursday, June 1, 2023

The Singing Machine Company (NASDAQ: MICS) Spikes Over $2.50 for the 3rd Time Since April on Volume Surge

The Singing Machine Company (NASDAQ: MICS) is an exciting low float runner trading just over $1 that has spiked to over $2.50 per share on 3 separate occasions over the last month alone. After a brief dip below $1 earlier this month MICS Is once again on the move spiking to $2.50 on Tuesday and currently right below $1.50 per share. MICS has been around for years and was trading as high as $14 per share as recently as 2021. The Company revenues have decreased some due to supply chain issues and management is looking to get revenues back over $10 million per quarter. 

MICS is focused on improving profitability by optimizing operations and continuing to expand gross margins. The Company is looking to continue to grow its global distribution and expand into new product categories that take advantage of its vast distribution relationships and sourcing abilities. MICS has well over 100 million shares sold short as well as a significant base of investors who see this as significantly undervalued. MICS currently trades at a tiny $6 million market valuation based on 4.2 million shares outstanding. We will be updating on MICS when more details emerge so make sure you are subscribed to newsytrends.com by entering your email below.

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The Singing Machine Company (NASDAQ: MICS) operating out of Fort Lauderdale, Florida, is engaged in the development, marketing, and sale of consumer karaoke audio equipment, and is the leading provider of karaoke products to consumers across the world. The Company offers the industry’s widest line of at-home and in-car karaoke entertainment products, which allow consumers to find a machine that suits their needs and skill level. The Company’s products are sold in over 25,000 locations worldwide, including at well-known retailers such as Amazon, Costco, Sam’s Club, Target, and Walmart. As the most recognized brand in karaoke, Singing Machine products incorporate the latest technology and provide access to over 70,000 songs for streaming through its mobile app and select WiFi-capable products. The Singing Machine Company portfolio of owned and licensed brands and products are organized into the following categories: 

Karaoke— including its flagship brand Singing Machine, MICS karaoke line is driven by quality products at affordable price points. All of the Company’s products are Bluetooth® enabled to allow access to digital music content via its mobile apps available on iOS and Android platforms. The Singing Machine Company believe its core karaoke line offers best-in-class innovative features that enables customers to output video to a TV screen, correct singer’s pitch in real-time, stream karaoke content directly to the machine, sing duets, display scrolling lyrics in-time with the song, and play custom karaoke CD+G discs.  

The Singing Machine Company also owns licensed products such as Carpool Karaoke. In 2019, MICS entered into a 3-year license agreement with CBS® for its Carpool Karaoke brand, made popular by James Corden on The Late Show with James Corden. The Company launched an innovative Carpool Karaoke Microphone that works specifically in the car. MICS also offers a line of traditional microphone accessories that are compatible with its karaoke machines. These microphones feature an assortment of colors, come wired or wireless, and may include new features like party lighting and voice changing effects. MICS is also seeing growth in portable Bluetooth® microphones which are marketed under its Party Machine brand. . 

Singing Machine Kids Youth Electronics— including the brand Singing Machine Kids line of products offer fun music entertainment features designed specifically for children. MICS kids’ products provide a high-quality introduction to singing and music entertainment for young singers and offer innovative features like voice changing effects, recording, Bluetooth® compatibility, and portability. MICS also offers karaoke music subscription services for the iOS and Android platforms as well as a web-based download store and integrated streaming services for its hardware. MICS currently offers almost 20,000 licensed karaoke songs in the catalog.  

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Earlier this year MICS entered into a licensing agreement with Sesame Workshop, the educational organization behind the iconic Sesame Street franchise. The Singing Machine Company will develop, manufacture and market sing-along and youth karaoke products featuring beloved Sesame Street characters, including Elmo, Cookie Monster, Big Bird and Abby Cadabby for North America, Australia, the United Kingdom. The Company expects to launch the new products this Fall 2023. 

On May 16 MICS announced it has terminated its “at-the-market” equity program with Aegis Capital Corp., as sales agent. The Company elected to terminate the ATM because it had achieved its objective of raising capital under the ATM. Through the utilization of the ATM, the Company sold approximately 1,067,000 shares of common stock and raised approximately $1.74 million in gross proceeds, or approximately $1.64 per share. 

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Gary Atkinson, the Company’s CEO commented, “We’re pleased to have successfully utilized the ATM as the most cost-effective form of raising equity capital. The Company successfully met its goal of bolstering its balance sheet without issuing warrants or providing a discount to market. The proceeds from the ATM will provide the Company with access to working capital while we continue to execute on the business and deliver a best-in-class karaoke experience to over a million households throughout the world. The additional working capital also provides us with fresh capital to invest in exciting new product development for our newly acquired Sesame Street licensing deal.”   We will be updating on MICS when more details emerge so make sure you are subscribed to newsytrends.com by entering your email below.

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Disclosure: we hold no position in MICS either long or short and we have not been compensated for this article.

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