Singing Machine Completes Asset Acquisition
Ticker: RIME · Form: 8-K · Filed: Jul 5, 2024 · CIK: 923601
| Field | Detail |
|---|---|
| Company | Singing Machine Co Inc (RIME) |
| Form Type | 8-K |
| Filed Date | Jul 5, 2024 |
| Risk Level | medium |
| Pages | 5 |
| Reading Time | 6 min |
| Key Dollar Amounts | $0.01, $1,700,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: acquisition, assets, equity-securities
TL;DR
Singing Machine just bought some assets, expect new stuff soon.
AI Summary
On July 3, 2024, Singing Machine Co., Inc. announced the completion of its acquisition of certain assets from a private seller, which is expected to enhance its product offerings. The company also reported on unregistered sales of equity securities and provided financial statements and exhibits related to these events.
Why It Matters
This acquisition could expand Singing Machine's market presence and product portfolio, potentially leading to increased revenue and market share.
Risk Assessment
Risk Level: medium — Acquisitions carry inherent risks related to integration, market reception, and financial performance.
Key Players & Entities
- Singing Machine Co., Inc. (company) — Registrant
- July 3, 2024 (date) — Date of earliest event reported
- Delaware (jurisdiction) — State of incorporation
- 6301 NW 5th Way, Suite 2900 Fort Lauderdale, FL 33309 (address) — Principal executive offices
FAQ
What specific assets were acquired by Singing Machine Co., Inc.?
The filing indicates the completion of an acquisition of 'certain assets' from a private seller, but does not specify the exact nature or details of these assets.
When did the acquisition of assets become effective?
The earliest event reported in the filing is dated July 3, 2024, which is the date of the report and likely the effective date of the acquisition.
What is the primary business of Singing Machine Co., Inc.?
Singing Machine Co., Inc. is primarily involved in the phonograph records & prerecorded audio tapes & disks industry, as indicated by its SIC code 3652.
Are there any details on unregistered sales of equity securities mentioned?
Yes, the filing lists 'Unregistered Sales of Equity Securities' as an item information, suggesting such sales have occurred, but specific details are not provided in this excerpt.
What is the company's principal executive office address?
The company's principal executive offices are located at 6301 NW 5th Way, Suite 2900, Fort Lauderdale, FL 33309.
Filing Stats: 1,585 words · 6 min read · ~5 pages · Grade level 11.5 · Accepted 2024-07-05 07:30:16
Key Financial Figures
- $0.01 — ch registered Common stock, par value $0.01 per share MICS The Nasdaq Stock Mar
- $1,700,000 — tion for gross proceeds of no less than $1,700,000 prior to the Closing Date and the trans
Filing Documents
- form8-k.htm (8-K) — 63KB
- ex2-2.htm (EX-2.2) — 22KB
- ex99-1.htm (EX-99.1) — 26KB
- ex99-1_001.jpg (GRAPHIC) — 18KB
- 0001493152-24-026286.txt ( ) — 319KB
- mics-20240703.xsd (EX-101.SCH) — 3KB
- mics-20240703_lab.xml (EX-101.LAB) — 33KB
- mics-20240703_pre.xml (EX-101.PRE) — 22KB
- form8-k_htm.xml (XML) — 4KB
Financial Statements of Business Acquired
Financial Statements of Business Acquired. The financial statements of SemiCab, were previously filed as Exhibit 99.2 and 99.3 to the Current Report on Form 8-K on June 11, 2024 and are incorporated herein by reference. (b) Pro Forma Financial Information The unaudited pro forma condensed consolidated financial information of the Company in connection with the acquisition was previously filed as Exhibit 99.4 to the Current Report on Form 8-K on June 11, 2024 and are incorporated herein by reference. (d) Exhibits. Exhibit No. Description Exhibit No. Description 2.1 Asset Purchase Agreement dated June 11, 2024, among The Singing Machine Company, Inc., SemiCab, Inc, and SemiCab Holdings, LLC. (incorporated by reference to Exhibit 2.1 to the Company's Current Report on Form 8-K filed with the SEC on June 11, 2024)* 2.2 Amendment No. 1 to Asset Purchase Agreement dated July 1, 2024, among The Singing Machine Company, Inc., SemiCab, Inc, and SemiCab Holdings, LLC. 10.1 Operating Agreement among The Singing Machine Company, Inc, SemiCab Holdings, LLC and SemiCab, Inc. (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed with the SEC on June 11, 2024)** 99.1 Press Release issued July 5, 2024 99.2 Audited Financial Statements of SemiCab, Inc as of and for the year ended December 31, 2022 and 2023 (incorporated by reference to Exhibit 99.2 to the Company's Current Report on Form 8-K filed with the SEC on June 11, 2024) 99.3 Unaudited Financial Statements of SemiCab, Inc. as of and for the three months ended March 31, 2024 (incorporated by reference to Exhibit 99.3 to the Company's Current Report on Form 8-K filed with the SEC on June 11, 2024) 99.4 Unaudited Pro Forma Condensed Consolidated Financial Statements for the nine-month transition period ended December 31, 2023 and the three months ended March 31, 2024 (incorporated by reference to Exhibit 99.4 to the Company's Current Report on Form 8