Shares of microcap Singing Machine Company soar 81% after company ends ATM program

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Shares of the microcap Singing Machine Co. rocketed 81% on Tuesday, after the maker of karaoke products said it has terminated its at-the-market equity...

Shares of the microcap Singing Machine Co.

rocketed 81% on Tuesday, after the maker of karaoke products said it has terminated its at-the-market equity program. The move came after the Fort Lauderdale, Fla.-based company achieved its capital-raising objectives after raising about $1.74 million in gross proceeds by selling about 1.07 million shares. “We’re pleased to have successfully utilized the ATM as the most cost-effective form of raising equity capital,” Chief Executive Gary Atkinson said in a statement.

rocketed 81% on Tuesday, after the maker of karaoke products said it has terminated its at-the-market equity program. The move came after the Fort Lauderdale, Fla.-based company achieved its capital-raising objectives after raising about $1.74 million in gross proceeds by selling about 1.07 million shares. “We’re pleased to have successfully utilized the ATM as the most cost-effective form of raising equity capital,” Chief Executive Gary Atkinson said in a statement.

 

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