Singing Machine Co. Enters Material Definitive Agreement

TL;DR

SMCI signed a big deal, filing shows financials.

AI Summary

On July 8, 2024, The Singing Machine Company, Inc. entered into a material definitive agreement. The filing also includes financial statements and exhibits related to this agreement. The company is incorporated in Delaware and its principal executive offices are located in Fort Lauderdale, Florida.

Why It Matters

This filing indicates a significant new contract or partnership for The Singing Machine Company, Inc., which could impact its future financial performance and strategic direction.

Risk Assessment

Risk Level: medium — Entering into a material definitive agreement can introduce new risks and opportunities that are not yet fully understood, requiring further analysis.

Key Players & Entities

• The Singing Machine Company, Inc. (company) — Registrant
• July 8, 2024 (date) — Date of earliest event reported
• Delaware (jurisdiction) — State of Incorporation
• Fort Lauderdale, FL (location) — Address of Principal Executive Offices
• (954) 596-1000 (phone_number) — Registrant's Telephone Number

FAQ

Key Financial Figures

• $0.01 — ch registered Common Stock, par value $0.01 per share MICS The Nasdaq Stock Mar
• $1,080,000 — ng an aggregate offering price of up to $1,080,000 (the "Shares") from time to time, throu
• $2,020,000 — hares to be sold in the ATM Offering to $2,020,000. The Company will file a supplement t

Filing Documents

• form8-k.htm (8-K) — 48KB
• ex5-1.htm (EX-5.1) — 11KB
• ex10-1.htm (EX-10.1) — 12KB
• ex5-1_001.jpg (GRAPHIC) — 5KB
• 0001493152-24-026548.txt ( ) — 254KB
• mics-20240708.xsd (EX-101.SCH) — 3KB
• mics-20240708_lab.xml (EX-101.LAB) — 33KB
• mics-20240708_pre.xml (EX-101.PRE) — 22KB
• form8-k_htm.xml (XML) — 4KB

From the Filing

UNITED SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): July 8, 2024 The Singing Machine Company, Inc. (Exact Name of Registrant as Specified in Charter) Delaware 001-41405 95-3795478 (State or Other Jurisdiction (Commission (IRS Employer of Incorporation) File Number) Identification No.) 6301 NW 5 th Way , Suite 2900 Fort Lauderdale , FL 33309 (Address of Principal Executive Offices) (Zip Code) Registrant's Telephone Number, Including Area Code: (954) 596-1000 Not Applicable (Former Name or Former Address, if Changed Since Last Report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions ( see General Instruction A.2. below): Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, par value $0.01 per share MICS The Nasdaq Stock Market LLC (The Nasdaq Capital Market) Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (240.12b-2 of this chapter). Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Item 1.01 Entry into a Material Definitive Agreement. As previously reported, on June 26, 2024, The Singing Machine Company, Inc. (the "Company") entered into an At-the-Market Issuance Sales Agreement (the "Sales Agreement") with Ascendiant Capital Markets, LLC, as sales agent (the "Agent") to sell shares of its common stock, par value $0.01 per share (the "Common Stock"), having an aggregate offering price of up to $1,080,000 (the "Shares") from time to time, through an "at the market offering" (the "ATM Offering") as defined in Rule 415 under the Securities Act of 1933, as amended (the "Securities Act"). On June 27, 2024, the Company filed a prospectus supplement with the Securities and Exchange Commission ("SEC") relating to the offer and sale of up to $1,080,000 of Common Stock in the ATM Offering (the "Prospectus Supplement"). On July 8, 2024, the Company entered into the First Amendment to the Sales Agreement (the "Amendment") to increase the number of shares to be sold in the ATM Offering to $2,020,000. The Company will file a supplement to the Prospectus Supplement (the "Supplement") with the SEC to increase the amount of Common Stock that may be offered and sold in the ATM Offering under the Sales Agreement to up to $2,020,000 in the aggregate. This Current Report on Form 8-K shall not constitute an offer to sell or the solicitation of any offer to buy the Shares, nor shall there be any offer, solicitation or sale of the Shares in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state. The foregoing description of the Sales Agreement, as amended by the Amendment, does not purport to be complete and is qualified in its entirety by reference to, the Amendment, which is filed herewith as Exhibit 10.1 and is incorporated herein by reference. A copy of the opinion of Sichenzia Ross Ference Carmel LLP relating to the validity of the Shares that may be sold pursuant to the Sales Agreement, as amended by the Amendment, is filed herewith as Exhibit 5.1. Item 9.01 Financial Statements and Exhibits Exhibit No. Description 5.1 Opinion of Sichenzia Ross Ference Carmel LLP 10.1 Amendment to At-The-Market Issuance Sales Agreement, dated July 8, 2024, with Ascendiant Capital Markets, LLC. 23.1 Consent of Sichenzia Ross Ference Carmel LLP (included in Exhibit 5.1) 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: July 9, 2024 The Singing Machine Company, Inc. By: /s/ Gary Atkinson Name: Gary Atkinson Title: Chief Executive Officer

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View this 8-K filing on SEC EDGAR